VCT manager Close Ventures has disposed of its 49 per cent stake in occupational health services provider Grosvenor Health Group. The business, which has surplus cash of £1.8 million, was sold to international services group Serco for £17.8 million.

VCT manager Close Ventures has disposed of its 49 per cent stake in occupational health services provider Grosvenor Health Group. The business, which has surplus cash of £1.8 million, was sold to international services group Serco for £17.8 million.

Close Ventures realised a profit of £6.4 million on its total investment of £4.7 million, achieving an internal rate of return (IRR) of 35 per cent. The firm invested in the management buy-out (MBO) of Grosvenor in March 2004, and together with fellow venture capitalist Bestport also backed the acquisitions of Associated Health Specialists and Health Sure UK.

Patrick Reeve, managing director of Close Ventures, says the firm’s return on the deal is ‘particularly welcome in the current economic climate’.

Grosvenor Health provides occupational health services to a total of 450,000 employees in its client companies. These services include absence management, health screening and surveillance, and health education programmes.