Michael Queen, who in July 2004 was passed over in 3i’s quest to find a chief executive, this year replaced Philip Yea, the person who beat him to the top post.

Queen, who was appointed in January, has spent more than 20 years at 3i, having joined in 1987. In 1994, he was seconded to the UK Treasury to help develop the potential for private finance initiatives in the National Health Service.