On 19 October 2016, the board of Gear4music (Holdings) plc was informed that Key Capital Partners (Nominees) Limited had sold 829,482 shares. KCP is classified as a Person Closely Associated with Peter Armitage, a Non-Executive Director of the company and KCP director. KCP acts as nominee for certain funds of Key Capital Partners LLP, a partnership of which Mr. Armitage is a member. The company announced that, following the above transaction, Mr. Armitage will step down from the Board with immediate effect.