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Miller leaves Trustmarque amid talks of a restructure

Paul Kunert

A fall-out with venture capitalist backers Lloyds Development Capital is believed to be at the centre of Ross Miller's exit from Trustmarque as managing director.

He told Microscope he had left the software house after eight years at the helm and planned to get involved in some consultancy work for the rest of the year but "I'll be back on the market from January".

According to industry sources, Lloyds Development Capital wanted to see greater returns from the firm following an MBO two years ago and is planning to restructure the business, starting at the top.

Miller refused to go into the reasons for his departure and would only add that "Trustmarque is a successful company and I wish them all the success for the future," Miller added.

However, a source at a LAR said the case at Trustmarque "is a sign of the pressure that VCs are under in the current climate, they want faster returns and decided Trustmarque was not making enough money," said a source in the LAR community.

In the trading period from 1 July 2006 o 31 August 2007 - the most recent filed accounts - Trustmarque a 7.4% reduction in revenues to £111.8m and a 7.7% decline in profits to £4.18m.

Trustmarque was unavailable to comment.

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