Hambro Perks Acquisition Company - the first special purpose acquisition company (Spac) to list in London under new rules brought in by Rishi Sunak - yesterday announced it would cease operations, having failed to find a merger target. Hambro Perks chair Anthony Salz cited "current market conditions" for the decision, with there being "little likelihood of achieving a successful business combination within our permitted timeframe". The company said it would wind down after returning funds to investors. The news follows chief executive Dominic Perks's abrupt resignation from the Spac last week. It comes as a blow to the UK's Spac ambitions, with Sunak bringing in rules as Chancellor in a hope to replicate the success found for the listing vehicles in the US.

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