The Government has announced a new Enterprise Capital Fund worth £40m, aimed at fast-growing start-ups.

Active Private Equity, the backers of Honest Burgers, Leon and Soho House will oversee the scheme.

Spencer Skinner, Active Prviate Equity co-founder, said the partnership between the firm and the British Business Bank would “help more entrepreneurs build lasting consumer businesses and brands”.

Launching the fund, Keith Morgan, chief executive of the British Business Bank, which partly funded the scheme, said it would enable early-stage startups to receive the financial support required to grow.