City veteran Brian Winterflood has stepped down as chairman of the eponymous broking firm he founded and has become life president. Close Brothers has owned the broker since 1993 and Preben Prebensen , who took over as Close chief earlier this year, becomes chairman of the group's subsidiaries.

Mr Winterflood, one of the City's top networkers, recently resumed dance lessons with his wife Doreen but still spends three days a week at Winterflood's City offices.