Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Financial Instruments [Abstract]

Schedule of Financial Assets, Other than Cash and Short-Term Deposits

Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as at June 30, 2023 and December 31, 2022:

	At June 30 2023 £’000		At December 31 2022 £’000
Financial assets at amortized cost
Trade receivables		18,888		24,475
Contract assets		263		248
Lease deposits		4,356		5,664
		23,507		30,387
Current		19,151		24,723
Non-current		4,356		5,664

Schedule of Interest-Bearing Loans and Borrowings

Interest-bearing loans and borrowings

			At June 30 2023		At December 31 2022
	Interest rate %	Maturity	£’000		£’000
Current
Convertible Notes	2%	Within one year		1,248		1,301
Stocking loans	Base rate + 0.5% – 2%	On earlier of sale or 180 days		82,350		161,592
Subscription facilities	Base rate + 1.7%	Within one year		763		14,983
Secured asset financing	3% – 12%	Within one year		1,024		1,479
Bank loans		Within one year		—		30
Lease liabilities	1% – 13%	Within one year		17,972		28,596
				103,357		207,981
Non-current
Convertible Notes	2%	2027		275,169		265,631
Secured asset financing	3% – 12%	2026 – 2027		2,338		4,113
Lease liabilities	1% – 13%	2024 – 2042		76,056		88,864
				353,563		358,608

Schedule of Other Financial Liabilities

Other financial liabilities

	At June 30 2023		At December 31 2022
	£’000		£’000
Financial liabilities at fair value through profit or loss
Warrants		16		515
Embedded derivative		78,978		82,108
		78,994		82,623
Current		—		—
Non-current		78,994		82,623

Schedule of Fair Value Measurement Hierarchy

The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as at June 30, 2023

	Level 1		Level 2		Level 3		Total
At June 30, 2023	£’000		£’000		£’000		£’000
Warrants		—		—		16		16
Embedded derivative		—		—		78,978		78,978
		—		—		78,994		78,994

Schedule of Fair Value of the Private Warrants and the Embedded Derivative

The following information is relevant in the determination of fair value of the warrants and the embedded derivative at June 30, 2023

	Warrants			Embedded derivative
Expected term (years)		7			4
Expected volatility		81.1	%		79.6	%
Dividend yield		Nil			Nil
Risk free interest rate		4.08	%		4.38	%

Schedule of Fair Value Movements

The fair value movements are set out as follows

	Warrants			Embedded derivative			Total
	£’000			£’000			£’000
At January 1, 2023		515			82,108			82,623
Fair value movement		(478	)		226			(252	)
Foreign exchange movements		(21	)		(3,356	)		(3,377	)
At June 30, 2023		16			78,978			78,994