Latest news with #Supacat
Times
11-05-2025
- Automotive
- Times
Supacat armoured vehicles find their roar on battlefield and Whitehall
For more than 40 years, Supacat has been keeping the peace, supporting British and overseas forces who arrive at places or situations and need to find out what is happening or clear up what has gone before. But now Supacat, with its Jackal all-terrain military vehicles, is finding its roar. Operationally, the Jackals are getting serious upgrades into fully fledged armoured vehicles replete with rocket launchers. In the boardroom, Supacat executives are telling the Ministry of Defence and the Treasury that if Whitehall is serious about supporting Britain's defence SMEs (small and medium-sized enterprises) then the time has come for action, strategies and plans, and not just words. Supacat is one of the low-key heroes of the British defence sector, a manufacturer of military vehicles
The Sun
07-05-2025
- Business
- The Sun
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. 5 5 5 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. 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.' 5 With global politics becoming increasingly fragile, the Government plans to increase military spending to 2.5 per cent of GDP within two years. 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. '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. '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 5 THE Government's Clean Power push looks increasingly far-fetched after a Danish firm axed a major offshore wind project, blaming higher costs. 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. "The Government's plan to decarbonise the power grid by 2030 denies real trade-offs between lower emissions, energy security and affordability.'
Scottish Sun
07-05-2025
- Business
- Scottish Sun
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. Advertisement 5 The Jackal, which Sun Business Editor Ashley Armstrong took for a spin Credit: Neil Hope 5 The Sun's Ashley at Supacat, which exports worldwide, making around £40million a year Credit: Neil Hope 5 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. Advertisement READ MORE BUSINESS NEWS WAT A MOVE Anthony Joshua in talks over 'serious investment' in ex-Premier League club 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.' 5 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. Advertisement 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. Advertisement '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. Advertisement '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 5 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. Advertisement 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. Advertisement "The Government's plan to decarbonise the power grid by 2030 denies real trade-offs between lower emissions, energy security and affordability.'
Yahoo
04-05-2025
- Business
- Yahoo
‘Deluded' banks driving up the cost of British rearmament
'Deluded' banks are driving up the cost of re-arming Britain by refusing to work with defence companies, a top military supplier has warned. Supacat, which makes Jackal reconnaissance vehicles for the Army, said high street lenders were still refusing to provide loans or even bank accounts to military contractors, despite being repeatedly urged to do so by ministers. Many discriminate against defence companies under so-called environmental, social and governance (ESG) guidelines, or to qualify for special B-corp statuses that prohibit working with 'controversial industries'. The lack of support from mainstream banks and investment funds often means they must choose between abandoning growth plans or borrowing from creditors who demand much higher rates of interest, warned Nick Ames, Supacat's chief executive. He said: 'It's why defence is expensive. You find [a reluctance] with banking, with debt funds, with equity funds. The only finance you can get is therefore flipping expensive.' The unwillingness of banks to work with defence companies threatens to make Britain's rearmament push more expensive, he added. The Government is scrambling to restock Britain's munition supplies and modernise the military, with defence spending set to rise to 2.5pc of GDP by 2027. As previously revealed by The Telegraph, the list of defence contractors that have been spurned by banks range from start-ups working on simulators and underwater drones to larger companies that provide equipment such as guns used by police counter-terrorism squads. Before the Ukraine war, even BAE Systems, the country's biggest defence company, was warned by shareholders that its involvement in Britain's nuclear deterrent had 'become a real problem', the company's chief executive has said. In recent months, ministers have urged financial institutions to be more supportive, with Sir Keir Starmer hailing the domestic defence industry as as 'a source of national pride'. But bosses say there have been few concrete signs of change, even as banks insist publicly that they have no problem with the sector. The issue is particularly sensitive for smaller firms to discuss publicly, as many fear being blacklisted by lenders or targeted by violent protesters if they speak out. Mr Ames said there was a widespread view that lenders 'will bank you as long as you're big enough, but if you're small, and in defence, they're not interested'. He said: 'The Government has got to be much firmer. The banks all sit there at these events and say, 'Oh no, no, no, we're investing in defence,' but it's deluded. 'I don't think they really know what goes on when you actually go and talk to your high street bank.' Supacat's Jackal, a high-mobility reconnaissance vehicle, was originally rushed into service in 2008 to support troops in Afghanistan. It is designed to protect troops from roadside explosions and mine attacks, with some 500 having been purchased by the Ministry of Defence. Mr Ames said even his company had struggled to secure finance in recent years, with a bid to supply armoured vehicles to the German special forces thwarted by a failure to secure loans from any mainstream lenders. It was also 'flatly refused' banking services by HSBC. This year, Supacat was also dropped by its website designer over its military links and bosses were told by another company that their defence work barred them from purchasing carbon credits, which are used to mitigate a company's environmental impact. Many defence companies resort to playing down their links to the sector, and the potential lethality of their products, because of such concerns. Kevin Kraven, chief executive of ADS, said the issue underscored a 'lack of societal pride' in the industry, but said there were now more positive discussions happening with some banks, particularly around the types of finance most needed by defence companies. He said: 'The tone of the discussion has changed a lot. What has not happened is practical measures. 'But, clearly, it is bonkers to be saying we shouldn't support our defence industry, particularly at a time when the world is in the state it is in.' In January, Mark Rutte, general secretary of the Nato alliance, complained that banks and investment funds were putting defence into the same category as 'illicit drugs and pornography'. On Friday, UK Finance, which represents banks, said there was no conflict between ESG rules and working with defence companies and insisted efforts were under way to 'tackle barriers that do arise'. David Raw, the group's commercial finance spokesman, said: 'The UK banking sector is fully committed to supporting defence companies. They are a vitally important contributor to our national security and banks provide a significant range of support and lending to them. 'Providing finance in this area is complex and banks can face the threat of violent protest. They must also ensure they comply with a range of domestic and international laws and regulations.' Some banks that do work with defence companies have also found themselves targeted by protesters who intimidate staff or vandalise branches. A spokesman for HSBC said: 'The bank has a defence policy that is designed to comply with the legal and regulatory requirements of the many markets in which we operate. 'We feel that policy strikes the right balance between respecting those laws, supporting our customers and abiding by international norms.' A government spokesman said: 'In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. 'No company should be denied access to financial services purely on the basis that they work in defence. 'We are working with banks and defence sector to protect defence companies access to banking.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
04-05-2025
- Business
- Telegraph
‘Deluded' banks driving up the cost of British rearmament
'Deluded' banks are driving up the cost of re-arming Britain by refusing to work with defence companies, a top military supplier has warned. Supacat, which makes Jackal reconnaissance vehicles for the Army, said high street lenders were still refusing to provide loans or even bank accounts to military contractors, despite being repeatedly urged to do so by ministers. Many discriminate against defence companies under so-called environmental, social and governance (ESG) guidelines, or to qualify for special B-corp statuses that prohibit working with 'controversial industries'. The lack of support from mainstream banks and investment funds often means they must choose between abandoning growth plans or borrowing from creditors who demand much higher rates of interest, warned Nick Ames, Supacat's chief executive. He said: 'It's why defence is expensive. You find [a reluctance] with banking, with debt funds, with equity funds. The only finance you can get is therefore flipping expensive.' The unwillingness of banks to work with defence companies threatens to make Britain's rearmament push more expensive, he added. The Government is scrambling to restock Britain's munition supplies and modernise the military, with defence spending set to rise to 2.5pc of GDP by 2027. As previously revealed by The Telegraph, the list of defence contractors that have been spurned by banks range from start-ups working on simulators and underwater drones to larger companies that provide equipment such as guns used by police counter-terrorism squads. Before the Ukraine war, even BAE Systems, the country's biggest defence company, was warned by shareholders that its involvement in Britain's nuclear deterrent had 'become a real problem', the company's chief executive has said. In recent months, ministers have urged financial institutions to be more supportive, with Sir Keir Starmer hailing the domestic defence industry as as 'a source of national pride'. But bosses say there have been few concrete signs of change, even as banks insist publicly that they have no problem with the sector. The issue is particularly sensitive for smaller firms to discuss publicly, as many fear being blacklisted by lenders or targeted by violent protesters if they speak out. 'Not interested' Mr Ames said there was a widespread view that lenders 'will bank you as long as you're big enough, but if you're small, and in defence, they're not interested'. He said: 'The Government has got to be much firmer. The banks all sit there at these events and say, 'Oh no, no, no, we're investing in defence,' but it's deluded. 'I don't think they really know what goes on when you actually go and talk to your high street bank.' Supacat's Jackal, a high-mobility reconnaissance vehicle, was originally rushed into service in 2008 to support troops in Afghanistan. It is designed to protect troops from roadside explosions and mine attacks, with some 500 having been purchased by the Ministry of Defence. Mr Ames said even his company had struggled to secure finance in recent years, with a bid to supply armoured vehicles to the German special forces thwarted by a failure to secure loans from any mainstream lenders. It was also 'flatly refused' banking services by HSBC. 'Lack of societal pride' This year, Supacat was also dropped by its website designer over its military links and bosses were told by another company that their defence work barred them from purchasing carbon credits, which are used to mitigate a company's environmental impact. Many defence companies resort to playing down their links to the sector, and the potential lethality of their products, because of such concerns. Kevin Kraven, the chief executive of ADS, said the issue underscored a 'lack of societal pride' in the industry, but said there were now more positive discussions happening with some banks, particularly around the types of finance most needed by defence companies. He said: 'The tone of the discussion has changed a lot. What has not happened is practical measures. 'But, clearly, it is bonkers to be saying we shouldn't support our defence industry, particularly at a time when the world is in the state it is in.' In January, Mark Rutte, general secretary of the Nato alliance, complained that banks and investment funds were putting defence into the same category as 'illicit drugs and pornography'. On Friday, UK Finance, which represents banks, said there was no conflict between ESG rules and working with defence companies and insisted efforts were under way to 'tackle barriers that do arise'. David Raw, the group's commercial finance spokesman, said: 'The UK banking sector is fully committed to supporting defence companies. They are a vitally important contributor to our national security and banks provide a significant range of support and lending to them. 'Providing finance in this area is complex and banks can face the threat of violent protest. They must also ensure they comply with a range of domestic and international laws and regulations.' Some banks that do work with defence companies have also found themselves targeted by protesters who intimidate staff or vandalise branches. 'Geopolitical instability' A spokesman for HSBC said: 'The bank has a defence policy that is designed to comply with the legal and regulatory requirements of the many markets in which we operate. 'We feel that policy strikes the right balance between respecting those laws, supporting our customers and abiding by international norms.' A government spokesman said: 'In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. 'No company should be denied access to financial services purely on the basis that they work in defence. 'We are working with banks and defence sector to protect defence companies access to banking.'
