In 1997 the Labour party returned to power after a prolonged period out of office and Jon Moulton set up his private equity vehicle Alchemy Partners, which is perhaps best known as the potential rescuer of Rover at the start of the decade. Alchemy has invested nearly £2bn since it was formed and has developed a reputation for rescuing troubled companies. However, the medicine Moulton was proposing for the car maker a decade ago proved unpalatable for the unions, which, at the time, were relieved by Alchemy’s failure to strike a deal with Rover’s owner BMW.
