British Business Bank chief to step down

A Government-backed lender is preparing for a leadership transition after a period of significant growth, investment and organisational reform.

Louis Taylor, the Newcastle-born chief executive of the British Business Bank, will step down at the end of September after four years leading the transformation of the UK’s economic development bank.

He will remain as chair of BBB Investment Services Limited, the Bank’s regulated third-party investment arm, until the end of December. 

Chief financial officer David Hourican will take over as interim chief executive from October while a recruitment process for a permanent successor gets under way.

Louis, who grew up in Gosforth and has long championed support for North East businesses, joined the Bank in 2022 with a remit to guide the organisation beyond the pandemic and improve access to finance for smaller firms across the UK.

During his tenure, the Bank secured a new Government mandate backed by £25.6 billion of additional financial capacity and launched a five-year strategy focused on supporting businesses to start, scale and remain in the UK.

The organisation also underwent a significant restructuring, simplifying more than 20 programmes into dedicated banking and investment divisions. 

This overhaul was designed to streamline operations and strengthen support for businesses seeking funding.

Recent activity has included the creation of the British Growth Partnership, which has attracted institutional backing for venture capital investment, alongside larger commitments to high-growth technology and healthcare funds and direct investments in quantum computing businesses.

The banking division has also expanded its lending offer through initiatives such as the Growth Guarantee Scheme, support for community businesses and an enlarged Start Up Loans programme.

Louis 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.” 

The leadership change comes as the British Business Bank enters the next phase of delivering its long-term strategy, with a continued focus on increasing investment and supporting growth across the UK’s smaller business community.

Stephen Welton, chair of the British Business Bank, added: “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.”

Peter Kyle, Secretary of State for Business and Trade said: “Louis Taylor has been an outstanding chief executive 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.”

Read our interview with Louis to discover how his North East roots have shaped his approach to backing British businesses.

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