Profits hit £68m at commercal arm of government-owned bank

British Business Investments, a wholly-owned commercial subsidiary of British Business Bank – the Sheffield-headquartered economic development bank, has reported a pre-tax profit of £67.9m for 2017/18.

During its fourth year of operation, British Business Investments has delivered a profit increase of 23% on 2016/17 and generated a gross annual income of £76.2m.

British Business Investments currently has £1.2bn invested, alongside £9.1bn of private sector capital, across 58 investment partners.

The bank supports nearly 27,000 business across the UK as at 31 March, which is an increase of 51% on 31 March 2017.

British Business Investments invests in challenger banks, non-bank lenders and venture and growth capital funds to increase the choice of finance for smaller and medium sized businesses.

It generates a commercial return on investment for the UK taxpayer while having an economic impact by increasing the supply of capital available for small and medium sized businesses.

Catherine Lewis La Torre, CEO of British Business Investments, said: “Our latest investments have enabled us to increase the supply of capital to a broad range of small and medium-sized businesses, recognising their importance to the success of the UK economy.

“In the 2017/2018 financial year we have again produced tangible results, and I look forward to building on this success further as we address the challenges and opportunities of the year ahead.”

Keith Morgan, chair of British Business Investments, added: “We are pleased to report a strong set of results for the 2017/2018 financial year, a broadening of British Business Investments’ remit, an increase in profits, and an expansion of our network of finance partners.

“As a wholly-owned subsidiary of the British Business Bank, British Business Investments plays a key role in helping achieve the group’s overall objectives – increasing the size and diversity of finance markets and producing positive returns on UK taxpayers’ investments.”

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