Bob Benton, chairman of Bridgewell Securities, is to step down from the independent securities and investment banking company before its £75m (€108.4m) initial public offering, expected next month.

A source close to Bridgewell said today that Benton had made "no secret of his desire to step aside" and would likely "return to focusing on the media". Benton is currently non-executive chairman of Talent Group, an independent television company.