The departing head of retail investment banking at Goldman Sachs has teamed up with the former chief executive of Asda to launch a new vehicle that will buy small businesses in the retail sector, Financial News can reveal.

Daniel Yealland, who previously led the retail business for Goldman Sachs in Europe, Middle East and Africa, has launched a new company, called Sparetop Limited, alongside former Asda chief executive Andy Bond, according to filings with Companies House.