Alchemy Partners, the UK-based buyout firm founded by Jon Moulton famous for trying to buy car maker Rover, has promoted one its senior executives to co-managing partner following the shock departure of its co-founder Martin Bolland late last year.

Dominic Slade has been promoted to co-managing partner. As revealed by Financial News' sister publication Private Equity News last November, Bolland’s departure was a “serious blow” to Alchemy, according to Moulton. Rivals had feared Slade would also leave but his promotion means he is now leading the firm alongside Moulton, who remains the other managing partner.