The British Business Bank swung to a loss of £135 million ($165 million) in the year through March, as the UK’s state development bank was stung by the broader downturn in startup valuations.
The BBB was forced to unwind some of the unrealized gains it previously booked on the small companies in its equity portfolio, reflecting a decline in publicly-traded peers’ market valuations, according to a statement. The bank warned that this activity “may well continue over the next 12–18 months.”
