New Anglia LEP Investment Appraisal Committee
30th 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
BT
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
1.
Welcome
2.
Apologies
3.
Declarations of Interest
Minutes of previous Meetings (13 November and 21 November 2018)
4.
(Confidential)
Reporting - Growing Places Fund
5.
Growing Places Fund Performance Report
6.
Growing Places Fund RAG Rating (Confidential)
7.
Growing Places Fund Horizon Paper (Confidential)
8.
Growing Places Fund Historical projects (Confidential)
Reporting - Growing Business Fund
9.
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 27th February. NUA, St Andrews St, Norwich NR2 4AE 9am-9:45am
1
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
1
Welcome from the Chair
Lindsey Rix (LR) welcomed everyone to the meeting.
2
Apologies
Apologies were received from Tim Whitley, Alan Waters and Mark Bee (substituted for John Griffiths at
the October meeting).
3
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
4
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
5
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
6
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
7
MSF Growing Places Fund request
Chris Dashper (CD) provided an updated paper on the request from MSF Technologies for a
bridging loan facility following on from the previous IAC meeting of 18 October 2018.
The committee could not recommend approval of the loan application to the LEP
Board because the recommendation could not be complied with due to the lack of
any personal guarantees being available.
Other
8
Any Other Business
• None
Date and time of next meeting: Wednesday 21 November 2018. 9am-9:45am
Venue: Keystone Innovation Centre, Croxton Rd, Thetford IP24 1JD
Page 2 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)
BT
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
1
Welcome from the Chair
Lindsey Rix (LR) welcomed everyone to the meeting.
2
Apologies
Apologies were received from John Griffiths and Alan Waters
3
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
4
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
5
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
6
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.
7
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
The committee agreed to support the project with a GPF grant of £150k.
8
Alchemie Growing Places Fund loan request- Confidential
The committee declined to support the loan request.
Other
5
Any Other Business
• None
Date and time of next meeting: 30 January 2019
Venue: University of Suffolk, Ipswich
Page 2 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
Actual
Actualctual/Forecast
Forecast
Forecast
Total
Financial Year
2015/16
2016/17
2017/18
2018/19
2019/20
2020/21
Brought Forward
0.000
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
3.720
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
28
Sector Developments supported
7
Match Funding - Public (£m)
83
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
13
0
5
12
18
48
from Amber or new projects.
Change
-1
0
-1
+7
-1
What are the next steps?
Continue developing pipeline of future loan applications.
Ensure payback returns contribute to a revolving loan fund development.
9
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
£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
£3.000
£0.000
£6.385
2018/2019 Expenditure Profile
2
1
0
-1
Q1-18/19
Q2-18/19
Q3-18/19
Q4-18/19
Quarterly Forecast
£1.024
£1.024
£1.024
£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
39
59
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
60
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
Approved
Match
Costs
Jobs to be Created
A - Agriculture, Forestry and Fishing
2
£180,000
£794,946
£974,946
46
B - Mining and Quarrying
1
£100,000
£1,654,600
£1,754,600
10
C - Manufacturing
107
£12,863,545
£85,810,078
£98,673,623
1444
E - Water supply, sewerage, waste management and remediation activities
3
£230,000
£998,000
£1,228,000
23
F - Construction
15
£1,086,486
£5,231,673
£6,318,159
142
G - Wholesale and retail trade; repair of motor vehicles and motorcycles
22
£2,280,502
£49,699,325
£51,979,827
342
H - Transportation and Storage
7
£588,614
£2,962,444
£3,551,058
85
I - Accommodation and Food Service Activities
4
£262,000
£1,052,138
£1,314,138
34.5
J - Information and Communication
9
£685,700
£3,409,616
£4,095,316
70
K - Financial and Insurance Activities
1
£30,000
£79,425
£109,425
3
M - Professional, Scientific and Technical Activities
17
£1,631,372
£11,466,472
£13,097,844
180.6
N - Administrative and Support Service Activities
19
£1,848,771
£10,067,136
£11,915,907
224
P - Education
1
£20,000
£102,191
£122,191
4
Q - Human Health and Social Work Activities
1
£31,580
£126,320
£157,900
3.5
R - Arts, Entertainment and Recreation
6
£432,439
£2,868,045
£3,300,484
47.5
S - Other Service Activities
2
£320,000
£4,737,413
£5,057,413
32
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
21
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
22
Small Grant Scheme Approvals (Apr 2018 - Nov 2018)
Grant
Match
Total
Jobs
Clerkin Civils Ltd.
£20,630
£82,521
£103,151
2
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
2
Prosynth ltd.
£5,920
£23,680
£29,600
Niagri Engineering Ltd.
£14,793
£59,174
£73,967
2
Captain Fawcett Ltd.
£5,249
£21,000
£26,249
1
OpenContact Direct Marketing Ltd.
£3,861
£15,449
£19,310
WeType Ltd.
£2,000
£8,000
£10,000
2
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
2
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
2
Pump Street Chocolate Ltd.
£25,000
£100,000
£125,000
R&B Plastering (2)
£2,171
£8,685
£10,856
1
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
1
Canham Consulting Ltd
£2,388
£9,555
£11,943
Lark Technology Group Ltd
£6,464
£25,856
£32,320
2
Prosynth Ltd (2)
£1,597
£6,388
£7,985
BD&H (4)
£22,900
£91,600
£114,500
2
Griffith Elder & Co Ltd
£24,600
£98,400
£123,000
2
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
1
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
2
Exo Environmental (2)
£1,123
£4,492
£5,615
2
Torros Ltd
£11,010
£44,040
£55,050
2
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
1
Bevan Davidson International Ltd
£7,300
£29,200
£36,500
6
Developing Experts
£25,000
£105,000
£130,000
2
Food Innovation Solutions
£13,538
£54,152
£67,690
2
Indigo Swan Ltd
£7,073
£28,296
£35,369
6
RKE Engineering Ltd
£7,750
£31,000
£38,750
Cornelius Group
£6,302
£25,208
£31,510
2
3 in One Services
£13,550
£54,200
£67,750
23
Small Grant Scheme Approvals (Apr 2018 - Nov 2018)
Grant
Match
Total
Jobs
Keronite Group Ltd
£19,882
£79,529
£99,411
2
RD Castings Ltd
£5,642
£22,572
£28,214
CW Logistics Ltd
£20,048
£80,193
£100,241
3
Black Shuck Ltd
£4,705
£18,820
£23,525
Liquid 11 Ltd
£10,053
£23,458
£33,511
2
Coffee House No 5
£11,156
£44,627
£55,783
2
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
2
Crafted Media Ltd
£4,652
£18,610
£23,262
4
Import Export Support LTd
£4,900
£19,600
£24,500
Diss Coverings (Mary Gibson)
£2,679
£10,717
£13,396
1
MD Controls Ltd
£4,229
£16,918
£21,147
1
Excite Solutions Ltd
£6,258
£25,032
£31,290
2
MacRefresh Ltd
£11,500
£46,000
£57,500
2
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
1
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
1
OneSite Building Products Ltd.
£6,600
£15,400
£22,000
1
Petrotech UK Ltd
£10,381
£41,526
£51,907
1
DFC Precision Engineering Ltd.
£23,837
£95,348
£119,185
1
Slim Glass Ltd.
£8,000
£32,000
£40,000
Adaptainer Ltd
£6,384
£25,534
£31,918
1
Elmdale Welding and Engineering Supplies
£9,600
£38,400
£48,000
£860,097
£3,431,244
£4,291,342
74.00
24