British Business Bank names new chair
The British Business Bank has appointed investments veteran Stephen Welton as its new non-executive chair.
He replaces Lord Smith of Kelvin, who has held the position since September 2017.
The state development bank said Welton (pictured) has extensive experience as an investor in private capital markets around the world.
He was the founder chief executive of the Business Growth Fund, which invests in scaling businesses. Prior to that, he was one of the founding partners of global private equity firm CCMP Capital (formerly JP Morgan Partners) and, before that, managing director of Barclays Private Equity and Henderson Ventures.
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In 2013, Welton was appointed as an adviser to the UK government regarding the launch of the British Business Bank. In 2017, he served as a member of the industry panel advising the Treasury on the Patient Capital Review.
“I have dedicated much of my career to investing in growing companies and backing entrepreneurs and innovators,” said Welton.
“I believe passionately that finance is a vital ingredient in helping smaller businesses start up, grow and achieve their ambitions, and to maintaining their enormous contribution to the UK economy nationwide.
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“That is why I am delighted to take up my position at the British Business Bank as chair. This is a pivotal time for the economy as we look to drive innovation and growth, while substantially increasing the level of long term investment in the UK. I look forward to working with the team at the Bank as well with as colleagues in government and the private sector.”
Louis Taylor, chief executive of the British Business Bank, thanked Lord Smith for his service to the Bank and said that the new appointment marks a new phase in the organisation’s growth.
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“[Welton] has an impressive record of leadership, significant investment and scale up expertise, and has demonstrated a deep commitment to smaller businesses over several decades,” he added.” He will be an invaluable asset to the Bank.”