A single family office is coming under further scrutiny over a £252m government contract it secured to procure personal protective equipment as part of the UK’s response to Covid-19.
Ayanda Capital, the family office of investment banker Tim Horlick, landed the contract in April but came under fire because it had no history on government contracts of PPE procurement. Instead it specialises in currency trading, offshore property, private equity and trade finance.
Horlick is the ex-husband of star fund manager Nicola Horlick.
The Times has today revealed that £150m worth of the masks it secured do not meet NHS standards and cannot be used in the UK healthcare system. The masks had ear loops rather than straps that tie at the back meaning they cannot be fixed securely.
The £252m deal was secured by Andrew Mills, who is an adviser to the Ayanda Capital board and also an adviser to Liz Truss, the minister for international trade, according to The Times.
The contract is the largest disclosed by the government as part of its £5.5bn purchases of PPE.
The remainder of the masks supplied under the Ayanda contract is still awaiting testing.
