Page last updated at 09:41 GMT, Friday, 4 September 2009 10:41 UK

Alchemy boss Moulton quits firm

Jon Moulton
Jon Moulton apologised for making "too many investment and people errors"

The head of private equity group Alchemy Partners, Jon Moulton, has left the company saying it is "not what it was".

In a letter to investors, Mr Moulton said he disagreed with plans by other partners to turn Alchemy into a specialist financial services firm.

Mr Moulton founded Alchemy in 1997 and is one of the UK's most high-profile businessmen.

He had previously said he would retire in October 2010, when he will turn 60.

Dominic Slade, who led the firm's buyout business, will take over.

Mr Moulton said he did not support Mr Slade's strategy to take the business forward.

"It's contrary to the positioning we have created with investors and deal sources and wastes a spectacular opportunity in our area of perceived greatest strength. It likely adversely affects the partnership economically," he said in his letter.

He went on: "Events and performance mean that I am afraid that I am unable to recommend that Dominic succeed me. I very much wish I could. I hope he proves me wrong."

Mr Moulton also apologised to investors for making "too many investment and people errors".

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