Michael Whitaker, chief executive of NewMedia Spark, has made a personal return of 750% on one of the UK venture capital firm's failed internet investments when other shareholders in the company have lost more than 94% of their money.

Whitaker, the co-founder and former chief executive of stockbroker Collins Stewart, made the high returns along with other directors of NewMedia Spark on his investment in EO, the internet IPO distribution platform, which went into voluntary liquidation last year.