British Business Investments - NED

Body: British Business Investments
Appointing Department: Department of Business, Energy and Industrial Strategy
Sector: Business, Finance & Skills
Location: Sheffield and London
Number of Vacancies: 1
Remuneration: £20,000 per annum.
Time Requirements: The time commitment is expected to be approximately 20 days per year, including two Strategy days and seven formal BBI Board meetings

This is not a ministerial appointment.

Campaign Timeline

  • Competition Launched

    04/06/2021

  • Closed for Applications

    28/06/2021 at 18:00

  • Panel Sift

    TBC

  • Final Interview Date

    TBC

  • Announcement

    TBC

Vacancy Description

Smaller businesses are vital to the UK’s economy. They employ millions of people and are responsible for almost half of the private sector’s turnover.

At British Business Investments – part of the British Business Bank – our role is to make the finance available to these smaller businesses more diverse, more plentiful, and easier to access. We do this while providing value for money for UK taxpayers.

We don’t provide finance ourselves. Instead, we work with a number of delivery partners, whose investment programmes help to support businesses across a wide range of sectors, regions and stages of growth.

Although we’re owned by the Government, we’re managed independently. We choose investments based on gaps we see in the market, and we continually look for new ways, and new partners, to address the challenges that smaller businesses face

Since its inception in 2014, BBI has made commitments of circa £2.6bn across 59 portfolio investments. By making debt and equity investments into fund managers and lenders, who in turn make direct investments and lend to the UK’s small businesses, BBI has supported over 37,000 SMEs, with 71% being located outside of the London and South East region. As the profit generator for the BBB group, BBI has produced £22.2m profit before tax for the financial year 2019/2020.

The Covid-19 pandemic has had a devastating impact across society and the economy. The UK’s small and medium-sized businesses have been particularly hard hit, with many businesses suffering significant losses in revenue, and disruption to their cashflow. During the pandemic, BBI has worked closely with delivery partners to support them as they provide essential finance to the UK’s small and medium sized businesses. As the UK economy moves towards recovery, it is important that this ongoing work continues so that these businesses have access to the funding they need to support their working capital requirements and plans for growth.

More information is available at the website: https://www.bbinv.co.uk/

Role

BBI is seeking to appoint a new independent non-executive director to join the Board in Autumn 2021, with the potential for this role to become the successor to the Chair in due course.

Although a subsidiary of BBB, the BBI Board has independent governance, as its remit is separately defined under the state-aid agreement for the BBB. BBI operates with a degree of autonomy but within high level objectives and policies set by BBB and with the support of shared services provided by the parent.

The BBI Board is a collaborative and supportive environment. It undertakes important work of national economic importance with varied and complex stakeholders. Effective communication and collaboration between the Boards of BBI and British Business Bank PLC is essential. The role holder plays an active role at both the BBB and BBI Board meetings and as such will be required to attend Group board meetings and events, as well as the BBI board meetings.

The successful candidate will:

  • Help define, challenge, and oversee the strategy of BBI, bringing their broad investment experience to bear in the early stages of investment strategy and capital allocation
  • Be a brand ambassador for the BBI, utilising their network to raise its profile across the market segments within which BBI operates and with key stakeholders.
  • Be a member of the BBI Investment Committee for the assessment and agreement of larger scale investment opportunities.
  • Bring relevant outside expertise, networks, and original thinking to BBI.
  • Provide independent counsel to the Chief Executive Officer and act as a sounding board for the senior management team as appropriate.
  • Develop effective relationships with the Board and Executives of the BBB and the other commercial subsidiary company within the BBB group, British Patient Capital.
  • Help determine BBI’s risk appetite and ensure that effective and appropriate risk management controls are in place.
  • Regularly update their knowledge of the regulations with which BBI must comply. Monitor compliance with these regulations

 

Person Specification

Skills & Experience Required

  • Be an experienced senior business-person, from relevant segment(s) of the Financial Services sector, for example:
    • Asset management (including private debt funds, with a SME and/or mid-market focus)
    • Private equity/venture capital (including the capital markets teams of PE houses)
    • Corporate/wholesale banking (including non-bank lenders)
    • SME/commercial banking
    • Investment banking
  • Bring experience in BBI’s principal areas of activity, which are more debt than equity oriented, and more investment focused than bank lending related.
  • Bring relevant investment and strategic experience in the SME/mid-market sub sectors where BBI is most active, including ideally one or more of debt funds, asset finance, challenger banks, fintech and private equity/venture capital.
  • Be an experienced board director, although prior experience as a non-executive director is not a prerequisite.
  • Have sufficient investment knowledge and expertise, to enable a thorough understanding of the nature of BBI’s business, its goals and objectives, and the resulting risk/return characteristics of the investment portfolio.
  • Bring a familiarity with the UK corporate governance model.
  • Have a genuine interest in the strategy and mission behind BBI and the British Business Bank, and the economic drivers as to why this model makes sense for the UK economy.
  • Bring intellectual curiosity and a degree of rigor, the ability to contribute to strategic and high-level operational discussions, strong communication skills and the ability to articulate complex issues in a clear manner.
  • Bring real world transactional experience to the BBI Board.

How to Apply

To apply please send your CV and a short personal statement outlining why you are interested in the role and to alex@audeliss.com

Closing date for all applications is 6pm on Monday 28th June 2021. For any questions, please email Alex Wyld at alex@audeliss.com.

This post is NOT regulated by The Commissioner for Public Appointments.

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