BBI made “record” £350m in commitments last year
British Business Investments (BBI), the wholly-owned commercial subsidiary of British Business Bank, made a “record” £350m in commitments during the 2021/22 financial year.
According to the latest company accounts, BBI delivered a pre-tax profit of £189.4m last year, while supporting more than 24,000 small businesses across the UK.
20 financial commitments were made to new and existing delivery partners – a record number. 13 of these delivery partners represented new relationships for the firm.
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During the 12 months ending 31 March 2022, BBI worked to increase the supply of finance to smaller businesses by investing into finance providers including alternative lenders.
Since the company was established in 2014, it has delivered £3.38bn to finance providers lending to small businesses. As well as committing £350m during the last financial year, third parties have invested a further £1.2bn alongside BBI, meaning that total funding of almost £1.6bn has been delivered to the UK market in the past financial year.
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“We are pleased to report another strong performance by British Business Investments, delivering a record number of new commitments in an annual period and strong profit before tax of £189.4m,” said Judith Hartley, chief executive of British Business Investments.
“As a ‘through the cycle’ investor and lender we have continued to invest strongly over the last year despite the challenging economic headwinds and have remained active and visible in the market, to support funding for the UK’s smaller businesses.”
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