BGF 鈥� the UK and Ireland鈥檚 most active growth capital investor 鈥� has reported record-breaking results for 2020.听听
Despite the COVID-19 pandemic, BGF backed 61 companies in 2020, investing a total of 拢384 million during the year.听听
This represented an 11% increase on the previous year, and in the first quarter of 2021 an increase of over 100% on the same quarter in 2020.听听
In total for 2020, 拢262 million went into new companies across a range of sectors, including life sciences, eCommerce and IT services, while a further 拢122听million听of follow-on funding was deployed to existing portfolio businesses.听听
2020 was also an equally good year for exits with BGF delivering 28 exits that generated returns of 拢228 million.听
BGF demonstrated a robust and resilient performance with a substantial increase in net assets to 拢2.3 billion (2019:听拢1.8 billion). The听group made a year-end operating profit of 拢346 million,听reflecting ongoing growth in its underlying portfolio and realisations.听
Stephen Welton, executive chairman, said: 鈥淲e鈥檝e gone through what we hope will be a once in- a-generation event, and learned that with determination, focus and the right allocation of capital, we can achieve amazing things.听听
鈥�BGF鈥檚 excellent performance during the pandemic demonstrates the strength of our diversified model, our strong regional approach and the resilience of the entrepreneurs we exist to support.听听
鈥�We鈥檙e proud that our model stood up under pressure, allowing us to continue investing at an average pace of one new investment a week, despite the upheaval of lockdowns and other challenges.听听
鈥�No other equity investor in the land can match that rate of activity. We have a unique investment platform and capability that we want to continue to leverage in full as the economy both recovers and powers ahead in key sectors.鈥�听
Andy Gregory, chief investment officer, said: 鈥淏ecause we take a long-term approach to investing, we were able to see past the short-term challenges affecting some of the sectors most impacted by COVID-19, which enabled BGF to continue to deploy capital at a time when it was most needed.听听
鈥�All in all, our investment model has proved remarkably effective during the pandemic. I鈥檓 confident that our key metrics will only increase in the year ahead.鈥�听