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UK government fund invests in kombucha and luxury shipbuilders | Rishi Sunak




The UK government became a shareholder in more than 150 companies during the Covid crisis, including manufacturers of kombucha beverages, custom ship builders and knitting and crochet suppliers, data said.

This is the first time a government development bank has released a list of companies that have received special taxpayer-backed convertible bonds assigned to startups.

But taxpayers now have stakes in companies like Vaccitech, co-inventor of the AstraZeneca vaccine, and Ripple Energy, which allows customers to take a stake in wind farms, but the government is also left with a partially-owned craft company, a soft drink business. and entertainment companies.

The Future Fund was originally proposed as a way for governments to support innovative businesses that may have difficulty securing their own funding during the pandemic.

The list, released on Tuesday by the British Business Bank (BBB), includes companies such as Secret Group Limited, which operates the Secret Cinema series of immersive film events, and skiwear makers Oneskie and Oto International Limited. Cannabis Extract CBD Oil.

This is higher than a number of beverage companies including Skinny Tonic Limited, Watkins Drinks and Kombucha maker Better Tasting Drinks Co Limited.

Taxpayers also own shares in Arksen Limited, which creates authentic expeditions for family and friends, and Dice FM, which operates an app and website for tickets to nightclubs, festivals and performances.

The government has spent about $1.1 billion to support a total of 1,190 companies through the Future Fund. About 158 ​​of these companies converted their loans to equity equity in August after successfully raising funds from private investment commensurate with government funding, giving taxpayers a stake in a wide range of smaller companies across the UK. The list is updated quarterly.

The Future Fund was established to keep investments flowing into our most innovative businesses, and it is fantastic that taxpayers now have a stake in these top performing startups, Finance Minister Rishi Sunak announced by the Ministry of Finance Disclosure of BBB data in one statement.

Investments in these companies have the potential to accelerate innovation that will transform UK industry, develop new drugs and strengthen its position as a science superpower.




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