Birger Hauge Nielsen has stepped down as managing director of AS Brandts, the Danish venture capital firm, after the company reported a first half loss of Dkr112m (€15m).

Michael Albrechtslund has taken over at the helm as acting managing director. He will hold the job while the company attempts to boost its balance sheet by selling stakes in some holdings to scale back total losses for the year to Dkr102m.