UK shipping investor Tufton Group has been taken over by its leading executives in a management buyout.
German businessman Kurt Zech will cease to be a person of significant control, according to a filing at UK Companies House.
Statements issued by London-listed shipping fund Tufton Assets and Oslo-listed chemical tanker owner Stainless Tankers said bosses at their management companies, Tufton Investment Management (TIM) and Tufton Management, had completed the buyout by acquiring all the shares held by a European family office.
