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YABA Catalyst Newletter Spring 2011
 

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    YABA Catalyst Newletter Spring 2011 YABA Catalyst Newletter Spring 2011 Document Transcript

    • www.yaba.org.ukcatalyst Newsletter of the Yorkshire Association of Business Angels Spring 2011 From idea to investment: ResusPod A recent investment from business angels Paul Smith and Tim Ward has enabled ResusPod to fully launch their medical emergency kit to the dental market.If you were at the YABA Peter Thompson Award forinvestment forum in September Enterprise, which provided2010, you may remember this £5,000 to develop their idea.company. ResusPod provides The award led Kate toan all in one package of undertake a Yorkshire Enterprise l-r Kate Taylor, Mal Jarmolowicz, Julie Burkeequipment and training to Fellowship, a year longdentists so they’re able to programme of business training has been pivotal in moving the “I didn’t think it would take thishandle potential medical and mentoring. “The Fellowship company forward," says Julie. long to get to thisemergencies effectively. The was fantastic,” says Kate. point,” saysproduct package, along with the “I learned such a lot about Business angel Paul Smith and Kate. “But Ifact that legislation has made it business and met some investment partner Tim Ward think it’ll be allmandatory for dentists to be incredible people, many of spotted the potential of go from herefully prepared for such whom have been invaluable in ResusPod straight away. “It’s a on in!”emergencies, made the our journey as a business.” good proposition and both Timcompany a compelling and I have a lot of experience ofproposition. In 2010, Kate and Julie were working in heavily regulated successful in obtaining Proof of sectors,” says Paul, “so we feltThe launch of the product at the Commercial Concept Funding we could bring skills to theDentistry Show on 04 March from Yorkshire Concept, which company, as well as finance towas the beginning of the next enabled the pair to accelerate help it get to the launch stage.”chapter for the company, which ResusPod’s development. “Webegan its life at the University of conducted a lot of market Getting to launch is just theLeeds in 2008. Company research and tested the market beginning for ResusPod andfounders, Kate Taylor and Julie with the funding and it also Kate says the company’sBurke, were among the first allowed us to take on business already considering otherrecipients of the University’s Sir manager, Mal Jarmolowicz, who markets for the product. In this issue: 2 Continental Brands investment; 4/5 Exits: Making them work for you 7 Company updates: Gapwork Gripple Ltd profile 6 Investment forum: Festival fringe and Retrogenix 3 Propalms success at Venturefest 8 EIS Seminar
    • 2 Newsletter of the Yorkshire Association of Business Angels Spring 2011 C O R P O R AT E M E M B E R P RO F I L E Gripple Ltd of vehicle steering locks. Alan spread his wings and spent Gripple’s hardware and business resources, the several enjoyable years incubator’s residents are Formed in 1991, Gripple Ltd working in California, joining being given every chance of produces an extensive range Gripple in 2007 on his return success.” of wire joiners and tensioners to the UK. from its base in Sheffield. The Gripple Ltd joined YABA as a company’s products are used Gripple’s latest venture, with corporate member earlier this extensively in a number of Alan at the helm, is Incub – an year and Alan is anticipating areas, from the construction ideas incubator aiming to help exposure to new technologies site to the factory and from budding entrepreneurs to and investment opportunities. the farm to the supermarket. fast-track their product “YABA is a good fit for us as Alan Somerfield Originally invented as a concepts to market. The we’re both helping solution to joining fence wire, recently-launched incubator’s entrepreneurs,” he says. “I’m business requiring planning, Gripple’s products continue residents, or ‘cubs’ as they’re always interested in meeting strategy and dedication,” he evolving and expanding their referred to, are given the serious innovators and hope says. “Incub’s state of the art uses. opportunity to develop a to have the opportunity to do ideas and innovations facility viable business within six to so via YABA.” here in Sheffield is available to Alan Somerfield is the Ideas twelve months, in return for graduates, product designers and Innovation Director at equity in their business. “It’s a Alan also wants Incub to or mature individuals who’ve Gripple Ltd. His background collaborative approach – the change people’s perception spotted a gap in the market – is in product design and he cubs’ ideas plus our of inventors as eccentrics in we’re open to all.” ran his own consultancy in the expertise,” says Alan. “With the garden shed. “The UK for 15 years, achieving experienced mentoring on challenge is to show people www.gripple.com success by designing a range hand, plus full access to that innovation is a serious www.incub.co.uk Continental Brands toasts new YABA investment Years of hard work in restaurants Simon. “It was so frustrating; we had and pubs, working his way up orders on the books and enquiries from from pot washer to bar manager potential customers, so everything hinged on raising some money.” has paid off for entrepreneur Simon Jackson, whose import and Simon decided to approach YABA and distribution business, Continental an investment opportunity was circulated Brands, looks set for success to its members, which caught the eye of thanks to an investment by YABA Kevin Wheelock. After a period of due member Kevin Wheelock. diligence, he decided to invest, with the deal structured as a loan with the option Spotting a business opportunity in the to convert to equity later this year. l-r Kevin Wheelock and Simon Jackson growing taste for continental beers, and using his knowledge of the catering Says Kevin: “My background’s in industry, Simon and his wife Laura manufacturing, so this isn’t the usual type business experience – I know I can learn secured sole UK distribution rights for of business I would consider investing in. so much from him about growing the the Greek beers ALFA and Marathon. I’m not even a lager drinker – I prefer a company.” Further exclusive UK rights for pint of bitter! But I was impressed by Portuguese, Italian and Far East bottled Simon’s attitude, sales skills and Simon’s original plans to sell directly to and draught beers soon followed. entrepreneurial spark. He’s a real go- 125 restaurants – the equivalent of getter, who’s spotted and grown a great importing one container load of beer per “Sales were good but the costs of opportunity in a tough industry. He’s month – have already been dwarfed by importing and warehousing meant we done a huge amount of legwork so far, current sales. The investment helped needed some extra cashflow finance to and has worked hard to make the right secure his crucial first big deal and he’s finalise a big new customer, but kept industry contacts.” now selling to wholesalers too. He’s getting turned down. We’d already currently importing between 40-50 ploughed all our savings into the Says Simon: “The investment is fantastic, containers a week and with Kevin’s business, and sold off assets to keep us just what we needed at exactly the right support is also in negotiations with going through a tough 2010,” says time. And just as important is Kevin’s several large supermarkets. YABA information: 01423 810149 www.yaba.org.uk Follow us on
    • Spring 2011 Newsletter of the Yorkshire Association of Business Angels 3Enterprise Investment Scheme – 2011Budget highlights from Sagars LLPThe enterprise investment scheme (EIS) is a tax incentive In his budget statement on 23 March 2011, the Chancellor alsothat applies to qualifying investors subscribing for new announced an intention to increase the maximum EIS relief that could beshares in certain types of trading companies. claimed to £1m from April 2012 and to change the conditions so that more companies qualify for EIS investment.The rules are being changed from 01 April 2012 to increase the size ofcompanies that can qualify for EIS. From then on, the new proposals will This article combines information from our recent business and privateapply to companies meeting the following criteria: budget briefings. Please visit Sagars website to read their tax facts card and the briefings in full http://www.sagars.co.uk/news-&-• 250 employees (up from 50) resources/5/resource-downloads/77/• No more than £15m gross assets before investment (was £7m)• £10m maximum EIS investment (was £2m) Alternatively, hard copies are available by calling 0113 297 6767 or• £1m individual annual limit (was £500k). sending an email to v.goff@sagars.co.ukIn addition, tax relief available to individuals who invest in companies Fergus Beadle and Kate Naylor will be giving an EIS seminar for currentwhich qualify under EIS will go up from 20% to 30% from 6 April 2011, and prospective angel members at Sagars in Leeds on 17 May.with a maximum possible investment of £500,000.In view of the fact that the investment can also enable capital gains madein the previous three years to be rolled over into the EIS, the maximumrelief on £500,000 could be as much as 58% (£30% income tax relief and28% CGT relief). Propalms success at Venturefest This year, YABA took sole York-based provider of IT responsibility for organising and systems which was looking for running the Investment investment to assist in its Competition at Venturefest expansion plans. Propalms, Yorkshire. which already has a network that extends to 50 companies Sponsored by Shepherd Group, worldwide, develops software the Competition saw six Yorkshire products to enable people to run entrepreneurs pitching against applications both on their one another for the prize – a mix desktop computers and on other of services, including devices. The runner-up in the accountancy, insurance and legal competition was Frooly.com, an advice worth more than £33,000. e-commerce marketplace with Businesses pitching in the social media features aimed at Competition faced questions from local and independent a panel of judges which included businesses. All the companies YABA Chair Andrew Burton, that presented had exhibition l-r Noel Clancy, Shepherd FM; Owen Dukes, Propalms; YABA Director Peter Ball, serial stands in the Innovation Andrew Burton, YABA entrepreneur and investor Garry Showcase alongside 20+ Diver and Noel Clancy, CEO of innovative businesses, many of space in which to network. Aside Shepherd FM. YABA members which have been in negotiations from this, one of the biggest also joined the finalists for a with investors and we await news draws of the day was the Big private lunch sponsored by of deal completions. Debate, which primarily centred Redmayne Bentley LLP . around the role of the Local Elsewhere at Venturefest, the Economic Partnerships and the Announced at the Awards Dinner static exhibition – once again £1.4bn Regional Growth Fund. that evening was the Investment filled by key Yorkshire Competition winner – Propalms, a organisations – provided a greatJoin us on YABA information: 01423 810149 www.yaba.org.uk
    • 4 Newsletter of the Yorkshire Association of Business Angels Spring 2011 Exits: making them COLIN GLASS Colin Glass is a long-standing important. A buyer will also want to see YABA member, serial investor that systems and controls are in place all and Senior Partner in Winburn through the business and for these to be working well.” Glass Norfolk, the chartered accountancy practice he When the time comes to exit, there are co-founded in 1974. He is also various ways of starting the process as Non-Executive Director on the Colin explains. “For larger businesses, board of a number of companies specialist corporate finance companies that he has either advised will provide you with a list of possible professionally or invested in buyers. You may have your own contacts personally. within your sector to approach, or it’s possible that a large potential buyer will Colin Glass Colin’s expertise is in becoming involved make the first move with a direct in early-stage companies, working with proposition if it considers your business the management team to add value and particularly attractive. We exited the first continues: “Owners of one company I then exiting, whether via trade sale or by company that I helped to found, Datong worked with wanted to exit in order to flotation. “I always encourage the main Electronics (now AIM-listed), after a move abroad. They didn’t want to sell to a shareholders to have an exit strategy in chance introduction through a trusted larger competitor who would simply take mind when I start working with a new business contact. The sale process their contracts and close the business company,” he says. fortunately went smoothly as I was able to down, and so spent some time looking for negotiate and project-manage the deal an alternative buyer to keep the company “The first thing to do, if it is not already in with the help of a good commercial going in its own right. However, if an exit place, is create a credible management lawyer. The founders, including myself, has to be made under pressure – either team. Usually this involves at least a Chief stayed on during the earn-out period and of time or money – it may be necessary Executive Officer, Finance Director and left at the end of that term. The key factor to accept a lower price and to sell to an Sales Director. A growth company should was that we had good financial unpalatable buyer. have a Non-Executive Director who often information and an excellent team from acts as Chairman. Any prospective buyer the shop floor to the Board, which we had When considering your exit, you need to will have to work with this team and rely built up over a number of years.” be realistic about what you can expect to on them - not just the entrepreneur - to receive for your business. An experienced run the business smoothly. Even a small Negotiation is very important in achieving advisor is invaluable and can help you company should ideally have these key a successful exit – how much does a achieve the best price for your business people in place – it may be difficult to buyer want your business and how and the smoothest exit for you.” achieve and may take a little time but it is strongly do you want to sell? Colin Exit statistics • 35% generated between 1X and 5X the original investment. A report published by the National Endowment for Science, Technology and the Arts, which was • 9% provided gains of 10X or more. supported by the British Business Angels Association in 2009 brought together data from a • This 9% produced 80% of cash returned. survey of 158 UK based private investors. In terms of • The average time taken from investment to exit was exits, it found: 3.6 years. • 44% of exits provided substantial rewards leading Please contact YABA for a copy of the full report to an average multiple of 2.2 on the original sum “Siding with the Angels Research Report 2009” invested. YABA information: 01423 810149 www.yaba.org.uk Follow us on
    • Spring 2011 Newsletter of the Yorkshire Association of Business Angels 5work for you GARRY DIVER Serial entrepreneur and YABA bigger one presents a unique set of member, Garry Diver, is Chief challenges. Due diligence can be a Executive at Ultimedia Ltd, a lengthy process – taking up to nine months to complete. This removes staff software house specialising in from their daily duties, possibly to the e-learning, HR, web design and detriment of the business itself,” he says. e-commerce. Illustrating the potential pitfalls, he continues. “A deal to acquire one of my Garry started his first company in 1984, businesses had been signed off with a after 15 years in the corporate world, major multinational, and the sale date and since then has started, taken over agreed. The acquisition was also and sold a number of technology announced at a global corporate event businesses to high-profile buyers. Garry where I was a keynote speaker. After an also works with venture capital firms, unexpected change of personnel at turning around ailing companies in the senior level immediately after this, the UK and USA. company pulled out of the deal at the last minute. Despite having a withdrawal “Growing a business and guiding it to penalty in place, it was a major setback fulfil its potential is certainly exciting,” for me and my business partners. says Garry. “And, for me as an investor, a However, we picked up the pieces and successful exit is affirmation that I’ve got Garry Diver sold the company 18 months later.” it right – the investment decision, developing the company, reading the Garry’s advice to angel investors thinking chance of a good sale. Prospective market and the timing of the whole about an exit is simple – trust your buyers are investing in what they think process.” Along with his successes, instincts. “Start the exit process when your business will be doing next year or Garry also has a cautionary tale to tell. sales and income are heading up, not the year after – not what it did last year.” “Selling your small company to a much when they start to flatten – there’s moreExit strategies – the YABA Master ClassFebruary saw Mazars LLP running a necessitates having an understanding of Oliver and Rob also discussed the waysseminar for business angels about what prospective buyers are looking for and they approach finding buyers. “We can where the value of the business lies. By this carry out some targeted research to identifyexit strategies. The event was full of I mean that if you’re looking to exit a potential buyers,” says Rob. “Also, moreuseful information, tips and case business you must ensure the value is in subtly, some careful PR and/or profile-studies. the business and not in the owners,” he raising about succession planning at trade stressed. “Because if all the relationships shows can be useful.”Oliver Hoffman and Rob Burton, both part and knowledge are with the owners, andof Mazars’ Corporate Finance Team, there aren’t others within the business whopresented and discussed a range of issues For angel (usually minority) investors, Oliver can take it forward just as well, the– from preparing for sale through to what stressed the importance of ensuring that business is much less valuable.”buyers would be looking for. their plans are in line with those of the majority business owners/managers. “This Discussions followed about grooming“One of the major factors in a successful businesses for exit to ensure they reached should form part of your very earlyexit is understanding the buyer’s position,” their maximum value in any negotiations. discussions and be wrapped up in yoursaid Oliver. “The more they need your This is important for a number of reasons, legal documentation. Be upfront, otherwisebusiness, the more they will be prepared to from achieving the best price, through to as an investor you could be left in a weakpay for it. But even before you’re talking to providing potential buyers with what they position with little control over futureprospective buyers, it’s crucial that you’re want and ensuring no nasty surprises direction and exit plans.”prepared. This preparation often during the due diligence phase.Join us on YABA information: 01423 810149 www.yaba.org.uk
    • 6 Newsletter of the Yorkshire Association of Business Angels Spring 2011 I N V E S T M E N T F O RU M Festival fringe As a fringe event to the Global Pro Bio Healthcare Ltd, Manufacturing Festival, the March Daresbury investment forum was held at the AMP Pro Bio Healthcare produces premium Technology Centre in Rotherham. health supplements for IBS and other Supported by Sheffield Hallam University conditions. The company seeks £150,000 in and the University of Sheffield, it offered a exchange for equity, principally to assist packed schedule. As well as nine deeper penetration with current high street presenting companies, a student from each retailers and boosting internet and of the universities presented a pitch for overseas sales. sponsorship for their entries to the Institute www.probiohealthcare.com of Mechanical Engineers’ Formula Student ––––––––––––––––––––––––––––––––––––––––––––––––– Competition. Gel Doctor Ltd, Harrogate Presenting companies: Gel Doctor is a proven business, whose main product is a liquid gel-filled insole Colour Mobile VMS, providing comfort and support in all types Derbyshire of footwear. £100,000 investment would enable the company to implement a sales Currently the only company in the UK and marketing strategy to rapidly providing solar-powered 5 colour portable accelerate its growth. matrix signs, Colour Mobile VMS require www.geldoctor.com investment of £100,000 to expand their wider market. www.colourmobilevms.com Shapemaster Carrypeak Ltd t/as Shapemaster, Huddersfield Shapemaster’s fitness equipment is already a hit with care homes in the US. With a large target audience at which to aim its products, Carrypeak Ltd requires up to £250,000 to increase its rate of growth. www.shapemaster.co.uk Gel Doctor ––––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––––––––––––––––––––– Ethicalcommunity.com, Leeds Adjuvantix Ltd, Sheffield A portal for small ethical sellers to market Seeking £100,000 funding to further their goods, Ethicalcommunity.com is develop its range of cancer vaccines, looking for £200,000 investment to increase Adjuvantix wants to take one of its vaccines its development team and refine the through patient clinical trials and then on to shopping and selling experience, as well as a trade sale. market the service internationally. www.adjuvantix.co.uk Colour Mobile VMS www.ethicalcommunity.com ––––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––––––––––––––––––––– Trailer-Lift, Stokesley Swellaway Ltd, Sheffield Vidbo.co.uk, Derbyshire This revolutionary product combines a Swellaway’s product is an electronic Creating video marketing incorporating vehicle trailer with a built-in scissor lift, software device in the form of a flexible social networking for small local businesses allowing access to the underside of a wrap which replaces the need for traditional seeking to build their online presence, vehicle for those without access to a methods of compression treatments for £100,000 will enable Vidbo to recruit a workshop lifting bay. The product has sprain and strain injuries. £100,000 is direct sales team and expand its concept global appeal and the company requires required. across the UK. £500,000 to produce further units for sale. www.swellaway.com www.vidbo.co.uk www.trailer-lift.com Disclaimer: Investment in new business carries high risks as well as the possibility of high investments of this kind. Yorkshire Association of Business Angels (“YABA”) cannot advise on rewards and potential investors should be aware that no established market exists for the the merits or risks of investment and is not authorised to arrange transactions or circulate trading of shares in private companies. Before investing in a project about which information offer documents under the Financial Services and Markets Act 2000. YABA is an exempt is given, potential investors are strongly advised to take advice from a person, authorised body for the purposes of arranging deals in investments under statutory instrument 1201 of under the Financial Services and Markets Act 2000 (“FSMA”), who specialises in advising on 2001 as a non-profit making organisation. YABA information: 01423 810149 www.yaba.org.uk Follow us on
    • Spring 2011 Newsletter of the Yorkshire Association of Business Angels 7 C O M PA N Y U P DAT E S Gapwork Spreading the word… It was one of the earliest business angel investments, made back in 2000 when YABA was in its infancy, and more than a decade on Leeds-based Gapwork is continuing to thrive. Gapwork was formed in 1999 as an information portal for those considering a gap year – covering everything from where to go and what to do, to insurance and visas. The website attracts around l-r Rebecca Jordan and Kirsty Collinson 50,000 visitors a month and is firmly established as the ‘go-to’ site for gap year information. Large companies such as Raleigh offering a pay-as-you-go service for all teachers,” says Rebecca. International and BUNAC advertise their services and products on “This will put us in direct competition with large publishers but the site, knowing that a large audience is guaranteed. we’re confident that our material is easy to use, accessible and of a very high quality.” Since buying out their angel investors in 2004, Gapwork directors Rebecca Jordan and Kirsty Collinson have expanded their Their third website, Free Teaching Resources, contains exactly that: business into three strands through an umbrella company, PDC resources written by charities, museums and other organisations Education Ltd. that are free to download for teachers to use across the curriculum. PDC Education Ltd now employs 13 staff at its head office in Leeds As well as Gapwork, two more websites have been added to the and also commissions teachers to write the resource material. portfolio. Teaching Resources UK is the leading publisher of “Teaching Resources UK has passed the 0.5 million download resources for the personal development curriculum in the UK. mark,” says Rebecca. “With a new payment process in place via Subscribing schools can access fully-prepared lesson plans and Paypal, we’re ready to expand the service to overseas schools.” resources, including PowerPoint slides and video clips, to aid delivery of citizenship, work-related learning and personal social www.pdceducation.co.uk and health education (PSHE). “We’re operating in a niche market at www.teaching-resources-uk.com the moment but the plan is to branch out into other subject areas, www.gapwork.com Retrogenix the time and expertise provided by Neil and Mark has been invaluable. “Of course the investment was needed, but what’s been particularly valuable are the Flexibility pays off… skills and experience Mark and Neil have brought to the company. Jo and I are Having secured angel investment in scientists and it’s been great to have a the summer of 2009, Retrogenix wider range of skills, knowledge and has developed its cell microarray experience to draw on.” technology and is working with its The Retrogenix business model has first customers. changed somewhat over the past 18 months, from targeting solely companies Three angel investors, including Mark producing small molecule drugs to those Woodward and Neil Ewin, invested involved in antibody drug production. l-r Mark Woodward, Jim Freeth, Phil Whaley £150,000 in the company after initially Says Neil: “There was a significant (Grant Thornton), Jo Soden, Neil Ewin seeing a presentation about its appetite for the technology in the technology at Venturefest. The technology antibody drug market. We set off in one on collaborative projects, which are pilot, provides drug companies with a means direction but after we’d done some in- or proof of concept, projects. “Once to quickly and comprehensively depth market research, realised that we these projects are complete and we have determine the full range of activities of needed to alter that direction, which successful data, these companies have drug molecules, saving time and money meant adapting both the business plan indicated they’d like to enter into a longer in the lengthy drug development process. and how the technology was being term arrangement,” says Jim. “They will developed.” also provide us with data which we can Directors Dr Jim Freeth and Jo Soden are use for marketing to a number of other behind the development of the This flexibility has paid off. Retrogenix is companies, so this really is a pivotal time technology at Retrogenix. Jim says that currently working with three companies for the business.”Join us on YABA information: 01423 810149 www.yaba.org.uk
    • 8 Newsletter of the Yorkshire Association of Business Angels Spring 2011 Diary dates New faces YABA runs a full and varied events The YABA associate membership continues to calendar each year – if you’re interested in attending any of these events, please grow – our most recent recruits are: contact us on 01423 810149, or email our Communications and Events Grant Thornton Manager, Charlotte Atkinson at www.grant-thornton.co.uk charlotte@yaba.org.uk Withers & Rogers www.withersrogers.com 10 May 21 June Investment forum Angel members’ Location: York social lunch Irwin Mitchell www.irwinmitchell.com Time: 5.00pm Location: tbc Hosted by The Time: tbc Company of Merchant Atkinsons Consulting Adventurers of the 12 July www.finance-mix.com City of York Investment forum Location: Leeds University of Hull 17 May Time: 5.45pm Woodend Creative Workspace Angel seminar Hosted by Shine www.hull.ac.uk/cel Location: Leeds Business Centre, Time: 10.30am Harehills Sagars Hosted by Sagars LLP www.sagars.co.uk Master classes will 14 June resume in the autumn The Royal Bank of Scotland Investment forum in South Yorkshire. www.rbs.co.uk Location: Leeds Time: 5.45pm We regularly update Yorkshire Bank Hosted by Grant our events online. www.ybonline.co.uk Thornton Go to www.yaba.org.uk to find out more. EIS Seminar Sagars LLP, Leeds Following the Chancellor’s budget 10.30am – 1.30pm announcements, YABA will be holding a seminar to discuss the members only and will be held recent changes to the Enterprise at Sagars LLP in Leeds on 17 Investment Scheme and how May. For further details please these will affect business angel contact Charlotte Atkinson on investors. The event is open to 01423 810149 or email current and prospective angel charlotte@yaba.org.uk www.twitter.com/yaba1995 Copy: Campus PR Contact us Yorkshire Association Barbara Greaves, www.campuspr.co.uk If you want to know of Business Angels Charlotte Atkinson Tel: 0113 258 9880 more about YABA 1 Hornbeam House or Jordana Beattie Members of: Design: Spiral www.spiralcom.co.uk or come to an Hornbeam Park T: 01423 810149 Tel: 0113 205 1400 investment forum, Hookstone Road E: admin@yaba.org.uk Photos: Simon x2 Photography please get in touch. Harrogate HG2 8QT W: www.yaba.org.uk www.simonandsimonphoto.co.uk Tel: 01937 844442 YABA information: 01423 810149 www.yaba.org.uk