Candover Investments, the UK private equity firm that was hit hard by the financial turmoil, yesterday announced a management shake-up that it hopes would resurrect the company from its huge losses.

Candover Investments said that its net asset value has halved from more than £20 ($33) a share a year ago, after big writedowns on deals.

The group said it was still not paying a dividend after reporting an interim loss of £27.1 million, against a profit of £4.5 million in the year-ago period.

Candover Investments chairman Gerry Grimstone, however, said that excluding currency and one-off charges, its portfolio value rose 8 per cent in the six months to June.

Grimstone said the group's financial position had strengthened in the half year, helped largely by the sale of energy research group Wood Mackenzie, for £533 million, to rival Charterhouse Capital, in June.

The group also detailed its management shake-up, with John Arney, who previously worked for Candovar's rival 3i, taking over as managing partner of Candover Partners from Marek Gumienny, who stepped up to become chairman. The high profile dealmaker Colin Buffin, who has been with Candover Partners since 1985, will step down.