New Anglia Investment Appraisal Committee

Meeting Minutes (Unconfirmed)

30 October 2019

Present:

Committee Members

Lindsey Rix (LR)

Aviva

Martin Williams (MW)

Santander

Alan Waters (AW)

Norwich City Council

Sandy Ruddock (SR)

Scarlett and Mustard

David Ellesmere (DE)

Ipswich Borough Council

Andrew Proctor (AP)

Norfolk County Council

In Attendance

Rosanne Wijnberg (RW)

New Anglia LEP

Chris Dashper (CD)

New Anglia LEP

Iain Dunnett (ID)

New Anglia LEP

ACTIONS

The Nest- Circulate email request to Tim Whitley and Dominic Keen as to their decision on the

recommendation made on the paper

MSF- Approach SCC to set up a winding-up petition to allow the LEP some engagement in the creditor

process. Establish the cost of filing and proceed if below £1,000

Welcome from the Chair

Lindsey Rix welcomed everyone to the meeting.

Apologies

Apologies were received from Tim Whitley

Declarations of Interest

AP and AW declared an interest in item 8, The Nest, as funding contributors to the project

Minutes of previous meeting (15 October 2019 teleconference)

The minutes of the previous meeting were approved by the committee.

Growing Places Fund Horizon Paper (Confidential)

Iain Dunnett (ID) took the Horizon paper as read but indicated that there were a number of emerging

projects dealing with health and wellbeing that would be coming to the IAC with grant requests over the

coming months.

Growing Places Fund Performance Report

6.1

Growing Places Fund project RAG rating

The quarterly GPF report and accompanying appendix were reviewed by the Committee with no

questions.

CD provided an update on one project, red-rated in the GPF RAG report.

Action: Confidential.

Growing Business Fund Programme Performance Report (Confidential)

Page 1 of 2

7.1

Growing Business Fund RAG rating

7.2

Small Grants Scheme Approvals

The monthly GBF report and accompanying appendices were reviewed by the Committee with no

questions.

Growing Places Fund Grant Application- Confidential

AP and AW declared interests and left the room.

ID presented an updated paper on the project.

Those present agreed to support the grant recommended in the paper. CD agreed to write to the

remaining members of the Committee eligible to vote to achieve a quorate decision.

Action: CD to write to DK and TW for their decision.

Large Company Grant Application- Confidential

ID presented a paper on the proposal for a grant for a large company.

The Committee agreed to recommend support of the project by the LEP Board.

Growing Places Fund Loan Application- Confidential

ID presented a new project to the Committee, for a loan towards infrastructure for a development of a

new homes in Suffolk.

The Committee agreed to look at the project again, possibly at the original requested amount if:

• The affordable housing levels were reviewed to be more consistent with national policy

• The repayment profile was more favourable to the LEP.

Revised IPF project request: NUA Connecting Creative Capital

CD presented an item on a previously agreed Innovative Projects Fund application, the NUA Connecting

Creative Capital.

The project had been unable to secure match funding in the amount proposed in the original application,

agreed as part of round one of the IPF programme. The applicants, NUA, are requesting permission to

still access the original agreed £100k of funding, despite the lack of match and a decreased set of

outputs. The project marked a diversification for NUA by getting interns into less common sector

businesses.

DE: What are the interns paid? Minimum wage, National Living Wage?

AW/SR: What evidence is there from companies such as Marsh that this type of project is beneficial?

The Committee agreed to leave the grant award at the original size with the following conditions:

• That the grant is paid by intern placement, so each placement achieved would release a

percentage of the funding

• That this application is the final one of this type from NUA.

Any Other Business- Confidential

MW notified the committee of a change of circumstances, but that this would have no material impact on

his role on the committee.

Page 2 of 2

Business Growth Programme Performance Report - September 2019

Programme Overview - What is the Business Growth Programme?

The New nglia Business Growth Programme is the LEP’s flagship business support programme and comprises three main elements:

• New nglia Growth Hub (GH), offering free and impartial advice to individuals and businesses as well as signposting them to a range of additional support͘

• New nglia Small Grant Scheme (SGS), providing grants between £1,000 and £25,000 to SMEs to enable growth, increased productivity and job creation͘

• Start-up and Early Stage Support Programme, providing specialist support to help people set up a successful new business - delivered by partners NWES and Menta͘

The Programme was developed following a review of business support in 2013, overseen by the LEP Board.

Programme years run from September to August, however, the data is presented as the financial year, April to March.

All elements of the Programme were built into the Norfolk and Suffolk Economic Plan, with funding for the current programme coming from BEIS and ERDF funding.

What is the overall Programme Status?

Finance

Green

On track to meet the spend profile for the period to the end of August 2021.

Green

Outputs

On track to meet its outputs for the period to the end of August 2021.

Green

Delivery

The Programme is performing well in terms of delivery with new activity for the next three years being finalised.

What are our key updates?

• The Programme has committed sufficient SGS applications to enable us to draw down all the private sector match funding needed until the end of Feb'21

• In September 2019 five projects were approved by the SGS Panel, one project was moved to the GBF, this makes four approvals as a monthly change

• In September 2019 MHCLG approved a minor adjustment (£19k increase) to the total pogramme cost due to revised staff redunduncy costs͘

• In October 2019 we submitted our quarter two claim for £1͘088m which means that we are £700k ahead of our cumulative spend profile͘

• We've submitted a £1͘1m pplication to MHCLG to extend the GH (incl͘ employing two more Business

dvisers) & SGS for another three months (to end of Nov'21)͘

What is our financial position?

Financials (£ million)

Year

2015/2016

2016/2017

2017/2018

2018/2019

2019/2020

2020/2021

2021/22

Total

Profile Spend

£0.306

£1.301

£3.442

£6.941

£5.925

£5.818

£2.070

£25.803

Actual Spend

£0.306

£1.301

£3.442

£7.671

£3.049

£15.769

Remaining Spend

£0.000

-£0.730

£2.876

£5.818

£2.070

£10.034

2019/2020 Expenditure Profile (£5.925 million)

Forecast and

Actual Spend

£ Millions

-1

Q1-19/20

Q2-19/20

Q3-19/20

Q4-19/20

Quarterly Forecast

£1.449

£1.493

£1.790

£1.193

Quarterly Spend

£1.961

£1.088

£0.000

Variance

-£0.512

£0.405

£1.790

£1.193

What is our contribution to the Economic Strategy?

Claimed to end

Monthly

Outputs - Cumulative from September 2015 to August 2021

Target

of September

Notes

Change

2019

Number of approved grants

330

328

On track to meet target

Businesses receiving ‘in-depth’ support - more than 12 hours

1,108

579

On track to meet target

Businesses start-ups supported

1,350

898

On track to meet target

Value of grants received by businesses

£3.22m

£2.28m

£0.022m

On track to meet target

Private investment provided by businesses

£12.89m

£9.52m

£0.088m

On track to meet target

Employment increase in supported businesses

1,560

995

On track to meet target

Businesses introducing new products

Target exceeded

Businesses receiving Information/Diagnostic/Brokerage

4,236

2,609

On track to meet target

What is the project status?

Overall:

Green →

→→

Growth Hub

Green →

The Growth Hub is delivering well and making good progress with regards to its targets

Small Grant Scheme

Green →

The Scheme is awarding grants ahead of its profile and is currently four months ahead of its claim profile

Start-Up (Nwes)

Green →

Nwes are performing above their targets; we continue working with Nwes and partners to mitigate against wider Nwes risks.

Start-Up (Menta)

Green →

Menta are performing above their agreed targets; we are working with Menta to develop their delivery capacity

What are the next steps?

• The 'Scale-Up New nglia' Programme is now leading to an increased focus in on SMEs , with the fourth Scale Up event held on the 8th October

• Proactive marketing is leading to a greater level of engagement with businesses, with support provided through the Scale Up and Compliance Partnership websites͘

• We continue to hold monthly meeting with Nwes to mitigate against the risks and to ensure that the programmes performance and financial profile remain on track͘

• waiting for a MHCLG confirmation re additional funding for the continuation of the Programme until November 2021 (application submitted on 30/09/2019)

• Our claim for Q2 2019 claim which covers the period July to Sep 2019 was submitted for £1,088,162 on 21/10/2019͘

New Anglia LEP

Growing Business Fund

Grant Approvals 1st April 2019 to 31st March 2020

Date

Total Project Jobs to be

Business Name

Grant Awarded

Private Match

Approved

Cost

CreatedDescription of Support Given

Apr-19

Anglian Plant Ltd

£170,000

£681,915

£851,915

8 Capital grant to support business growth

May-19

Portable Space Ltd (2)

£78,378

£313,513

£391,891

5 Capital grant to support business growth

May-19

Goldwell Manufacturing Services Ltd

£40,000

£96,200

£136,200

2 Capital grant to support business growth

May-19

Belle Coachworks Ltd (4)

£36,000

£85,151

£121,151

5 Capital grant to support business growth

May-19

HBD Europe Ltd (2)

£52,388

£341,133

£393,521

6 Capital grant to support business growth

Jul-19

Bendart Limited

£42,500

£99,495

£141,995

4 Capital grant to support business growth

Jul-19

Fathom

£40,000

£162,821

£202,821

4 Capital grant to support business growth

Jul-19

Hugh Crane Cleaning Equioment Ltd

£56,369

£507,327

£563,696

5 Capital grant to support business growth

Jul-19

Anglia Indoor Karting (Ipswich) Ltd

£40,000

£126,060

£166,060

2 Capital grant to support business growth

Aug-19

William Moorfoot Ltd

£50,000

£283,067

£333,067

2.5 Capital grant to support business growth

Aug-19

Timber Frame Management Ltd

£35,662

£142,649

£178,311

2 Capital grant to support business growth

Sep-19

Musks Limited

£71,469

£285,876

£357,345

4 Capital grant to support business growth

Sep-19

Edmondson Hall (Moved from SGS approvals)

£25,000

£371,148

£396,148

0 Capital grant to support business growth

£737,766

£3,496,355

£4,234,121

Small Grant Scheme Approvals (April 2019 - March 2020)

Total

Jobs to

Date

Grant

Private

Business Name

Project

Description of Support Given

Approved

Awarded

Match

Cost

Created

Apr-19

DXB Pumps & Power Ltd.

£16,845

£67,385

£84,230

1.0

Capital investment to support business growth

Apr-19

Bradleys (Stowmarket) Ltd. (2)

£17,919

£71,679

£89,598

0.0

Capital investment to support business growth

Apr-19

Praxis42 Ltd.

£6,362

£25,449

£31,811

4.0

Capital investment to support business growth

Apr-19

Edmondson Hall

£25,000

£371,148

£396,148

0.0

Capital investment to support business growth

Apr-19

The Penny Bun Bakehouse Ltd.

£7,203

£16,807

£24,010

0.0

Capital investment to support business growth

Apr-19

Criterion Ices Ltd.

£19,515

£78,064

£97,579

2.0

Capital investment to support business growth

Apr-19

Fruitful Media Ltd.

£8,805

£35,222

£44,027

7.0

Capital investment to support business growth

Apr-19

Tosier Chocolate Ltd.

£2,724

£10,900

£13,624

1.0

Capital investment to support business growth

May-19

Apex Print & Promotion Ltd.

£9,930

£39,720

£49,650

2.0

Capital investment to support business growth

May-19

Pastonacre Ltd

£4,305

£17,224

£21,529

1.0

Capital investment to support business growth

May-19

Donald Utting & Sons Ltd (2)

£24,973

£99,892

£124,865

0.0

Capital investment to support business growth

May-19

Safety Devices International Ltd

£5,600

£22,400

£28,000

0.0

Capital investment to support business growth

May-19

A J Laminated Beams Ltd

£5,500

£22,000

£27,500

0.0

Capital investment to support business growth

May-19

P J Lee Hire & Sales Ltd

£6,600

£26,400

£33,000

2.0

Capital investment to support business growth

May-19

Newton Automotive Ltd (2)

£16,160

£64,640

£80,800

1.0

Capital investment to support business growth

Jun-19

Timberwolf Ltd

£18,275

£73,100

£91,375

0.0

Capital investment to support business growth

Jun-19

CapTrac Ltd

£25,000

£101,844

£126,844

0.0

Capital investment to support business growth

Jun-19

Yum Yum Tree Fudge Ltd

£10,905

£43,620

£54,525

0.0

Capital investment to support business growth

Jun-19

N-Ergise Ltd

£25,000

£64,285

£89,285

1.0

Capital investment to support business growth

Jun-19

Emkay Plastics Ltd

£14,453

£57,814

£72,267

0.0

Capital investment to support business growth

Jun-19

Vinyl Installation Ltd

£7,200

£16,800

£24,000

0.0

Capital investment to support business growth

Jun-19

C.S. (Computer Services) Ltd.

£1,749

£6,996

£8,745

0.0

Capital investment to support business growth

Jul-19

The Space Burston

£9,313

£52,775

£62,088

2.0

Capital investment to support business growth

Jul-19

Clenshaw Minns Ltd

£21,740

£86,963

£108,703

1.0

Capital investment to support business growth

Jul-19

Able Cleaning & Hygiene Supplies

£1,113

£4,455

£5,568

0.0

Capital investment to support business growth

Jul-19

Sabrefix (UK) Limited

£4,260

£17,040

£21,300

3.0

Capital investment to support business growth

Jul-19

E Rand & Sons Limited

£4,247

£16,991

£21,238

0.0

Capital & Revenue investment to support business growth

Aug-19

EGM Products Ltd

£12,575

£50,304

£62,879

2.0

Capital investment to support business growth

Aug-19

Saw Media Limited

£1,611

£6,447

£8,058

1.0

Capital investment to support business growth

Aug-19

ASBT Holdings Ltd

£6,188

£24,754

£30,942

3.0

Capital investment to support business growth

Aug-19

Intelligent Resource Management Ltd

£3,000

£12,000

£15,000

0.0

Capital investment to support business growth

Aug-19

Suffolk Yacht Harbour Ltd

£2,919

£11,678

£14,597

0.0

Capital investment to support business growth

Aug-19

Twyfords To You Limited

£12,545

£50,182

£62,727

1.0

Capital investment to support business growth

Sep-19

Finn Geotherm UK Ltd

£4,550

£18,200

£22,750

0.0

Capital investment to support business growth

Sep-19

Lexhag Ltd

£9,972

£39,888

£49,860

0.0

Capital & Revenue investment to support business growth

Sep-19

Stephen Green & Associates Limited

£9,973

£39,892

£49,865

1.0

Capital investment to support business growth

Sep-19

Display Products Ltd

£22,500

£52,500

£75,000

6.0

Capital investment to support business growth

Sep-19

Mio Conferencing Limited

£9,105

£36,420

£45,525

1.0

Capital & Revenue investment to support business growth

Sep-19

Edmondson Hall

-£25,000

-£371,148

-£396,148

0.0

Moved from SGS to GBF

£390,634

£1,482,730

£1,873,364

43.0

SGS Grants Approv3d Apr19-Mar201