Veronis Suhler Stevenson, one of the unsuccessful private equity bidders in the 2004 battle for the UK's Daily Telegraph, is reported to be winding down its advisory business to focus exclusively on leveraged buyouts.

Veronis Sulher, a US buy-out firm which offers investment banking advice and runs a $1bn (€825m) media-focused private equity fund, plans to quit the advisory business in the next six months according to a report in today's New York Post, which did not cite sources.