When 3i Group chief executive Simon Borrows began his mammoth restructuring of the UK’s largest listed private equity firm three years ago last month, things looked pretty bleak for the organisation.

He had taken on the chief executive role in May 2012 despite warnings from others. "Most people said you shouldn't take that job because you will find the culture very difficult to address," Borrows told Financial News. "There were quite negative views externally about the culture of 3i Group."