The chief secretary of the Treasury is said to have a stake in specialist lender Pluto Finance
The new chief secretary of the Treasury, Chris Philp, owns a stake in the specialist lender Pluto Finance.
Philp has been a member of parent lender Pluto Partners since 2011, according to Companies House.
According to his profile in the British Parliament, he owns more than 15% of the capital of the company. However, contacted by Specialized loan solutionsa spokesman for Pluto Finance said he “no longer had any involvement in the management of the business”.
The lender gave no details on how long Philp was not involved in its operations.
Pluto Finance provides finance to property developers and investors through bridge loans, development finance, build-to-let and investment options.
Philp was appointed as Chief Secretary to the Treasury on September 6 and has a number of responsibilities including spending review, housing and planning as well as infrastructure spending.
He holds similar interests in Pluto Capital Management, Pluto Silverstone Co Invest, Pluto Monza Co Invest and Pluto Development Partners. All are part of the Pluto group and operate in real estate financing and investment.
Philp also owns a stake in Millgap, which has been declared an advisory, consultancy and investment firm.
In March 2021, a subsidiary of Pluto Partners and a company in which Millgap holds a 0.375% beneficial interest was accredited for the Coronavirus Business Interruption Loan Scheme.
Although outside activities can potentially lead to a conflict of interest regarding ministerial duties, Specialized loan solutions understands that this does not constitute a second job and has been declared as required.
It is understood that Philp is going through the process of declaring and managing interests in accordance with the ministerial code after his appointment last week.
Shekina is the business writer for Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accounting, pets, funerals, hospitality, retail and jewelry. She currently reports mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS