catamaran ventures u.k

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CATAMARAN VENTURES UK LTD

Company number 08561424

• Company Overview for CATAMARAN VENTURES UK LTD (08561424)
• Filing history for CATAMARAN VENTURES UK LTD (08561424)
• People for CATAMARAN VENTURES UK LTD (08561424)
• Insolvency for CATAMARAN VENTURES UK LTD (08561424)
• More for CATAMARAN VENTURES UK LTD (08561424)

Next accounts made up to 31 December 2023 due by 30 September 2024

Last accounts made up to 31 December 2022

Confirmation statement overdue

Next statement date 7 June 2024 due by 21 June 2024

Last statement dated 7 June 2023

Nature of business (SIC)

• 64999 - Financial intermediation not elsewhere classified

• West Midlands
• East Midlands
• East of England
• Yorkshire & Humber
• Northern Ireland

VC firm founded by Rishi Sunak’s wife Akshata Murty to shut down

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Catamaran Ventures UK, an investment firm founded by Akshata Murty, wife of Prime Minister Rishi Sunak, will shut down, according to company filings.

The VC firm’s most recent filing on Companies House shows that the directors have decided to “liquidate the company”. The wind down was first reported by The Times .

The company was co-founded in 2013 by Sunak and Murty as the British arm of her father’s India-based VC Catamaran Ventures. Sunak stepped down as director in April 2015, shortly before he was elected as an MP.

The most recent balance sheet for Catamaran Ventures UK put the value of its investments in 2022 at £3.8m, an increase from the £3.5m from 2021.

The filings also revealed that its cash holdings fell from just below £400,000 in 2021 to £21,890 in 2022.

Catamaran Ventures UK has been criticised in the past due to its portfolio firms receiving tax-funded grants.

Labour leader Sir Kier Starmer this year called out Sunak and Murty after Study Hall, an edtech startup backed by Catamaran, received close to £350,000 from Innovate UK, a publicly funding body.

Starmer said in May that there are “questions to answer in relation to this” and that there appeared to be an “emerging pattern of behaviour here”.

The now-collapsed education startup Mrs Wordsmith, also backed by Catamaran, received £650,000 in funding from the Future Fund, a government scheme launched during Sunak’s time as chancellor.

UKTN has contacted Catamaran Ventures and Downing Street for comment.

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Rishi Sunak’s wife Akshata Murty decides to liquidate investment venture in UK

According to the latest financial statement for the year ended December 2022 available for the company on Wednesday, Murty as the only director of the firm has now decided to wind down her firm as a going concern.

British Prime Minister Rishi Sunak's wife Akshata Murty has decided to liquidate her investment company Catamaran Ventures UK Ltd, according to official company filings with the UK's Companies House this week.

The 43-year-old businesswoman had incorporated the venture in 2013 with her husband as one of the directors, before he resigned in 2015.

"During the year, the directors have decided to liquidate the Company,” notes the Companies House filing statement.

"Accordingly, the financial statements have been prepared on a basis other than going concern and no adjustments were necessary in these financial statements to reduce assets to their realisable values or to provide for liabilities arising from that decision,” it reads.

The value of the company's investments for the period was stated at just over GBP 3.8 million, up from just over GBP 3.5 million in 2021 and the funds becoming due to Murty amounted to just over GBP 4.6 million.

Catamaran Ventures UK Ltd has been operating as an investment vehicle for funds from her shares in Infosys, the Indian software giant co-founded by her father N.R. Narayana Murthy. However, the ventures it has invested in have not had the best run.

According to an analysis by ‘The Times' newspaper, education start-up Mrs Wordsmith backed by Catamaran closed less than six months after receiving GBP 650,000 from the UK government's pandemic support scheme called Future Fund.

The New Craftsmen, a Catamaran-backed furniture company which closed in November 2022, also benefited from the fund. And, Digme Fitness, a boutique London fitness chain of which Murty was a director, failed in 2021.

Study Hall, an education technology business in which Catamaran has a stake, was given a government grant of GBP 349,976 via state body Innovate UK last year, prompting questions from the Opposition Labour Party benches.

Murty's investments outside Catamaran also came under the spotlight this year when it emerged she had shares in Koru Kids – one of six childminder agencies in England that stood to benefit from a new Budget scheme announced by the Sunak-led government. It led to a declaration of interest inquiry by the UK parliamentary watchdog, which concluded last month that Sunak's failure to reference his wife's shares in Koru Kids arose out of “confusion and was accordingly inadvertent”.

"I apologise for these inadvertent errors and confirm acceptance of your proposal for rectification,” Sunak wrote in a letter to the Parliamentary Commissioner for Standards, Daniel Greenberg.

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