flypop: Future Fund

(asked on 15th March 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government how much funding FlyPop Ltd has received from the Future Fund; what due diligence they undertook, prior to awarding this funding, to ensure that the company complies with the requirement for the majority of its business to be based in the UK; whether the company has yet applied for the necessary UK AOC Licence; and if so, whether that licence has been granted.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 29th March 2022

The Department is unable to provide information relating to loan amounts for individual companies as this information is commercially sensitive for both investors and investee businesses.

All investee companies were required to certify that they met the UK nationality criteria as part of the process of signing the Convertible Loan Agreement. Businesses provided details of their country of incorporation, UK Company registration number as well as the citizenship of company officers and an ownership structure chart or supporting documentation showing ultimate beneficial owners of the company. These details were checked as part of the eligibility checks carried out. As this particular business was pre-revenue and pre-operational at the time of application, these checks also satisfied the requirement that over half of employees should be UK-based or half of revenues should be from UK sales.

Licensing is a matter for the Civil Aviation Authority. A UK Air Operator Certificate has not been granted to this company to date.

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