PRIVATE equity group 3i is to officially close its local operation as part of strategic plans to create a leaner organisation.

Those plans include a headcount reduction of more than 160 employees, representing more than a third of the group's headcount.

Apart from Birmingham (Solihull), offices in Barcelona, Copenhagen, Hong Kong, Milan and Shanghai are to close.

Simon Borrows, 3i's chief executive said: "The business today is too decentralised and lacks focus and consistency. The operating......for the full story register now for free or login below...