Alchemy Partners boss Jon Moulton has suddenly quit the private equity firm after a bust-up over strategy.
Moulton resigned from the firm, which currently has a 25% stake in fashion retailer Jacques Vert, in a letter to investors.
The letter attacked managing director Dominic Slade, and undermined the future of the private equity group which he founded in 1997.
He objected to the strategy which saw him sidelined by Slade. Moulton wrote: “Events and performance mean that I am unable to recommend that Dominic succeed me.”
He added: “Dominic Slade now wishes to convert the firm to a specialist financial services firm. I do not support this strategy.”
Moulton said in his letter: “With profound regret, Alchemy is not what it once was. The state the firm is now in leads to the view that the best solution for investors and the partnership is an early, orderly plan termination.”
At the end of the letter: “It may be that my action today will catalyse a better outcome than would otherwise happen.” He added: “I would do it again – but better.”