New 3i chief makes debt cuts first task

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Michael Queen, a 3i veteran, took over this month in a shake-up that saw the departures of former chief executive Philip Yea, with chairman Sarah Hogg due to leave in two years time. Yea and Hogg had been accused of letting 3i get mired in debt through buybacks and shareholder returns just as the market in 3i investments turned for the worse.

In his first public statement since taking over, Queen said today: "In these challenging markets, our key priorities are to manage our existing portfolio, to take actions to reduce the group's net debt and to position 3i for the upturn."

Though he said there has been no improvement in general market conditions, 3i has raised £181 million through asset offloads since the turn of the year.

It realised £1.1 billion in the 11 months to the end of February against £1.6 billion in the equivalent prior-year period. But new investments remain sharply down at £898 million against £2.1 billion.