LLOYDS TSB Development Capital which has established a new office in Ocean Village, Southampton has sights on becoming one of the leading venture capital providers in mid-market business.

Jonathan Simm, investment director at LDC, has set up the new office, to capitalise on new opportunities for venture capital activity created following the departure from the area of LDC's main competitor.

Since its opening, the office has already completed major deals in the acquisition of aerospace component and automotive design company, Trim Engineering Group and more recently a management buy-in at Industrial Cooling Systems. LDC invested £8.25m to acquire a majority stake in the latter.

Mr Simm said: "Southampton and its surrounding areas is a thriving business region with a well established network of advisers, accountants and lawyers. LDC is locating here as it believes there are excellent business opportunities, in a mixture of traditional and hi-tech companies. Gradually more venture capitalists are centralising their new business teams but we believe the regions hold tremendous opportunities for us. This is clearly shown by the fact that LDC's regional network has doubled in size over the last three years.''