BGF: Profit almost doubles at major UK investor
Profit at the Business Growth Fund (BGF) has almost doubled thanks to a series of successful exits in 2024, it has been revealed.
The organisation, which is one of the UK’s most prominent equity investors, has reported a pre-tax profit of £131.1m for its latest financial year, up from the £67.9m it achieved in 2023.
New accounts filed with Companies House also show its investment income rose from £104.8m to £120m.
BGF’s portfolio includes the likes of Brompton, Christopher Ward, Giggling Squid, Gousto and Seasalt.
It has previously backed companies such as Furniture Village, Kids Planet, St Pierre Groupe and The Coaching Inn Group.
In January, BGF revealed it had invested £489m in 2024 and backed 47 businesses.
Since launching in 2011, BGF has invested £4.5bn in over 600 businesses.
In 2024, the organisation exited 29 companies but grew its current portfolio to 369 firms, an increase of 23.
The total it has returned to investors since being set up in 2011 also increased in the year from £2.4bn to £2.7bn.
BGF readies £3bn war chest
In May, BGF unveiled a £3bn commitment to back British businesses over the next five years which includes £500m earmarked for early stage start-ups in deep tech and life sciences.
In its annual report, BGF chairman Lord Ian Livingston said: “The appointment of a new government last year has brought renewed focus on driving private sector-led growth.
“While this is no small task, we stand firmly behind this mission.”
Chief executive Andy Gregory added: “As we look to the future, BGF remains uniquely positioned to drive sustainable growth in the UK and Irish economies.
“With a proven funding model, a commitment to responsible investment and a strong leadership team, we will continue to support the ambitions of entrepreneurs, ensuring they have the capital and expertise to thrive.”
BGF was founded by Barclays, HSBC, Lloyds Bank, the Royal Bank of Scotland and Standard Chartered.
It has offices in Aberdeen, Belfast, Birmingham, Bristol, Cambridge, Cardiff, Cork, Dublin, Edinburgh, Leeds, London, Manchester, Newcastle, Nottingham and Reading.