Thursday 9 February 2017, Commenting on the Treasury announcement of the line-up for the Industry Panel to inform the Patient Capital Review, chaired by Sir Damon Buffini, which will support innovative firms to access the finance that they need to scale up, David Petrie, ICAEW Head of Corporate Finance, said:
“Sir Damon Buffini has pulled together a very strong panel, including the founders and funders of some of the UK’s most successful science-based companies. As a private equity supremo, Sir Damon understands exactly what it takes to build world-beating high technology companies. Funding the science-based manufacturing sector is a major challenge. We should not forget that Great Britain has a long history of leading the world in scientific research, industrial innovation and of course in finance and banking. The challenge for us in today’s uncertain world is ensuring that Britain’s most innovative people and companies have the funding they need for growth.
“Taking ideas from early-stage R&D projects into production, is capital-intensive and requires sophisticated, medium-term investment. We would have liked to have seen more CFO’s on the panel who have expertise on raising finance, but look forward to working with Damon Buffini and his team on this review. In a fast-changing global context these sectors are vital for the economic prosperity and competitive future of the UK.”