Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

British taxpayers get stake in AI checkout firm & whisky distillery as it backs 53 new companies

by January 27, 2023
January 27, 2023
British taxpayers get stake in AI checkout firm & whisky distillery as it backs 53 new companies

British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme.

These firms include a company that makes carbon negative period products, a firm producing meat cultivated directly from cells without the use of animals, and a “holistic” whisky distiller.

The British Business Bank’s Future Fund was set up by Rishi Sunak when he was chancellor. It was established during the height of the Covid pandemic to support startups and innovative firms through the crisis, and has given 1,190 companies funding worth £1.14bn in total.

About half of those firms have now had those loans converted to equity after they raised third-party funding that at least matched that from the government. This means taxpayers now have equity stakes in 515 companies, an increase of 53 companies in the fourth quarter.

The latest data reveals stakes in companies including Sanitary Owl Ltd, a certified B Corp that makes toxin-free carbon negative period products under the brand Dame, and Roslin Technologies, an Edinburgh-based firm that produces meat produced directly from cells without the use of animals.

Also on the list is The Lakes Distillery, who practise holistic whisky making, and Cred Investments, which helps professional footballers accelerate their savings and investments.

Taxpayers also have a share in Sheep Included, a London-based clothing brand that makes carbon-negative knitwear, and Beckley Psytech, which develops psychedelic medicines for patients with psychiatric disorders.

Other companies that taxpayers now have a slice of include Edgify, which has developed AI technology for self-checkouts, Methera Global, which provides superfast broadband using satellites, and Solar Options for Schools, which helps make schools more sustainable by installing solar panels.

Previous data releases have revealed taxpayers have stakes in companies ranging from the sex-party planning firm Killing Kittens, and a medical cannabis farm, to a yoghurt-bar business.

The latest list also shows that 83 firms that received convertible loans from the Future Fund have gone into administration or are now insolvent.

Ken Cooper, managing director of Venture Solutions at British Business Bank, said: “The Future Fund was created to ensure a flow of capital, at the height of the pandemic, to companies that would otherwise have been unable to access government support schemes, while ensuring long-term value for the UK taxpayer.

“We are pleased to see so many of those companies now going on to raise further private sector capital, which will allow the Future Fund to benefit from their continued growth.”

Read more:
British taxpayers get stake in AI checkout firm & whisky distillery as it backs 53 new companies

0
FacebookTwitterGoogle +Pinterest
previous post
Shell puts 2,000 UK jobs at risk with review of Shell Energy retail division
next post
Zahawi allows HMRC to pass his tax details to PM’s ethics adviser

You may also like

Mastering RACA: How to Harness Reflection, Action, Connection,...

September 10, 2023

Should a Physician Become an Employee or an...

November 30, 2022

Middle-class homeowners put kitchen renovations on hold over...

September 23, 2024

President Macky Sall leaves Senegal’s economy flourishing, despite...

January 12, 2024

Small businesses show their community spirit with support...

November 23, 2022

Heston Blumenthal calls for greater urgency in tackling...

February 14, 2024

Digital economy: a reality of the 21st century

August 9, 2022

Leisure and tourism suffer ‘sharpest fall in output’

October 20, 2022

IR35 improvements are still needed as trade body...

April 13, 2023

Labour considers watering down plans for private equity...

February 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Padel club boom sees 3,200 venues built in 2024 as global popularity accelerates

      June 27, 2025
    • Sweet or taxable? M&S strawberry sandwich sparks new VAT debate

      June 27, 2025
    • Starmer thanks business for footing tax bill

      June 27, 2025
    • UK SMEs must strengthen cybersecurity as geopolitical threats escalate, warns Espria

      June 27, 2025
    • Jeremy Hunt ‘made a mistake’ targeting non-doms, says shadow business secretary

      June 27, 2025
    • Small firms raise alarm over Companies House rule change forcing profit disclosure

      June 27, 2025

    Categories

    • Business (8,326)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved