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1624217

registered interest
date	26/04/2023
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	flypop: Future Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Written Answer by Lord Callanan on 29 March 2022 (HL6989), whether FlyPop was granted a licence by the Civil Aviation Authority; and if not, what time limits have been set for businesses to become operational before monies obtained through the Future Fund are required to be repaid.
tabling member printed	Baroness Randerson
uin	HL7475
answer	answer is ministerial correction date of answer 17/05/2023 answer text <p>Licensing is a matter for the Civil Aviation Authority.</p><p>The repayment of monies obtained through the Future Fund is not driven by businesses becoming operational. The Future Fund is invested through a standardised 3-year term Convertible Loan Agreement (‘CLA’); the CLA either converts to equity or is repaid in accordance with the terms of the agreement. The full scheme eligibility criteria and rules can be viewed on the British Business Bank’s website.</p> answering member printed The Earl of Minto question first answered 17/05/2023 15:09:10 answering member 4952 label Biography information for The Earl of Minto
tabling member	4230 label Biography information for Baroness Randerson

1441635

registered interest
date	15/03/2022
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	flypop: Future Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much funding FlyPop Ltd has received from the Future Fund; what due diligence they undertook, prior to awarding this funding, to ensure that the company complies with the requirement for the majority of its business to be based in the UK; whether the company has yet applied for the necessary UK AOC Licence; and if so, whether that licence has been granted.
tabling member printed	Baroness Randerson
uin	HL6989
answer	answer is ministerial correction date of answer 29/03/2022 answer text <p>The Department is unable to provide information relating to loan amounts for individual companies as this information is commercially sensitive for both investors and investee businesses.</p><p>All investee companies were required to certify that they met the UK nationality criteria as part of the process of signing the Convertible Loan Agreement. Businesses provided details of their country of incorporation, UK Company registration number as well as the citizenship of company officers and an ownership structure chart or supporting documentation showing ultimate beneficial owners of the company. These details were checked as part of the eligibility checks carried out. As this particular business was pre-revenue and pre-operational at the time of application, these checks also satisfied the requirement that over half of employees should be UK-based or half of revenues should be from UK sales.</p><p>Licensing is a matter for the Civil Aviation Authority. A UK Air Operator Certificate has not been granted to this company to date.<strong><em> </em></strong></p> answering member printed Lord Callanan question first answered 29/03/2022 15:27:50 answering member 4336 label Biography information for Lord Callanan
tabling member	4230 label Biography information for Baroness Randerson