Brexiteer Oliver Hemsley fails in bid for Nex Exchange

Oliver Hemsley’s plans to buy a chunky stake and takeover as chief executive at Nex Exchange have failed.

Hemsley had been leading a group of investors hoping to snap up a significant stake in the exchange which wants to become a challenger to AIM. Hemsley’s backers are believed to have included institutional investors.

Had the investment been completed then current chief executive Patrick Birley would have stepped aside for Hemsley.

A CME Group spokesperson, which bought Nex Exchange last year, said: “CME Group can confirm that the previously announced transaction for a number of external investors to invest new funds in NEX Exchange will not now complete.

“NEX Exchange, run by chief executive Patrick Birley, remains a CME Group business following the acquisition of NEX Group in 2018. CME continues to support NEX Exchange and will be evaluating its strategic options moving forward.”

Hemsley set up city broker Numis in 1989 and served as chief executive until his retirement in 2016. It became one of the Square Mile's most respected medium-sized brokers.

Nex Exchange lists Arsenal Football Club, Chapel Down and Shepherd Neame as stocks. CME Group bought Michael Spencer’s Nex Group in a $5.5 billion (£4.21 billion) deal in November.

Nex Exchange has been struggling to attract new listings, with investors instead preferring crowdfunding and private equity.