Sultan makes UK bet

THE Sultan of Brunei has bought a £22.6m stake in start-up investor Draper Esprit in a boost for Britain’s tech industry.

Hassanal Bolkiah’s investment agency snapped up a 6.7pc share of the venture capital firm, which has backed companies including online money transfer firm Revolut and healthy snack-maker Graze. The 29th sultan of Brunei – a sovereign state on the island of Borneo in South East Asia – it is Bolkiah’s first investment in a listed British business and suggests his advisers believe the City’s burgeoning financial technology scene has the potential to grow fast.

His investment company also owns the Dorchester hotel in central london.