Private equity body boss resigns in tax row

Linthwaite falls on his sword at the British Venture Capital Association after pressure from the industry

Private equity industry association boss Peter Linthwaite has quit his role at the head of the organisation, as the tax row over the industry grows.

Linthwaite had been under pressure after a mauling from MPs, and calls within the industry for him to go.

Critics say the industry body has not responded well to criticism from unions on tax issues.

Linthwaite had been chief executive for two years, and steps down with immediate effect.

BVCA chairman Wol Kolade said: 'The BVCA and the industry appreciates and is grateful for Peter's hard work over the last two years in a very challenging environment. I know that there is more he can do to support the industry in the future.

'Our job now with the industry is to promote the private equity and venture capital industry as the force for good which it is. There is a debate to be had about private equity but we need to make sure that a political campaign being run by the unions doesn't end up damaging the overall strength of the economy.'

Linthwaite said: 'This has been a fascinating and challenging two years. Over this time the BVCA has grown and achieved much for its members. However, the role of chief executive has changed immeasurably and I believe that it is now time for new leadership to take the BVCA forward to the next stage.

'My thanks go to all members and those directly involved in the BVCA for their help and support. I am a great supporter of private equity and the good it does for the economy and I will help it in anyway I can in the future.'

The BVCA has put in place the process that will lead to the recruitment of a new chief executive.

In the meantime, former BVCA chief executive John Mackie will return to the BVCA as a part-time consultant until a new chief executive is appointed.

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Private Equity association boss to go over tax row