Woke red tape stops British armoured vehicle-maker raising funds in the City
A BRITISH firm behind an in-demand armoured military vehicle dubbed 'The Jackal' is urging ministers to clear away red tape so the business can thrive.
Devon-based Supacat says it is 'fighting a bit of a battle' to access finance — despite the popularity of the 7.6-ton bruiser which can tackle the roughest, bumpiest terrain.
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The Jackal, which Sun Business Editor Ashley Armstrong took for a spin
Credit: Neil Hope
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The Sun's Ashley at Supacat, which exports worldwide, making around £40million a year
Credit: Neil Hope
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Supacat is shunned by some investors, who consider defence firms unethical
Credit: Neil Hope
The Jackal, which Sun Business Editor Ashley Armstrong took for a spin, can carry 2.1 tons of cargo, such as missile launchers, medical supplies and drone killers.
Supacat — which exports worldwide, making around £40million a year — recently won a new contract from the British Army.
But it is shunned by some investors, who consider defence firms unethical as they do not have 'B Corp' status.
CEO Nick Ames said the defence industry has not been 'top of the popularity tree' for more than a decade.
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And he said Supacat was unlikely to list in London to raise funds.
He added: 'The City has for years said we, 'Don't do that sort of thing'. You'd like to see a lot more activity and liquidity on the AIM (Alternative Investment Market). You're more liquid as a business.'
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CEO Nick Ames said the defence industry has not been 'top of the popularity tree'
Credit: Neil Hope
With global politics becoming increasingly fragile, the Government plans to increase military spending to 2.5 per cent of GDP within two years.
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Chancellor Rachel Reeves and Defence Secretary John Healey have pledged to give more of the Ministry of Defence budget to smaller British companies, such as Supacat.
The firm, which employs 250, is known to many because Jeremy Clarkson uses one of its ex-Army six-wheelers to get around his Diddly Squat farm.
Phil Applegarth, head of Supacat, said: 'For the first time in our lives defence spending, which has always been cut, is rising.
Keir Starmer must hike UK defence spending soon to have any credibility & ditching woke nonsense can help fund it
'To get in on this ride up we need skilled people, enthusiastic people who aren't frightened to go and join defence firms rather than be shoe-horned into B Corp.
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'There is a real sense of pride in working on what we do. We're making something that is vital. It's keeping our forces safe.'
He added: 'We need to build up capability now to be the deterrent that prevents a potential war.'
Mr Applegarth said the defence industry was waiting for the Government to outline its Strategic Defence Review, which is delaying investment.
He added: 'There seems to be a desire to wait rather than keep going and then change.
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'You're hearing a lot of top-level speeches saying, 'Prepare, prepare' but the best we could have is longer-term contracts. The longer it is, the more we can invest in resources and skills.
'The current spiky ordering doesn't help as we have to keep getting fresh prices from the supply chain — switching the supply chain on and off rather than keeping it warm and running.'
BAE TO RECRUIT 2,400 WORKERS
DEFENCE giant BAE wants to hire 2,400 apprentices, graduates and undergrads this year as it gears up to meet soaring demand.
It has also shrugged off the threat of President Donald Trump's tariffs, insisting it builds systems for the US Department of Defense in its US factories with a domestic supply chain.
BAE said yesterday it expected to grow sales by up to 9 per cent and earnings 10 per cent as it wins more contracts for combat aircraft and vehicles, missile systems, artillery, sensor technology and drones.
WIND AXE BLOW FOR GREEN ED
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Energy Secretary Ed Miliband's wants to quadruple the number of offshore wind farms by 2030
Credit: Getty
THE Government's Clean Power push looks increasingly far-fetched after a Danish firm axed a major offshore wind project, blaming higher costs.
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Orsted said it will not go ahead with its Hornsea project, where 180 wind turbines off the Yorkshire coast were to power millions of homes.
It is a blow to Energy Secretary Ed Miliband's desire to quadruple the number of offshore wind farms by 2030.
Orsted's chief exec Rasmus Errboe said that the project was unlikely to provide value for money because of 'increased supply chain costs, higher interest rates and increased execution risk'.
Andy Mayer, analyst at the Institute of Economic Affairs, said: 'It is a reminder of the folly of legally binding climate targets.
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"The Government's plan to decarbonise the power grid by 2030 denies real trade-offs between lower emissions, energy security and affordability.'
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