finance in dorset 2017 - first session

Finance in DorsetJames 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

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• Follow us on twitter @pkfFrancisClark

• Tweet about this event using #FCFinanceinDorset

Twitter


PKF Francis Clark

PKF Francis Clark offices

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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

https://www.gov.uk/business-finance-support-finder




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 ExecutiveDorset 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 89Small (10 To 49) 2,900 9.2 20,865 9.2Medium (50 To 249) 450 1.4 3,305 1.5Large (250+) 95 0.3 740 0.3Total 31,400 - 226,570 -

Micro (0 To 9) 31,205 84.4 224,635 84Small (10 To 49) 4,775 12.9 35,385 13.2Medium (50 To 249) 875 2.4 6,565 2.5Large (250+) 105 0.3 870 0.3Total 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+ TotalUnited Kingdom 1,985,220 292,260 148,815 78,635 25,485 14,405 9,690 2,554,510Great Britain 1,931,755 284,110 144,775 76,450 24,820 14,015 9,490 2,485,415England 1,727,710 248,240 126,915 67,580 22,110 12,600 8,500 2,213,655South West 174,180 27,485 13,630 7,235 2,155 1,150 740 226,575Bournemouth 4,820 735 390 235 65 35 25 6,305Poole 4,635 725 360 180 70 45 20 6,035Dorset 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. TotalUK 77.71% 1,985,220 2,554,510Bournemouth and Poole 76.62% 9,455 12,340Dorset unitary 76.47% 14,575 19,060Total 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. TotalUK 89.15% 2,277,480 2,554,510Bournemouth and Poole 88.45% 10,915 12,340Dorset unitary 76.50% 17,040 19,060Total 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. TotalUK 0.38% 9,690 2,554,510Bournemouth and Poole 0.36% 45 12,340Dorset unitary 0.24% 45 19,060Total Dorset 0.29% 90 31,400

Earnings

• Earnings generally in line with South West but lower than UK

• Combine with high housing costs = challenge

Gross weekly pay Dorset (£) South West (£) Great Britain (£)Full time 504.0 505.0 540.2Male full time 557.6 550.2 580.6Female full time 445.8 441.2 480.6

Source: ONS annual survey of hours and earnings - workplace analysis

Banks and lending – an OverviewMatt 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 BoldSteve Kilby, Business Development Manager, Invoice FinancePeter Birch, Relationship Manager, Invoice Finance

Commercial & Residential Mortgages

Founded by CEO Phillip Monks with backing from AnaCap Financial Partners LLPMay 2009Successfully floated on the London Stock ExchangeMarch 2015

Total Customer Lending

£6.1bn

Customer Deposits

£5bn

Number of Aldermore Clients

195,000

Working Capital Finance £1bn+

Confidential Invoice DiscountingFactoringConstruction FinanceTrade FinanceBad Debt Protection

Asset Finance£893mHire PurchaseLease FinanceRefinance

SavingsWide product rangeMarket 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

Confidential Invoice 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

Confidential Invoice Discounting Facility who is moving from Factoring to Confidential Invoice Discounting.

Sales

Overdraft

Invoice Finance

Overdraft Vs. Invoice Finance

Meet the Team

Stuart Baty – Head of Business DevelopmentEmail: [email protected]: 07917 520483

Steve Kilby – Business Development ManagerEmail: [email protected]: 07867 341088

Mark Leonard – Head of Relationship ManagementEmail: [email protected]: 07880 033156

Pete Birch – Relationship ManagerEmail: [email protected]: 07939 469606

mailto:[email protected]




Thanks for your time

www.seedrs.com

Equity Crowdfunding

• Chris Rea – Senior Campaigns Associate• @ChrisRea28•

17th January 2017

What are the different types of

crowdfunding?

Types of crowdfunding

RewardsMoney in exchange for perks

Backers

Altruistic

Best for creative products and to pre-sell products



DebtMoney in exchange for interest yielding returns

Best for businesses with a track record of revenues

Backers Lenders

Altruistic Lower Risk




DebtMoney in exchange for interest yielding returns

EquityMoney 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?

SME

Reve

nue

Pre-seed Seed Early-Stage Growth Expansion Maturity

SME Development Stage

Friends and Family

Rewards-Based Crowdfunding

SME

Reve

nue



Friends and Family


Business AngelsSME

Reve

nue



Accelerator

Friends and Family


Business Angels

Venture Capital

SME

Reve

nue



Accelerator

Friends and Family


Business Angels

Venture Capital

Debt (P2P and Banks)

SME

Reve

nue



Accelerator

Friends and Family


Business Angels

Venture Capital

Private Equity

IPO


SME

Reve

nue



Accelerator

Friends and Family


Equity Crowdfunding

Business Angels

Venture Capital

Private Equity

IPO


SME

Reve

nue



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 £2.5mfrom hundreds of crowd

investors = £10m

+£2.5m £1.8mfrom hundreds of crowd

investors = £4.3m

Unrepresented Seedrs nominee represented

One legal shareholder

6 reasons why your business should raise financing through equity crowdfunding

#1 Money

#2 Validation

#3 Efficiency

#4 Speed

#5 Engagement and added value

#6 Marketing

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 FawcettAngels 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

What is a Business Angel?

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

[email protected]@FocusedForBusiness.com

@HattyFawcett

Grants - overviewRichard 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)

https://dorsetlep.s3.amazonaws.com/Documents/DorsetESIFStrategy_2016.pdf




.

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

http://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.

Infrastructure?


.

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

http://www.francisclark.co.uk/news-views/blog/

http://www.francisclark.co.uk/news-views/blog/

Nick Gregory

Dorset Growth Hub - how can we help with access to finance?

Nick GregoryInvestment SpecialistDorset 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

Funding choices

Alternative Finance

Market Share

Alternative Funding

Some recent examples

Alternative Finance Post Brexit

General Economic Optimism

Mike SlaughterFinance 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 customers2. 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.

[email protected]

Finance DorsetJames Robinson, Partner 2 March 2017

Break (25 mins)Session 2 start time 10.25am

• MacAlister Suite

(< 2 years trading)

• Balfour Suite (here)

(Established businesses)

(c) copyright PKF Francis Clark, 2017

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