Louis Taylor is stepping down as chief executive of the British Business Bank at the end of September 2026.
Taylor has spent the last four years leading the transformation of the UK’s economic development bank and will remain as chair of BBB Investment Services Limited, the bank’s regulated third-party arm which provides investment services to clients, until the end of December 2026.
David Hourican, chief financial officer, will take on the role of interim CEO from 1st October 2026, ensuring a smooth transition. He was appointed in December 2022.
Taylor secured a landmark mandate from the Government backed by £25.6 billion in increased financial capacity and introduced an ambitious five-year strategy to drive UK growth. Internally, it says, he led its simplification from more than 20 individual programmes into a banking business and investment business, led by a chief banking officer and chief investment officer.
The British Growth Partnership has also been established which recently reached its £200m Fund I first close, demonstrating landmark progress in driving venture capital allocations from Mansion House Accord signatories.
Under a newly agreed set of financial reforms the British Business Bank has an increased permanent financial capacity of £25.6bn, with greater flexibility to re-invest returns over the long term, catalysing more capital into UK companies and actively helping to deliver growth in the government’s eight industrial strategy sectors.
It is therefore increasing the size of investments, demonstrated by recent cornerstone fund commitments of $100m to SV Health Investors’ SV8 Biotech, £100m to Apposite Healthcare Growth I and £150m to Playground Global, as well as direct investments of £40m into Quantum Motion and £100m into Oxford Quantum Circuits.
The bank is the largest investor in UK venture and venture capital funds, catalysing private sector money alongside its investments.
Stephen Welton, chair of the British Business Bank, said: “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.”
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 said: “Louis Taylor has been an outstanding CEO of both the British Business Bank and UK Export Finance. 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.”
A recruitment process to identify Taylor’s successor will launch shortly.
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