Though owned by the same holding company as London-based investment concern and AIM nominated adviser Seymour Pierce – and controlled by venture capitalist John Moulton of Alchemy Partners – Seymour Pierce Ellis is run as a seperate firm and has different functions.

‘The two firms are commonly branded but they do different things,’ says senior Seymour Pierce figure Richard Feigen. ‘If the holding company received an offer for either which was sufficiently interesting, it would consider it.’