Inventures sold to MBO team

The NHS's consultancy arm Inventures has been sold to its management team for an undislcosed sum.

At one point last year it looked like Miller and the Bank of Scotland would secure Inventures from the Department of Health (DoH), but the deal fell through. In April last year, Inventures' management sought their staff's views on an MBO. That is now complete with backing from HSBC.

Inventures employs 50-plus consultants in offices in Bath, London, Leeds, Eastleigh and Plymouth and produces a turnover fo £3.5m. It will carry on managing essential NHS and government projects.

Inventures chief executive David Lawrence said: "We were encouraged by our clients to take on the challenge of running Inventures as an independent consultancy. We have kept the whole of the management team together to back the new venture and take the organisation forward."