3i’s Manchester office closed
3i, the private equity investor has closed its Manchester office and re-trenched to London.
The group, once a strong regional player, has also closed its office in Aberdeen recently.
Key regional investments including Preston-based engineering and infrastructure company Enterprise will now be managed by the London-based investment team.
A statement from 3i said: “At the time of our half year results last year, we confirmed that we would not be renewing the Manchester lease when it expired on December 31 2011, and unfortunately, as a result one executive left the business last year.”
Some staff formerly based in Spinningfields, Manchester including business development manager James Morris, have relocated to the capital, while others including former investment director has David Colclough have left the firm and found new roles in the region.
Mr Colclough has just joined Andy Gregory at the Business Growth Fund in the North West.
Despite 3i’s departure, Manchester remains a key hub for private equity in the regions with national players including LDC, Gresham, ISIS, Inflexion, ECI Partners, Equistone (formerly Barclays Private Equity) and most recently Phoenix Equity Partners joining firms founded in the North West city such as Palatine Private Equity and NorthEdge Capital.
