UK Government Investments Annual Report and Accounts 2019-20

UK Government Investments Ltd (UKGI), the government’s centre of excellence in corporate finance and corporate governance, has today published its annual report and accounts covering the financial year to 31 March 2020.

With adverse market conditions inevitably reducing asset sales over the year, UKGI’s focus pivoted to its corporate finance advisory role and to four areas in particular:

•   UKGI was a key part of the government’s Brexit planning throughout the period, advising on a range of measures to mitigate any adverse economic impacts of a no-deal exit from the EU
•   UKGI’s capability to advise government on situations of corporate distress was utilised in a number of complex cases (such as helping to secure the future of British Steel via a takeover by Jingye)
•   UKGI advised on a number of M&A transactions involving the government supply chain, securing jobs and R&D spend
•   UKGI has been working hard to support government in mitigating the impacts of the COVID-19 pandemic on the UK economy.

UKGI’s support has been both direct, through advising on business support mechanisms, and indirect through supporting portfolio companies on behalf of government, whether it be the British Business Bank administering the Coronavirus Business Interruption Loan Scheme, or the Royal Mint manufacturing protective equipment for NHS workers.

UKGI also further strengthened its governance offering that has become such an important element of the expertise utilised by departments across government and, internationally, continued to work with the OECD to disseminate best practice in governance across a huge number of countries.

Charles Donald, CEO of UKGI, said:

“This was a year which demanded exceptional flexibility from UKGI. We continue to show agility as we support the government’s economic and business response to the COVID-19 pandemic and work with our ALBs and their sponsor departments to navigate it. As the bridge between Whitehall and the City, UKGI’s unique blend of civil service and corporate finance skills, and the expert advice we provide across government on financing and structuring and in governance, are proving to be hugely valuable.”

Notes to Editors

UKGI is the government’s centre of excellence in corporate finance and corporate governance. In addition to delivering over £40bn in asset sales since inception in 2016, it is responsible for a portfolio of nearly 20 arm’s length bodies, and for delivering a range of corporate finance advice to government. UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament and Whitehall departments.

For further information:
UKGI: Frances Collier-Wright – 07971 610 050
Citigate Dewe Rogerson: Toby Moore, Andrew Hey, Jos Bieneman – 0207 638 9571