British Business Investments, a wholly-owned commercial subsidiary of British Business Bank plc, today publishes its Annual Report and Accounts for 2022/23.

Key highlights include:

• 19 new portfolio commitments to new and existing delivery partners at a total value of £386m
• In its ninth year of operation, British Business Investments’ cumulative commitments now exceed £3.8bn
• A 6.3% five-year adjusted return on average capital employed, delivering a pre-tax profit of £38.1m in 2022/23
• Support for more than 18,000 smaller businesses across the UK, more than 84% of which are outside of London

Louis Taylor, Chair, British Business Investments, said: “In challenging economic times, the importance of British Business Investments’ role has been demonstrated once again. Against an uncertain backdrop, we have continued to support the UK economy by bolstering the finance options that are available to smaller businesses, making new commitments totaling £386m in the past financial year. We have also generated a strong financial return for the British Business Bank Group, with profit before tax of £38.1m, and a 6.3% five-year adjusted return on average capital employed.”

In 2022/23, British Business Investments continued to deliver strongly against its four strategic objectives:

1. Increasing the supply of finance to smaller businesses across the UK: As of 31 March 2023, British Business Investments had made total commitments of over £3.8bn to finance providers to support funding to UK smaller businesses since its inception in 2014. New commitments in 22/23 were £386m which, combined with third-party capital investing alongside us, means that total funding of almost £1.3bn will be made available to the UK market.

2. Helping to create a more diverse finance market: British Business Investments made 19 commitments, nine of which were to new delivery partners. This increases cumulative portfolio investments to 115, and 66 current delivery partners.

3. Identifying and helping to address regional imbalances in access to finance: British Business Investments is providing funding to more than 18,000 businesses, more than 84% of which are based outside of London.

4. Managing taxpayers’ money efficiently, whilst generating a commercial rate of return: British Business Investments reported a 6.3% five-year adjusted return on average capital employed, delivering a pre-tax profit of £38.1m.

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.