Finance in Cornwall - April 2018 (Full Presentation)

1
Richard Wadman, Corporate Finance Director
Finance in Cornwall 2018

Housekeeping
Slide Share
Questions to presenters in networking sessions

www.website.com
Twitter
• Follow us on Twitter @pkfFrancisClark
• Tweet about this event using:
#FCFinanceCornwall

pkf-francisclark.co.uk
PKF International
• consists of over 400 offices, operating in 150
countries across five regions.
• specialise in providing high quality audit,
accounting, tax, and business advisory solutions
to international and domestic organisations in all
our markets.

5
Finance in Cornwall – why?
• Range of options
• https://www.gov.uk/business-finance-support-
finder (153 “schemes of type Finance, Equity,
Grant or Loan”)
• ICAEW identified 362 lending institutions in
the UK
• Interest and awareness
• “Crowdfunding” the most Googled business
funding term in 2017
• British Business Bank report (20/2/18)
• P2P business lending up 51%
• Equity deals up: Value (79%) and number
(12%)
• Bank Referral Scheme
• Knowledge is key (Understand
funding options and funders
requirements)
• Mainstream banks
• Debt alternatives
• Equity sources
• Grant funding
• Tax reliefs
http://smallbusiness.co.uk/smes-unable-access-funding-2542893/
Findings of research carried out by Liberis

Presenters
And more… (22 presentations in total, covering “full
range” of funding and business support options)

Warning mechanisms
One minute to go

Structure of the morning
• Introduction and overview. RDI, the
future and now (8.30am to 9.55am)
• Coffee Break (9.55am to 10.20am)
• Meet the alternative Funders; Grants
and Business Support; Start Up,
Established and Growing (10.20 am to 1pm; with
10 minute breaks at 11:05am and 12 noon. NOT Coffee breaks!)
• Lunch and Networking (1pm to 2pm)
(Then 2pm – Start Up Cornwall event)

Mark Duddridge
Chair, CIoS LEP

www.british-business-bank.co.uk
@britishbbank
An Introduction to the
British Business Bank
Mark Hambly
Director, Regional Funding

@britishbbank
About the British Business Bank
11
The UK’s economic development bank
An independent plc since Nov 2014
UK government is 100% shareholder
Working with 100+ partners delivering
£10bn of finance to 60,000 businesses
This helps UK businesses,
especially SMEs, to thrive and
prosper, growing the UK economy
We improve finance markets for
smaller businesses, so they work
more effectively and dynamically

@britishbbank
12
Why support smaller businesses (SMEs)?
99.9%
of UK
businesses
5.5m
UK SMEs
15.6m
Employees in
UK SMEs
60% of UK
private
sector
employment
47% of UK
private
sector
turnover
3rd out of 14 countries for proportion of start-ups in
business population (OECD)
13th out of 14 countries for proportion of start-ups
that grow to 20 + employees in 3yrs (OECD)

@britishbbank
13
British Business Bank objectives and impact

@britishbbank
14
British Business Bank programmes
START UP
Mentoring and funds to
‘be your own boss’
STAY AHEAD
More funding options and
choice of provider
SCALE UP
Funds for high growth
potential businesses
Start Up Loans Angel CoFund
Venture Capital
Solutions
Help to Grow
Programme
Investment
Programme
ENABLE
Programmes
Enterprise Finance
Guarantee
Sharing of SME data with Credit Reference Agencies
RESULTING IN INCREASED BUSINESS INVESTMENT, GROWTH AND JOBS
Enterprise
Capital Funds
Designated Banks and Finance Platforms Referrals scheme
Regional programmes: NPIF, MEIF and CIoSIF

@britishbbank
Rationale for geographically-based activity
15

@britishbbank
16
Major sub-national SME debt and equity funds
£145m+
North East
Fund
£250m+
Midlands Engine
Investment Fund
£40m+
Cornwall & Isles of Scilly
Investment Fund
£400m+
Northern Powerhouse
Investment Fund

@britishbbank
BBB Activity in Cornwall & Isles of Scilly
Source: British Business Bank MI: April 2018
£5m
Value of Start Up Loans
since 2012
£11.7m
Current finance to SMEs
through BBB national
programmes
(excluding Start Up Loans)
503
Number of SMEs currently
supported through BBB
national programmes
(excluding Start Up Loans)
624
Number of Start Up
Loans since 2012

@britishbbank
18
The Business Finance Guide
• Written by experts as an
easy-to-understand guide to
finance options at each stage
of business life cycle
• Wide range of supporters
• Accessed by over one million
businesses through direct
marketing and partners
• Re-launched in June 2016
with enhanced digital content
• www.thebusinessfinance
guide.co.uk

Funding market
Silicon Valley invests £1.1bn in British tech (up 47%)
62% overall increase in overseas investment in UK Companies in 2017
Pennington Manches 17 April 2018
UK venture capital funding at almost $17bn in 2017, the second highest year of the decade.
KPMG 16 Jan 2018
Equity investment (up 79% in 2017), asset finance (up 12%) and peer-to-peer business
lending (up 51%) used by smaller businesses all showed significant growth in 2017, while
net bank lending remained relatively flat.
South West hotel market reached a total of £399 million across 46 transactions in 2017,
60% above 2016
Savills 23 January 2018
Cornwall & Isles of Scilly Investment Fund

Funding options
Equity Debt Grants
Crowdfunding

Understand
your
requirements
Understand
funding
options and
funders
requirements
Selecting the right funding: Selection
• Appropriate for
purpose
• Tailor the pitch
• Communicate the
proposition clearly
• Build the relationship

Selecting the right funding: Requirements and preparation
Equity Debt Grants

Preparation: General
• Market & current
operations
• Proof of market
• Future strategy
• Communicates “business
case” and purpose of
funding
• Professional and tailored
• Especially important for
start-ups
Business plan
• Licences
• Leases
• Contracts
• Intellectual property -
ownership?
• Tax – CT, VAT, PAYE/NI
• Statutory + management
accounts & other records
“Housekeeping”
• Realistic and credible
 Evidenced
• Add up
 Underpin business case
 Overlay proposed
funding
• “Integrated” (Balance
sheet & Cash flow)
 Cash headroom
 Sensitivities – Negative
& Positive
Projections

Josie Gough
Regional Manager –South West

Activity Discovery & Research Innovation Commercialisation
TRL Description Basic
principles
observed and
reported
Concept or
application
formulated
Experimental
proof of
concept
Concept or
process
validated in
laboratory
System or
component
validated in
relevant
environment
System model
or
demonstrator
in relevant
environment
System
prototyping
demonstrator
in operational
environment
Actual System
completed
and qualified
test & demo
operational
environment
Actual system
mission
proven in
successful
mission
operationsSource: NASA Technology Readiness Level model
Academia Business
Funding & Support for Business Led Innovation

Who do we Fund?
 ≈ 60% of our core grant
funding goes to SMEs
 ≈ 80% of collaborative
projects involve at least 1
research base partner
 We work with over 140
individual research base
organisations (including
institutes and RTOs)2,900 organisations / year
2,400 projects / year

Challenge
Industrial Strategy
Challenge Fund
Responsive
Sector & Open
Programme
Business Growth Pilots: Innovation Loans & Investment Accelerator
Knowledge Transfer Partnerships
How do we Fund?
Managed Programmes: Procurement, Government, Late-stage (e.g ATI)

The mission of
Innovate UK is to
accelerate UK
economic growth
through funding and
connecting
business-led
innovation
119 projects £10.2m
invested

Industrial Strategy Challenge Fund
Medicines manufacturing technologies
Batteries for clean and flexible energy
storage
Robots for a safer world
Self-driving vehicles
Manufacturing and materials of the future
Satellites and space technology

The next wave of the Challenge Fund
Data to early diagnosis
& precision medicine
Healthy ageing
Next generation services
Audience of the future Quantum technology
Transforming
construction
Transforming food
production
Energy revolution

Innovation loans
For late stage R&D
Between £100k and £1m
2 year pilot period
Interest fixed
Micro, small or medium sized businesses
Low cost, patient, flexible

Knowledge Transfer
Partnerships

How do we Connect?
Thematic Focus
Knowledge Transfer Advisors
Local Presence
Global Connections

We can’t stop
thinking about
the future
Empowering innovative
UK businesses today to
lead the global growth
industries of tomorrow.

Agri-tech RD&I in Cornwall and
the Isles of Scilly
Caroline Hanlan - Business Engagement Manager
Cornwall Development Company

Project Overview:
• A £10m RD&I initiative funded through ERDF,
Cornwall Council and Council of the Isles of Scilly.
• Led by Duchy College Rural Business School in
partnership with: University of Exeter; University of
Plymouth; Rothamsted Research and Cornwall
Development Company
• Supporting ambitious Cornish SMEs looking to
develop innovations that will improve efficiency,
profitability and resilience in the food and farming
sector.

What is available:
• Innovation Grants - for projects £2,500 - £50,000
• Collaborative research fund – funding towards larger
RD&I projects over £50,000
• Graduate Placement Programme – assisting with
recruitment of RD&I graduates & potential salary
subsidy
• Future Farm Dairy Systems Research Platform

This could include:
• Mobile, app & satellite
technology
• Machinery manufacturing
& Engineering
• Data processing & IT
• Food & Science technology
• Food packaging &
processing
• Commercial scientific
research
• Veterinary services &
Animal health & welfare
• Crop agronomy &
Investigating speciality
crop production
• Environmental consultancy
& maximising soil, water &
nutrient use efficiency
• Feed & forage
development

Further information
Email: agritech@cornwalldevelopmentcompany.co.uk
Website: https://www.agritechcornwall.co.uk/

AeroSpace Cornwall
Peter Munro-Lott
Project Manager
Innovation in Space and Aerospace

AeroSpace …
… the final frontier.
These are the voyages of the AeroSpace
Cornwall project .
Its continuing mission, to explore R&D
projects, to seek out new Supply Chain
Support and new Knowledge Providers..
to boldly go where no one in Cornwall
AeroSpace has gone before…

AeroSpace Cornwall
Q. What’s in it for my business?
A. Get funding for R&D
● average £125K, up to 80% match
● £5K innovation vouchers collaboration with
Higher Education/Research Centres
● Supply chain competitiveness support

AeroSpace Cornwall
Q. How can I get help on promotion of my
business?
A. Range of events over next 2 years to promote
Cornwall space sector and attract inward
investment to Cornwall

For further information contact
aerospace@weaf.co.uk

MARINEi introduction
Shaun Herman – Business Engagement Manger

• Project Aim:
• The MARINEi project runs until December 2019
• Address market failure by stimulating and supporting SME business-
led / market-driven research and development and innovation.
• Drive productivity and economic growth via the exploitation of new
market opportunities in Cornwall and the Isles of Scilly.

Closing the Gap - Technology Readiness

Marine-i will focus on four interconnected themes:
marine energy marine manufacturing
marine operations marine environmental technology

Delivery method and support
12 hours
business
assistance
UoE / UoP /
CDC / CMN /
OREC
£5K – 150 K
Challenge Fund
Grants /
Challenges
CDC
COAST
test and
modelling
UoP
Risk / cost
reducing test
facilities OREC
Graduate
placement
at subsidised
cost
TCCG
Academic
research /
funded research
fellows
UoE / EoP
Discovery Room
events,
workshops,
thought leaders

Shaun Herman
Marine Sector – Business Engagement Manager
Cornwall Development Company
07483 157 829
01872 322 908
shaun.herman@cornwalldevelopmentcompany.co.uk
Chi Gallos, Hayle Marine Renewables Business Park
North Quay, Hayle, Cornwall, UK. TR27 4DD

Business structures & innovation funding
Daniel Sladen

.
The ideal company?
• Tax relief claims up to date and maximised
• Advance assurances in place
• Intellectual property registered
• Employee incentives planned and approved
• Owned by the right people

.
…companies are ideal
(As well as limited liability and lower upfront tax)
• R&D incentives
• Patent box
• Tax-enhanced fundraising
• Staff incentive planning
Remember it should be easy to incorporate later on, but
sometimes it isn’t.

.
Innovation ideas
• R&D tax relief: basic value about 25% of spend, or
19% as cash payment
• Make sure the company spends the money
• Pay salaries and pensions
• Think about subcontractor versus employee
• Evaluate impact of grant funding (ask an expert…)
• Don’t forget about patent box

.
Shares for everyone
• EIS allows investors to put a higher value on the
company (98% cash back?)
• Limits recently increased…
• …but extra rules about risk to capital. This means
advance assurance becomes more important.
• It’s easier to allocate staff equity earlier, and needn’t
cost anything until an exit (but take care with EMI)

.
What could possibly go wrong?
• Who actually owns the IP?
• Are patents in the right place?
• Have claims been submitted on time?
• How were shares transferred?

Angel Network: MyVAN
Rob Misselbrook

Introduction
• Mylor Ventures Angel Network (MyVAN)
– Business Angels with a SW focus, members of the
UKBAA
– Active Experienced investors with added value:
• Networks and sales connections
• Technical
• Bring their own disciplines
– Invest their own cash
– Will often take a board or NED position

An integrated Approach
• Mylor Ventures Angel Network (MyVAN)
and/or….
Your own cash
Family and Friends
Crowd (Crowdcube, Seedrs, Funding Circle)
and/or….
Grants
[VCs – EBITDA>£0.5m]

What Angels Look For:
• Businesses with
– Strong Value propositions
– Large markets
– Intellectual Property
– Credible Management
• Capital Efficiency
• Gross margin must cover HR asap
• EIS/SEIS
• Willingness to let Angels participate
• [NED Register]

MyVAN ref Crowd & Grants
• Crowd (Fixed timeline)
– Pump priming (MyVAN)
– Detailed preparation
– Alongside corporate/VC/PE
• Grants (Non dilutive)
– When available
– Reduce overall risk

What Angels Look for - Preparation
• Investment Readiness Toolkit
– Templates
• IMs, Models, Presentations
– Documents
• NDAs, Contracts, SH Agreements
– Policies
• Procurement, Ethical, Environmental
• Its always a buyers market but good companies
well prepared always get funded

Process - Delivery
• MyVAN
– Apply at www.mylorventures.co.uk/angel-network/
– Investment Readiness (1 – 2 months)
– Due Diligence (Stephens Scown template)
– Summary Document– ‘yes/no’
– Meetings/Skype
– Agreement/Participation
– Execution
• Crowd – note timeline benefits
• Grants – non dilutive but ensure focus is maintained

Looking Ahead
• Cornwall & IoS Fund May/Jun this
year.
• Angels/FUND/[crowd] – the perfect mix
• Sustainable funding resource for the region
• Get ready:
– Cornwall Chambers Investment Initiative
– Main event late June at Penryn Campus

rob@mylorventures.co.uk
07760 282106
Chambers Investment Event
www.cornwallchamber.co.uk

71

One of the key messages
• Appropriate
• Tailored pitch
• Communicate
• Relationship
• Competitive

Coffee Break
Network/ Ask questions…
Back in 25 minutes! (but first a
“heads up” for what next..)

Structure of the morning – after coffee
• Meet the alternative Funders (10.20 am to 11.05am)
• Crowd – Equity
• Peer to Peer
• Debt – “the market”
• Grants and Business Support (11.15 am to 12
noon)
• Start Up, Established and Growing (12.10 pm to
1pm)
• Banks overview
• Alterative Finance
• Private Equity
• Cornish Company
(10 minute breaks at 11:05am and 12 noon.
NOT Coffee breaks!)

75

• Peer to Peer
noon)
1pm)
• Banks overview
• Private Equity
• Cornish Company
NOT Coffee breaks!)

MarkTyler–HeadofLegal
EquityCrowdfunding

WHY CROWDFUND?
 Global Investor Reach
 Cost effective
 Marketing effect
 Crowd feedback
 Expertise
 Fair Terms
 Financial return
 ‘Armchair Dragon’
 Support friends and family
 Access exciting investments
 Lower/spread risk
 Simple to invest

Under 25
25-34
35-44
45-54
55-64
65 or over
DIVERSE COMMUNITY
Gender split
• 74% male, 26% female
• 3% of angel network members are female
• 4% of VC partners are female
• 9% of AngelList members are female

£70,000
Annual salary
42%
Investment from high net worth &
sophisticated investors
 Technology
 Marketing
 Financial Services
 Management
Consulting
 VC and Private
Equity
TOP JOBS TOP 5
£
£
£
investor employers

£404 MILLION +Successfully raised
£0
£20,000,000
£40,000,000
£60,000,000
£80,000,000
£100,000,000
£120,000,000
£140,000,000
2011 2012 2013 2014 2015 2016 2017

£15,306,110
£39,479,630
£44,303,188
Stage of Growth
Start up Early stage Growth
41%
35%
24%

501,000+Investor community
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2011 2012 2013 2014 2015 2016 2017

£1,000,000
Largest single investment
£
£10,000,000
Biggest deal
£651,471
Average raise
£1,789
Average investment
52%
Pitch success rate
£10,736,120
Average amount invested per month

Crowdfunding is for growth businesses in any sector – easier for
consumer facing but B2B has good chances of success
Secure an army of investor advocates and awareness as well as funds
Success rate of 52% vs 25% outside of crowdfunding
Sprint not a marathon - typically 3 months end-to-end vs 10 months
outside of equity crowdfunding

THANK YOU
Mark Tyler Head of Legal
www.crowdcube.com
mark.tyler@crowdcube.com

Stephen Yearwood
Funding Circle
Francis Clark – April 2018

0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2010 2011 2012 2013 2014 2015 2016 2017
FundingCircleannualorigination(£m)
Group Annual Originations (£m)
The leading global lending platform for small businesses
102
October 2013
Launch in the US
October 2015
Launch in Germany &
Netherlands
January 2018
• £4bn in lending through platform
• 40,000+ small businesses supported
• 100,000+ jobs created
August 2010
Launch in the UK
Francis Clark | Finance in Cornwall
Funding Circle

Funding Circle compared to the banking system
103
Lack of dedicated
resources to cater to
small businesses
High regulatory capital
requirements
Heavy regulatory agenda
absorbing internal
resources
Not equipped to handle
small transactions
efficiently
SMEs’ contribution
to national economy
50%of GDP
60%of private sector employment
Funding Circle
Source: Bank of England

Source: Funding Circle
1. Upfront borrower origination fee: 1.5-6%, contingent on loan term and risk band
2. Ongoing servicing fee: 1% p.a. on the outstanding balance of performing loans
104
Funding Circle efficiently connects supply and demand
Funding Circle

*Personal Guarantee required
105
Fast, flexible and affordable finance for small businesses
Unsecured loans from £5k to
£350k*
Finance for almost any
purpose
Rates from 3.00% per year
Loan terms from 6 months to 5
years
No early repayment fees
Decision typically in 24
hours
Features Benefits
Funding Circle

106
Quick application process in four easy steps
1. Instant quote 2. Online application
3. Decision4. Funds transfer
Funding Circle

Positive feedback and demonstrable impact on the
economy
107
Reasons Borrowers Choose Funding Circle
3% 4% 4%
6% 7% 7%
11%
28%
31%
• Net lending between July and Dec 2017
was larger than 30 of the UK’s biggest
high street banks
• For every £1 lent through the platform,
£2 is added to the economy
• Turnover increased by an average of
17% for 61% of borrowers
• Profit increased by an average of 15%
for 47% of borrowers
Funding Circle
Source: Bank of England, Cebr analysis, Funding Circle

108
Average Loan Size c.£60k
Average Turnover c.£800k
Average # Years Trading c.13 years
Average Interest Rate 9.7%
Average Maturity 49 months
Security Unsecured/secured, with personal guarantee
Bramley and Gage borrowed £25k
through Funding Circle
The Bath franchise of Neal's
Yard Remedies borrowed £100k
through Funding Circle
Teasdale Motorcycles borrowed
£167k through Funding Circle
Typical Funding Circle borrowers
Funding Circle
Source: Funding Circle

109
Attractive product Customer experience Global presence Tech & data analytics
Our vision:
$100 billion in lending and 3 million new jobs created a year through the platform globally
Our four pillars of growth
Funding Circle

Thank you
Stephen Yearwood
Business Development Manager
t: 0208 046 1869
m: 0771 847 9959
e: stephen.yearwood@fundingcircle.com
a: 71 Queen Victoria Street, London, EC4V
4AY
110
Funding Circle

Giles Cross
Chief Executive Officer

Alternative Finance
FinTech
Dating Site

What we offer British businesses
*If you have all the relevant documents ready, and there are no complications.
Your property against which the loan is secured could be at risk if you don’t meet
payments.
• Borrow £50,000 to £5m or
more
• Interest-only repayments
• Decision within 24-72 hours*
• Fixed or flexible loans, 6
months to 5 years
• Secured against land or
property

Who we are
The Local Lending Movement:
Helping to build and sustain socially and financially
successful local and rural communities across the UK.
Essential to Britain’s pre-and post-Brexit success.

www.folk2folk.com
#JoinTheMovement

Lenders on our platform include. . .Smarter funding searches with capitalise.com

Lenders on our platform include. . .
360 + lenders in the UK alone

Term loans and working capital facilities
CAPITALISE CASE STUDY
Scenario: High-interest loan refinance, with additional working
capital
Amount: £80,000
Business sector: Retail
Challenge:
• Several short-term, high interest loans
• Ate into cash-flow & profit margins
Result:
• Two competitive term loan quotes
• Elongated repayment terms to lower monthly payments
• Lower rate and lower APR
• Ability to pay facility off early w/ no charge
• A happy client!
Scenarios
• Growth
• Working capital
• Debt refinance
• Tax bill
• Asset purchase
• Acquisition
• Stock purchase
• Supplier payment
• Payroll
• Refurbishment
• & more!

Debtor backed funding
Great for businesses with…
• Large, corporate clients with long
payment terms
• Large number of debtors outstanding,
evenly spread
• Businesses operating B2B who have high
day-to-day operating costs
• Businesses with light fixed assets
• & more!
Scenario: Large oil & gas business with contractual disputes and
large looming tax bill needed working capital and refinance of
their banking facility.
Amount: £4,000,000
Challenge:
• Contractual disputes in arbitration
• Large tax bill looming
• Bank not looking to support
• Difficult to fund debt due to the above
Result:
• £4m facility agreed to fund business working capital & refi
bank facility
• Facility structured as term debt, backed against debtor book

Asset finance
Assets you can fund…
• Plant
• Machinery
• Motor vehicles
• Property
• Office furniture
• Office/shop ‘fit out’
• Software
• Hardware
• Intellectual Property
• IT equipment
• Kitchen equipment
• Brewing equipment
• & more!
Scenario: Group of manufacturing business looks to refinance
their business’ assets to raise money for acquisition and general
restructuring.
Amount: £1,000,000
Challenge:
• Many different types of assets
• Different lenders with finance outstanding
• Complex structure with several different charges necessary
Result:
• £1m facility, secured over assets and property, refinancing all
asset-based lending in the business
• 60 month repayment profile

Property
Scenario: Diversifying care home business, looking to
buy a boutique hotel to refurbish & develop in the SW
Amount: £1,000,000
Challenge:
• Find a lender with strong pricing and no exit fee
willing to lend at a fairly high LTV (Loan To Value)
• Demonstrate viability of project & business plan
Result:
• Quick turnaround £1m bridging loan in time for
seller’s deadline & a happy client!
Scenario: Trading business in the
healthcare space looking to exercise
purchase option on their office
Amount: £135,000
Challenge:
• On the small end for commercial
mortgages, client required 75% LTV
• High LTV and low enough rate needed
the right lender
Result:
• A challenger bank was able to get
comfortable with the property and the
business’ affordability
• & of course – a happy client

7x more likely as a PKF Francis Clark client!

132

Break
Not a coffee break
Not a Q&A or networking session – unless you have a short question,
requiring a short answer, for the person next to you…
Resume in 10 minutes!

Structure of the morning – next up
• Grants and Business Support (11.15 am to
12 noon)
• Start Up, Established and Growing (12.10
pm to 1pm)
• Banks overview
• Alternative Finance
• Private Equity
• Cornish Company
NOT Coffee breaks!)

135

• Peer to Peer
noon)
1pm)
• Banks overview
• Private Equity
• Cornish Company
NOT Coffee breaks!)

Funded by: Delivered by:
Presented by Heather Coupland
18th April 2018

Overview
Engaged over 550
Businesses
Delivered by
Our support has helped secure over
£3 million for businesses in Cornwall & the IoS
Any Eligible SME
(small/medium enterprise)
looking to access
finance/funding
Fully Funded Support – no fees
Education before Intervention
Post Investment Support

Relationships
Collaborative working with Professional Services
Professional Services Grant
Innovative Crowdfunding/Equity Partnerships
Working closely with Grant Funders
Developing relationships with Alternative Funding Sources
Pipeline for the Financial Instruments Fund (£40M)
Non Executive Director (NED) Grant

Fibre Optic Laser Cutting
Metal Folding
Scanning
Commercial Mortgage
Invoice Discounting
BIG2 Grant
Cornwall Marine Fund
Match Funding

How do we do it?

1:1 Meetings

Sessions

Benefits
Fully Funded Support – no fees to pay
Delivered by Professionals who will explore the
best options for your business needs
Working with you to build the strongest
application possible
Discretionary grants to provide essential Legal and
Accountancy advice

a2fcornwall.co.uk
01872 300 386
info@a2fcornwall.co.uk
Delivered by
Funded by

BUSINESS
INVESTMENT FOR GROWTH 2
Anna Staevska
Programme Manager
18th April 2018

About the fund
• £3.6 million investment programme for small and
medium businesses in Cornwall
• Fund open until December 2018
• Investments between £2,500 and £75,000
• Maximum funding 45% of project costs
• Capital: Vehicles, Machinery, Fixtures and
fittings.
• Revenue: Digital marketing, IP protection, and IT
systems.
• Benchmark is £10k of grant per FTE created

Eligibility
• Is the business based in Cornwall?
• Is the business an SME?
• Does the Business operate in an ERDF sector?
 fishery and aquaculture sectors
 primary production, processing and marketing of agricultural products,
 coal, steel and shipbuilding sectors
 the synthetic fibres sector
 generalised (school age) education
 banking and insurance companies
 retail businesses (generally deemed to provide ‘local’ services and
supporting them risks displacing other small retailers)
• Does the business intend to create a job?
• Is the business trading or intend to trade more than 50%
outside of Cornwall?
• Is the project expenditure eligible and not classed as
“business as usual”?
• Lender of last resort

Types of grants
• Start Ups – usually between £2.5K to £7.5k
• Small Grants – up to £20k
• Medium Grants – between £20K and £75k
• Large Grants (not currently available) –
between £75k and £150k

The application
process or why is it
taking so long?
• Enquiry
• Application
• Meeting/Call
• Paperwork collection
• Paperwork review
• Submission for appraisal
• Decision/Panel

The application
process
• Application
• Financial
• Procurement
• Other supporting documents

Future Plans
• Priority Axis 3: Enhancing the
Competitiveness of Small and Medium
Sized Enterprises
• Strategic gaps – raising productivity,
supporting SMEs to extend their UK
and International trade

one agency
Growth Programme grants
Countryside Productivity grants
LEADER grants
Application process
Further information
James Glover
Deputy Head of Delivery – Southern Region
154
Finance Cornwall - 2018
EU Grants for Rural Development

PROTECT one agency
Grant Offers currently Open
Growth Programme closes 31.05.18
3 themes: Business Development
Food Processing
Tourism Infrastructure
Countryside Productivity
2 themes currently open:
Adding Value to Agri-food closes 29.06.18
Improving Farm Productivity closes 03.12.18
LEADER - open
155
The Government will guarantee funding for RDPE Grants if these are agreed
and signed before the UK’s departure from the EU - subject to VFM and
meeting the programme Priorities.

PROTECT one agency
Growth: BUSINESS DEVELOPMENT
• For micro and small businesses, and
farmers diversifying into non-
agricultural activity, to grow and create
jobs.
• Grant funding can help pay for:
 Constructing or improving buildings
 Buying new equipment and/or
machinery
How much can be applied for
in the CIOS LEP area:
• Up to 40% of eligible costs
• Minimum £50,000 in Cornwall and
£10,000 on the Isles of Scilly
156
• State aid rules limit funding to €200,000, around £170,000.

PROTECT one agency
Growth: FOOD PROCESSING
To support food and drink businesses,
that process agricultural or horticultural
products, to grow and create new
jobs.
Grant funding can help pay for:
- Constructing/improving buildings
- Buying new equipment and
machinery
How much money can be applied
for?
• Up to 50% of eligible costs in
Cornwall & Isles of Scilly
• Minimum grant of £50,000 in
Cornwall and £10,000 on the Isles of
Scilly.
• Maximum grant of £1,000,000.
157

PROTECT one agency
Growth:RURAL TOURISM INFRASTRUCTURE
To support visitor attraction and
infrastructure projects that will encourage
more tourists to come, stay longer, and
spend more money in rural areas.
Grant funding can help pay
for capital expenditure on tourism
infrastructure.
How much money can be applied for
(CIOS LEP) area?
• Minimum £50,000 in Cornwall and £10,000 on the
Isles of Scilly,
• Maximum £170k, at 40% for commercial projects
• Non-commercial projects £250k - up to 80% with
limited income to offset costs, up to 100% with no
income (subject to State Aid rules).
158

PROTECT one agency
CP: Adding Value to Agri-food
Grant funding can help pay for equipment
or construction costs associated with all
aspects of processing
– Who can apply?
 Processors of primary Agricultural or
Horticultural products.
 Includes businesses or farmers.
Projects can be rural or urban.
– What are the grants for?
 Improving processing of primary
agricultural products.
 Shortening supply chains and
delivering benefits to primary
producers.
– How much money can you apply for?
 Up to 40% of eligible costs
 Minimum £35,000 (max variable)
159

PROTECT one agency
CP: Improving Farm Productivity
Grant funding can help pay for buying
and installing machinery and equipment.
– Who can apply?
Farmers (Livestock, Dairy, Arable/Horticultural)
– What are the grants for?
Improving farm productivity through:
 Use of robotic equipment
 Increasing use of renewable energy
 Use of controlled lighting
 More efficient use of slurries/ digestate
– How much money can you apply for?
 Grants up to 40% of eligible costs
 Minimum £35k, maximum £1m
160

PROTECT one agency
LEADER
• Local Action Group draws together local
people to create a Local Development
Strategy to identify and tackle local
priorities
– Who can apply?
 Farmers (Livestock/Dairy/Arable etc)
 Foresters
 Businesses
 Communities
 Land owners
– What are grants for?
 projects that create jobs
 help your business to grow
 benefit the rural economy
– How much can you apply for?
 Normally up to 40% of eligible costs
 Minimum £2,500, maximum circa
£100,000.
• 4 Local Action Groups in Cornwall
Atlantic and Moor, South and East Cornwall,
Coast to Coast, and West Cornwall.
161

PROTECT one agency
Application process
162
Expression of Interest
Appraisal & Decision
(30 working days)
FULL APPLICATION
GRANT FUNDING AGREEMENT
Appraisal & Decision (60 working days)
Farm
Productivity
Business Development
Food Processing
Rural Tourism
Adding Value to Agri-food
LEADER

PROTECT one agency
Further Information & Support
All Information, Guidance, Handbooks, and Application forms available at
GOV.UK/RDPE Growth Programme/
- Business Development
- Food Processing
- Rural Tourism
GOV.UK/RDPE Countryside Productivity/
- Improving Farm productivity
- Adding value to Agri-food
GOV.UK/RDPE LEADER/
- Cornwall LEADER groups/ maps
Or www.localactioncornwall.co.uk/
Handbooks include:
Who can apply, Priorities, Deadlines, Eligibility.
Further advice/support:
Rural Payments Helpline 03000 200 301 Email GPEnquiries@rpa.gsi.gov.uk
163

Cornwall and Isles of Scilly
Growth & Skills Hub
Matt Borne

What is the Growth Hub?
• The gateway to all business support, wherever it is.
• Impartial and free to businesses.
• Built around the Business Review:
• Strategy, marketing, finance, ops & leadership
• Referrals, research, information, introductions.
• Open to all: pre-starts, start ups, and established
businesses.
• Ambition to grow?

What is the Skills Hub?
Delivery Partner

What is the Skills Hub?
Helping businesses thrive through an independent and
impartial skills co-ordination and engagement service for
employers.
• Business Skills Review
• Action Plan
• Research the changing skills landscape
• Referrals and signposting
• Cost-effective provision
• Apprenticeships and people planning
• Focus on SMEs >5 employees.
Delivery Partner

How are we doing?
Our Navigators
have taken
2600+
enquiries
Over
1 million
social interactions
Over
50,000
web users
Worked with
1500+
businesses

Dr Andrew Upton
Oxford Innovation Services Ltd

Overview
For SMEs that have traded for >12 months
All eligible businesses get 12 hours of support
Businesses with potential for high growth progress
to further support
Engaged with 800 businesses to date
26 coaches

Case Study 1
Construction related: T/o £2.5M, 20 staff
Supported: deeper understanding of the business
strategic planning
revised organisational structure
clarified job roles
Changes: increased T/o and operating profit
new products launched into new market
recruited 5 new jobs

Case Study 2
Fitness business: T/o £35k, sole trader
Supported via workshops
www.transformcornwall/events
o Strategic planning
o Strategic marketing
o Digital marketing
o Financial tools
o Sales
o Leadership
o Recruitment
o Coaching
o Pitching skills
o Courageous
conversations

“With coaching we have transformed the way we
think, improved our management structure, applied
efficiencies, doubled the size of the team and
increased turnover by in excess of 60% in the last few
years.”
Paul Raglan, MD, Mining Searches UK
“The content of the workshop was brilliant - great
combination of hands-on exercises and group
discussions with information giving. The only thing I'd
wish for is more time!”
Annie Lucas, Heritage Consultant

176

Structure of the morning – next up
• Start Up, Established and Growing (12.10
pm to 1pm)
• Banks overview
• Private Equity
• Cornish Company
NOT Coffee breaks!)

179

Bank Finance
Tom Roach - Partner, Francis Clark
04/2018

SME Finance Monitor
Summary – Key Points
• SME’s are more likely to be profitable now as compared with the early
years of the SME Finance Monitor.
• There has also been an increase over time in the proportion of SME’s
holding material credit balances. Survey respondents report that these
reserves cause them to have less need for external finance.
• The proportion of SMEs using external finance declined materially over
the early years of the monitor but, more recently the take up rate has
edged up slightly.
• Application success rates have declined over recent periods – perhaps
reflecting modest downturn in the SME trading environment – but remain
comfortable in excess of the rates recorded during the early years of the
monitor.
www.bdrc-group.com/wp-content/uploads/2017/09/BDRC_SME_Finance_Monitor_Q2_2017.pdf

.
Profitability
The proportion of SMEs making a profit has increased by twelve percentage
points since 2011. This suggests that the underlying trading environment
has improved and/or SMEs have become more efficient.
70% 69% 70%
77%
80% 80%
82%
30%
45%
60%
75%
90%
2011 2012 2013 2014 2015 2016 2017 H1
SMEs making a profit
% of total, by period of interview
89% of 2017 H1
respondents with
more than 10
employees reported
making a profit over
the preceding twelve
months.
Wide differences
between sectors.
Results in different
attitudes between
banks to particular
business

.
Credit balances
There has been an increase over time in the incidence of SMEs holding
material credit balances. SMEs report that these reserves cause them to
have less need for external finance.
8 out of 10 SMEs
holding credit balance
of £10k or more say
that these reserves
reduce their need for
external finance.
17%
16%
17%
20%
24%
22%
26%
10%
14%
18%
22%
26%
30%
2011 2012 2013 2014 2015 2016 2017 H1
Credit balances - SMEs with >£10k
% of total, by period of interview

SME Lending the South West
-12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
BH DT EX PL TA TQ TR
YoY change in total SME loans by postcode area
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q1 2018

Market Rates
We collected some data from our clients to average out the
market rates over the years.
Only 1 third of the
loans recorded were
on a fixed rate.
On average margins
have increased
c 0.75%
Trends in margins has
been for smaller
spread. Narrower risk
spread?
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rate
Year loan is agreed
Rates over time
Variable
Fixed
Base Rate

BIG 5 – Your Options?
Banking for the South West
• ‘Challenger Banks’ – Some market penetration locally. Typically 100 basis points
higher
• South West Mutual has been formed to establish the first ever customer-owned high
street bank dedicated to Cornwall, Devon, Somerset and Dorset. Currently at stage
of registering for licence.
• Trends:
• Fixed rates competitive at last – premiums but smaller than they were
• All banks use pricing models – FCA approved and risk based approach
meaning tighter spreads
• Generally increase in margins from about 1.25% to 2%
• Increased selectivity
Differences in bank approaches means selecting banks important particularly
at transactional stages. Speak to PKF FC.

Aaron Hamshire
www.swigfinance.co.uk
info@swigfinance.co.uk
01872 223 883

Who are we?
Trustees from Cornwall Council, Cornwall Chamber of
Commerce, Devon County Council, Gloucestershire
First LEP, Barclays and Lloyds banks.
Part of a national network of CDFIs
• Not for profit company
• Established 1989
• Based in Truro

WHAT DO WE DO?
Loans and support to SMEs with potential
but excluded from mainstream finance
• Lack of track record
• Lack of security
• Poor credit rating
• Not within credit policy of lender
• Not investment ready

START UP LOANS
• £500 to £25,000 per business owner for
businesses trading up to 2 years
• Includes purchase of businesses trading
over 2 years
• Fully funded business support
• 6% interest fixed; initial repayment
holidays; repayable up to 5 years

BUSINESS GROWTH LOANS
• £10,000 - £100,000 for growth
investment
• 8 – 12% interest fixed: repayable up to 5
years
• Initial repayment holidays
• No early repayment or late payment
charges

APPLCATION PROCESS
1. Initial enquiry over the phone
2. Complete simple online application
3. Provide information i.e. financials
4. Face-to-face meeting
5. Decision in 1-2 weeks
Application process supported by our local
Business Managers and advisors

Frost Builders (SW) Ltd
The St Agnes-based business, one of
the UK’s leading solar panel cleaning
companies, purchased new specialist
machinery with a growth loan from
SWIG Finance matched with BIG2
grant funding.
Est1985, focussed on high-end bespoke
domestic developments in the Roseland
area.
Finance was requested to help fund the
completion of pipeline orders which
totalled £1.7M.

www.swigfinance.co.uk
info@swigfinance.co.uk
01872 223 883
Thank you for listening

St Austell Brewery Company Limited
“A Cornish Company”
Wednesday 18th April 2018

A CORNISH COMPANY
Our mission and our strategic objectives
A bit of history
Some numbers (and pictures) of the business today
A sustainable business
Being part of the community
A bit about funding

OUR MISSION AND STRATEGIC
OBJECTIVES
Our mission statement is: “ Serving Customers with Excellence”
We are committed to delivering great experiences ; striving for
excellence in every way and innovating to delight the communities
we serve
Our strategic objectives are :
To have the best pub estate in the South West
To have the premier South West brands
To further develop the profitable sales of our core brands
To be the South West’s employer of choice

A HISTORY LESSON
Founded in 1851 by Cornish entrepreneur Walter Hicks aged 22 on the principles of sound
finance, paternalistic care for his workforce and a fascination with cutting-edge industrial
technology
Took out a £1500 loan mortgaging the family farm in the process
Acquired the lease of the Seven Stars Inn, St Austell in 1863
Built the brewery where it still stands today in 1893 by which time he had acquired a
further 18 pubs from Gwennap to Tavistock
In 1910 the business was registered as a limited company
In 1911 Walter Hicks jnr was killed in a motorcycle accident in Hayle and Hester Parnall,
daughter of Walter Hicks snr was appointed MD and she ran the company for 28 years
until she died in 1939
In 2000 James Staughton (great-great grandson of Walter Hicks took over as MD)
Established a family council in 2014 – over 160 family shareholders spread across the
country and the world
In 2016 we purchased Bath Ales, a brewery producing a range of ales including their
flagship brand Gem and who operated 13 public houses in the surrounding area including
the Graze Bars in both Bath and Bristol.

THE BUSINESS TODAY
Annual Turnover of £169m
Annual Underlying EBITDA of £19.7m
178 pubs and hotels (160 freehold)
33 managed ; 145 tenanted or leased
133 of our pubs and hotels are in Cornwall
Sold over 39 million pints of beer in 2017
Sold over 17 million pints of Tribute in 2017
Over 1,000 Cornish free trade customers
Over 500 Cornish suppliers

THE BUSINESS TODAY
Our biggest customer is Tesco but they only account for 2.5% of total
sales
Export sales up 25% in 2017 ; selling to over 23 countries with the
biggest markets being Russia(for now) and France
1,553 employees as at December 2017
£75m invested in CAPEX in last five years
Revolving credit facilities of £72.5m (all unsecured!)
Let’s have some pictures…

CHAIN LOCKER
Closed in November 2016

BREWER & BEAN COFFEE SHOP, PLYMOUTH

PENNYCOMEQUICK, FALMOUTH
PITYME INN, ROCK

A SUSTAINABLE BUSINESS
Reduced our water and electric usage – 1 pint of beer needs 4 pints
of water and 11kwh of electricity (was 13 pints of water and 17kwh
of electric)
Installed solar panels in St Austell and at our main distribution centre
at St Columb. We were National Grid free for half of 2017
90% of our pub estate lighting is now LED
Reducing our waste to target a zero to landfill policy (currently 10%
goes to landfill)
Our Cornish Barley growers initiative saw 12 farms cultivating over
1,000 acres of Maris Otter barley and producing over 2,300 tonnes
for use in our beers
Our spent hops, barley and yeast are used to feed local livestock,
help grow plants and make artisan bread

IN THE COMMUNITY
Many of our pubs are at the heart of their local communities
Our charitable trust raised £69,000 in 2017 for local good causes, over
£600k raised since its started
Sponsor the Springboard Future Chef competition, Engaging with local
young people to offer mentoring and coaching re importance of food and
nutrition and potential career opportunities
Sponsor sport at grass roots level – local rugby leagues, gig associations
Korev, our Cornish lager leading national sponsor of surfing
Sponsor local music festivals including Eden Sessions and Looe music
festival
Offer pro-active support to our workforce via our health and wellbeing
programmes

FUNDING
Walter Hicks paid off his mortgage from the Bolitho Bank (now part
of Barclays)
Until 2007 simply by overdraft
Recognition of “core debt”
Revolving credit facilities – 3 lenders now involved
To fix or not to fix that is the question
Develop/nurture relationships with potential lenders
Be open, honest and share information

AND FINALLY….
•Talented
•Resilient
•Innovative
•Brave
•Understand your market
•Truthful
•Enjoy
(and of course drink TRIBUTE, PROPER JOB or KOREV responsibly)!

215
Richard Wadman, Corporate
Finance Director

Not everything covered, for example…
• Coastal Communities Fund*
• European Maritime and Fisheries
Fund
• LEADER
• The Health & Wellbeing Challenge
Fund (SW)*
• Acceleration Through Innovation
• Crowdfunder
• Superfast Business Cornwall
(* = slides will be in slide share packs when emailed out)

Summary
• Cornwall & Isles of Scilly is a great
place to do business and has great
businesses (small and big!)
• The Cornwall & Isles of Scilly is full
of entrepreneurial spirit (businesses
and funding options)
• Funding and business support
here…
• http://www.pkf-francisclark.co.uk/news-
views/blog
• Factsheet
• Thank you

Thank you to…
And more… (22 presentations in total, covering “full
range” of funding and business support options)

Thank you to….
And now to Lunch/
Networking...
And then to Start Up
Cornwall or Cornwall
Business Fair…
GQ

220
PRESENTATIONS STARTS PROMPTLY AT 2PM
AN EVENT FOR START UPS/ LESS ESTABLISHED BUSINESSES

www.website.com
Bonus material
• Coastal Communities Fund
• The Health & Wellbeing Challenge Fund (SW)

223
Nature of the Challenge
Persistent levels of deprivation
Tendring - around St Osyth and Seawick (Jaywick)
Blackpool - By Central Pier
Blackpool - Around the promenade near North Pier
Thanet - Cliftonville West
Blackpool - Near the South Pier
Tendring - Clacton-on-Sea
Blackpool - Between Waterloo Road and St Chad’s
Station
Coventry - Around Hillmorton Road in Henley
Blackpool - Woolman Road and Clinton Avenue
Waveney - near South Pier in Lowestoft
Blackpool - around Cookson Street
Kingston upon Hull - Around St John’s Grove
North East Lincolnshire - Around Oxford Street in
Grimsby
Burnley - Around Tay Street and Howard Street
Burnley - Between Belvedere Road and Church Street
Mansfield - Around Sandy Lane
Blackpool - Around Manchester Square and Rigby Road
Blackpool - Around Clevedon Road and Carshalton
Road
Blackburn with Darwen - Wensley Fold
Great Yarmouth - Along the seafront
14 of the top 20 most deprived places in England are
coastal communities – April 2016
Ageing population, poor employment and health outcomes
• 20% of the population in coastal communities
are 65 or over (compared to 16% in England
and Wales)
• Employment rate for 16-64 years olds was
69.2% and 31% of employees worked part-
time (71.2% and 28.3% in England and Wales)
• 7% of working age residents in coastal
communities had a long-term health problem
that limited their day-to-day life. (5.7% in
England and Wales)

224
Why the need for a separate approach for
coastal towns
Typical characteristics of coastal towns:
- former holiday towns – facing economic challenge where
investment has stalled
- higher than average deprivation – more likely to be poorly
educated, unemployed (or seasonal/part time work) and living in
poor quality housing (ex B&Bs converted to HMOs)
- Increasingly being used to house the vulnerable (with room for
rogue landlords to exploit) (generally white WC)
- Poor employment opportunities locally or access to employment
hubs

225
Supporting coastal communities
More than 11 million people live across the
coast and the tourism industry across 150
seaside resorts contributes £4 billion to the
economy each year.
The Government recognises that coastal
communities face particular challenges but have
huge economic potential.
The Government is committed to supporting
coastal areas unlock barriers to their
development and growth, and to strengthen
their appeal as places to live, work and visit.
We have been working to encourage greater
community involvement in coastal areas, in
partnership with local authorities and support the
development of local solutions to issues facing
coastal communities.

226
Importance of Local Place
• Identity and history
• Unique selling point
• Community specific
• Connectivity
• Partnership
• People
• Planned regeneration

227
What have we done – Empower
Coastal Communities
Coastal Community Teams are leading
coastal regeneration, bringing jobs, growth
and prosperity to coastal and seaside towns.
146 Coastal Community Teams have been
established covering the majority of the
English coastline. Each Team has received
£10,000 of funding to help them get
established.
Teams ensure the local community works
together with the local authority, businesses,
and local stakeholders to agree priorities for
economic development in their area.
Coastal Community Teams are:
• Understood locally
• Resource for Whitehall
• Structures that can engage providing a
single voice for their coastal town

228
Structures – improving the way we work with
the coast
All CCTs are required to produce
Economic Plans setting out both
the short term and longer term
priorities to enable for their area to
promote jobs and economic growth.
CCT Economic Plans bring
• Community support
• Peace makers
• Assurance of buy in
• Issues/aspirations identified
• Clear direction of travel
Every Economic Plan is publically available on the Coastal Communities
Alliance’s website http://www.coastalcommunities.co.uk

229
Support coastal areas create jobs and
investment
Coastal Communities Fund (CCF)
• Established in 2012, it provides grants to projects
that encourage growth and jobs.
• Funding comes from Crown Estate’s marine
revenues, so linking income from dredging, wind
farm licenses etc to communities on the coast.
• From 2012-2017, the Fund gave £132 m worth of
grants to 131 projects in England (there are also
funds going to projects in the DAs).
• Projects supported in England 2012-17 are
forecast to deliver over 12,000 jobs, 5,000
training places and apprenticeships and attract
over £194m of public/ private co-finance.
• Analysis shows that every £1 invested has the
potential to create an up to £8 boost to our
coastal economies.
• Round 5 of the CCF is currently open for bids –
until 30 April 2018 – up to £45m available to
spend between 2019-2021.
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34
98
133
6
5
4
3
2
97
96
95
94
62 & 93
92
17 & 91
90
89
88
87
86
84
19 & 83
81
7 & 82
79
78
77
76
75
74
73
16 & 71
70
1 & 69
68
67
68
65
64
63
61
60
59
58
57
56
55b
55a
54
53
52
51
37 & 50
49
49
47
46
45
44 & 80
43
42
41
41
39
38
127
36
35
33b
33a
32
31
30
29
28
27
26 & 72
25
24
23 & 85
22
21
20
18
15
14
13
12
11
10
99
98
134
132
131
130
129
128
126
125
124
123
122
121
120
119118
117
116
115
114
113
112
111
110
109
108
107
105 & 106
104
103
102
Map of CCF projects in England

230
Coastal Communities Fund
Regenerating seafront in Seaburn,
Sunderland
Developing tourist facilities in Carbis Bay, St Ives
Business development support in Barrow-in-Furness
Examples of CCF Projects
Refurbishment of Swanage Railway
Providing new facilities to enhance Clevedon Pier, Somerset

231
Bring heritage assets back into
economic use
Coastal Revival Fund
• The Coastal Revival Fund has provided £3.7
million to support 92 projects in coastal
areas, to help kick start regeneration of “at
risk” coastal heritage that has the potential
to create opportunities for new economic
uses.
• Funding acts as a catalyst to unlock
restoration of currently empty / derelict
buildings so they can be put to productive
economic use, e.g. piers, lidos, heritage
theatres etc.
• Awards of up to £50k enabled feasibility
studies to be undertaken, providing support
to CCTs applying to the Coastal
Communities Fund

resonance.ltd.uk
@resonanceltd
We are a social impact investment company.
We work with social enterprises and charities by
offering advisory services or help to raise capital
from like-minded investors.
We also create impact investment funds, which
deliver financial return and targeted social impact.

Resonance Advisory
UK Wide
Helps Charities and Social
Enterprises
- Raise investment
- Seize an opportunity
- Diversify income
- Market development
Over 165 organisations
supported

Resonance Funds
Community
Property
Enterprise
Growth
UK Wide
7 Funds
Covering:
Housing / Homelessness
Dismantling poverty
Health & wellbeing

The Health & Wellbeing Challenge Fund
(SW)
Do you improve
wellbeing?
Do you provide health
care?
Do you need Finance?
Assets / Equipment
Working Capital
Revenue Development
Growth
Efficiency Improvements
How can we help?
Loans to £150K
Risk Finance to £50K
Grant Funding to
£10k (as part of the
above)
South West only
Specific to address Health and Wellbeing
Challenges
Various types of organization supported
Over £485,000 invested to date.

Questions? Contact:
leila.sharland@resonance.ltd.uk
01566 457437
07984 238978
resonance.ltd.uk
@resonanceltd

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