A total of 173 companies went bankrupt, and 260 companies had outstanding loans, including 97 that had extended repayment terms.
In nine of these cases, the companies subsequently raised capital, were sold, or went bankrupt.
The number of companies forced to extend loans suggests that many businesses are struggling to obtain financing.
To extend the loan, you must sign up to more onerous terms that give the Future Fund a significant discount if the borrowing is converted into equity.
Several startups supported by the fund had expressed concerns that the initial three-year loan repayment deadline could push them into bankruptcy.
Extending the loan for up to two years allows for a stay of execution, but this could reduce the amount the fund can recover if the borrowing company later goes bankrupt.
A lawyer who works with start-ups that have received loans from the Future Fund said he was surprised by the number of companies taking out loans because the loan terms were “very strict”, but acknowledged that many companies had no choice. Ta.
He said several founders had funded the funding round themselves to meet the initial loan terms. “It’s not a very good environment. [for raising new money]” said the lawyer.
The fund has attracted attention in part because of the diverse group of companies that ended up holding stakes in it, including a sex party business and Bolton Wanderers Football Club.
The newly disclosed companies include luxury ride-hailing company Wheelie and the theater company run by West End producer Jamie Hendry.
An independent report on the fund last year found it had a higher failure rate and slower growth than a control group of peer companies.
The fund’s ultimate fate is unclear. Investors have expressed interest in acquiring the company in the past, but a deal is seen as unlikely until all financing is resolved.
A British Business Bank spokesperson said: “The extension application is supported by other CLA lenders who have not met their obligations under the CLA agreement and have passed our customer due diligence checks and are solvent. “If it’s from a company, in the future.” The Fund would agree to an extension. This applies to almost all applications. ”