Finance in Dorset 2017 - First Session

Finance in Dorset
James Robinson, Partner 2 March 2017

pkf-francisclark.co.uk
Organised by chartered
accountants and business
advisers PKF Francis Clark
With more than a dozen sources
of grant, debt and equity funding;
and business support agencies
First of what will hopefully
become an annual event
• Finance in the South West (5th year)
• Finance in Cornwall (10th year)
‘Speed dating with funders’ event

Administration
Admin
Timekeeping
Format

• Follow us on twitter @pkfFrancisClark
• Tweet about this event using #FCFinanceinDorset
Twitter

PKF Francis Clark
PKF Francis Clark offices

Overview/ Background
• “Finance and support for your business” (506 schemes)
• https://www.gov.uk/business-finance-support-finder
• ICAEW identified 362 lending institutions in the UK
• Opportunities covered by presentations that follow
• Mainstream banks
• Debt alternatives
• Equity sources
• Grant funding
• Tax reliefs
• “from Start Up Loans to a public listing and lots in between”
Different
requirements

Presentations
And more… (24 presentations in total, covering “full range” of funding and business support options)

Structure of morning
• Background, Equity, Debt and Business Support (8.30am to 10am)
• Dorset Chamber
• Banks: an overview
• Equity and Grants
• Growth Hub
• Coffee Break (10am to 10.25am)
• Funding, Business Support, Investment Ready and SME
perspective (10.25am to 12noon)
• Start Up (trading for < 2 years)
• or Established Business
• Lunch and Networking (12noon to 1pm)

Ian Girling
Chief Executive
Dorset Chamber of
Commerce and Industry

Issues for business
• Business confidence remained fairly strong
• Threat from competition is high concern
• House prices increasing problem
• Many firms experiencing recruitment
challenges – particularly for professional/
managerial positions

Business stock in Dorset
• Includes businesses not registered for VAT/ PAYE
• Also includes local sites
• Highlights predominance of small businesses
Dorset Dorset South West South West
(Numbers) (%) (Numbers) (%)
Micro (0 To 9) 27,955 89 201,670 89
Small (10 To 49) 2,900 9.2 20,865 9.2
Medium (50 To 249) 450 1.4 3,305 1.5
Large (250+) 95 0.3 740 0.3
Total 31,400 - 226,570 -
Micro (0 To 9) 31,205 84.4 224,635 84
Small (10 To 49) 4,775 12.9 35,385 13.2
Medium (50 To 249) 875 2.4 6,565 2.5
Large (250+) 105 0.3 870 0.3
Total 36,955 - 267,460 -
Enterprises
Local Units
Source: Inter Departmental Business Register (ONS)

Businesses registered for PAYE and VAT
Source: Office for National Statistics, Inter-Departmental Business Register, 04.10.16
0-4 05-9 10-19 20-49 50-99 100-249 250+ Total
UnitedKingdom 1,985,220 292,260 148,815 78,635 25,485 14,405 9,690 2,554,510
GreatBritain 1,931,755 284,110 144,775 76,450 24,820 14,015 9,490 2,485,415
England 1,727,710 248,240 126,915 67,580 22,110 12,600 8,500 2,213,655
SouthWest 174,180 27,485 13,630 7,235 2,155 1,150 740 226,575
Bournemouth 4,820 735 390 235 65 35 25 6,305
Poole 4,635 725 360 180 70 45 20 6,035
Dorset 14,575 2,465 1,135 600 170 70 45 19,060

• Majority of businesses in UK are under 5
• Total of 31,400 businesses in Dorset
• Actually lower than national average (over 1%)
Businesses under 5 % No. Total
UK 77.71% 1,985,220 2,554,510
Bournemouth and Poole 76.62% 9,455 12,340
Dorset unitary 76.47% 14,575 19,060
Total Dorset 76.53% 24,030 31,400

• Considerably less businesses in 5-9 bracket
• Noticeably less in Dorset unitary authority
• Dorset in-line with national picture
Business under 10 % No. Total
UK 89.15% 2,277,480 2,554,510
Bournemouth and Poole 88.45% 10,915 12,340
Dorset unitary 76.50% 17,040 19,060
Total Dorset 89.40% 27,955 31,400

• No. of Businesses over 250 low
• Bournemouth and Poole in line with national picture
• Dorset unitary of low as is total Dorset
• Same no. of over 250 in urban and rural
Business over 250 % No. Total
UK 0.38% 9,690 2,554,510
Bournemouth and Poole 0.36% 45 12,340
Dorset unitary 0.24% 45 19,060
Total Dorset 0.29% 90 31,400

Earnings
• Earnings generally in line with South West but lower than
UK
• Combine with high housing costs = challenge
Grossweekly pay Dorset(£) SouthWest(£) GreatBritain(£)
Full time 504.0 505.0 540.2
Male full time 557.6 550.2 580.6
Female full time 445.8 441.2 480.6
Source: ONS annual survey of hours and earnings - workplace analysis

Banks and lending – an Overview
Matt Willmott
Corporate Finance Senior Associate March 2017

.
Indirect impact significant in several ways:
 Measures driven by B of E to increase lending
(Term Funding Scheme, QE)
 Bank assessment of risk and business mitigation
(e.g. certain sectors more exposed than others, 15-20% adverse
exchange rates for imports, impact of inflation, general economic
outlook)
 First change in base rate in 7 years
SME Lending & ‘Brexit’

“BOE to cut interest rates to lowest
level in 323-year history”

Approval rates Q3 2016:
• Smaller businesses
 Loans 80%
 Overdrafts 77%
• Medium businesses:
 Loans 89%
 Overdrafts 97%
https://www.bba.org.uk/news/statistics/sme-statistics/
Bank Lending appetite
Applications Q3 2016:
• Loan 31,596;
• O/draft 43,047
• Banks still keen with ‘enthusiasm unchanged’

.
• Low rates (including margin) still available and more banks
actively discussing fixed rates
• Significant variation in approach/process:
 Relationship focused
 Can take time but some trying to streamline for small business
to compete
• Leverage 2.5 - 3X EBITDA upper end for SMEs
• Increasing flexibility in face of a competitive market
Bank Lending – recent experiences

.
• ‘Ring Fencing’ of smaller business
side of banks
• Real time information / cloud
accounting (bank access?)
• ‘Referral’ scheme for unsuccessful
applications
Bank Lending – what’s coming?

Lending Alternatives - what is
appropriate for the situation?
Lending
Alternatives
P2P
Bonds
Export
finance
Mezzanine
Asset
based
(plant &
machinery,
invoices,
stock)
Supplier
finance

.
A well considered proposal will give you a range of benefits:
 Reduces the overall time and cost (rates and fees)
 Can eliminate the need for Due Diligence
 Improved perception of management
 Strengthens business case / allows due consideration
 Easier to market test with other Lenders
Bank Lending – being prepared

.
• Track record
• Cash generation
• Serviceability & Headroom
• Security / Personal Guarantees
• Financial Covenants - don’t forget to project forward
against forecasts/ budget (20%+headroom)
Debt Considerations

.
• Banks are keen and ‘open for business’ in wake of
Brexit referendum
• But make them keen for your business by being
properly prepared
• Options for lending wider now than ever before
allowing business to choose the most appropriate
partner for their needs
Summary

Introduction to Aldermore Bank Banking For The Bold
Steve Kilby, Business Development Manager, Invoice Finance
Peter Birch, Relationship Manager, Invoice Finance

Commercial &
Residential
Mortgages
Founded by CEO Phillip
Monks with backing from
AnaCap Financial Partners
LLP
May 2009
Successfully floated on the
London Stock Exchange
March 2015
Total Customer
Lending
£6.1bn
Customer
Deposits
£5bn
Number of
Aldermore
Clients
195,000
Working Capital Finance
£1bn+
Confidential Invoice Discounting
Factoring
Construction Finance
Trade Finance
Bad Debt Protection
Asset
Finance
£893m
Hire Purchase
Lease Finance
Refinance
Savings
Wide product
range
Market
Leading Rates
FTSE 250
June
2015

Savings.
Raising retail deposits to provide
liquidity for the bank
A wide range of products, with
some market leading rates
Invoice
Finance.
Providing working capital finance
to SME businesses
Core products are Factoring
& Invoice Discounting with
specialist Construction Finance
and Trade Finance
Asset
Finance.
Providing finance for
equipment/fixed asset purchases
Core products are
HP & Leasing
Commercial
Mortgages.
Providing finance and refinance
for commercial property owners
Funding owner-occupied &
commercial investment
properties
Residential
Mortgages.
Providing finance & refinance
for UK homeowners
Funding owner-occupied and
Buy-To-Let properties
Aldermore’s Solutions

FACILITY TYPE
Info Factoring Invoice Discounting
Confidential Invoice
Discounting
Description
A flexible funding and
collections service: we act
as your client’s credit
department and chase
payments, freeing them up
to focus on their business
If your client still wants to
retain their credit control
function, invoice
discounting allows them to
manage their sales ledger.
However your client’s
customers will be made
aware that they are
making payment directly
to a third party
An invoice finance facility
set up in a way so that
your client’s customers are
not aware an invoice
finance facility is being
used
Value of invoices paid 90% 90% 90%
Credit control undertaken
Typical business size
Start up and small
business
Small business, SME SME, mid-corporates
Client’s customers aware
Releases more cash than
an overdraft
Quick guide to Invoice Finance Solutions

Info Inventory Plant & Machinery Property
Description
Inventory held by businesses
can be leveraged to provide a
revolving facility for working
capital or growth plans
Plant and machinery can be
leveraged to provide up to a 3
year term loan
Commercial property can be
leveraged to provide up to a 5
year term loan
Who can we
help?
Established businesses with a
suitable credit rating
Funding Level 60% NOLV 60% of market value 60% of market value
Typical business
size
Medium sized businesses Medium sized businesses Medium sized businesses
Loan size £250k+ £100k+ £250k+
Other key
criteria
- Ready realisable stock
- Stock subject to ROT
disallowed
- Must be in addition to a
invoice finance facility and
to equate to 50% or more
of total facility
- Must be in addition to an
invoice finance facility
- Market value assuming vacant
possession and a restricted
marketing period of 180 days
- Must be in addition to an
invoice finance facility
Quick guide to Asset Based Lending solutions

Info Construction Finance Trade Finance
Trade Finance with
Invoice Finance
Description
Fast access to working capital
advanced against your
client’s uncertified
applications for payment or
staged invoices
A facility to fund the purchase
of non-perishable goods from
UK or overseas suppliers on
behalf of your clients
A facility to fund the purchase of
finished goods from UK or
overseas suppliers to fulfil
specified customer orders
Who can we
help?
New or established
businesses in the
construction sector
New or established businesses in
need of working capital
Credit control
undertaken
Optional N/A Optional
Typical business
size
Start up, small and medium
sized businesses
Small and medium sized
businesses
Start up, small and medium sized
businesses
Client’s
customers
aware
N/A
Other criteria
- Any financially viable
business type
- Principles are UK
homeowners with equity
required to support personal
guarantees
- Limited companies
- Principles are UK
homeowners with equity
required to support personal
guarantees
- Confirmed customer purchase
orders
- Limited companies
- Principles are UK homeowners
with equity required to support
personal guarantees
Quick guide to Specialist Finance solutions

Manufacturers
Distributors
Business Services
Transport and logistics
Wholesalers
Recruitment firms
Construction contractor sector
Start-up finance
Expansion
Acquisition
MBO & MBI
Re-finance
Distressed and leveraged
Turnarounds
33
Supporting UK Businesses

Why work with Aldermore IF and ABL?
Appetite
Facility Size £100k - £10m
Facility Type Invoice Finance & Asset Based Lending
Flexibility
Structured and seasonal overpayments built into
structure where required.
Turnaround time from 5 working days from 1st visit
Deal Type
Refinance, Growth, Turnaround & Recovery, MBO, MBI,
Acquisition

Based in Newbury
IT Consultancy
£1.4million funding line
Confidential Invoice Finance
Facility to support long term
growth.
Aldermore case studies
Based in Harlow
Chocolate manufacturer and wholesaler
£150K and £350K funding lines
Discounting Finance Facility
providing for two companies in
business group.
Based in Essex
Soil testing and investigatory business
£400k FRL
Invoice Finance facility to fund
a business whose existing
lender would not increase the
facility limit.
Based in Hounslow
Recruitment
£1.0million funding line
Discounting Facility who is
moving from Factoring to
Discounting.

Jan
Feb
M
arch
A
pril
M
ay
June
July
A
ug
S
ept
O
ct
N
ov
D
ec
Sales
Overdraft
Invoice Finance
Overdraft Vs. Invoice Finance

Meet the Team
Stuart Baty – Head of Business Development
Email: stuart.baty@aldermore.co.uk
Mobile: 07917 520483
Steve Kilby – Business Development Manager
Email: steve.kilby@aldermore.co.uk
Mobile: 07867 341088
Mark Leonard – Head of Relationship Management
Email: mark.leonard@aldermore.co.uk
Mobile: 07880 033156
Pete Birch – Relationship Manager
Email: peter.birch@aldermore.co.uk
Mobile: 07939 469606

www.seedrs.com
Equity Crowdfunding
Chris Rea – Senior Campaigns Associate
@ChrisRea28
17th January 2017

What are the different types
of crowdfunding?

Types of crowdfunding
Rewards
Money in exchange for perks
Backers
Altruistic
Best for creative products
and to pre-sell products

Rewards
Debt
Money in exchange for
interest yielding returns
Best for businesses with a
track record of revenues
Backers Lenders
Altruistic Lower Risk

Rewards
Debt
Money in exchange for
interest yielding returns
Equity
Money in exchange for shares
Best for businesses with a
track record of revenues
Best for growth-focused
companies in areas where
there’s potential for return
Backers Lenders Investors
Altruistic Lower Risk High Risk

Is my business ready for
equity crowdfunding?

SMERevenue
Pre-seed Seed Early-Stage Growth Expansion Maturity
SME Development Stage

Friends and Family
Rewards-Based Crowdfunding
SMERevenue

Friends and Family
Business Angels
SMERevenue
Accelerator

Friends and Family
Business Angels
Venture Capital
SMERevenue
Accelerator

Friends and Family
Business Angels
Venture Capital
Debt (P2P and Banks)
SMERevenue
Accelerator

Friends and Family
Business Angels
Venture Capital
Private Equity
IPO
SMERevenue
Accelerator

Friends and Family
Equity Crowdfunding
Business Angels
Venture Capital
Private Equity
IPO
SMERevenue

Why should your business
consider raising finance
through equity crowdfunding?

But first,
let’s dispel one misconception…

…It’s not crowdfund OR raise from
Angels/VCs
But first,
let’s dispel one misconception…

Co-Investment Examples
+
£7.5m £2.5m
from hundreds of crowd investors
= £10m
+
£2.5m £1.8m
from hundreds of crowd investors
= £4.3m

Unrepresented Seedrs nominee represented
One legal shareholder

6 reasons why your business
should raise financing through
equity crowdfunding

Things to get sorted before
you start equity crowdfunding

1) Do you have your team in place?

2) Have you done everything that you can do
without money?

3) Do you have a marketing strategy in place to
promote your campaign to investors?

4) Have you talked to your own network to
assess their willingness to invest?

5) Will you be able to create an awesome video
to support your campaign?

www.seedrs.com
Thank you
@ChrisRea28

Business Angels:
Could they be your stairway to heaven?
Hatty Fawcett
Angels Den
Focused For Business

What we’ll cover
• What is a business angel
• When is the right time to go for angel investment
• Pros and cons of business angels
• What you'll need to approach angel investors
• What help is available in accessing angel
investment

At what stage of business do
Business Angels get involved?
From paper plan… To MVP…
To competent team…
And funding!

Pros & cons of Business Angels
• Good for businesses
that have “proof of
concept”/MVP
• Angels bring skills and
contacts, not just cash
• Provide mentoring and
support
• Can be quick
• You will need “traction”
& usually revenues
• Angels don’t advertise
• You will need to have a
clear “exit”
Pros Cons

What you’ll need to approach
Business Angels
• Annual accounts
• Business plan
• Forecast
• Exec Summary
• Investor presentation or pitch deck

Help in finding Business Angels
Angels Den speed pitching
Angels Den funding clinic

Hatty@AngelsDen.com
Hatty@FocusedForBusiness.com
@HattyFawcett

Grants - overview
Richard Wadman

.
European Programme 2014 - 2020
• Funding aligned to the European Structural &
Investment Funds (“ESIF”) Strategy
https://dorsetlep.s3.amazonaws.com/Documents/DorsetESIFStrategy_2016.pdf
• £471m allocated to Dorset
• Administered via around “Calls”
• Brexit.. Then,11 “Calls” across the SW on 16
December
• most of which had a response date of 17 February 2017
• “Revolving door” (https://www.gov.uk/european-structural-investment-
funds?keywords=dorset)

.
Rural businesses (and food producers)
• Good news!
• “Rural” – defined by “Magic Map”
• Size, location, activity.. (Flowcharts in pack)
• Two schemes: RDPE/ EAFRD and LEADER

.
RDPE Growth Programme
• £120m - rural jobs, increasing growth and productivity
• Three themes:
1. Business Development (including Farm Diversification).
2. Food Processing (includes drinks).
3. Rural Tourism Infrastructure
• Mantra “Growth + Jobs + Rural”
• Lesser of 40% of cap ex OR £30k/ job created

.
LEADER
• Local Action Groups (LAGs)
• Rural businesses, communities,
farmers, foresters and land
managers.
• Cross over with RDPE eg farm
diversification, rural tourism BUT at
lower thresholds (£5k to £140k)
• Each LAG has a project co-
ordinator
• www.dorsetleader.org.uk

.
European Maritime Fisheries Fund
• Investment in fishing vessels, portside infrastructure
and aquaculture
• Sustainability, health & safety, innovation and adding
value rather than capacity
• 50% grant rate
• Projects to 2018 – dependent upon Brexit
• https://www.gov.uk/guidance/european-maritime-and-
fisheries-fund-emff-before-you-apply

.
Growth Deal 3
• Dorset LEP area allocation announced 23
February of £19.46m for:
• Work to increase international investment in and business at
Orthopaedic Research Institute at Bournemouth University
• Match funding for key capital enhancements to Dorset tourist
attractions, boosting productivity by increasing visitor numbers,
stay and spend
• Wallisdown Connectivity, a significant upgrade to the major
Bournemouth-Poole commuter road
• Transforming the Lansdowne area of Bournemouth into a major
new business district through a package of infrastructure and
urban realm improvements
• Gillingham Access to Growth - transport infrastructure
improvements to unlock housing and employment developments
• Holes Bay, enabling the release of a major housing site in Poole,
delivering up to 1,350 new homes.
I
n
f
r
a
s
t
r
u
c
t
u
r
e
?

.
The Carbon Trust Green Business Fund
• Greener businesses
• Energy surveys and workshops
• Procurement support - energy efficient lighting, heating
or refrigeration equipment
• Grant of £10,000
• Until 2019 OR when funds run out
• https://www.carbontrust.com/client-
services/programmes/green-business-fund/

.
SWMAS – Local Manufacturing Advisory Programme
• Range of tailored business support
• Capital grant of £2,000
• https://www.swmas.co.uk/business-support/local-
manufacturing-advisory-programme

.
Innovation / R&D
Innovate UK:
• Sector specific and open rounds
• www.gov.uk/government/organisations/innovate-uk
Horizon 2020 – SME Scheme:
• Similar to the Old SMART scheme
• http://ec.europa.eu/easme/en/sme-instrument-
factsheets
R&D Tax Credits

.
Keeping up to date
• http://www.francisclark.co.uk/news-views/blog/
• Grants and Funding Update – newsletter
• Finance in Dorset factsheet
• Dorset Growth Hub

Dorset Growth Hub - how can we
help with access to finance?
Nick Gregory
Investment Specialist
Dorset Growth Hub
Bournemouth, 2nd March 2017

Recent developments
• The Growth Hub has been running now for 3 years
during which time we have engaged with upwards of
1300 businesses
• Arranged over 1million pounds in matched grant
funding which has led to the creation of over 200 jobs
• Very recently the Growth Hub has won a large ESIF
contract valued at £6,74 million to work with Partners
and deliver business support throughout the county
• We will launch officially on 10th and 11th May
• Growth Deal Dorset has won £19 million but is mostly
earmarked for infrastructure at this stage

Access to finance -
the issues
• Access to finance is acknowledged to be a barrier to
business growth and the existence of a “funding gap” is a
measure of the problem however estimates are so disparate
i.e. between hundreds of millions and 39 billion it is hard to
assess
• However a recent Nesta report estimated that 80%
businesses are happy with the current situation and are
happy non borrowers or to use Stuart Fraser’s research on
discouraged borrowers
• BEIS have set up an access to finance committee, which first
reported 25th October 2016
• The effect of Brexit will depend on various factors

Alternative Finance
Post Brexit

Mike Slaughter
Finance Advisor

GetSet For Growth: Bournemouth,
Christchurch and Poole
Building a successful business is about putting in the hours, finding more
profitable customers, accessing growth finance, taking risks, hiring great people
and keeping a close eye on the money. We know, we’ve been there!
GetSet for Growth is tailored specifically for growing businesses.
• Specialist service offering marketing & finance expertise to help ambitious
businesses overcome the two key barriers to growth:
1. Finding customers
2. Accessing finance
• Flexible range of support: workshops and 1:1 coaching
www.getsetforgrowth.com

Outset Start-Up: Bournemouth, Christchurch
and Poole
• Outset delivers pre start-up and start-up support to create feasible and sustainable
businesses.
• The programme: Outset Feasibility Workshop, Business Start-Up Workshops, Outset
Online, one-to-one coaching, access to finance and other funding.
info@outsetbournemouth.co.uk

Finance Dorset
James Robinson, Partner 2 March 2017

Break (25 mins)
Session 2 start time 10.25am
• MacAlister Suite
(< 2 years trading)
• Balfour Suite (here)
(Established businesses)

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Finance in Dorset 2017 - First Session

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