The Daily Telegraph

Spencer takes lead role at FCFM

- By Lucy Burton

CITY tycoon Michael Spencer has quietly become chairman of investment firm FCFM after snapping up more than 90pc of the group’s shares.

Sources told The Daily Telegraph that the former Conservati­ve Party treasurer, who is selling his business Nex to US exchange giant CME for £3.9bn, has replaced ex-numis boss Oliver Hemsley as chairman after buying a controllin­g stake in the Knightsbri­dge-based business for a valuation of £57m.

The move means that Mr Spencer and Jason Granite, a former Deutsche Bank trader who has been running FCFM since he bought it for £6,000 in 2012, are now the only shareholde­rs in the group. According to the company’s latest annual report the pair decided to buy out the smaller shareholde­rs following a takeover approach by a US hedge fund which led to a “debate” about its structure.

Sources said Mr Spencer is planning to pour as much as £50m into it over the next few months and is considerin­g opening the firm up to new investors.

Mr Spencer said he will help expand FCFM “to make it one of the world’s leading distressed asset investors” but did not go into detail about his plans.

The privately owned company is focused on so-called “special situation” investment­s, this year buying salad chain Vital Ingredient out of administra­tion and selling it to rival Tossed.

For the year to March, it made a profit of £9.5m according to filings, up from £5.1m a year ago and £4.5m in 2016.

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