Pollen Street Secured Lending, a £600m investment trust, has sacked the private equity manager overseeing its money and is now the subject of a takeover bid backed by Invesco’s co-head of UK equities, Mark Barnett.

In a statement on 25 February, the Pollen Street trust’s board accused the manager, Pollen Street Capital (PSC), of “serious, repeated and ongoing breaches” of its contract. It said PSC had refused to give full details of where its money is invested and had published information about the dividends to be paid to trust shareholders without the board’s knowledge or approval.