BUSINESS LIVE: Ashtead has record quarter; DS Smith starts year strongly; Begbies Traynor makes acquisition

Private equity has swooped on another British company in a deal that values the founder’s stake at more than £120million.

Buyout giant Permira has agreed to buy pharmaceuticals services group Ergomed for £703.1million – putting it on course to become the latest firm to leave the London stock market.

EY, the auditor of collapsed retail chain Wilko, is facing a backlash for its oversight of the group after signing off its accounts despite the firm having warned that it did not have enough funds to cope with a sharp drop in sales.

It comes as MPs on the Business Committee are set to gather on Tuesday to discuss the fate of the retailer, which collapsed into administration last month putting 12,000 jobs at risk.