London-based mid-market investor Bridgepoint has announced that it will close its Birmingham office in the English Midlands region by the end of March.
“Like many of our competitors we can cover the UK market from a single site – London,” said James Murray, partner in Bridgepoint’s London office. “The decision is no reflection on the Midlands market,” he added.
The Birmingham office, established over 20 years ago when Bridgepoint was part of NatWest Bank, is currently staffed by two investment professionals: director Adrian Willets, who heads up Bridgepoint’s activites in the Midlands, and investment director Colin Burrow.
Both Willets and Burrow will leave Bridgepoint when the Birmingham office winds down. Bridgepoint did not comment on their respective futures.
Outside of the UK, Bridgepoint has offices in Frankfurt, Madrid, Milan, Paris and Stockholm.
Other large mid-market private equity firms have scaled back their regional operations in recent years as they pursue a pan-European approach. Global private equity firm 3i, for example, closed its main office in Birmingham last April, relocating the majority of the team to its London office.