3i announces closure of seven UK and Continental offices

Responding to the difficulties of the current investment climate, 3i has recently announced that it intends to close seven of its offices in the UK and Continental Europe with the loss of 185 jobs (some 17% of the group’s total). The firm will be left with 36 offices - including its recently opened Hong Kong bureau - operating in 16 countries. These developments are being supported by a number of organisational changes. Rod Perry will take on responsibility for technology investment across the business, co-ordinating the market approach and delivering best practice. Jonathan Russell will take on a similar responsibility for the larger management buyout business. Martin Gagen, director of the US business, will also take on responsibility for activities in Asia Pacific. The company also released details of its interim results. It experienced a fall in net asset value per share of 22.6% during the six month period to 30 September 2001. Almost all of the fall is due to an unrealised reduction in the valuation of the portfolio. Revenue profit after tax was maintained at the same level as the same period last year at £69m after making a provision for the costs of organisational changes. New investment has been reduced from last year, broadly in line with realisations. Overall, realisations exceeded investment by £115m. As a result of the acquisition of Atle, a Swedish venture capital investor, for £330m (Nordic…unquoteâ€, March 2000, page 1), there was a net cash outflow of £220m in the period.

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