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Reshuffle continues at venture group

Braveheart CEO Thomson is latest to leave board

Geoffrey ThomsonGeoffrey Thomson has stepped down as chief executive of the investment group Braveheart Ventures in the latest top level changes at the Scottish company.

Mr Thomson, who has been with the company since its launch 18 years ago, will also leave the board.

He will be replaced on an interim basis by fellow director Trevor Brown.  Jonathan Freeman becomes an executive director and Andrew Burton, chief executive of Viking Fund Managers, the group’s principal fund management business, will join the main board.

Mr Thomson is the third senior executive to leave the company this year. It restructured its head office which led to Aileen Brown, chief financial officer, and Carolyn Smith, chief investment officer, departing.

Ken Brown also stepped down as a non-executive director at the end of the financial year.

The moves come as the company reported a full year loss from total operations of £768,000 (2014: loss £808,000) after redundancy and restructuring costs of £123,000 (2014: nil).

A modest decline in revenues to £1.864m (2014: £204m), reflected lower fees on funds under management.

While the company was successful in selling one of its portfolio companies, realising £414,000 and £2m for its investor clients, the valuation of the balance of the portfolio has been written down by £1.08m with the portfolio valued at  £2.48m (2014: £3.725m).

Taking into account the write-down, the Group made a loss for the year of £768,000 (2014: profit on continuing operations of £15,000).

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