Treasury’s chief secretary found to have stake in specialist lender Pluto Finance

Philp has been a member of the lender’s parent company Pluto Partners since 2011, according to Companies House.  

According to his UK Parliament profile, he has more than a 15 per cent stake in the business. However, when contacted by Specialist Lending Solutions, a spokesperson for Pluto Finance said he “no longer has any involvement in the running of the business”. 

The lender did not give any detail as to how long Philp has not been involved in its operations. 

Pluto Finance provides finance to property developers and investors through bridging loans, development finance, build-to-rent rent and investment options. 

Philp was appointed to the role of chief secretary to the Treasury on 6 September and has a number of responsibilities including spending reviews, 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 under the Pluto group and operate in property finance and investment. 

Philp also has a share in Millgap, which has been declared as a consulting, advisory and investment business. 

On March 2021, a subsidiary of Pluto Partners and a company in which Millgap holds a beneficial ownership of 0.375 per cent became accredited for the Coronavirus Business Interruption Loan Scheme. 

While external activities can potentially lead to a conflict of interest regarding ministerial duties, Specialist Lending Solutions understands that this does not constitute a second job and was declared as required. 

Philp is understood to be going through the declaration and management of interests process in line with the Ministerial Code following his appointment last week.