New data reveals the UK government has become a shareholder in over 150 companies during the novel coronavirus crisis, including a kombucha drinks maker, a luxury ship builder and a knitting and crochet suppliers. In a major breakthrough, the government’s development bank has revealed the list of firms that received special taxpayer-backed convertible loans that were earmarked for startups.
The Future Fund was originally pitched as a way for the government to support innovative companies that may have otherwise struggled to secure money on their own during the pandemic. Published by the British Business Bank (BBB), the list includes companies like Secret Group Limited, the firm that runs the Secret Cinema series of immersive film events, as well as ski suit maker Oneskee, and Oto International Limited, which makes the cannabis extract CBD Oil.
Taxpayers also hold shares in Arksen Limited, which builds “authentic explorer vessels” for “families and friends”, and Dice FM, which runs an app and website for nightclub, festival and gig tickets.
In a statement released by the Treasury, Chancellor Rishi Sunak said, “The Future Fund was set up to ensure that investment keeps flowing to our most innovative businesses, and it’s fantastic that taxpayers now have equity in these top-performing startups. Investing in these companies has the potential to accelerate innovations that will transform UK industry, develop new medicines and strengthen our position as a science superpower.”
The government spent about £1.1bn in total, supporting 1,190 companies through the Future Fund.
