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British Business Investments – Full year results for the period ending 31 March 2024

Press release 19 December 2024

British Business Investments, a wholly-owned commercial subsidiary of British Business Bank plc, today publishes its Annual Report and Accounts for 2023/24.

Key highlights include:

  • A record 25 new portfolio commitments to new and existing delivery partners at a total value of £591m
  • In its tenth year of operation, British Business Investments’ cumulative commitments are now £4.4bn
  • Net income from investments was £19m for 2023/24, and remains on track to meet its five-year target of a commercial return of 5%
  • Support for more than 16,000 smaller businesses across the UK, 84% of which are outside of London

The past year has seen a record-breaking level of new commitments on the part of British Business Investments, as we worked to increase the supply of finance available to smaller businesses throughout the UK. In 2023/24, we made 25 commitments to new and existing delivery partners, totalling £591m: both of these are record figures. In the year to come, we stand ready to respond to changes in the funding environment, identifying areas where we can further support smaller businesses and boost economic growth.

- Adam Kelly Managing Director, British Business Investments

Looking back over the past financial year, the level of our achievement and output has been exceptional. Again, during a year of continued economic turbulence, we have provided smaller businesses with access to finance, when some other investors were less willing to do so. We have continued to support the UK economy by bolstering the finance options that are available to smaller businesses, making a record amount of new commitments. By providing access to finance to smaller businesses at every stage of their growth, we strengthen the UK economy, extending opportunities and creating jobs.

- Louis Taylor Chair, British Business Investments

In 2023/24, British Business Investments continued to deliver strongly against its strategic objectives:

  1. Increasing the supply of finance to smaller businesses across the UK: As at 31 March 2024, British Business Investments had made total commitments of £4.4bn to finance providers to support funding to UK smaller businesses since its inception in 2014, with new commitments in 23/24 of £591m.
  2. Helping to create a more diverse finance market: British Business Investments made a record number of 25 commitments in 23/24, 12 of which were to new delivery partners. This increases cumulative portfolio investments to 140, and 75 current delivery partners.
  3. Identifying and helping to address regional imbalances in access to finance: British Business Investments is providing funding to more than 16,000 businesses, more than 84% of which are based outside of London.
  4. Managing taxpayer’s money efficiently, whilst generating a commercial rate of return: British Business Investments continues to be on track to meet its five-year target of a commercial return of 5%, delivering net income from investments of £19m in 23/24.
     

British Business Investments supports the development of more diverse debt and equity finance markets throughout the UK. To increase the choice of finance for smaller businesses, British Business Investments provides funding through a wide range of finance providers – including peer to peer lenders, small-cap private debt funds, challenger banks, asset finance providers, equity funds-of-funds and regionally-based early-stage investors.

Download the British Business Investments Annual Report and Accounts 2023/24 (PDF 6.74MB)
 

Further Information

Notes to editors

About British Business Investments

British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such.  They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

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