Business leaders have welcomed the news that the National Exhibition Centre has been sold to LDC, the private-equity arm of Lloyds Banking Group.

Greg Lowson, president of the Greater Birmingham Chambers of Commerce (GBCC), said: “The sale will ensure that the NEC Group can achieve the urgent investment it needs, free from the constraints of public ownership by Birmingham City Council.”

The current NEC team, led by chief executive Paul Thandi, will remain in place.

Mr Lowson added: “In conjunction with the local council, the Chamber played a big part in establishing the NEC Group more than 30 years ago, recognising that it was key in driving economic development and regeneration. That was achieved, but now the NEC Group has reached a point in its evolution where it needs to be able to adopt the financial disciplines of a private company.

“LDC, which has become a patron of Birmingham Chamber, has a wealth of experience in a number of business sectors. Its expertise will be invaluable in the growth of the NEC.”