Heritage Capital UK, the merchant bank led by industry veteran Joe Dryer, has applied to cancel its regulatory authorisation and vacated its office just 11 months after a management buyout from Swiss lender Banque Heritage.

The firm was founded in 2007 by Joe Dryer, once co-head of corporate finance and origination at Dresdner Kleinwort, and Peter Horbye, a former fund manager and Lehman Brothers banker, as a joint venture with Swiss financial group Banque Heritage.