Sir Michael Rake insists that when it came to persuading the 55 private equity-owned companies he thought should comply with new transparency guidelines, only very gentle nudging was needed before they all acquiesced.

The companies include many of the best-known UK buy-outs: Alliance Boots, EMI Group, Birds Eye Iglo, Odeon & UCI Cinemas, United Biscuits, New Look, and Acromas (the recently merged AA/Saga).