36 corporate finance
Expert advice boosts investment chances for local businesses
A team of business experts is leading the way to help potential high growth businesses source the funding they need. The newly-founded Thames Valley Growth Fund (TVGF) will be a unique and innovative match of public and private funds designed to support ambitious growing businesses, writes Alison Dewar
VitalSix, one of three partner organisations supporting the TVGF, has been a key driving force behind the project, successfully bidding to the Thames Valley Berkshire Local Enterprise Partnership (LEP) to secure £1.5 million from the public purse.
Thames Valley Berkshire LEP sees this as a crucial initiative to support business and thus a key investment in growth and jobs for the region. The intention is to raise match funding of at least £1.5m from private investors through the Government’s tax advantageous Enterprise Investment Scheme (EIS).
With the TVGF due to go live early in 2013, VitalSix wants to ensure that businesses applying for the investment cash have the best possible chance of success.
VitalSix co-founder Ed Cooper said: “The TVGF is one source of funding for finance for ambitious high growth businesses through which, along with other sources, we can help businesses secure funds for growth.
“We had the vision to make this programme happen, we recognised the LEP had the funding available to help small businesses, so we wrote the bid document and steered the process. Now we have helped establish the TVGF, we will use our experience to help people apply for funding and give them the best possible chance of succeeding.”
In addition, Cooper says the setting up of the TVGF is also an excellent opportunity for private investors and business angels to support the project by matching the public funds through the EIS and says the team wants to hear from individuals who may be interested.
Partnering with VitalSix in the growth fund project are the LEP and The FSE Group, previously known as Finance South East.
Typically businesses seeking to raise £100,000 to £500,000 will apply to the Fund to help finance their growth projects. The team at VitalSix provides independent and objective advice for businesses to prepare their applications, whilst the final funding decisions lie with the Fund manager, The FSE Group.
VitalSix was launched in 2011 and it brings together a vast range of business experience. Cooper, co-founder Susan Elliott and their colleagues at VitalSix have an extensive track
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record of success which they are keen to share with entrepreneurial businesses.
Elliott says the LEP recognises that successful business growth and job creation is not all about finance but, especially where external finance is sought, it’s well known that investors value well prepared and clearly thought through business plans.
All too often, she said, leaders and managers get too close to their own plans and may fail to see how best to present succinctly their ideas, ambitions and potential.
Explaining how VitalSix can really make a difference, Elliott added: “We have first-hand experience of helping companies plan for and raise finance for growth, we understand how first round funding can be used to ensure a business scales up and manages growth effectively.
“Investors need to know the leaders and managers have the skills and capabilities to implement change, manage growth and build teams. At VitalSix we have the experience to complement management teams because VitalSix team members have grown, raised finance for, and exited many businesses throughout their careers and are keen to pass on that knowledge and expertise.”
Over the past 10 years members of the VitalSix team have supported high-growth businesses to raise over £200 million of equity, debt and grant funds to finance growth and development.
The team provides advice and guidance to help prepare well-structured and considered investment ready business plans, prepare businesses for the due diligence process carried out by a potential investor, rehearse funding presentations and confidential presentation ‘dry runs’, and provide input on commercial matters during negotiations with potential investors and discussions with professional advisers.
And, in the event that the TVGF isn’t the most appropriate source of finance for an organisation, the VitalSix team can help identify other relevant opportunities instead.
Elliott concluded: “It’s crucial for businesses to think well ahead of when they need investment; experience shows that, typically, to plan for and secure funding takes at least four to six months.
One of the sponsors of the Ed Cooper
Susan Elliott
“The Thames Valley is rich in businesses with great ideas that are ambitious for growth, so for those with proven products or services with early sales that need equity investment to fuel growth, the message is don’t leave it too late to start the planning process with the benefit of expert advice.”
Details: Susan Elliott 0118-9357318
susan.elliott@vitalsix.co.uk www.vitalsix.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 12/JANUARY 13
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