Embattled financier to sell fund which backs North West business

Embattled fund manager Neil Woodford is selling his stake in a firm which backs Manchester business Push Doctor – according to reports.

The reports claim Neil Woodford is close to a deal to sell a major stake in a backer of Push Doctor, the GP-on-demand service.

Woodford Investment Management is expected to reach an agreement this week to sell its roughly 40% shareholding in Accelerated Digital Ventures (ADV) to fellow investor Legal & General (L&G).

The deal will see Leal and General become ADV’s biggest shareholder by far.

ADV was launched in 2016 and was created as a new platform to provide funding for start-ups and scale-ups in the UK.

Among the companies in ADV’s portfolio is Manchester based Push Doctor which offers same-day medical appointments online.

The terms of the deal have not been made public.

Mr Woodford’s Equity Income Fund has been suspended to redemptions since June.

The firm has said it is unlikely to reopen until December but that it will continue to charge management fees.

The announcement sent shockwaves across the markets and has enraged investors and politicians.

In recent weeks the embattled Mr Woodford has disposed of a number of holdings.