New Anglia LEP Investment Appraisal Committee

Wednesday 22nd September 2021

National Centre for Writing, Norwich

9am to 9:45am

Agenda

No. Item

1. Welcome

Main Agenda

2. Apologies

3. Declarations of Interest

4. Minutes of previous meeting – 21 July 2021

5. Horizon Paper and GPF repayments – Confidential

Reporting: Growing Business Fund

6a-c

Growing Business Fund Programme Performance Report and GBF, SGS and

GTI and grant award appendices

6d Growing Business Fund- Grants by district supported by Growth Deal

Reporting: Resilience and Recovery Fund

7 Resilience and Recovery Programme Performance Report

Reporting: Innovative Projects Fund Calls 1 &2

8a &

IPF Calls 1 & 2 Programme Performance Report and IPF 2 project RAG rating

appendix

Items for discussion

9 Suffolk Inclusive Growth Investment Fund- Round 4 projects for approval

Confidential

Other

10. Any Other Business

Committee Members

Cllr David Ellesmere Ipswich Borough Council

Andrew Proctor Norfolk County Council

Sandy Ruddock Scarlett and Mustard

Alan Waters Norwich City Council

Dominic Keen High Growth Robotics

Kathy Atkinson Kettle Foods Ltd

Martin Williams Williams Business Advisory

Exec Members

Rosanne Wijnberg New Anglia LEP

Chris Dashper New Anglia LEP

Iain Dunnett New Anglia LEP

Date and time of next meeting: Wednesday 20 October 2021. 9am-9:45am

Venue: TEAMS Meeting

Page1of4

New Anglia Investment Appraisal Committee

Confidential Meeting Minutes (Unconfirmed)

21st July 2021

Present:

Committee Members

David Ellesmere (DE) Ipswich Borough Council

Dominic Keen (DK) High G

owth Robotics

Sandy Ruddock (SR) Scarlett & Mustard

ndrew Proctor (AP) Norfolk County Council

lan Waters (AW) Norwich City Council

Martin Williams (MW) Independent IAC Membe

In Attendance

Rosanne Wijnberg (RW) New Anglia LEP

Chris Dashpe

(CD) New Anglia LEP

Helen Wilton (HW) New

nglia LEP

Melanie Richardson (MR) New Anglia LEP

ACTIONS

Growing Business Fund report - CD to circulate the report as a spreadsheet

1 Welcome from the Chair

David Ellesmere (DE) welcomed everyone to the meeting.

2 Apologies

Apologies were received from Tim Whitley and Kathy Atkinson.

3 Declarations of Interest

DE declared and interest in Item 13 (Ipswich Museum application). It was agreed that this would be

addressed last on the agenda.

5 Minutes of previous meeting 23rd June 2021

The minutes of the last meeting were agreed as accurate.

5 Horizon Paper and GPF Repayments – Confidential

The Committee agreed:

To note the content of the report

6 Growing Business Fund Programme Performance Report and GBF, SGS and GTI and grant

award appendices

Page2of4

Chris Dashper (CD) reviewed the reports as included in the pack.

CD noted that, due to the ongoing demand for the GBF fund, unused money from other pots has been

moved over to the GBF and a further request is going to the July LEP board to transfer further funds from

the R&R scheme which is seeing a decline in applications. Future reports will reflect the revised full

budget.

The pipeline remains strong with interesting applications being received.

The Committee agreed:

To note the content of the report

6d Growing Business Fund- Grants by district supported by Growth Deal

CD noted that sector details have now been included in the report as per the request of the Committee.

ACTION: CD to circulate the report as a spreadsheet

The Committee agreed:

To note the content of the report

7 Growing Places Fund Programme Performance Report & RAG rating – Confidential

The Committee agreed:



8 Resilience and Recovery Programme Performance Report

CD advised that the Resilience and Recovery Scheme is seeing reduced interest and has around £800k

uncommitted of which ongoing applications will account from approximately £400k. Therefore a paper is

going to the main LEP board this month requesting a partial transfer of the remaining amount to the GBF.

The R&R will wind up when the current pipeline has been completed as it has served its purpose and

funds will be transfer to growth projects.

A full report will be compiled on completion of the fund.

The Committee agreed:

To note the content of the report

9 IPF Calls 1 & 2 Programme Performance Report and IPF 2 project RAG rating appendix

CD confirmed that work is proceeding on the 2nd round of projects and delivery of all projects is

proceeding with only minor delays. The remaining claims are expected shortly.

The Committee agreed:

To note the content of the report

10 Growing Places Fund grant request - Confidential

The Committee agreed:

To note the content of the report



11 Growing Places Fund investment request: – Confidential

Page3of4

The Committee agreed:

To note the content of the report



12 Confidential Growing Places Fund investment request - Confidential

The Committee agreed:

To note the content of the report



13 Growing Places Fund grant request- Confidential

DE left the meeting and AW chaired the meeting

The Committee agreed:

To note the content of the report



Page4of4

14 AOB

None

Growing Business Fund Performance Report - July 2021

Programme Overview - What is the Growing Business Fund?

What is the overall Programme Status?

Finance Green

Outputs Green

Delivery Green

What are our key updates?

What is our financial position?

Financials (£ million)

Year 2013 to 2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 Total

Profile Spend

(£m)

£12.000 £3.536 £3.050 £5.096 £4.121 £2.790 £3.415 £34.008

Actual Spend

(£m)

£11.999 £3.001 £3.049 £4.764 £2.533 £2.815 £0.000 £28.161

Remaining Spend

(£m)

£0.001 £0.535 £0.001 £0.331 £1.588 -£0.025 £3.415 £5.846

What is our contribution to the Economic Strategy?

Target

Actual to

end of

March 2022

Monthly Change Shortfall Notes

£0 £0 £0

0.0 0.0 0

£2,150,000 £0 £0 £2,150,000

£8,600,000 £0 £0 £8,600,000

107 0.0 0.0 107

What is the project status?

Number of

Projects

Approved

Grants

Approved

Private

Match

Total Project

Costs

Jobs to

Created

3 £235,899 £1,018,543 £1,254,442 58.0

1 £100,000 £1,654,600 £1,754,600 10.0

147 £16,867,196 £116,846,346 £133,713,542 1761.0

6 £520,000 £2,166,000 £2,686,000 38.5

23 £2,395,631 £14,518,518 £16,914,149 245.5

30 £3,170,677 £55,251,088 £58,421,765 406.5

10 £1,002,601 £6,016,625 £7,019,226 114.0

5 £372,000 £2,342,138 £2,714,138 45.5

11 £753,200 £3,792,342 £4,545,542 76.0

1 £30,000 £79,425 £109,425 3.0

1 £100,000 £232,500 £345,000 10.0

26 £3,207,666 £20,880,393 £24,088,059 313.6

20 £1,660,100 £9,434,097 £11,094,197 200.0

1 £20,000 £102,191 £122,191 4.0

1 £31,580 £126,320 £157,900 3.5

8 £502,921 £3,159,776 £3,662,697 55.5

2 £320,000 £4,737,413 £5,057,413 32.0

296 £31,289,471 £242,358,315 £273,660,286 3,376.6

What are the next steps?

The GBF pipeline continues to be buoyant with more projects coming forward requesting support than remaining in the budget, priority given to those that can complete within this financial

year.

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

Capital grants are available between £25,000 and £250,000 are provided at up to 20% of project costs for SMEs.

Funding for the Growing Business Fund is provided on an annual basis by the LEP, this year we began with £2.15m, and has been further topped up to £3,415,215

The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East and agreed by a GBF panel which meets monthly as required .

This financial year the scheme has defrayed to date £956,687 and there is a commitment of £1,132,256

Since its inception the Growing Business Fund has already created 2,476 jobs and has a number of roles with businesses still to fulfil

Pipeline is now buoyant, with interest in some larger size grant applications and regular panel meetings taking place to approve applications

Participant SMEs of the Scale Up New Anglia programme are being offered a range of support including applications to GBF (where appropriate).

This is still the LEP flagship grant scheme and continues to attracting interest despite COVID-19, we are seeing confidence in that some businesses submitting grant applications.

Many of the businesses are proceeding with their growth plans especially those of a medium size with a healthy pipeline of larger grant applications

GBF has been really successful, its still the main growth grant available to businesses in Suffolk and Norfolk

A - Agriculture, Forestry and Fishing

Outputs April 2021 to March 2022

Value of grants approved

Value of private sector match approved

Number of New Jobs to be Created

Value of grants claimed

Private sector match funding drawn down

Number of New Jobs Created

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

Sector

N - Administrative and Support Service Activities

B - Mining and Quarrying

C - Manufacturing

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

F - Construction

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

H - Transportation and Storage

I - Accommodation and Food Service Activities

J - Information and Communication

K - Financial and Insurance Activities

L - Real Estate Activities

M - Professional, Scientific and Technical Activities

As we are nearing the end of this fund, we are closely monitoring the applications and claims coming forward to ensure they can complete on time, 31st March 2022.

P - Education

Q - Human Health and Social Work Activities

R - Arts, Entertainment and Recreation

S - Other Service Activities

Total

The LEP is continuing to work with delivery partners, to ensure that the scheme can be accessed by businesses to facilitate growth during the COVID-19 Pandemic.

Q1-21/22 Q2-21/22 Q3-21/22 Q4-21/22

Quarterly Forecast 0.701664 0.704517 1.404517 0.604517

Quarterly Spend 0.701664 0.1947 0 0

Variance 0 0.509817 1.404517 0.604517

2020/2021 Expenditure Profile

Approval

Date

Company Name

Grant

Awarded

Business Size Reason for Support

Apr-21 No approvals in April

May-21

Flexion Global Ltd £194,700 Small Capital investment to support business growth

May-21

Two Magpies Food Company Ltd £44,000 Small Capital investment to support business growth

May-21

Broadland Radiators & Heat Exchangers Ltd £25,800 Small Capital investment to support business growth

Jun-21

The Essentials Company £28,369 Small Capital investment to support business growth

Jun-21

Weco Engineering Ltd £60,000 Small Capital investment to support business growth

Jun-21

Albert Bartlett Ltd £500,000 Large Capital investment to support business growth

Jul-21

Mirus Aircraft Seating Ltd (3) £250,000 Small Capital investment to support business growth

Jul-21

Lockwood Packaging Ltd (2) £96,300 Small Capital investment to support business growth

Aug-21

No approvals in August

Total for Growing Business Fund £1,199,169

New Anglia LEP

Growing Business Fund

Grant Approvals - April 2021 to March 2022

Date

Approved

Company Name

Grant

Awarded

Business

Size

Reason for Support

Apr-21 Plantscape Tree Services Ltd £7,951 Micro