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Finance in Cornwall 2011

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Copy of presentation from Finance in Cornwall 2011 hosted by Winter Rule on 19 May 2011. This seminar provides a quickstep guide to the finance and support available to SMEs in Cornwall.

Copy of presentation from Finance in Cornwall 2011 hosted by Winter Rule on 19 May 2011. This seminar provides a quickstep guide to the finance and support available to SMEs in Cornwall.

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  • Intro: Alison Miles, Business LinkI am going to cover the changes to the business link service in Cornwall and how it fits with the funds you are going to hear about in the presentations that follow:
  • Business Link has achieved may things, arguably, one of the most important has been providing the bridge between the myriad of the funds, partners and other Solutions for business providers . This , face to face support is still available until the end of Nov 2011, so as you listen to the presentations following, please remember that we are here as the first point of call when you approach finance and growth.
  • Post Nov, the landscape will change again, with support from the National Website and call centre, other solutions for business providers and support under the Coaching for Growth fund. More details on these changes as they occur an be found on the Business LInk and Bis web sites.
  • So, in summary, as you listen to the following presentations, please do come back to me, or my colleagues if you need further assistance. I will be here for the rest of morning for answer any questions of queries you have. Thank you
  • Link back to primary business objectives highlighted in 2010 survey:68% of businesses sought to increase sales45% of businesses sought to access new markets36% of businesses sought to develop new products28% of businesses sought to improve productivity
  • Show of handsAnd who has collaborated?
  • Transcript

    • 1. 1
      Finance in Cornwall 2011- Cornwall is open for business
      Richard Wadman, Corporate Finance Director, Winter Rule
    • 2. Administration
      &
      www.witerrule.co.uk
      www.witerrule.co.uk
    • 3. www.winterrule.co.uk
      3
      Presenters and participants
    • 4. Structure of event
      Background
      BIS (National), Convergence (Cornwall)
      Business Link and SWRDA
      Finance, Business Support and Tax
      The funds from grant through to VC
      Overview only
      Sufficient detail for you to ask one to one questions after / contact details on slides
      Questions/ Networking
      Finish 12 noon
      www.winterrule.co.uk
      4
    • 5. Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team
    • 6. Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team
    • 7. Business is the driver of economic growth and innovation
      • One business gets started every minute in England Wales
      • 8. 4.8 million SMEs in the UK, 99.9% of businesses
      This Government has committed to two central things: to reduce the budget deficit and support private sector growth.
      This Department is the ‘Department of Growth’.
      That means stripping away the burdens and constraints on business and giving them a long term framework so that people say ‘Britain is open for business’
      (Mark Prisk MP, Minister for Business and Enterprise)
    • 9. The UK is among the top countries in the world to start and grow a business
      1st in Europe for ease of starting a business
      Lowest barriers to entrepreneurship of all OECD countries
      3rd in the world for supporting business financing needs
    • 10. Changes to Business Support and Access to Finance
    • 11. Business Support
      Revamped Website – including Start Up Hub
      40,000 Business Mentors
      Business Coaching for Growth
      Business Link advisory service closed from 25 November 2011
    • 12. Access to Finance
      Evidence suggests that in the large majority of cases SMEs getting the bank finance they need
      However – mismatch between what the data is telling us and what we are hearing from the Business Representative bodies
      There are also areas of Market Failure – equity gap
    • 13. Enterprise Finance Guarantee (EFG)
      Will now continue until 2014/15
      Will enable up to £2bn of lending
      New Export EFG – now live
    • 14. Bank Lending
      Government has welcomed outcome of Merlin dialog
      Banks will make available £190bn of new credit in 2011
      £76bn of this new capacity will be to SMEs increase of 15%
      Government working with the BBA and Business Finance Taskforce – data on availability/price of finance – stronger lending code/lending principles – internal appeals
    • 15. Equity Finance
      Continuing programme of Enterprise Capital Funds – commitment of £200m over next four years
      Government welcomed bank’s commitment to the creation of £2.5bn Business Growth Fund – will target SMEs and provide £2m - £10m to those with strong growth potential
    • 16. Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs)
      Chancellor announced reforms to EIS and VCTs
      From April the rate of EIS 30%
      Next year the amount which can be invested will double
      Size of company which can qualify for investment increasing
      Amount which can be invested in a single company increasing to £10m
    • 17. Carleen Kelemen
      Director
      Convergence Partnership Office
      for Cornwall and the Isles of Scilly
      19 May 2011
    • 18.
    • 19. Business Link – current position and future- Alison Miles
      Or ‘Rumours of our demise have been greatly exaggerated’
    • 20. Current landscape:
      • The Business Link service currently provides information, advice and guidance to 45% of the business population in Devon, Cornwall & Somerset
      • 21. 50,000 businesses provided with information in the last 12 months
      • 22. Helped create over 1,700 new businesses in the last 2 years
      • 23. Over 5,000 quality referrals for further support made to private public sector partners
    • Changes to the Business Link service
      Business Link service will continue to deliver quality information, advice and guidance up until 25th November.
      In addition Peninsula Enterprise will provide the following contracted service:
      • Rural support
      • 24. European funded growth and environmental support
      • 25. High Growth skills service
      • 26. International Trade
      • 27. Specialist Social Enterprise support in Torbay and Plymouth
    • Future Business Support Landscape
      • National website & national call centre
      • 28. National Business Coaching for Growth programme
      • 29. National mentoring network – 40,000 voluntary mentors
      • 30. Entrepreneurial support for women, Black, Asian & Minority Ethnic groups & service leavers
      • 31. Development of some Solutions for Business providers
      • 32. for further information
    • SWRDA closure and impact on funding
      Closure 31 March 2012
      Most funds of relevance to SMEs in Cornwall administered by SWRDA will carry on:
      • Take note of contact details on presenters slides
      • 33. Speak to us
      • 34. Website www.businesslink.gov.uk or www.bis.gov.uk
    • Contact us on : 0845 602 3657
      Alison Miles: ext 8903
      Max Strelling: ext 8347
      Wayne Hackman: ext 8906
      www.businesslink.gov.uk
      In the South West peninsula the Business Link service is delivered by Peninsula Enterprise
    • 35. Grant for Business Investment
      Paul Wilson – Business Investment Adviser
      South West RDA
    • 36. What is Grant for Business Investment?
      ERDF funded grant scheme to support innovative, knowledge based projects demonstrating productivity improvement with skilled employment.
    • 37. What type of project can be supported?
      • Investment in productivity improving plant and equipment in an existing business.
      • 38. Investment in equipment as part of the commercial launch of a business.
      • 39. Investment in additional employment.
    • What’s not suitable for GBI?
      Very small projects (£10k minimum grant).
      Local services (including franchises).
      Tourism normally ruled out through displacement.
      Some sector restrictions.
    • 40. How much can I get?
      Subject to State Aid ceilings for maximum (50% small business, 40% medium business, 30% large business).
      Job numbers also determine the quantum. Average is equating to c£10,000 per job.
      Need is the best place to start. Ensure rest of finance package is well developed.
    • 41. Eligibility criteria
      Demonstrated need (No prior commitment).
      Viability.
      Eligible investment – normally capital projects but making increased use of salary support grants.
      Productivity.
      Skill levels.
      Jobs.
    • 42. Quality features
      • ERDF Cross Cutting Themes (Low Carbon and Equality & Diversity)
      • 43. High skill levels / salary levels (£20k minimum)
      • 44. Innovation and R&D
      • 45. Training
      • 46. Exports
    • Application process
      • Ensure broadly eligible and supportable before applying.
      • 47. Full application requires business plan, financials (historic and projections) and application form.
    • Payments and conditions
      • Paid in arrears by instalments linked to investment, jobs and productivity
      • 48. Conditions to make the investment, deliver the jobs and achieve productivity growth
      • 49. Security – risk dependant. (Debenture or Parental Guarantee)
    • Contacts information/support
      Paul Wilson
      paul.wilson@southwestrda.org.uk
      01752 234855
      Or
      Richard Hoskin
      richard.hoskin@southwestrda.org.uk
      01752 234824
      www.southwestrda.org.uk/gbi
    • 50. The Low Carbon Grant Fund (LCGF)Stuart Farmer Cornwall Development Company
    • 51. ERDF Low Carbon Grant Fund (LCGF)
      • A £5M ERDF funded scheme
      • 52. Launched by the Convergence Programme for Cornwall & the Isles of Scilly on the 26th April 2011
      • 53. Providing grants of between £70K to £1M (subject to match)
      • 54. Support eligible businesses to reduce carbon emissions by
      • 55. Improving Energy / Resource Efficiency
      • 56. Delivering Green House Gas reductions through innovation
      • 57. Enable generation of Low Carbon Energy
    • Whocan apply for LCGF?
      • All ERDF eligible businesses in Cornwall and IOS
      SME’s maybe eligible up to 50% funding
      Non SME’s eligible up to 30%
      • Applicants in a position to start their project within 6 months of the grant being awarded
      • 58. New businesses are not ruled out, however additional financial due diligence will be sought
    • What must applicants consider
      • Two stage process,
      • 59. Stage 1, Open call for Expressions of Interest (Closes 01st June 2011)
      • 60. Stage 2, Detailed business plan
      • 61. LCGF will invest in projects that have GHG (Greenhouse Gas) Reduction as their primary outcome where
      • 62. They are not supported through existing schemes (FIT / RHI etc…..)
      • 63. Mandated through the existing regulatory framework
      • 64. Would otherwise be undeliverable due to issues of commercial viability
      • 65. Links to research and higher education institutes (such as ESI)
    • Whatwill EOI’s be assessed on?
      Weighting
      20%
      60%
      10%
      10%
      • Project Description
      (innovation will be taken into account when scoring
      • Carbon Saving Calculator,
      (GHG Saved Per £ Invested)
      • Economic benefits to the business
      (productivity / jobs)
      • Wider economic benefits to Cornwall & IOS (Supply-chain development/ R&D Links/ Best practice dissemination)
      • 66. Call For EOI Closes 01st June 2011
      • 67. Contracts Expected Autumn 2011
    • Contact: Janet Bowen at jbowen@cornwall.gov.uk
      Cornwall CouncilCounty HallTruro TR1 3AYTel: 0300 1234 100www.cornwall.gov.uk
    • 68. Funding for Business Improvement Initiatives (vouchers)
      Josie Gough – ERDF Secretariat
      Josie.gough@southwestrda.org.uk
    • 69. What? Vouchers to cover up to 50% of the costs for businesses on projects to realise their growth ambitions.
      Why? Private sector feedback on how to invest Convergence funding in the 2nd half of the Programme, maximising the impact of funding.
      Who? To be administered by objective organisation with a private sector led decision making panel. All ERDF eligible businesses looking to significantly grow will be eligible to apply.
    • 70. How? Details of how to apply will be available once the contract has been award to the administration body. Commitment to proportionality!
      When? Hoping to get a contract finalised this summer, subject to a brief set up period, applications should be open towards the end of 2011.
    • 71. RURAL DEVELOPMENT PROGRAMME FOR ENGLAND (2007-2013)Catherine Martin
    • 72. 44
      RDPE Funding in Cornwall
      Axis 1: Improving the competitiveness of the agricultural and forestry sector.
      RDPE funds available under Axis 1for;
      Adding value to agricultural products
      Training and skills
      On-farm advice and small capital grants
      Axis 3: Improving rural quality of life and diversification of the rural economy.
      RDPE funds available under Axis 3 for;
      Farm Diversification
      Rural Micro-enterprise
      Community and Social Enterprise
    • 73. 45
      RDPE moving forwards
      Transfer to Defra from 1st July 2011
      Programme currently open for business
      More information will become available in the coming weeks
      Current team transferring across to Defra.
    • 74. 46
    • 75. Springboard Fund
      Bob Dow
      Project Director
      Trellisick Gardens
      19th May 2011
    • 76. Aims of the Springboard Fund
      Financial help to projects that will make an
      economic impact in Cornwall or Devon
      Grants or loans to worthy projects that
      would otherwise be unlikely to proceed
    • 77. Springboard Fund
      Open to eligible projects both from businesses and from not for profit organisations
      Projects from any sector
      Funding can be for early stage activity to start a new project or to make a step change in growth
    • 78. What the Springboard Fund does
      Awards of £30K to £150K
      Application process is staged:-
      Eligibility Initial review Full evaluation
      Final stage being a presentation to the Panel
    • 79. Eligibility
      Significant impact on the economy of Cornwall or Devon through new job creation
      Other potential funding sources must have been exhausted (minimum of 25% match funding
      The project must demonstrate viability
    • 80. Projects with potential
      • Impact extending beyond applicant organisation
      • 81. Creation of new high calibre jobs
      • 82. Creation of activity/environment that will facilitate other economic benefits in the future
      • 83. Partial funding already secured/identified
      • 84. Additional benefits such as positive environmental impact or up-skilling of jobs
    • Projects not likely to succeed
      • Poor business/project plan lacking understanding
      • 85. Impact only on profitability of applicant organisation
      • 86. Few new jobs created/low skilled
      • 87. Little future benefit
      • 88. No other funding source explored or identified
      • 89. Project could proceed without Springboard funding
      • 90. Supporting a non viable business
    • How to apply
      All applications must be submitted via the application form on the website
      Website has eligibility criteria, application form and further details
      www.springboardfund.co.uk
    • 91. The South West Loans Fund
      Launched 2009
      Part of the South West ERDF 2007-2013 programmes
    • 92. The South West Loans Fund
      Fund commissioned by:
      South West RDA
      Fund holder and contractor:
      South West Investment Group (Capital) Ltd
      Fund Managers:
      SWIG Services Ltd
      Small Loans for Business
      Loans up to £50,000
      FC Fund Managers
      Finance for Business
      Loans up to £250,000
    • 93. The South West Loans Fund
      The Fund provides loans on commercial terms
      To:
      • SMEs (including start-ups)
      • 94. Based in South West Region (or relocating to)
      • 95. Growth or growth potential
      • 96. Financially viable proposition
      • 97. Planned requirement for investment
      • 98. Identified finance package
      • 99. Eligible for ERDF
      • 100. Cannot raise sufficient finance from banks and other sources
    • The South West Loans Fund
      ERDF - What the Fund can support
      Capital expenditure
      Working capital
      Net economic benefit - ‘added value’, e.g:
      Business A:
      Start-up manufacturing innovative, interactive youth sports and exercise equipment. Contract to supply, but investment needed for full production set up. £50,000 SL4B growth loan agreed. The business now has a small production unit and is creating skilled jobs for local people.
      Business B
      Existing company designs, supplies and installs a range of energy-saving products including lighting systems for high bay warehouses and soft start motor controllers. £100K F4B loan approved to support its expansion in the UK and key export markets.
    • 101. The South West Loans Fund
      ERDF - what the Fund cannot support
      Displacement (e.g. Pure retail or local domestic services)
      Other exclusions
      • Primary agriculture
      • 102. Financial services
      • 103. Speculative property development
      • 104. Activities that the State ‘should provide’ e.g. education, health
      Re-financing
      Not lender of last resort to business ‘in difficulties’
    • 105. The South West Loans Fund
      Process
      Contact the appropriate Fund Manager
      If we think you are eligible, complete a 2-page form
      This helps to assess whether or not to proceed to full application
      If all OK – proceed to full application and business plan
      Turn around time 2-6 weeks
    • 106. The South West Loans Fund
      At 19 May 2011:
    • 107. The South West Loans Fund
      Contact:
      Small Loans for Business (up to £50K)
      SWIG Services Ltd
      Lowena House
      Glenthorne Court
      Truro Business Park
      Threemilestone
      TRURO TR4 9NY
      01872 223883
      info@southwestinvestmentgroup.co.uk
      www.southwestinvestmentgroup.co.uk
      Finance for Business (up to £250K)
      FC Fund Managers
      14 High Cross
      TRURO TR1 2AJ
      01872 272288
      enquiries@fcfundmanagers.com
      www.fcfundmanagers.com
    • 108. SWAIN
      Finance in Cornwall
      19th May 2011
      Bruce Colley – Investment Director
    • 109. What do we do?
    • 110. Process?
    • 111.
    • 112. Investment Attractiveness
      Business plan demonstrating significant sustainable growth
      Unique product – the right price – barriers to entry – protected IP …
      A management team -> ability to create profits (capital growth)
      An exit strategy
      A realistic valuation
      Commitment
    • 113. Facts & stats
    • 114. Facts & stats
    • 115. Cloud Nine Offering
      Low-cost modular design – fitted interiors
      Microgeneration ready
      Sustainable materials
      Lego configurations
      Short-term or long term site use
      Affordable eco-housing
      Indefinite life buildings
      Can use “difficult” sites
      Kernow Eco Housing Ltd
    • 116. The Company
      Cornish Sea Salt is a food manufacturing business that harvests sea water to produce a pure and natural culinary sea salt in a purpose built facility. Situated just 8 metres from Grade A accredited waters – the highest to denote water purity – at Porthkerris in Cornwall.
      The company was incorporated in July 2004 and commenced trading in February 2008, following a three year project to identify and secure a site, source and commission the technology, undertake market research and raise investment finance.
      With a production capacity of 500 tonnes per annum, Cornish Sea Salt has developed a process that blends age-old chemistry with innovative and energy-efficient technology that is environmentally benign.
      The company owns the harvesting building and has a X year lease for the Porthkerris site; it also has a X year lease for the Pol Gwarra foreshore and leases a 250m² warehouse unit at St Keverne (less than 1 mile from the harvesting plant).
      Cornish Sea Salt Co bespoke harvesting plant Pol Gwarra, Lizard Peninsula
      Key Dates
      Cornish Sea Salt established – July 2004
      Porthkerris site secured – Dec 2006
      Investment agreement – June 2007
      Harvesting building completed – Sept 2007
      Salt Plant commissioned – Dec 2007
      Trading commenced – Feb 2008
      Key Assets
      Harvesting building - £XXX,XXX
      Salt making equipment - £XXX,000
      Porthkerris lease – X years
      Foreshore lease – X years
      Warehouse lease – X years
      Brand trade marks & domains
    • 117. 20/05/2011
      72
      Adding value
      Raw
      Fleece
      Scour and
      Card
      Knitting and
      weaving
      yarns
      Fabric
      Throws
      Blankets
      Scarves
      Garments
      and
      furnishings
      Buy in at
      50p-£10
      per Kg.
      Cost £6-7
      per Kg.
      Cost £14-20
      per Kg.
      Cost £20-40
      per Kg.
      Cost
      £50-100
      per item
      Add to blends
      £6-12
      per Kg.
      £15 trade
      £30 retail
      per Kg.
      £25-40 trade
      £60-120
      retail per Kg.
      £35 trade
      £90 retail
      per metre
      (o.5 Kg.)
      £100-£500
      per item
      (o.5 Kg.)
    • 118. Data analysis
      What we do
      Data
      Anonymised data and information
      Information
      Electricity
      Gas
      Water
      Temperature
      Humidity
      Heating
      Feedback devices
      Manager / policy maker
      Mobile phone
      Users
      Screens
    • 119. Deal profile
      87 deals (14 deals per year);
      63 businesses (64% first round);
      £6.75m from SWAIN investors;
      £44m total finance;
      Ave. Stake 18.5%
      Typical post money valuation <£1m
      Failure rate approx 20%
    • 120. Introduction to Venture Capitalby Alistair BrewMay 2011
    • 121. INTRODUCTION TO VENTURE CAPITAL
      • Introduction to Octopus Ventures
      • 122. What we do and look for
      • 123. Current Climate for fund raising
      • 124. Tips for fund raising
      • 125. Conclusions
    • OCTOPUS VENTURES
      • Division of Octopus Investments
      • 126. Fast growing fund management company
      • 127. £2bn FUM
      • 128. £300m+ in unquoted VCTs
      • 129. One of the most active SME investors
      • 130. 24 deals in 2010 & 3 deals in 2011 to date
      • 131. £500k-5m investment size
      • 132. Early stage, growth capital and MBO’s
      • 133. Equity, mezzanine and debt (via Octopus Specialist Finance)
      • 134. Portfolio of over 60 companies
    • WHAT WE DO
      We partner exceptional entrepreneurs who wish to build big businesses that create, transform or dominate an industry sector.
      We partner these businesses through their growth prior to selling the business and our stake to trade or financial purchasers.
      Our objective is to make returns of multiples of our original investment from each business in which we invest.
    • 135. WHAT WE DO
      We partner exceptional entrepreneurs who wish to build big businesses that create, transform or dominate an industry sector.
      We partner these businesses through their growth prior to selling the business and our stake to trade or financial purchasers.
      Our objective is to make returns of multiples of our original investment from each business in which we invest.
      EQUITY OWNERSHIP
    • 136. TYPES OF DEAL
      • Development Capital
      • 137. Acquisition Finance - Good time for bolt-on acquisitions
      • 138. Competition struggling
      • 139. Prices can be very low
      • 140. Not all cash up front
      • 141. Change of Ownership situations - MBOs
    • WHAT WE LOOK FOR IN A BUSINESS
      • Strong growth potential deriving from inherent competitive advantage
      • 142. Critical
      • 143. Management team
      • 144. Product/Service and proven business model
      • 145. Growth Market
      • 146. Other
      • 147. Assets including intangible assets such as a brand
      • 148. Deal characteristics – pricing, ‘skin in the game’
      • 149. Exit prospects
    • VENTURE CAPITAL RETURNS
    • VENTURE CAPITAL RETURNS
      “GROWING THE CAKE”
    • 162. FUND RAISING - A LOOK BACK....
      • 2007 The end of the road:
      • 163. Easy debt – too much money
      • 164. Box ticking due diligence
      • 165. Lower quality thresholds
      • 166. High prices
      • 167. Unrealistic projections
      • 168. THE TOP OF THE MARKET Anybody could raise money
    • IMPACT OF DOWNTURN AND CREDIT CRUNCH
      2008/9
      • No money available from banks or investors
      • 169. Companies contracting
      • 170. Conditions unpredictable
      • 171. Weaker companies had no chance
      • 172. Some government initiatives (Capital for Enterprise)
      • 173. Very few deals
      • 174. But interest rates low
    • THE NEW WORLD
      Late 2010 onwards
      Appetite to do deals now returning but……
      • Limited bank funding available (sub 2x EBITDA)
      • 175. VC price expectations lower
      • 176. High levels of Due Diligence
      • 177. High quality threshold
      New environment still evolving but VC’s looking for high quality deals at low prices and limited bank debt
    • 178. FUND RAISING - GET IN SHAPE
      • Clear vision together with ample detail
      • 179. Know your business model/ adapt it
      • 180. Good MIS: data is critical
      • 181. Full management team (New Hires?)
      • 182. Is Finance Department adequate
      • 183. Sales management and pipeline analysis
      Investment readiness (but should be doing this anyway)
    • 184. FUND RAISING – THE DEAL
      • What’s the funding requirement/risk profile
      • 185. Consider which segment of the VC market to approach
      • 186. Be clear about what the priorities are in the deal
      • 187. Terms important but also delivery and relationship
      • 188. Look at post-deal value add
      • 189. Time and energy commitment in the process
      • 190. Flexibility
    • TAKE ADVICE
      • Objective external advice can be invaluable
      • 191. Financial/operational/integration/strategic
      • 192. Listen but you do not need to accept
      • 193. Do your due diligence on advisor
    • CONCLUSIONS
      • It doesn’t suit everyone and it’s expensive but….
      • 194. Venture Capital can transform your business
      • 195. Fund raising is difficult
      • 196. Do the groundwork ahead of starting process
      • 197. Seek outside advice
      • 198. Show vision and know the detail
    • Winter Rule 19 MayUEC Enterprises LtdDr Mark Scibor-RylskiRob Misselbrook CFA
      91
    • 199. What we do
      92
    • 200. How we select – Proactive approach to-Value Proposition – why will customers buy your product or service-Market Potential – local, UK, International-Barriers – IP, know-how, relationships-Management – Experience, knowledge-Financials – What’s required, structure[ESI Impact – Environmental Benefit, Job Creation]
      93
    • 201. 94
      FITs, RHI and other finance for SME?
      Aimee Phillips, Corporate Finance Assistant, Winter Rule LLP
    • 202. Overview
      SW Cleantech Co-investment Fund
      FITs
      RHI
      Energy Efficiency Financing Scheme
      PESCA
      EFF
      UCP
      R&D
      UKTI
      Regional Growth Fund
      Overview and website address or contact
      AAG: At a gallop!
      www.winterrule.co.uk
      95
    • 203. South West Cleantech Co-Investment Fund
      Loan Fund to match with equity invested in Cleantech company
      Minimum £50k; maximum £100k
      Requirements of Company
      SW
      Cleantech
      Requirements of Investment
      Keystone Investor
      Fresh issue of ordinary shares
      Initial contact and more details: SWAIN
      www.swain.org.uk/CleanTech.aspx
      www.winterrule.co.uk
      96
    • 204. FITs
      Feed-In Tariffs
      Paid by energy company to the generator of renewable electricity
      Range of tariffs
      FITS review published March 2011
      FITs and Grants?
      FITs and EIS
      www.decc.gov.uk
      www.winterrule.co.uk
      97
    • 205. RHI
      Renewable Heat Incentive
      The heat generation equivalent to FITs
      Details announced in March 2011
      Two phase introduction
      1st aimed at non-domestic/ ‘big heat users’: Summer 2011?
      2nd phase for domestic / align with Green Deal: October 2012?
      Range of tariffs
      www.decc.gov.uk
      www.winterrule.co.uk
      98
    • 206. Energy Efficiency Financing Scheme
      Successor to interest free loans from Carbon Trust
      “easy, affordable and flexible ... Scheme brought to you by Carbon Trust Implementation Services (CTIS) and Siemens Financial Services”.
      ‘Leases, loans and other financing options”
      Launched April 2011
      Energy Efficient Equipment purchases
      £1,000 +
      Financing options designed to match with energy savings
      www.energyefficiencyfinancing.co.uk
      www.winterrule.co.uk
      99
    • 207. PESCA
      Links to fishing industry
      but not retail or fishing vessels
      PESCA business development fund
      Interest free loans of up to £20k; one off admin fee of 5%
      60% of allowable expenditure
      Capital
      Marketing costs
      Repayable over 5 years
      www.southwestinvestmentgroup.co.uk
      John Peters – john@southwestinvestmentgroup.co.uk
      www.winterrule.co.uk
      100
    • 208. EFF
      European Fisheries Fund
      fishing industry to become more sustainable and to remain profitable
      £4.8m available in Cornwall
      Axis 2: processing facilities and marketing fully spent in Cornwall
      May 2011 announcement on movement of funds b/w Axis?
      www.marinemanagement.org.uk
      Justin Williams justin.williams@marinemanagement.org.uk
      www.winterrule.co.uk
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    • 209. UCP
      Unlocking Cornish Potential
      “UCP matches talented graduates with progressive Cornish companies to fuel innovation, growth, creativity, competitiveness and economic prosperity in Cornwall.”
      Projects between 6 and 12 months
      Financial assistance for Training and Mentoring
      Project Investment Funds available
      Andy Peters andy.peters@cornwall.ac.uk
      www.winterrule.co.uk
      102
    • 210. Research & Development Grant
      Open 4th April 2011
      SMEs – in the South West
      £25,000 - £250,000
      3 types of grant
      Markets
      Concept
      Prototype
      Judging 5 times per year (7th July)
      www.innovateuk.org
      www.winterrule.co.uk
      103
    • 211. UKTI – ‘taking Cornwall to the world’
      £2million Sponsored by UKTI
      Business network group
      Cornwall businesses exporting
      Support for:
      Overseas Market Introduction Service
      Export Marketing Research Scheme
      Passport to Export
      Gateway to Global Growth
      Market Visit Support
      Tradeshow Access Programme
      Training Workshops
      Export Communication Review
      www.exportcornwall.co.uk
      Michael Franks michael.franks@uktisouthwest.org.uk
      www.winterrule.co.uk
      104
    • 212. Regional Growth Fund
      £1.4bn: England 2011 to 2014
      Competitive bidding process
      Lever private sector growth and job creation
      Private sector and Public private partnerships can bid
      Targeted at regions ‘transitioning’ from public to private sector
      £1m minimum
      Next deadline = 1 July 2011
      www.bis.gov.uk/RGF
      RGF Roadshow – Plymouth 10 June 2011
      www.winterrule.co.uk
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    • 213.
    • 214.
    • 215. WHAT IS COACHING?
      “Coaching is unlocking a person’s potential to maximise their own performance.
      It is helping them to learn rather than teaching them.”
    • 216. WHAT IS COACHING?
      coaching and mentoring is about using our experience and training to help you to find the answers yourself. Through good questioning, followed by inspired analysis, reflection and detailed action planning. The success of coaching and mentoring will depend upon you: your ability to change your behaviour, or see things in a different way: to act on the action plans.
      Coaching is a journey: not a quick fix. There are no right or wrong answers except in legal issues. It takes time, it will be challenging, hard work and it will be disruptive. Both the business and the coach must be agnostic as to what the solutions are.
    • 217.
    • 218. Coachingfor High Growth
      • Help with creative thinking
      • 219. Looking for a new perspective on your business
      • 220. Refining your business model
      • 221. Identifying new channels and markets
      • 222. Developing new products and services
      • 223. Sourcing new technologies
      • 224. Raising finance
      • 225. Developing your team
      • 226. Extending your geographical reach
      • 227. Achieving your goals
    • 228. Starting a high growth business
      • Developing and delivering your business plan
      • 229. Developing your products and services
      • 230. Identifying channels and markets
      • 231. Securing finance
      • 232. Building your team
      • 233. Sourcing new technologies
      • 234. Extending your geographical reach
      • 235. Achieving your goals
    • Leo Dunne
      Leo started his career with Midland Bank/HSBC in the early 80’s, gaining vast experience in the finance sector.
      From 1997 he was Investment Manager for the HSBC UK Enterprise Fund for Greater London, part of a network of regional funds looking to provide SME's with initial investment of up to £250k.
      He then worked as Investment Director for Ferranti Capital Ltd. From May 2006 Leo worked as a business advisor for range of companies including travel and technology firms
      2008 became the Manager of Thames Valley Investment Network (TVIN), the business angel network based in the Thames Valley.
      Leo helps businesses understand their funding needs and how these may be met. He can also advise on a wide range of commercial issues including compliance, regulatory requirements
    • 236. Mike Jobson
      • Started career as an IT Engineer at NCR.
      • 237. Sales, marketing and management roles with Alcan and Colgate Palmolive Ltd,
      • 238. Guinness G.B. as Regional Managing Director
      • 239. Diageo PLC in the UK and Africa, latterly as Sales and Marketing Director in Lagos, Nigeria.
      • 240. Extensive experience within food and drink, retail and FMCG markets.
      • 241. specialises in sales, marketing and business development including performance management,
    • Richard Reed
      Earth scientist and engineer
      Involved in the natural resources industries for most of his working life,
      10 year career within the water and petroleum industries
      Joined the Cornish based marine drilling company Seacore. As commercial director he acquired considerable experience in developing and sustaining the growth of an independent business over many years and was subsequently elected managing director, a position he held for 5 years until the acquisition of the business by a European multi-national.
      Richard has extensive management experience covering business development strategy and financial management, raising corporate finance, commercial and contract negotiations on both a domestic and international basis.
    • 242.
    • 243. Coaching
      A High Growth Business
      Thank you
      www.growcornwall.co.uk
      Clare Whitney
    • 244. A very warm welcome to…The spirit ofCollaborationWhere might a collaboration take your business?
    • 245. Our Vision:To improve Cornwall and the Isles of Scilly’s competitive advantage by encouraging and enabling a collaborative culture of thinking throughout Cornish-based businesses
    • 246. Educate
      Facilitate
      Manage
      Assist
    • 247. What is Collaboration?
    • 248. Collaboration is..
      “A co-operative arrangement in which two or more parties (which may or may not have any previous relationship) work jointly towards a common goal”
    • 249. reasons to
      COLLABORATE
    • 250. Increase sales outputs
      Reduce costs
      Develop new products
      Share risk & reward
      Access new markets
      Improve productivity
      Access/improve skills
      Joint tendering
      Access new technologies
      Leverage resources
    • 251. There are 3 broad types of Collaboration:
      1. Co-development (Research & Development)
      2. Manufacturing & Production
      (Supply side)
      3. Marketing & Distribution
      (Demand side)
    • 252.
    • 253. “As a result of Partner to Succeed’s involvement, we are now well on the way towards launching a co-branded legionella warning system with Silvertree Engineering.”
      Robin Proctor
      Silvertree Engineering Ltd
    • 254. “There is no doubt that this could have a massive impact on both our profit margins, and it’s very exciting for all those involved”.
      Mike Quest
      Managing Director, QES Ltd
    • 255.
    • 256. “I knew the product could do better, and with Partner to Succeed’s help I proved that to a UK based partner. We are now collaborating to manufacture and distribute Muksak from the UK. If there are any doubts in your mind about what to expect, Partner to Succeed can help you answer them”.
      Alison Vaughan
      Owner, Muksak
    • 257.
    • 258. Why doesn’t everyone collaborate?
    • 259. Trust
    • 260. Communication
    • 261. Willingness to commit
    • 262. It’s not the ‘norm’
    • 263. Consider it?
    • 264.
    • 265.
    • 266.
    • 267.
      • Project Management
      • 268. Up to 8 Days of Support
      • 269. Access to secure online software
      • 270. Draft documentation
      • 271. Access to Collaboration Credit
    • 272.
    • 273. Sales GrowthCollaboration Clubs
      Discover how you can sell more by working together…
    • 274. "This has been the start of a road I've been trying to travel along for the past 2 years through a different approach. It has given me a real understanding of different sales approaches”
      Phil Allatt
      IT West Ltd
    • 275. Resource EfficiencyCollaboration Clubs
      Discover how you can save money and reduce your carbon output by working together…
    • 276. “I didn’t sleep last night after the RECC yesterday. It was really more beneficial than expected and I have a plethora of ideas on my mind . . . . “
      Mark Wright
      Piran Technologies Ltd
    • 277. Coming soon . . . . .
      Managing Capacity
      Improving Competitiveness
    • 278.
    • 279. Food for thought?Any collaboration ideas?
    • 280. For further information or advice visitwww.partnertosucceed.co.ukor call 01872 613000
    • 281. Diana Lobb
      Leadership & Management Adviser (South West)
      Covering Cornwall
    • 282. Leadership and Management Advisory Service – 2011 to 2012
      Context
      Think of a Successful Leader. This can be someone from anywhere in the world at any point in time
    • 283. Leadership and Management Advisory Service – 2011 to 2012
      Now think of why you thought of them, why do you think this person was such a successful leader?
    • 284. Alexander the Great
    • 285. Catherine the Great
    • 286. Winston Churchill
    • 287. Mahatma Gandhi
    • 288. Leadership and Management Advisory Service – 2011 to 2012
      Questions
      Do You have a clear vision?
      Do You have clear goals for your business?
      Do You know what you want to achieve and how to get there?
      Do You have the skills & knowledge to take your business where you know it can go?
      Can You inspire and motivate other people to share your vision and help you achieve your business goals?
    • 289. Leadership and Management Advisory Service – 2011 to 2012
      Answers
      If you hesitated before answering any of those questions.
      If you thought ‘I do all of that and pretty well but I know I can be better’
      If you thought ‘I am not great at some of that and my business will suffer as a consequence’
      The Leadership & Management Advisory Service may be of benefit
    • 290. Leadership and Management Advisory Service – 2011 to 2012
      How Does is Work?
      A programme running until March 2012 delivered by Skills South East Ltd in the South East and South West
      The Leadership & Management Advisory Service can help identify and prioritise the right development for you to gain the skills and knowledge you need to help your business be more successful.
      We may be able to offer up to £1000 of funding to help pay for that development
    • 291. Leadership and Management Advisory Service – 2011 to 2012
      Eligibility
      Are you the owner, MD, CEO or senior leader of your business or Social Enterprise?
      Employ 2 – 249 people (full time equivalent) including yourself
      Display the potential for high or fast growth
      You can access up to £1,000 of funding, 50% match funded, to help with the costs of your chosen development
      Start and claim costs of development within 90 days of grant approval
    • 292. Leadership and Management Advisory Service – 2011 to 2012
      How do you apply?
      • For more information please speak to me, Diana Lobb 07917 113489 diana.lobb@skillssoutheast.co.uk,
      • 293. pick up a flyer
      • 294. or visit www.skillssoutheast.co.uk 0845 026 4298 info@skillssoutheast.co.uk
    • 165
      The Tax Dog wags it’s tail...
      Scott Bentley, Small Business Partner, Winter Rule LLP
    • 295. Don’t let tax tail wag the dog
      But need to consider tax stimulus for companies to invest
      Capital allowances
      R&D
      Substantial shareholdings exemptions
      And to be invested in:
      Enterprise Investment Scheme (EIS)
      Entrepreneurs Relief (the 10% bit)
      www.winterrule.co.uk
      166
    • 296. Research and Development tax relief (for SMEs)
      For companies only
      Enhanced tax relief for allowable R&D costs
      Relief for SMEs:
      Up to 31 March 2011 175%
      From 1 April 2011* 200%
      From 1 April 2012* 225%
      If loss making, can receive cash for % of R&D allowable costs or increase loss carried forward
      14%
      Was limited to PAYE/ NI paid * (* = s/t EU approval)
      Issue remains – what is R&D?
      www.winterrule.co.uk
      167
    • 297. Capital allowances
      Tax deduction for capital expenditure
      Changes in March 2011 budget (effective 1 April 2012)
      Writing down allowances will be reduced to 18% and 8%
      Annual Investment Allowance reduced to £25,000
      For Enterprise Zones in assisted areas, where there is a strong focus on high value manufacturing
      Enhanced capital allowances (ECA)
      For equipment that meets published energy-saving criteria (http://www.eca.gov.uk/etl)
      For capital expenditure or equivalent used for R&D
      www.winterrule.co.uk
      168
    • 298. Substantial Shareholdings Exemption
      Exemptions on gains made by companies on the sale of qualifying shares
      Investor and investee must be trading or part of a trading group
      Must own > 10% of ordinary share capital
      Must hold investment for at least 12 months
      www.winterrule.co.uk
      169
    • 299. EIS – overview
      Enterprise Investment Scheme
      Tax relief for qualifying individuals investing in new ordinary shares in qualifying companies
      Tax reliefs
      Income tax relief (30% of investment between £500 and £500,000)
      Capital Gains tax relief on any gain if shares held for three years
      Deferral of other capital gains at point of investment
      www.winterrule.co.uk
      170
    • 300. EIS – the good news
      Certain limits on qualifying companies will be increased as follows with effect from shares issued after 5 April 2012:
      Number of full-time employees – 250
      Limit on gross assets increased to £15 million before the investment
      Maximum annual amount that can be invested in the company increased to £10 million
      Maximum annual amount that can be invested by an individual in all EIS companies is £1 million
      www.winterrule.co.uk
      171
    • 301. Entrepreneur’s Relief
      Only applies to individuals (some trustees)
      Shares in a personal trading company
      Owned for minimum12 months prior to sale
      £10million lifetime limit for individuals from 6 April 2011
      Personal trading company
      > 5% old share capital with > 5% voting rights
      You must be an officer or employee of that company
      Company must be trading
      www.winterrule.co.uk
      172
    • 302. 173
      Finance in Cornwall 2011
      Wrap up by John Mitchell, Chairman/Managing Partner, Winter Rule
    • 303. www.winterrule.co.uk
      174
      Thank you: Presenters, participants and Amy
    • 304. The Future – thoughts and actions
      Immediate: Q&A
      Convergence until 2013
      The future of finance is equity
      Cornwall is a great place to do business, increasing national profile
      Sharps
      Celtic Sheepskin
      Service sector to match business requirements
      www.winterrule.co.uk
      175
    • 305. Final thought
      www.winterrule.co.uk
      176