Britain has a ‘culture problem with business’, warns Darktrace chairman

When accepting the takeover deal last month, Darktrace’s board said its “achievements have not been reflected commensurately in its valuation, with shares trading at a significant discount to its global peer group”.

The Thoma Bravo offer of 620p per share values Darktrace at a 44pc premium to its recent stock price, well above the £1.8bn it was valued at when it floated three years ago.

The company is not yet believed to have made plans to shift its listing overseas, although the takeover will remove Darktrace from the London Stock Exchange.

Mr Hurst, who has just been appointed chairman of wealth management start-up Cadro, joined the board of Darktrace in 2019 having been group finance director at Capita for 19 years. 

He also sought to raise concerns over an “attitude problem” regarding entrepreneurship in the UK, which he believes is holding back the creation of new companies.

Cadro, which is backed by Literacy Capital and was founded by entrepreneurs Nataša Williams and Jordan Buck two years ago, is aimed at high-net-worth customers, linking them to professional advisers via a personalised investing app.

Of his appointment at Cadro, Mr Hurst said: “The opportunity for innovation in wealth management is significant. Cadro’s technology is a deeply compelling proposition for modern investors, demonstrated by the traction seen so far.”

He also previously served as the chairman of anti-fraud start-up Featurespace, another business backed by Mr Lynch.