Louis Taylor to step down as British Business Bank CEO

Louis Taylor is to step down as chief executive of the British Business Bank at the end of September, bringing to a close a four-year tenure that has seen the institution significantly expand its remit, financial capacity and influence in supporting UK businesses.

The Bank’s chief financial officer, David Hourican, will take over as interim chief executive from 1 October while a recruitment process for a permanent successor gets underway.

During his tenure, Taylor has overseen a major transformation of the UK’s economic development bank, securing a landmark government mandate backed by an additional £25.6bn of financial capacity and introducing a new five-year strategy focused on supporting smaller businesses and high-growth companies.

The changes have repositioned the Bank from its pandemic-era role into a broader institution focused on driving economic growth, innovation and investment across the UK.

A key element of the transformation was the simplification of the organisation’s structure. More than 20 individual programmes were consolidated into dedicated Banking and Investment divisions, led by specialist chief banking and chief investment officers.

The Bank also established the British Growth Partnership, designed to mobilise institutional capital into UK venture capital markets. Earlier this year, the initiative reached a £200m first close for its inaugural fund, marking a significant step towards increasing pension fund investment into UK growth companies.

Taylor also secured a new financial framework that increased the Bank’s permanent financial capacity by £25.6bn and provided greater flexibility to reinvest returns over the long term. The enhanced capacity is intended to support businesses operating across the government’s eight priority industrial strategy sectors.

Under the Bank’s investment arm, larger commitments have been made to innovative businesses and venture capital funds. Recent investments include $100m commitments to SV Health Investors’ SV8 Biotech fund, £100m to Apposite Healthcare Growth I and £150m to Playground Global, alongside direct investments of £40m in Quantum Motion and £100m in Oxford Quantum Circuits.

The Bank has also expanded its lending support through initiatives such as the Growth Guarantee Scheme, Community ENABLE Funding programme and the continued growth of Start Up Loans.

Meanwhile, management of the Covid-era loan guarantee schemes has reduced outstanding balances from £87bn to less than £8bn, with independent evaluations finding the programmes delivered value for money.

“Louis has been an outstanding leader of the British Business Bank, taking the Bank from the role of market participant at the end of the pandemic to more of a market-leading position today with a platform that can deliver at scale going forward.

“As we enter our new five-year planning cycle, the increased financial capacity, greater financial freedoms and flexibilities that Louis has secured, and ongoing momentum leave a strong legacy. This puts the Bank in a stronger position to continue to evolve and deliver on the ambitions we set out in our Five-year Strategic Plan and the government’s growth mission.”

Reflecting on his time at the organisation, Taylor said: “It has been a huge privilege to lead the British Business Bank over the last four years by setting a clear and ambitious vision. The Bank now has a comprehensive strategy to deliver that vision, increased flexible financial resources, a simplified operating model, a highly capable team and a customer-focused culture. It is a far more agile and effective organisation.

“I am proud of the team of professionals I have worked with and the capability we have built, which provides my successor with more firepower and the opportunity to execute the Bank’s Five-year Strategic Plan at a crucial moment for the UK’s smaller and most innovative businesses.”

Peter Kyle, Secretary of State for Business and Trade, praised Taylor’s contribution across both the British Business Bank and UK Export Finance.

“Louis Taylor has been an outstanding CEO of both the British Business Bank and UK Export Finance,” said Kyle. “His leadership has paved the way for countless businesses to hire more, boost wages and grow right across the UK.

“I would like to thank him for his bold vision during his 11 years of public service, and his continued commitment to backing UK economic growth.

“I am confident the next phase of the Bank will give UK innovators the bold backing they need to transform ambition into success.”