British Patient Capital, a subsidiary of the state-owned British Business Bank, has appointed Catherine Lewis La Torre as its CEO.
In addition, La Torre has been made the chair of British Business Investments, a commercial subsidiary of British Business Bank. She replaces Francis Small as the senior executive responsible officer for the bank’s equity schemes.
She will begin her new jobs later in the year. Acting CEO of British Patient Capital and British Business Investments Judith Hartley will become the CEO of British Business Investments later this year.
La Torre said: “Our mission is to enable long-term investment in innovative companies across the UK led by ambitious entrepreneurs who want to build successful, world-class businesses.”
The British Business Bank has recently been on a hiring spree, appointing Louis Taylor as its CEO last month.
British Patient Capital provides long-term financing to entrepreneurs that aim to build large businesses. It has £2.5bn to spend in the next 10 years.
Judith Hartley said: “I am delighted to be confirmed as the permanent CEO of British Business Investments. The company has a highly experienced and dedicated team and I’m looking forward to working with the Board and the investment team, to further develop the company and its impact on the UK’s small business finance markets.”
Separately, British Business Investments announced today it will be committing up to €50m (£42.6m) to Wilshire’s European Venture Capital Fund II.
It recently has contributed £20m to Manchester-based TDC’s Impact Fund, £5m to Cheshire-based SFC Capital and £5m to Manchester’s Praetura Ventures.
“I would like to congratulate Catherine and Judith on their new roles. The Board is confident that these appointments will continue to strengthen the leadership of the Bank and help us deliver on our mission to drive sustainable growth and prosperity across the UK,” said Lord Smith of Kelvin, chair, British Business Bank.
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