British Business Bank announces 2015/16 results, publishes Annual Report and Accounts
UK government-owned economic development bank reports strong results.
The British Business Bank today publishes its annual report and accounts for 2015/16, highlighting the growth and momentum of the organisation just 17 months on from its inception in November 2014.
The report summarises the Bank’s work through 90 finance partners, supporting more than 48,000 businesses with a total stock of finance of £7.5bn. The Bank supports a stock of finance of £3.1bn to small and medium sized businesses and participates in a further £4.4bn of finance to smaller mid-caps.
- The British Business Bank has delivered strongly against all four of its objectives:
Increasing the supply of finance to smaller businesses – total stock of finance up by 45% over the year
- Helping to create a more diverse finance market – 90% of funding delivered through partners outside of the ‘Big Four’ banks, up from 79% in 2014/15
- Promoting better information in the market so smaller businesses better understand their finance options – awareness of different forms of funding has risen to 48% from 45% in 2014/15
- Achieving all this whilst managing taxpayers money efficiently – 2.0% return on capital employed, exceeding the target for the year.
Keith Morgan, CEO of the British Business Bank said:
“During the year we have developed new finance initiatives that serve the needs of smaller businesses, supported the Government’s key priorities and delivered on our return target.
“As we enter a period of increased uncertainty, we will redouble our efforts to support key segments of the small business finance market, helping the UK’s smaller businesses realise their potential.”
Ron Emerson, Chairman of the British Business Bank said:
“As we file our second set of accounts, it is clear that the Bank is making significant progress as a key catalyst in delivering a more effective set of financing options for smaller businesses.”
For Further Information please contact
Tom Nutt, Tom.Nutt@wearesevenhills.com – 0207 199 6191
Scott Shearer, Scott.Shearer@british-business-bank.co.uk
Notes to Editors
About the British Business Bank
The British Business Bank makes finance markets for smaller businesses work better, enabling the sector to prosper, grow and build economic activity. Its objectives are to:
- increase the supply of finance available to smaller businesses where markets don’t work well
- create a more diverse and vibrant finance market for smaller businesses, with a greater choice of options and providers
- build confidence in the market by increasing smaller businesses’ understanding of the options available to them
- achieve this whilst managing taxpayer resources efficiently and within a robust risk management framework. British Business Bank plc is a development bank wholly owned by HM Government.
The new Business Finance Guide, jointly published by the British Business Bank and the ICAEW’s Corporate Finance Faculty, is a unique guide that sets out the full range of options available for smaller businesses looking to raise finance. It also offers advice to help businesses plan for growth.
The British Business Bank operates through a number of subsidiaries. Neither British Business Bank plc nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such.
More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the corporate information page of this website.