ACT VENTURE Capital founding partner Walter Hobbs has sold his 25 per cent stake in the company to his co-investors for an unspecified sum.

He has set up a new firm, Virgo Capital, which will specialise in the provision of business and financial advice to corporate clients. Mr Hobbs, an accountant, previously worked with AIB Corporate Finance and KPMG.

He is a director of Irish Car Rentals and was formerly a director at Fitzpatrick Hotels, Lifestyle Sports and TV3.