Grosvenor must pay £1.9 million for the group, of which £850,000 will come from existing cash resources.

Close runs five generalist VCTs, including Close Income & Growth, which has just raised £45 million in the last tax year. The group has also taken over the mandate to manage the first three Murray VCTs, all of which have invested in Grosvenor.

Close originally supported the management buyout of Grosvenor from Capio Healthcare UK in March 2004. The business helps companies develop and improve their corporate healthcare strategy and boasts over 300 clients including Government agencies, utilities and NHS trusts.

Associated started by offering healthcare services to shipbuilders in Glasgow but is now Scotland’s leading occupational health provider. It was also the subject of a management buyout two years ago, since when revenues have grown 40 per cent. Patrick Reeve, managing director of Close Venture Management, believes the area is ‘ripe for consolidation’.