views

Moulton set to do it Better

JON Moulton, who sensationally quit former private-equity firm Alchemy just two months ago, has bounced back by launching a new firm, Better Capital.<br /><br />Moulton yesterday told City A.M. that he had most of his new team in place, but would nail down the rest &ldquo;over the next few weeks&rdquo;.<br /><br />He added: &ldquo;We&rsquo;re talking about human beings &ndash; they are unpredictable things, as I discovered over the decades.&rdquo;<br /><br />Moulton refused to comment whether he would be hiring staff from Alchemy.<br /><br />The private-equity tycoon in September announced his departure from Alchemy with a stinging personal attack on one of his colleagues.<br /><br />&nbsp;Moulton sparked boardroom embarrassement by saying he could not recommend colleague Dominic Slade to become managing partner.<br /><br />In a letter to Alchemy shareholders Moutlon said: &ldquo;With profound regret Alchemy is not what it was&rdquo;, but in a hint of his future plans he signed off : &ldquo;I would do it again &ndash; but better.&rdquo;<br /><br />Moulton said that the firm, Better Capital, would have enough cash via his &ldquo;back pocket&rdquo; to complete the first couple of deals, but would then be looking at raising a &ldquo;nine figure sum&rdquo; &ndash; or around &pound;100m.<br /><br />The private equity heavy-weight added that he believed it was a &ldquo;fabulous time to launch a business&rdquo; due to the plethora of cheap distressed assets ready to be turned around.<br /><br />Moulton quit Alchemy over its strategy of moving away from focusing on turnaround situations.<br /><br />Moulton is expected to announce the launch of the new firm officially nearer Christmas with a drinks party to trumpet his return to the City.