First Spac set up under new UK rules to close after failing to find merger target

Hambro Perks Acquisition Company blames ‘challenging circumstances’ for stock market listings

The first company launched under Rishi Sunak’s newly relaxed rules to attract special purpose acquisition companies to London after Brexit has said it will shut down, without finding a suitable merger target.

Hambro Perks Acquisition Company (HPAC) said it had ceased all operations except for the purposes of winding up the company and returning money to shareholders, in a statement to the stock market on Monday.