The then chancellor’s loan scheme, set up as Covid hit, was supposed to keep dynamic startups going, but ended up giving taxpayer cash to long-established or lame duck businesses
. Murty’s investment business, Catamaran Ventures, was among the shareholders that lost their equity.
A No 10 spokesperson has previously said Murty’s investments were “based on her desire to support the British craft industry”. Sources familiar with the Future Fund said there had been no contact between her and the BBB in relation to the loans.The firms Murty had investments in weren’t the only fund recipients with an investor linked to No 10.who helped pay for the refurbishment of Boris Johnson’s Downing Street flat, owned more than 25% of financial management company Money Concierge.
The BBB’s due diligence on the loans – often performed in a matter of weeks, such was the government’s haste to make funds available to firms – was relatively loose, requiring chiefly that funding was also coming from private investors. “If you met the criteria, you got the money,” said Hart.owing £21.2m to creditors, £2.6m to trade suppliers and £600,000 to HMRC.
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