Investment app sinks after failure to repay loan

The taxpayer is expected to lose the majority of its investment in a start-up backed by Jorginho, the Arsenal footballer, which collapsed after it failed to repay a pandemic loan.

The company behind Gather, an app that provides access to funds from asset managers including BlackRock, entered administration after it misunderstood the government’s approach to the Future Fund scheme, according to insolvency filings.

Directors of Gather International, the owner of the app, thought their £3.2 million loan from the emergency programme, half of which came from taxpayers, would convert into equity at the end of its term, the company’s administrator said.

Future Fund debt converts to equity in the event that fresh qualifying finance is raised. If not, the Future Fund has the option to