The head of private equity group Alchemy Partners, Jon Moulton, has left the company saying it is "not what it was".

In a letter to investors, Mr Moulton said he disagreed with plans by other partners to turn Alchemy into a specialist financial services firm.

Mr Moulton founded Alchemy in 1997 and is one of the UK's most high-profile businessmen.

He led an attempt to buy Rover from BMW in 2000, but was unsuccessful when rival bidder Phoenix got the Government behind its bid.