1-20 of 181 results for subject:"Future Fund"
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To ask the Secretary of State for Business and Trade, when the Future Fund provided funds to Mrs Wordsmith; and how much those funds were.
To ask the Secretary of State for Business and Trade, when the Future Fund provided funds to Mrs Wordsmith; and how much those funds were.
The Department is unable to provide information relating to loan amounts for individual companies as this information is commercially sensitive for both investors and investee businesses.
To ask the Secretary of State for Business and Trade, how much funding The New Craftsmen Ltd received from the Future Fund; and on what dates it received that funding.
To ask the Secretary of State for Business and Trade, how much funding The New Craftsmen Ltd received from the Future Fund; and on what dates it received that funding.
The Department is unable to provide information relating to loan amounts for individual companies as this information is commercially sensitive for both investors and investee businesses.
To ask the Secretary of State for Business and Trade, how much the British Business Bank has invested directly in companies through its Future Fund: Breakthrough programme as of 28 November 2023.
To ask the Secretary of State for Business and Trade, how much the British Business Bank has invested directly in companies through its Future Fund: Breakthrough programme as of 28 November 2023.
Future Fund: Breakthrough is delivered by the British Business Bank, via its subsidiary British Patient Capital. It is a UK-wide programme which encourages private investors to co-invest alongside government in high-growth, R&D intensive, innovative firms.
From the start of the programme in 2021 to 28 November 2023, Future Fund: Breakthrough has committed to invest £119 million of which £97.6 million has been paid. Across these transactions, the programme has leveraged £724 million of investment from the private sector.
The government has announced an extension to Future Fund: Breakthrough of at least £50 million, building on the original commitment of £375m.
It is worth bearing in mind that Labour Front Benchers backed the Future Fund when it was introduced—indeed, they were calling for more funding for it, not less.
The House will be aware of my wife’s shareholdings in various British start-ups. That is her career. Those are on the record, and I am happy to put that on the record again. It is worth bearing in mind that the Future Fund helped more than 1,200 different companies. Neither the Government nor the British Business Bank chose any of those specific investments; it was open to any British firm that met the criteria.
It is worth bearing in mind that Labour Front Benchers backed the Future Fund when it was introduced—indeed, they were calling for more funding for it, not less.
The House will be aware of my wife’s shareholdings in various British start-ups. That is her career. Those are on the record, and I am happy to put that on the record again. It is worth bearing in mind that the Future Fund helped more than 1,200 different companies. Neither the Government nor the British Business Bank chose any of those specific investments; it was open to any British firm that met the criteria.
Q14
.
Ruth Cadbury (Brentford and Isleworth) (Lab):
It is an honour to be elected to this place, and the standards by which we are expected to abide matter. Does the Prime Minister therefore accept that it was ill-judged for him to fail to declare to Parliament that companies linked to his wife had benefited to the tune of £2 billion from a fund he had set up as Chancellor? Will he correct the record now?
Q14
.
Ruth Cadbury (Brentford and Isleworth) (Lab):
It is an honour to be elected to this place, and the standards by which we are expected to abide matter. Does the Prime Minister therefore accept that it was ill-judged for him to fail to declare to Parliament that companies linked to his wife had benefited to the tune of £2 billion from a fund he had set up as Chancellor? Will he correct the record now?
Q14
.
Ruth Cadbury (Brentford and Isleworth) (Lab):
It is an honour to be elected to this place, and the standards by which we are expected to abide matter. Does the Prime Minister therefore accept that it was ill-judged for him to fail to declare to Parliament that companies linked to his wife had benefited to the tune of £2 billion from a fund he had set up as Chancellor? Will he correct the record now?
It is worth bearing in mind that Labour Front Benchers backed the Future Fund when it was introduced—indeed, they were calling for more funding for it, not less.
The House will be aware of my wife’s shareholdings in various British start-ups. That is her career. Those are on the record, and I am happy to put that on the record again. It is worth bearing in mind that the Future Fund helped more than 1,200 different companies. Neither the Government nor the British Business Bank chose any of those specific investments; it was open to any British firm that met the criteria.
To ask His Majesty's Government, further to the Written Answer by Lord Callanan on 29 March 2022 (HL6989), whether FlyPop was granted a licence by the Civil Aviation Authority; and if not, what time limits have been set for businesses to become operational before monies obtained through the Future Fund are required...
To ask His Majesty's Government, further to the Written Answer by Lord Callanan on 29 March 2022 (HL6989), whether FlyPop was granted a licence by the Civil Aviation Authority; and if not, what time limits have been set for businesses to become operational before monies obtained through the Future Fund are required...
Licensing is a matter for the Civil Aviation Authority.
The repayment of monies obtained through the Future Fund is not driven by businesses becoming operational. The Future Fund is invested through a standardised 3-year term Convertible Loan Agreement (‘CLA’); the CLA either converts to equity or is repaid in accordance with the terms of the agreement. The full scheme eligibility criteria and rules can be viewed on the British Business Bank’s website.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 27 February 2023 to Question 147247, what the total value of the Future Fund loans taken up by those 83 companies is.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 27 February 2023 to Question 147247, what the total value of the Future Fund loans taken up by those 83 companies is.
As of 31st December 2022, there were 83 companies in the Future Fund portfolio which have loans that have not converted into equity, and which have started Administration or other insolvency proceedings. The total Future Fund loan amount for these 83 loans is equal to £70,057,178.00.
To ask the Secretary of State for Business and Trade, with reference to the data by the British Business Bank on Companies in which the Future Fund has an equity stake, what the total value is of the equity interest retained by the Future Fund in the 83 companies listed...
To ask the Secretary of State for Business and Trade, with reference to the data by the British Business Bank on Companies in which the Future Fund has an equity stake, what the total value is of the equity interest retained by the Future Fund in the 83 companies listed...
The Future Fund is a government scheme to support UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The scheme, alongside other Government support schemes, aims to support companies facing financing difficulties due to the Coronavirus outbreak. The Future Fund scheme is being delivered by the British Business Bank (BBB).
In respect of the 83 companies which have gone into administration or insolvency, those companies’ loans had not converted into equity and therefore the equity value retained by the Future Fund is zero.
To ask the Secretary of State for Business and Trade, how many companies registered in Ceredigion received financial support under the Future Fund.
To ask the Secretary of State for Business and Trade, how many companies registered in Ceredigion received financial support under the Future Fund.
The Future Fund is a government scheme to support UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The scheme, alongside other Government support schemes, aims to support companies facing financing difficulties due to the Coronavirus outbreak. The Future Fund scheme is being delivered by the British Business Bank (BBB).
The number of Convertible Loan Agreements (CLAs) issued by the Future Fund in Wales was 25 with a total value of £18.7m. Future Fund data is not provided on a constituency level.
This paper collates data on the number of applications and total support provided under the UK Government coronavirus business support schemes. The attached excel spreadsheet allows users to view data by Parliamentary constituency and local authority.
This paper collates data on the number of applications and total support provided under the UK Government coronavirus business support schemes. The attached excel spreadsheet allows users to view data by Parliamentary constituency and local authority.
To ask His Majesty's Government whether the Future Fund refused an application from Fly Atlantic; and if so, what were the reasons for doing so.
To ask His Majesty's Government whether the Future Fund refused an application from Fly Atlantic; and if so, what were the reasons for doing so.
The Future Fund launched on 20 May 2020 and closed to new applications on 31 January 2021. The total number of applications received was 1,851. The scheme was open to all companies that met the eligibility criteria published on the British Business Bank’s website and passed the necessary checks. As it was a rules-based scheme, there was no assessment by the Future Fund of individual investments. The British Business Bank publishes the names of all companies in which the Future Fund retains an equity interest. The identity of applicants who did not meet the eligibility criteria is not made public.
An overview of initiatives to support businesses through the coronavirus pandemic.
An overview of initiatives to support businesses through the coronavirus pandemic.
To ask Her Majesty's Government how many companies have been scrutinised following quarterly filing of management information under the Future Fund Scheme; and what details are required as part of that management information.
To ask Her Majesty's Government how many companies have been scrutinised following quarterly filing of management information under the Future Fund Scheme; and what details are required as part of that management information.
Companies receiving investment from the Future Fund did so under a Convertible Loan Agreement (CLA) on standard terms. Schedule 4 of the CLA specifies management information that the company is required to provide each quarter. The British Business Bank scrutinises all management information submitted by Future Fund companies.
The CLA is a public document, a copy of which is attached.
To ask Her Majesty's Government what steps they take if a company in receipt of funding under the Future Fund Scheme has not begun trading; what systems are in place to reclaim funding under that Scheme; and what criteria are applied for reclaiming such funding.
To ask Her Majesty's Government what steps they take if a company in receipt of funding under the Future Fund Scheme has not begun trading; what systems are in place to reclaim funding under that Scheme; and what criteria are applied for reclaiming such funding.
The purpose of the Future Fund was to support UK companies that typically rely on equity investment and were affected by the Covid-19 pandemic. It was open to all companies that met the scheme’s eligibility criteria.
These included a requirement for the company to have been incorporated in the UK on or before 31 December 2019 and to have raised at least £250,000 in equity from third-party investors in previous funding rounds, in the five years prior to 19 April 2020. Provision was later made for certain non-UK parent companies to apply. The eligibility criteria did not include a requirement that companies must have begun trading.
The convertible loan agreement (CLA) included a warranty from the company that it satisfied the eligibility criteria in full.
Should a company be found to have failed to comply in any material respect with any of the provisions of the CLA, or if the company ceases to carry on all or a substantial part of its business, then the Future Fund has the right to call an Event of Default. In this case the Future Fund is entitled to request repayment of the loan and accrued interest, alongside a 100% redemption premium.
To ask Her Majesty's Government how much funding FlyPop Ltd has received from the Future Fund; what due diligence they undertook, prior to awarding this funding, to ensure that the company complies with the requirement for the majority of its business to be based in the UK; whether the company...
To ask Her Majesty's Government how much funding FlyPop Ltd has received from the Future Fund; what due diligence they undertook, prior to awarding this funding, to ensure that the company complies with the requirement for the majority of its business to be based in the UK; whether the company...
The Department is unable to provide information relating to loan amounts for individual companies as this information is commercially sensitive for both investors and investee businesses.
All investee companies were required to certify that they met the UK nationality criteria as part of the process of signing the Convertible Loan Agreement. Businesses provided details of their country of incorporation, UK Company registration number as well as the citizenship of company officers and an ownership structure chart or supporting documentation showing ultimate beneficial owners of the company. These details were checked as part of the eligibility checks carried out. As this particular business was pre-revenue and pre-operational at the time of application, these checks also satisfied the requirement that over half of employees should be UK-based or half of revenues should be from UK sales.
Licensing is a matter for the Civil Aviation Authority. A UK Air Operator Certificate has not been granted to this company to date.
I thank the hon. Gentleman for his question. This relates to the future fund, a rules-based scheme that means that any firm is eligible for funding, providing it meets the required eligibility criteria for the scheme
and passes the necessary checks. Neither the Government nor the British Business Bank chose specific investments; it is about helping innovative equity-backed companies to weather the economic disruption caused by covid and continue their long-term growth projection.
I thank the hon. Gentleman for his question. This relates to the future fund, a rules-based scheme that means that any firm is eligible for funding, providing it meets the required eligibility criteria for the scheme
and passes the necessary checks. Neither the Government nor the British Business Bank chose specific investments; it is about helping innovative equity-backed companies to weather the economic disruption caused by covid and continue their long-term growth projection.
Will the Chancellor confirm or deny that millions of pounds of taxpayers’ funds have been sunk into an online gambling company with the Government’s start-up scheme? If so, is this the right time to invest in a private gambling firm, since a review of the Gambling Act 2005 is already being undertaken?
Will the Chancellor confirm or deny that millions of pounds of taxpayers’ funds have been sunk into an online gambling company with the Government’s start-up scheme? If so, is this the right time to invest in a private gambling firm, since a review of the Gambling Act 2005 is already being undertaken?
Will the Chancellor confirm or deny that millions of pounds of taxpayers’ funds have been sunk into an online gambling company with the Government’s start-up scheme? If so, is this the right time to invest in a private gambling firm, since a review of the Gambling Act 2005 is already being undertaken?
I thank the hon. Gentleman for his question. This relates to the future fund, a rules-based scheme that means that any firm is eligible for funding, providing it meets the required eligibility criteria for the scheme
and passes the necessary checks. Neither the Government nor the British Business Bank chose specific investments; it is about helping innovative equity-backed companies to weather the economic disruption caused by covid and continue their long-term growth projection.
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much and what proportion of Future Fund: Breakthrough allocated to date has been to businesses in (a) the North East, (b) England, and (c) Greater London.
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much and what proportion of Future Fund: Breakthrough allocated to date has been to businesses in (a) the North East, (b) England, and (c) Greater London.
Future Fund: Breakthrough has announced two investments to date, both in England. One of the companies is based in London and the other in Bristol. Details of the amounts invested are commercially confidential.
To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 8 November 2021 to Question 68262 on Future Fund, what the criteria were for converting Future Fund loans into equity shares; and what conditions were associated with those equity shares.
To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 8 November 2021 to Question 68262 on Future Fund, what the criteria were for converting Future Fund loans into equity shares; and what conditions were associated with those equity shares.
The Future Fund issued loans under a Convertible Loan Agreement (CLA) on standard terms. This is a public document, available on the British Business Bank’s website. Section 5(a) of the CLA sets out the criteria for conversion, which occurs automatically three years after the date of the CLA or earlier in the event of a sale of the company or a funding round. The CLA also defines the conditions associated with the equity shares, which depend on the event that triggered the conversion.
To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the National Science and Technology Council's letter to the Prime Minister dated 23 September 2021, what steps his Department is taking to tackle the £100 million funding gap for the Future Fund: Breakthrough programme and...
To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the National Science and Technology Council's letter to the Prime Minister dated 23 September 2021, what steps his Department is taking to tackle the £100 million funding gap for the Future Fund: Breakthrough programme and...
Future Fund: Breakthrough is a £375 million, UK-wide programme that invests alongside private investors to increase the size of later-stage funding rounds. On 17 November 2021, British Patient Capital announced the first investment under this programme, as part of a £60 million Series D funding round for Bristol-based company Ultraleap. There is no upper limit for round size and hence future investments may be in rounds above the £100 million threshold identified by the Council for Science and Technology.
The Life Sciences Investment Programme is a £200 million government commitment, aiming to attract at least £600 million of investment in total to be deployed within 10-15 years. It is a targeted, sectoral intervention to address the sector-specific funding gap faced by growth-stage life sciences companies in the UK. The programme will invest in funds rather than individual companies, with the aim of enabling the emergence and development of specialist UK-based fund managers.
Both Future Fund: Breakthrough and the Life Sciences Investment Programme are administered by British Patient Capital, a commercial subsidiary of the government-owned British Business Bank.
In addition to these specific programmes, the Government is considering the analysis and recommendations made by the Council for Science and Technology and is engaging with institutional investors to explore the scope for an increased allocation of investment capital to research-intensive UK companies, particularly for scale-up investments over £100 million. This builds on the actions set out in the Government’s Innovation Strategy, published in July, to support access to scale-up finance for innovative science and technology companies.