Hydramach has not yet received any monies, and has even withdrawn from the project, which was to produce “reduced fat and salt in soups, sauces and ready meals by utilisation of novel procedures to create novel micro-structures” and was part of a government initiative on public health.
The Daily Telegraph reported that the grant was to develop low fat and low sugar soups, ready meals and sauces. Mr Hammond was appointed Chancellor by new Prime Minister Theresa May in July.
According to records at Companies House, Mr Hammond took a stake of 15 per cent in Hydramach, a food tech company based in Cambridgeshire, in October 2015 when he was still Foreign Secretary. In April 2016, the company received a share of a £560,000 grant from Innovate #UK, a tech start up agency of the then Business department.
The Chancellor of the Exchequer #Philip Hammond took a stake in a food technology business shortly before it received a government grant to develop low fat ready meals.
Documents show the Chancellor received a 15 per cent stake in a food tech company shortly before it received a government grant to help develop low fat foods