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?

Finance in Cornwall 2011 Finance in Cornwall 2011 Presentation Transcript

  • 1
    Finance in Cornwall 2011- Cornwall is open for business
    Richard Wadman, Corporate Finance Director, Winter Rule
  • Administration
    &
    www.witerrule.co.uk
    www.witerrule.co.uk
  • www.winterrule.co.uk
    3
    Presenters and participants
  • 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
  • Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team
  • Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team
  • Business is the driver of economic growth and innovation
    • One business gets started every minute in England Wales
    • 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)
  • 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
  • Changes to Business Support and Access to Finance
  • 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
  • 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
  • Enterprise Finance Guarantee (EFG)
    Will now continue until 2014/15
    Will enable up to £2bn of lending
    New Export EFG – now live
  • 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
  • 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
  • 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
  • Carleen Kelemen
    Director
    Convergence Partnership Office
    for Cornwall and the Isles of Scilly
    19 May 2011
  • Business Link – current position and future- Alison Miles
    Or ‘Rumours of our demise have been greatly exaggerated’
  • Current landscape:
    • The Business Link service currently provides information, advice and guidance to 45% of the business population in Devon, Cornwall & Somerset
    • 50,000 businesses provided with information in the last 12 months
    • Helped create over 1,700 new businesses in the last 2 years
    • 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
    • European funded growth and environmental support
    • High Growth skills service
    • International Trade
    • Specialist Social Enterprise support in Torbay and Plymouth
  • Future Business Support Landscape
    • National website & national call centre
    • National Business Coaching for Growth programme
    • National mentoring network – 40,000 voluntary mentors
    • Entrepreneurial support for women, Black, Asian & Minority Ethnic groups & service leavers
    • Development of some Solutions for Business providers
    • 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
    • Speak to us
    • 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
  • Grant for Business Investment
    Paul Wilson – Business Investment Adviser
    South West RDA
  • What is Grant for Business Investment?
    ERDF funded grant scheme to support innovative, knowledge based projects demonstrating productivity improvement with skilled employment.
  • What type of project can be supported?
    • Investment in productivity improving plant and equipment in an existing business.
    • Investment in equipment as part of the commercial launch of a business.
    • 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.
  • 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.
  • 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.
  • Quality features
    • ERDF Cross Cutting Themes (Low Carbon and Equality & Diversity)
    • High skill levels / salary levels (£20k minimum)
    • Innovation and R&D
    • Training
    • Exports
  • Application process
    • Ensure broadly eligible and supportable before applying.
    • 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
    • Conditions to make the investment, deliver the jobs and achieve productivity growth
    • 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
  • The Low Carbon Grant Fund (LCGF)Stuart Farmer Cornwall Development Company
  • ERDF Low Carbon Grant Fund (LCGF)
    • A £5M ERDF funded scheme
    • Launched by the Convergence Programme for Cornwall & the Isles of Scilly on the 26th April 2011
    • Providing grants of between £70K to £1M (subject to match)
    • Support eligible businesses to reduce carbon emissions by
    • Improving Energy / Resource Efficiency
    • Delivering Green House Gas reductions through innovation
    • 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
    • New businesses are not ruled out, however additional financial due diligence will be sought
  • What must applicants consider
    • Two stage process,
    • Stage 1, Open call for Expressions of Interest (Closes 01st June 2011)
    • Stage 2, Detailed business plan
    • LCGF will invest in projects that have GHG (Greenhouse Gas) Reduction as their primary outcome where
    • They are not supported through existing schemes (FIT / RHI etc…..)
    • Mandated through the existing regulatory framework
    • Would otherwise be undeliverable due to issues of commercial viability
    • 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)
    • Call For EOI Closes 01st June 2011
    • Contracts Expected Autumn 2011
  • Contact: Janet Bowen at jbowen@cornwall.gov.uk
    Cornwall CouncilCounty HallTruro TR1 3AYTel: 0300 1234 100www.cornwall.gov.uk
  • Funding for Business Improvement Initiatives (vouchers)
    Josie Gough – ERDF Secretariat
    Josie.gough@southwestrda.org.uk
  • 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.
  • 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.
  • RURAL DEVELOPMENT PROGRAMME FOR ENGLAND (2007-2013)Catherine Martin
  • 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
  • 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.
  • 46
  • Springboard Fund
    Bob Dow
    Project Director
    Trellisick Gardens
    19th May 2011
  • 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
  • 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
  • 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
  • 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
  • Projects with potential
    • Impact extending beyond applicant organisation
    • Creation of new high calibre jobs
    • Creation of activity/environment that will facilitate other economic benefits in the future
    • Partial funding already secured/identified
    • Additional benefits such as positive environmental impact or up-skilling of jobs
  • Projects not likely to succeed
    • Poor business/project plan lacking understanding
    • Impact only on profitability of applicant organisation
    • Few new jobs created/low skilled
    • Little future benefit
    • No other funding source explored or identified
    • Project could proceed without Springboard funding
    • 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
  • The South West Loans Fund
    Launched 2009
    Part of the South West ERDF 2007-2013 programmes
  • 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
  • The South West Loans Fund
    The Fund provides loans on commercial terms
    To:
    • SMEs (including start-ups)
    • Based in South West Region (or relocating to)
    • Growth or growth potential
    • Financially viable proposition
    • Planned requirement for investment
    • Identified finance package
    • Eligible for ERDF
    • 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.
  • The South West Loans Fund
    ERDF - what the Fund cannot support
    Displacement (e.g. Pure retail or local domestic services)
    Other exclusions
    • Primary agriculture
    • Financial services
    • Speculative property development
    • Activities that the State ‘should provide’ e.g. education, health
    Re-financing
    Not lender of last resort to business ‘in difficulties’
  • 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
  • The South West Loans Fund
    At 19 May 2011:
  • 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
  • SWAIN
    Finance in Cornwall
    19th May 2011
    Bruce Colley – Investment Director
  • What do we do?
  • Process?
  • 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
  • Facts & stats
  • Facts & stats
  • 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
  • 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
  • 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.)
  • 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
  • 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%
  • Introduction to Venture Capitalby Alistair BrewMay 2011
  • INTRODUCTION TO VENTURE CAPITAL
    • Introduction to Octopus Ventures
    • What we do and look for
    • Current Climate for fund raising
    • Tips for fund raising
    • Conclusions
  • OCTOPUS VENTURES
    • Division of Octopus Investments
    • Fast growing fund management company
    • £2bn FUM
    • £300m+ in unquoted VCTs
    • One of the most active SME investors
    • 24 deals in 2010 & 3 deals in 2011 to date
    • £500k-5m investment size
    • Early stage, growth capital and MBO’s
    • Equity, mezzanine and debt (via Octopus Specialist Finance)
    • 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.
  • 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
  • TYPES OF DEAL
    • Development Capital
    • Acquisition Finance - Good time for bolt-on acquisitions
    • Competition struggling
    • Prices can be very low
    • Not all cash up front
    • Change of Ownership situations - MBOs
  • WHAT WE LOOK FOR IN A BUSINESS
    • Strong growth potential deriving from inherent competitive advantage
    • Critical
    • Management team
    • Product/Service and proven business model
    • Growth Market
    • Other
    • Assets including intangible assets such as a brand
    • Deal characteristics – pricing, ‘skin in the game’
    • Exit prospects
  • VENTURE CAPITAL RETURNS
    • Target Returns
    • 3x + money multiple
    • 30% + IRR over 3 - 4 years
    • Where returns come from
    • Earnings growth
    • Multiple Arbitrage
    • [Gearing]
  • VENTURE CAPITAL RETURNS
    • Target Returns
    • 3x + money multiple
    • 30% + IRR over 3 - 4 years
    • Where returns come from
    • Earnings growth
    • Multiple Arbitrage
    • [Gearing]
    “GROWING THE CAKE”
  • FUND RAISING - A LOOK BACK....
    • 2007 The end of the road:
    • Easy debt – too much money
    • Box ticking due diligence
    • Lower quality thresholds
    • High prices
    • Unrealistic projections
    • THE TOP OF THE MARKET Anybody could raise money
  • IMPACT OF DOWNTURN AND CREDIT CRUNCH
    2008/9
    • No money available from banks or investors
    • Companies contracting
    • Conditions unpredictable
    • Weaker companies had no chance
    • Some government initiatives (Capital for Enterprise)
    • Very few deals
    • But interest rates low
  • THE NEW WORLD
    Late 2010 onwards
    Appetite to do deals now returning but……
    • Limited bank funding available (sub 2x EBITDA)
    • VC price expectations lower
    • High levels of Due Diligence
    • High quality threshold
    New environment still evolving but VC’s looking for high quality deals at low prices and limited bank debt
  • FUND RAISING - GET IN SHAPE
    • Clear vision together with ample detail
    • Know your business model/ adapt it
    • Good MIS: data is critical
    • Full management team (New Hires?)
    • Is Finance Department adequate
    • Sales management and pipeline analysis
    Investment readiness (but should be doing this anyway)
  • FUND RAISING – THE DEAL
    • What’s the funding requirement/risk profile
    • Consider which segment of the VC market to approach
    • Be clear about what the priorities are in the deal
    • Terms important but also delivery and relationship
    • Look at post-deal value add
    • Time and energy commitment in the process
    • Flexibility
  • TAKE ADVICE
    • Objective external advice can be invaluable
    • Financial/operational/integration/strategic
    • Listen but you do not need to accept
    • Do your due diligence on advisor
  • CONCLUSIONS
    • It doesn’t suit everyone and it’s expensive but….
    • Venture Capital can transform your business
    • Fund raising is difficult
    • Do the groundwork ahead of starting process
    • Seek outside advice
    • Show vision and know the detail
  • Winter Rule 19 MayUEC Enterprises LtdDr Mark Scibor-RylskiRob Misselbrook CFA
    91
  • What we do
    92
  • 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
  • 94
    FITs, RHI and other finance for SME?
    Aimee Phillips, Corporate Finance Assistant, Winter Rule LLP
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
    101
  • 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
  • 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
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  • 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
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  • 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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  • 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.”
  • 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.
  • Coachingfor High Growth
    • Help with creative thinking
    • Looking for a new perspective on your business
    • Refining your business model
    • Identifying new channels and markets
    • Developing new products and services
    • Sourcing new technologies
    • Raising finance
    • Developing your team
    • Extending your geographical reach
    • Achieving your goals
  • Starting a high growth business
    • Developing and delivering your business plan
    • Developing your products and services
    • Identifying channels and markets
    • Securing finance
    • Building your team
    • Sourcing new technologies
    • Extending your geographical reach
    • 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
  • Mike Jobson
    • Started career as an IT Engineer at NCR.
    • Sales, marketing and management roles with Alcan and Colgate Palmolive Ltd,
    • Guinness G.B. as Regional Managing Director
    • Diageo PLC in the UK and Africa, latterly as Sales and Marketing Director in Lagos, Nigeria.
    • Extensive experience within food and drink, retail and FMCG markets.
    • 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.
  • Coaching
    A High Growth Business
    Thank you
    www.growcornwall.co.uk
    Clare Whitney
  • A very warm welcome to…The spirit ofCollaborationWhere might a collaboration take your business?
  • 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
  • Educate
    Facilitate
    Manage
    Assist
  • What is Collaboration?
  • 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”
  • reasons to
    COLLABORATE
  • 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
  • There are 3 broad types of Collaboration:
    1. Co-development (Research & Development)
    2. Manufacturing & Production
    (Supply side)
    3. Marketing & Distribution
    (Demand side)
  • “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
  • “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
  • “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
  • Why doesn’t everyone collaborate?
  • Trust
  • Communication
  • Willingness to commit
  • It’s not the ‘norm’
  • Consider it?
    • Project Management
    • Up to 8 Days of Support
    • Access to secure online software
    • Draft documentation
    • Access to Collaboration Credit
  • Sales GrowthCollaboration Clubs
    Discover how you can sell more by working together…
  • "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
  • Resource EfficiencyCollaboration Clubs
    Discover how you can save money and reduce your carbon output by working together…
  • “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
  • Coming soon . . . . .
    Managing Capacity
    Improving Competitiveness
  • Food for thought?Any collaboration ideas?
  • For further information or advice visitwww.partnertosucceed.co.ukor call 01872 613000
  • Diana Lobb
    Leadership & Management Adviser (South West)
    Covering Cornwall
  • 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
  • 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?
  • Alexander the Great
  • Catherine the Great
  • Winston Churchill
  • Mahatma Gandhi
  • 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?
  • 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
  • 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
  • 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
  • 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,
    • pick up a flyer
    • or visit www.skillssoutheast.co.uk 0845 026 4298 info@skillssoutheast.co.uk
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    The Tax Dog wags it’s tail...
    Scott Bentley, Small Business Partner, Winter Rule LLP
  • 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
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  • 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
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  • 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
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  • 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
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  • 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
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  • 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
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  • 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
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  • 173
    Finance in Cornwall 2011
    Wrap up by John Mitchell, Chairman/Managing Partner, Winter Rule
  • www.winterrule.co.uk
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    Thank you: Presenters, participants and Amy
  • 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
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  • Final thought
    www.winterrule.co.uk
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