British taxpayers have become shareholders in a further 53 companies backed by government bailout funding schemes, including a company that produces carbon-negative products, a company that grows meat directly from cells without using animals and a “holistic” whiskey distillery .
The Bank of Business’ Future Fund was set up by Rishi Sunak when he was chancellor of the exchequer. It was established at the height of the Covid pandemic to support start-ups and innovative companies through the crisis and has provided funding to 1,190 companies with a combined value of £1.14bn.
About half of those companies have now converted those loans into equity after raising third-party funding at least as large as government funding. That means taxpayers now own equity in 515 companies, an increase of 53 from the fourth quarter.
The latest figures show that the company’s holdings include Sanitary Owl Ltd, a certified B Corp that makes non-toxic carbon negative cycle products under the Dame brand, and Edinburgh-based Roslin Technologies, which makes direct-from-cell products of meat, no animals are used.
Also on the list is The Lakes Distillery, which makes whole whiskey, and Cred Investments, which helps professional footballers accelerate their savings and investments.
Taxpayers also own stakes in London clothing brand Sheep Included, which makes carbon-negative knitwear, and Beckley Psytech, which develops psychedelic drugs for people with mental illness.
Other companies that taxpayers now own a part of include Edgify, which developed artificial intelligence technology for self-checkouts, Methera Global, which uses satellites to deliver superfast broadband, and Solar Options for Schools, which helps schools become more sustainable by installing solar panels.
Previously released data showed taxpayers have stakes in companies including sex party planning company Killing Kittens, medical marijuana farms and yogurt bar businesses.
The latest list also shows that 83 companies that received convertible loans from the Future Fund have gone into receivership or bankruptcy.
Ken Cooper, managing director of risk solutions at British Business Bank, said: “The Future Fund was created to ensure long-term value for the UK taxpayer by ensuring that, at the height of the pandemic, money flows to companies that would otherwise not have access to government support schemes.
“We are delighted to see so many companies now continuing to raise additional private sector capital, which will allow the Future Fund to benefit from their continued growth.”
