The board of Close Brothers Venture Capital Trust has announced that the business of Close Ventures, the manager of the VCT, has been acquired by Albion Ventures from Close Brothers Gro
The board of Close Brothers Venture Capital Trust has announced that the business of Close Ventures, the manager of the VCT, has been acquired by Albion Ventures from Close Brothers Group.
Albion Ventures has been formed by the executive directors of Close Ventures; Close will continue to have an investment in the business.
The VCT’s management contract, along with those of the other VCTs managed by Close Ventures, has been novated from Close Ventures to Albion Ventures under exactly the same terms as the current agreement.
The investment approach of Albion Ventures and the investment policy of the VCT are also unchanged, with a continued emphasis on building up a broad portfolio of investee companies with no bank borrowings and the maintenance of a strong dividend yield.
As a result of this change, the VCT’s company secretary will change to Albion Ventures with immediate effect.
A general meeting will be convened shortly to seek shareholder approval to change the VCT’s name from Close Brothers Venture Capital Trust to Albion Venture Capital Trust.
Albion Ventures has been established to generate long-term investment returns by investing in small companies. It looks to invest GBP1-10m in a wide range of growing businesses, from technology-oriented companies to service and asset-based businesses.
Albion Ventures is structured as a partnership formed by the Close Ventures management team. The team believes it’s appropriate that a business investing in owner-managed companies is itself owner-managed. Close Ventures itself was started by the current management in 1996.
