Williams, who established Sand Aire Private Equity in 1997, will join mid-market investment business Graphite Capital in October, assuming the role of partner. ‘We have been talking to David for more than a year,’ Graphite’s managing partner Rod Richards admits, ‘and are particularly pleased that he has decided to join us.’

In his new position Williams will be partly responsible for investing Graphite’s latest £300 million fund in tranches of between £10 and £50 million – a significant increase on the £2 to £10 million investments Sand Aire specialised in.

Mike Innes, from Bank of Scotland’s integrated finance team, is also set to join Graphite in October as an investment director.

‘We believe that conditions for making new investments will improve markedly in the next 12 months and both David and Mike will ensure that we are able to take full advantage of these improving conditions,’ Richards concludes.