Jon Moulton in 'amicable' split with Better Capital partner Mark Aldridge

Jon Moulton has appointed a former Capita executive to take the reins of his private equity group Better Capital after splitting from long-term business partner Mark Aldridge.

Simon Pilling, the former chief operating officer of the FTSE 100 group, will become chief executive officer of Better Capital, which owns a host of firms including fashion brand Jaeger and double-glazing firm Everest.

Aldridge resigned over the weekend. The split is amicable, according to people close to the group.

Moulton and Aldridge, a former BDO partner, were co-founders of Better alongside operations chief Nick Sanders in 2009.

Pilling joined in November last year and was handed responsibility for overseeing the running of the firm’s portfolio of companies in May.

Better runs a listed vehicle on the London Stock Exchange, which counts investors including BlackRock and Baillie Gifford as top shareholders.

Moulton was forced to answer questions from MPs earlier this year after the courier company he backed, City Link, collapsed into administration at the cost of 2,000 jobs.

The appointment of Pilling, an operations chief, to the top job signals a move by the group to focus more on squeezing more performance out of its 10 portfolio companies rather than buying new businesses.

Aldridge’s background was in dealmaking.

The reshuffle at Better comes amid ongoing turmoil at its company Jaeger.

The business today said chief executive Colin Henry had left the century-old fashion chain following reports he had differed with Better on the brand’s strategy.

It did not name a replacement.

AlixPartners, the turnaround consultancy, has reportedly been appointed to the firm to help get it back on an even keel.