Value of stake has increased 20.9% over the last quarter

Private equity house Electra Partners has seen value of its shareholding in loss adjusting firm Davies increase to £17.9m.

The 20.9% increase in shareholding value follows an all-time low of £14.8m in September 2013.

However, this latest valuation is still less than half the £35.8m Electra paid for the 46.2% stake in Davies in September 2011.

At its previous trading update in September 2013 Electra was hoping that the appointment of Dan Saulter as chief executive at Davies would help turn the fortunes of its investment around.

Davies hired former Towergate mergers and acquisitions head Dan Saulter as chief executive in April 2013.