Alert Icon

Beware of scams

We are aware of scams coming from email and social media where people try to impersonate us. We will never ask you for money or your bank details.

Learn more about what to look out for and how to protect yourself

British Business Investments commits £30m to Panoramic SME III Fund

Press release 30 August 2023

British Business Investments today announces it has committed £30m to the Panoramic SME III fund as part of a final close of £100m. This commitment will allow Panoramic to fund growth opportunities and management transitions for smaller businesses across the UK.

Panoramic, based in Glasgow, is an established fund manager that invests across the UK but focuses specifically on Scotland, Northern Ireland and the North of England. It provides hybrid, debt and equity financing and is usually the first source of institutional capital for the smaller businesses it funds.

Panoramic is well known for its innovative approach to investing, and will invest in a range of transactions including management buyouts and replacement capital as well as financing growth for aspiring business owners. Panoramic will invest between £2m and £8m into companies that have achieved EBITDA of more than £500,000 in the prior 12 months and will invest across a range of sectors. It adopts a partner-led approach, with a highly experienced investment team, focused solely on UK SMEs. The new fund will have flexibility in its capital structuring and will invest through a combination of equity and loan notes. This is a continuation of the successful strategy adopted in predecessor funds.

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3 billion to providers of finance to UK smaller businesses.

The British Business Bank previously supported Panoramic’s ECF 1 LP through its Enterprise Capital Funds programme in 2010 and Panoramic Growth Fund 2 via British Patient Capital in 2015.

At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK. Following the British Business Bank’s earlier support to Panoramic, we are pleased to be making this commitment through British Business Investments. Our commitment to Panoramic will help more UK smaller businesses, particularly in Scotland, Northern Ireland and the North of England, to access the capital they need to grow and succeed. Judith Hartley CEO, British Business Investments

In a tough fundraising environment, our ability to hit our hard cap of £100m is testament to our consistently strong track record and the business owners we have backed since our first fund launched in 2010.

We are very grateful for the support of both our existing and new investors in the new fund, and we look forward to working with them as we now look to deploy capital. British Business Bank has been an investor in Panoramic funds since our inception and we are delighted that they have continued that journey with a £30m commitment to Fund 3.

Stephen Campbell Partner, Panoramic

Further Information

Notes to editors

About British Business Investments

British Business Investments Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank.  British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at

The Bank and its subsidiary entities are not banking institutions and do not operate as such.  They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc or its subsidiaries or any other party in respect of Panoramic or its products or services.

About Panoramic

Set up in 2008 by Stephen Campbell, David Wilson and Malcolm Kpedekpo, Panoramic is the leading equity and debt investor in UK based, small and medium sized companies.  The Panoramic Enterprise Capital Fund 1 closed in March 2010 and was oversubscribed at £34 million. Panoramic Growth Fund 2 closed in April 2016 and was oversubscribed at £65m.  Fund 3 brings total funds under management to £200m.

The Panoramic team has backed 25 companies since 2009 and is one of the most experienced teams investing in UK Small and Medium sized businesses.   It was one of the first UK private equity funds to sign up to UNPRI and is also a signatory to the Investing in Women code and ILPA Diversity in Action.