Durlacher, the UK investment bank and stockbroker, has bought Web-Angel, which was originally set up as an Aim-listed internet incubator by Penny Hughes, the former UK head of Coca-Cola.

Durlacher, which paid £4m (€5.6m), bought the company to give it financial firepower for future acquisitions. Christopher Stainforth, the company's chief executive, said he was looking to buy an asset management firm if he found the right opportunity.