British Business Bank PLC launched a £2.5 billion program aimed at supporting high growth potential businesses across the U.K. with long-term financing.
British Patient Capital, as the program is known, will be developed as a separate unit of state-owned British Business Bank and will support £7.5 billion of investment for U.K. businesses by investing alongside the private sector. The program will receive nearly £400 million in existing and approved commitments from the British Business Bank's venture capital catalyst program, including two new investments.
British Business Bank's CEO Keith Morgan was named chairman of British Patient Capital. Additionally, Anne Glover and Russ Cummings were appointed to British Patient Capital's board as nonexecutive directors. Glover is the CEO and co-founder of Amadeus Capital Partners Ltd. Cummings is the former CEO of Touchstone Innovations PLC.