Friday, December 9, 2022
HomeBusinessUK government funds invested in kombucha and a luxury ship builder

UK government funds invested in kombucha and a luxury ship builder

It is known that the UK government has been the majority shareholder of more than 150 businesses during the Covid crisis, which includes an alcoholic beverage maker that makes kombucha and a shipbuilder who creates custom ships as well as a knitting and crochet supplier, according to data.

It’s the first time the development bank of the federal government has made public the list of companies which received specially-backed convertible loans that were backed by taxpayers specifically aimed at startups.

The fares for buses in England will be set by PS2 between January until March

However, while the taxpayer currently holds stakes in companies such as Vaccitech who is the co-inventor for the AstraZeneca vaccine and Ripple Energy that permits customers to purchase part in windfarms, the government has also left with a shareholding in crafting companies as well as soft drinks companies and entertainment firms.

The Future Fund was originally pitched as a means to help the government support businesses that are innovative and could have had a difficult time securing funding by themselves during the outbreak.

The list, which was released by the British Business Bank (BBB) on Tuesday, features firms such as Secret Group Limited, the company behind secret cinema, an event series that is part of the Secret Cinema series of immersive film screenings along with ski-suit maker Oneskee as well as Oto International Limited, which produces marijuana extract CBD oil.

This is on top of numerous drinks companies like Skinny Tonic Limited, Watkins Drinks and the kombucha maker Better Tasting Drinks Co Limited.

Taxpayers also own shares of Arksen Limited, which builds “authentic explorer vessels” for “families and friends”, and Dice FM, which runs an app and website that sells concert, nightclub and festival tickets.

The government has spent PS1.1bn helping 1,190 companies by way of the Future Fund. A total of 158 businesses have received their loans converted to equity stakes last month after they were able to raise funds through private investment, which at a minimum, they match government funds which left the taxpayer with shares in a variety of small businesses across the UK. This list is regularly updated.

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