Gerry Grimstone, chairman of Candover, admitted that the private equity group’s structure was “unsatisfactory” as he faced shareholder criticism for mistakes that forced it to be put up for sale after suffering a liquidity crisis.

Speaking at Candover’s annual meeting yesterday, Mr Grimstone apologised for its dramatic decline, adding that he was “horrified at the consequences of decisions we took . . .with the benefit of hindsight, we were wrong and the board was wrong”.