ALCHEMY PARTNERS founding partner Jon Moulton has left the company, the private-equity firm said yesterday, as the buyout industry struggles with the aftermath of the credit crisis.

Dominic Slade, who led the firm’s buyout business, will take over take over at the helm.

The announcement comes amid media reports that there had been a difference of opinion between the two, triggering Mr Moulton’s retirement ahead of its scheduled date of October 2010. An Alchemy spokesman would not say what was behind the departure.

Mr Moulton was quoted by www.realbusiness.co.uk as saying in a letter to investors there had been differences of opinion between himself and the other partners. The Financial Times also said Mr Moulton, who founded Alchemy in 1997, had left after a disagreement over strategy.

Mr Moulton declined to comment, referring inquiries to the company, and would not say if the letter was authentic.

The credit crunch has rocked private-equity firms who no longer have access to the heavy borrowing their business model relies on, while the companies they own are suffering in the downturn.

Alchemy has held off investing in firms since autumn 2008, when it acquired Irish cleaning firm Noonan Services. Mr Moulton said in May he was in no hurry to start buying again.