The move was announced in a statement, released by the group this morning, along with a trading update for the year to 31 December 2018.

Bayfield joined Parity’s senior management team in May 2018 to drive development and growth of its data offering within Parity Consultancy Services.

In its trading update for last year, the group said it expects to deliver revenue growth in line with revised market expectations for adjusted profit before tax in the financial year ended 31 December 2018, while net debt is expected to be lower than at 31 December 2017 of £1.6m.

The group added that given the scale of the opportunity it sees in data consultancy, it believes the time is right to accelerate its programme of investment in management, marketing and brand development and while Parity’s board expects to remain profitable during this period of increased investment, adjusted profit before tax is now anticipated to be lower in 2019 than in 2018.

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