LDC gets confidence vote from Lloyds

Susannah Birkwood
30 June 2011

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LDC, the private equity arm of Lloyds Banking Group, has received a vote of confidence from its parent company.

Lloyds has declared the fund manager a "core element" of its support for SMEs, following a strategic review of the entire group's overall activities.

Darryl Eales, CEO of LDC, said: "This is great news for both LDC and regional business communities. The support of Lloyds Banking Group has been superb during a period of financial and economic turbulence and we can now firmly focus on developing the business."

The announcement is intended to put an end to speculation about the future of the captive fund, known in full as Lloyds TSB Development Capital.

Truett Tate, Lloyds' group executive director of wholesale, added: "UK SMEs are the backbone of the British business landscape and Lloyds remains committed to supporting and nurturing these companies."

Established in 1981, LDC is a mid-market player that provides funds between £2m and £100m for management buyouts, institutional buyouts and development capital transactions. It has completed in excess of 400 investments and has a portfolio of more than 60 businesses across the UK, collectively valued at more than £2bn.