New Anglia LEP Investment Appraisal Committee

30^th January 2019

9am-9.45am

The Board Room, The Ipswich Waterfront Innovation Centre,

University of Suffolk, Ipswich, IP4 1QJ

Agenda

Committee Members

Lindsey Rix

Aviva

Cllr David Ellesmere

Ipswich Borough Council

Alan Waters

Norwich City Council

Sandy Ruddock

Scarlett and Mustard

Dominic Keen

High Growth Robotics

Tim Whitley

John Griffiths

St Edmundsbury Borough Council

Exec Members

Rosanne Wijnberg

New Anglia LEP

Chris Dashper

New Anglia LEP

Iain Dunnett

New Anglia LEP

No.

Item

Welcome

Apologies

Declarations of Interest

Minutes of previous Meetings (13 November and 21 November 2018)

(Confidential)

Reporting - Growing Places Fund

Growing Places Fund Performance Report

Growing Places Fund RAG Rating (Confidential)

Growing Places Fund Horizon Paper (Confidential)

Growing Places Fund Historical projects (Confidential)

Reporting - Growing Business Fund

Growing Business Fund Performance Report

10.

Growing Business Fund and Small Grant Scheme - approvals

Application for Discussion

11.

Voluntary and Community Sector Challenge Fund Grant Application (Confidential)

12.

Any Other Business

Date and time of next meeting: Weds 27^th February. NUA, St Andrews St, Norwich NR2 4AE 9am-9:45am

New Anglia Investment Appraisal Committee

Meeting Minutes (Unconfirmed)

13 November 2018, Telephone Meeting

Present:

Committee Members

Lindsey Rix (LR)

Aviva

John Griffiths

St Edmundsbury Borough Council

Dominic Keen (DK)

High Growth Robotics

Cllr David Ellesmere (DE)

Ipswich Borough Council

Sandy Ruddock

Scarlet and Mustard

In Attendance

Chris Starkie (CS)

New Anglia LEP

Rosanne Wijnberg (RW)

New Anglia LEP

Chris Dashper (CD)

New Anglia LEP

Mike Dowdall

New Anglia LEP

Tanya Nelson

New Anglia LEP

Welcome from the Chair

Lindsey Rix (LR) welcomed everyone to the meeting.

Apologies

Apologies were received from Tim Whitley, Alan Waters and Mark Bee (substituted for John Griffiths at

the October meeting).

Declarations of Interest

Full declarations of interest can be found at http://www.newanglia.co.uk/about-us/the-board/.

Declarations relevant to this meeting: John Griffiths, MSF Technologies

Minutes of previous meeting

The committee agreed the minutes of the previous meeting were a true account of the meeting held on

18 October 2018.

Matters arising from previous meeting: None

Horizon Projects Table - Confidential

Chris Dashper (CD) explained the contents of the paper and noted that three applications, Southwold

Hospital (grant), Hawk and Owl Trust (grant) and Alchemie (loan) would be presented at the next meeting

on 21 November for discussion. There were no questions on the Horizon report from attendees.

Items for discussion

Nar Ouse Enterprise Zone Investment

The Nar Ouse paper was advanced from item 7 in the agenda.

Chris Starkie (CS) provided a summary of the updated paper (from 18 October 2018) for the

Investment Appraisal Committee and how the issues raised at the October meeting had

been addressed by the paper, including:

The committee agreed to recommend to the LEP Board that the recommendation in

the paper should be supported, being a co-investment in a capital build with match

funding in the same amount by the Borough Council of Kings Lynn and West Norfolk,

subject to obtaining State Aid advice on the proposal.

Page 1 of 2

New Anglia Investment Appraisal Committee

Meeting Minutes (Unconfirmed)

21 November 2018, Keystone Innovation Centre,

Thetford

Present:

Committee Members

Lindsey Rix (LR)

Aviva

Tim Whitley (TW)

Dominic Keen (DK)

High Growth Robotics

Cllr David Ellesmere (DE)

Ipswich Borough Council

Sandy Ruddock (SR)

Scarlett and Mustard

In Attendance

Rosanne Wijnberg (RW)

New Anglia LEP

Chris Dashper (CD)

New Anglia LEP

Iain Dunnett (ID)

New Anglia LEP

Welcome from the Chair

Lindsey Rix (LR) welcomed everyone to the meeting.

Apologies

Apologies were received from John Griffiths and Alan Waters

Declarations of Interest

Full declarations of interest can be found at http://www.newanglia.co.uk/about-us/the-board/.

Declarations relevant to this meeting: None

Minutes of previous meeting

The committee agreed the minutes of the previous meeting were a true account of the telephone meeting

held on 13 November 2018.

Matters arising from previous meeting: None

Horizon Projects Table - Confidential

Rosanne Wijnberg (RW) explained the contents of the paper. A question was raised concerning how the

various returns on investments contributed to the overall income for the Growing Places Fund and where

this was reported. RW confirmed that the quarterly GPF report, which would next be submitted to the IAC

in February, included the full financial breakdown for the programme.

Items for discussion

Hawk and Owl Trust Growing Places Fund grant request- Confidential

Iain Dunnett (ID) provided an outline of the paper for the Investment Appraisal Committee.

The committee agreed to support the project with a GPF grant of £100k. The grant will

be payable once HLF funding of £870k is secured.

Southwold Hospital Growing Places Fund grant request- Confidential

Iain Dunnett (ID) provided an outline of the paper for the Investment Appraisal Committee.

Page 1 of 2

Item - 5. Growing Places Fund Performance Report

Programme Overview - What is the Growing Places Fund?

• Programme duration under Growth Deal funding: 2015 - 2021.

• Value: £25m. This is the £25m Growing Places Fund element of the Growth Deal. Completed projects date back to previous funding from 2012.

• Aims: Invest loan capital in region’s infrastructure, sectors and growth locations. Occasional grants provided to projects demonstrating significant regional benefit.

• Contribution to the Economic Strategy: has created 1292 new jobs, 318 new homes, supported 28 capital build projects, and 7 sector developments in the private and

public sector. The fund has leveraged an additional £200m public and private investment.

What is the Overall Programme Status?

Green

Loans position

All loans up to date. Drawdown on recent loans on schedule, repayments underway where applicable.

Grants position

Amber

Recent grant offers all issued, grant payments underway where eligible costs incurred.

Outputs

Green

Output delivery on profile. Housing outputs will include Winerack dwellings from April 2019.

achieved

What is our financial position?

Financials (£ millions)

Actual

Actualctual/Forecast

Forecast

Total

Financial Year

2015/16

2016/17

2017/18

2018/19

2019/20

2020/21

Brought Forward

0.000

2.729

4.415

1.987

5.187

Repaid

0.000

2.088

1.597

1.031

1.000

7.342

13.058

Gov Allocation

7.967

4.092

2.790

3.720

3.280

25.569

Spend [Act/Fcst]

-7.967

-3.451

-2.701

-7.179

-1.520

-0.120

-22.938

Carried forward

0.000

2.729

4.415

1.987

5.187

15.689

What is our contribution to the Economic Strategy?

Programme performance to date

Outputs - cumulative from April 2012 to Quarter 3 2018

Actual to date

New homes built

318

New jobs created

1,292

Capital Build projects supported

Sector Developments supported

Match Funding - Public (£m)

Match Funding-Private (£m)

117

Total Match (£m)

200

What is the Project Status?

Current status of all projects.

Overall status

Purple

Red

Amber

Green

Blue

Please see RAG Rating for full project

Pipeline

At risk

Claim stage

Live

Complete

Total

list.

Increase in live projects due to transfer

from Amber or new projects.

Change

-1

What are the next steps?

Continue developing pipeline of future loan applications.

Ensure payback returns contribute to a revolving loan fund development.

Growing Business Fund Performance Report

Programme Overview - What is the Growing Business Fund?

Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, increased productivity and job creation:

Capital grants between £25,000 and £500,000 are provided at up to 20% of project costs for SMEs and up to 30% for Small Businesses located in an Assisted Area

Funding for the Growing Business Fund is provided on an annual basis by the LEP's Growth Deal

The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East

What is the overall Programme Status?

Finance

Green

All the funding for 2018/19 has been allocated with the fund on course to spend the full allocation

Outputs

Green

Based on applications approved to date, the fund will over perform against the targets set

Green

Delivery

A steady pipeline of high quality applications is coming through, ensuring the fund is performing well overall

What are our key updates?

Membership of the Approval Panel has been widened to ensure that it has a breadth of knowledge regarding business types and needs

The pipeline of applications has shown a decline, however, a number of high quality applications are coming forward for support

The LEP is working with partners to improve the economic value of applications coming forward, with a greater focus on higher value job creation in key sectors

What is our financial position?

Financials (£ million)

Year

2013 to 2016

2016/2017

2017/2018

2018/2019

2019/2020

2020/2021

2021/22

Total

Profile Spend

£12.000

£3.536

£3.050

£4.096

£3.000

£0.000

£28.682

Actual Spend

£11.999

£3.001

£3.049

£4.25

£22.297

Remaining Spend

£0.001

£0.535

£0.001

-£0.152

£3.000

£0.000

£6.385

2018/2019 Expenditure Profile

-1

Q1-18/19

Q2-18/19

Q3-18/19

Q4-18/19

Quarterly Forecast

£1.024

Quarterly Spend

£0.420

£1.742

£2.086

£0.000

Variance

£0.604

-£0.718

-£1.062

£1.024

What is our contribution to the Economic Strategy?

Actual to end

Outputs April 2018 to March 2019

Target

of November

Monthly Change

Shortfall

Notes

2018

Value of grants approved

£3,540,000

£3,031,901

£656,250

£508,099

On track to meet target

Value of private sector match approved

£14,160,000

£62,050,484

£9,776,793

-£47,890,484

Target exceed during July 2018

Number of New Jobs to be Created

354

295

On track to meet target

Value of grants claimed

£3,540,000

£4,251,917

£1,441,500

-£711,917

Target met

Private sector match funding drawn down

£14,160,000

£27,315,317

£10,539,421

-£13,155,317

Target met

Number of New Jobs Created

354

225

129

On track to meet target

What is the project status?

The following table shows grants approved by sector since the start of the programme in 2013/14

Number of

Projects

Grants

Private

Total Project

Sector

Approved

Match

Costs

Jobs to be Created

A - Agriculture, Forestry and Fishing

£180,000

£794,946

£974,946

B - Mining and Quarrying

£100,000

£1,654,600

£1,754,600

C - Manufacturing

107

£12,863,545

£85,810,078

£98,673,623

1444

E - Water supply, sewerage, waste management and remediation activities

£230,000

£998,000

£1,228,000

F - Construction

£1,086,486

£5,231,673

£6,318,159

142

G - Wholesale and retail trade; repair of motor vehicles and motorcycles

£2,280,502

£49,699,325

£51,979,827

342

H - Transportation and Storage

£588,614

£2,962,444

£3,551,058

I - Accommodation and Food Service Activities

£262,000

£1,052,138

£1,314,138

34.5

J - Information and Communication

£685,700

£3,409,616

£4,095,316

K - Financial and Insurance Activities

£30,000

£79,425

£109,425

M - Professional, Scientific and Technical Activities

£1,631,372

£11,466,472

£13,097,844

180.6

N - Administrative and Support Service Activities

£1,848,771

£10,067,136

£11,915,907

224

P - Education

£20,000

£102,191

£122,191

Q - Human Health and Social Work Activities

£31,580

£126,320

£157,900

3.5

R - Arts, Entertainment and Recreation

£432,439

£2,868,045

£3,300,484

47.5

S - Other Service Activities

£320,000

£4,737,413

£5,057,413

Total

217

£22,591,009

£181,059,822

£203,650,831

2691.1

What are the next steps?

Revision of guidance and support provided by the Growth Hub is currently taking place, with a focus on high value activity, both terms of jobs and business growth

The Growth Hub are now targeting 1,300 SMEs that may benefit from grant support, to unlock business growth and increase productivity

Growing Business Fund Approvals (Apr 2018 - Nov 2018)

Grant

Match

Total

Jobs

Broadway Colours Ltd (2)

£40,000

£160,700

£200,700

4.0

Panel Graphics (2)

£64,414

£290,872

£355,286

4.0

Computer Service Centre

£265,800

£1,446,200

£1,712,000

25.0

Renvale Limited

£184,552

£1,510,977

£1,695,529

10.0

Warren Services Ltd. (4)

£32,000

£176,000

£208,000

2.5

Food Forensic Limited

£36,980

£219,220

£256,200

6.0

Omega Ingredients Ltd (3)

£40,000

£160,000

£200,000

2.0

Advanced Engineering (UK) Ltd

£98,600

£394,400

£493,000

6.0

Pecksniff's Bespoke Fragrances and Cosmetics Ltd

£202,500

£1,822,500

£2,025,000

14.0

Gnaw Chocolate Limited

£25,330

£101,319

£126,649

2.0

Ponders End Investments PLC

£179,239

£928,354

£1,107,593

36.0

BCMZ PrecisionEngineering Ltd

£74,500

£298,000

£372,500

4.0

Netmatters Limited

£37,500

£337,500

£375,000

4.0

Glowcroft Ltd

£38,742

£161,716

£200,458

3.0

LDH La Doria

£500,000

£41,100,000

£41,600,000

99.0

Mirus Aircraft Seating Ltd (2)

£140,000

£596,400

£736,400

7.0

Vanilla Electronics (2)

£39,994

£159,976

£199,970

2.0

TBI Manufacturing Ltd (2)

£69,500

£278,807

£348,307

4.0

DB Sheet Metals

£60,000

£328,750

£388,750

3.0

Zedbox UK Ltd

£120,000

£485,000

£605,000

6.0

Westover Vets Ltd

£126,000

£1,317,000

£1,443,000

12.6

Optima Stainless Ltd.

£264,900

£1,133,600

£1,398,500

14.0

Condimentum Limited

£391,350

£8,643,193

£9,034,543

25.0

Spectra Packaging Ltd

£74,486

£297,944

£372,430

4.0

Stephen Walters and Sons Ltd

£118,049

£472,195

£590,244

2.0

£3,224,436

£62,820,623

£66,045,059

301.1

Small Grant Scheme Approvals (Apr 2018 - Nov 2018)

Grant

Match

Total

Jobs

Clerkin Civils Ltd.

£20,630

£82,521

£103,151

Mitra Innovation

£3,301

£29,714

£33,015

Alpha Inclusion Ltd.

£5,150

£20,600

£25,750

Polstead Joinery (2)

£6,090

£24,360

£30,450

Prosynth ltd.

£5,920

£23,680

£29,600

Niagri Engineering Ltd.

£14,793

£59,174

£73,967

Captain Fawcett Ltd.

£5,249

£21,000

£26,249

OpenContact Direct Marketing Ltd.

£3,861

£15,449

£19,310

WeType Ltd.

£2,000

£8,000

£10,000

3 Norfolk Square Ltd.

£5,544

£12,937

£18,481

Purple Line Ltd.

£21,600

£86,400

£108,000

Storacall Technology Ltd. t/a X-on

£24,958

£99,833

£124,791

Attwells Solicitors LLP

£7,020

£16,380

£23,400

Insight Ecology Ltd.

£3,083

£12,335

£15,418

Needham Fabrications Ltd.

£20,422

£81,688

£102,110

Joseph Read Lighting Ltd.

£11,215

£56,349

£67,564

Agricultural & Mechanical Services Ltd t/a Agrimech

£6,100

£24,400

£30,500

Pump Street Chocolate Ltd.

£25,000

£100,000

£125,000

R&B Plastering (2)

£2,171

£8,685

£10,856

Edmund & Sedgwick Ltd.

£1,815

£7,260

£9,075

My Sofa Covers Ltd.

£2,000

£8,320

£10,320

Abate Ltd (2)

£13,975

£55,898

£69,873

Richard Western Ltd.

£2,372

£21,348

£23,720

R&S Budds Ltd.

£9,468

£37,876

£47,344

Global Plant Genetics Ltd

£1,705

£3,979

£5,684

TSI Structures Ltd

£23,100

£92,400

£115,500

Asams Ltd (2)

£14,461

£33,743

£48,204

Screenworks Ltd

£11,489

£45,955

£57,444

Cargo Secure Ltd

£25,000

£125,000

£150,000

Canham Consulting Ltd

£2,388

£9,555

£11,943

Lark Technology Group Ltd

£6,464

£25,856

£32,320

Prosynth Ltd (2)

£1,597

£6,388

£7,985

BD&H (4)

£22,900

£91,600

£114,500

Griffith Elder & Co Ltd

£24,600

£98,400

£123,000

Dodman Ltd

£3,680

£14,720

£18,400

EV Driver

£3,284

£13,158

£16,442

Jordan Leisure Systems

£3,200

£12,800

£16,000

Norwich Gas Electric Oil & Water Ltd

£8,452

£33,808

£42,260

Sharing Parenting

£1,086

£4,346

£5,432

Real Bodies Health & Fitness Ltd

£9,088

£36,353

£45,441

Exo Environmental (2)

£1,123

£4,492

£5,615

Torros Ltd

£11,010

£44,040

£55,050

Dunhams Washrooms Systems

£24,072

£96,289

£120,361

TTV Industrial Ltd

£25,000

£152,756

£177,756

Padgate Consulting Ltd.

£2,911

£11,644

£14,555

Bevan Davidson International Ltd

£7,300

£29,200

£36,500

Developing Experts

£25,000

£105,000

£130,000

Food Innovation Solutions

£13,538

£54,152

£67,690

Indigo Swan Ltd

£7,073

£28,296

£35,369

RKE Engineering Ltd

£7,750

£31,000

£38,750

Cornelius Group

£6,302

£25,208

£31,510

3 in One Services

£13,550

£54,200

£67,750

Small Grant Scheme Approvals (Apr 2018 - Nov 2018)

Grant

Match

Total

Jobs

Keronite Group Ltd

£19,882

£79,529

£99,411

RD Castings Ltd

£5,642

£22,572

£28,214

CW Logistics Ltd

£20,048

£80,193

£100,241

Black Shuck Ltd

£4,705

£18,820

£23,525

Liquid 11 Ltd

£10,053

£23,458

£33,511

Coffee House No 5

£11,156

£44,627

£55,783

Merxin Ltd

£14,901

£59,607

£74,508

Plandesci Ltd

£4,295

£17,180

£21,475

Diamond Garage LTd

£24,300

£56,700

£81,000

Smart Refinish Ltd

£9,000

£21,000

£30,000

Libra Scale Ltd

£25,000

£124,500

£149,500

Crafted Media Ltd

£4,652

£18,610

£23,262

Import Export Support LTd

£4,900

£19,600

£24,500

Diss Coverings (Mary Gibson)

£2,679

£10,717

£13,396

MD Controls Ltd

£4,229

£16,918

£21,147

Excite Solutions Ltd

£6,258

£25,032

£31,290

MacRefresh Ltd

£11,500

£46,000

£57,500

B&B Skip Hire Ltd (2)

£24,573

£98,295

£122,868

Dhotel Patisserie Ltd

£3,763

£15,052

£18,815

Cox's Boatyard Ltd

£6,000

£24,000

£30,000

STR Service Centre

£24,559

£100,000

£124,559

KVT Business Case

£2,230

£8,920

£11,150

Alex Stanlake Animation & Design

£1,483

£5,933

£7,416

Flameskill Ltd.

£16,372

£38,200

£54,572

Armour Engineering Ltd.

£2,256

£9,028

£11,284

OneSite Building Products Ltd.

£6,600

£15,400

£22,000

Petrotech UK Ltd

£10,381

£41,526

£51,907

DFC Precision Engineering Ltd.

£23,837

£95,348

£119,185

Slim Glass Ltd.

£8,000

£32,000

£40,000

Adaptainer Ltd

£6,384

£25,534

£31,918

Elmdale Welding and Engineering Supplies

£9,600

£38,400

£48,000

£860,097

£3,431,244

£4,291,342

74.00