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Private Equity, European investments continue to fall in the second quarter

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Investments in private equity during the first six months of 2009 fell to €8,5bn, 65% less than the first semester the previous year, according to data released by the European Private Equity &Venture Capital Association (EVCA).

The impressive trend is confirmed by the figures concerning the total amount of funds raised in the first six months of 2009, which are 86% lower than in the second semester of the previous year.

Investments
In the second quarter to June 2009, the number of companies receiving private equity decreased by 8%, compared with the first three months of the year; the amount invested fell by 16% to €3,9bm.
Any investment stage was hit by the crisis:
– buyouts fell by 14% to €1,6bm;
– growth capital by nearly 50% to €622m;
– venture capital fell by a quarter to €728m.

By contrast, good news came from buyouts of small and mid-market companies, which recovered in the second quarter, up 24% to €1,3bn, now accounting for 4/5 of all buyouts by value.
EVCA’s figures show that more than a half of all deals were follow-on investments, in comparison with 44% at the same period of 2008.

Fundraising
In the second quarter, fundraising increased by 18% to €3,2bn compared with the first three months of the year, with buyouts raising by 28% to €1.9bn and growth capital funds by about 50% to €205m.

FinSMEs

16/07/2009

Lord Mandelson defends supporting measures for Small Businesses

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Lord Mandelson claims that the measures implemented by the UK Government has been decisive to save many businesses from closure.

The Telegraph reported the Business Secretary saying that so far HM Revenue and Customs has deferred 170,000 individual business taxes, worth over £3bn, while some 3,700 businesses have been offered more than £360m in guaranteed loans out of the £1.3bn set aside for the scheme.

The support, if proved to work over time, could represents the basis of a new multi-billion pound programme seeing the government to provide risk and debt capital and featuring an expanded business loan guarantee scheme to help companies with few assets to access financial resources from high-street banks.

FinSMEs

15/08/2009

50% of UK bosses have pay frozen or are on a pay holiday, says new survey

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A survey of over 1,300 UK bosses shows that nearly 50% of them have had their pay frozen or are on a pay holiday.

New figures, from IoD Policy Voice, even show that 40% of bosses had also reduced their bonuses. These data are in sharp contrast with what is going on in the public sector, where the latest data from the ONS, shows that average earnings, including bonuses, increased by 4.0% in June, compared with the previous year.

Commenting on the findings, IoD Director General, Miles Templeman was quoted as saying: “There is a growing divide between the private and public sectors, with the public sector so far immune from the effects of the recession. Most IoD members run small and medium sized businesses on moderate pay packages, while almost half have no occupational or employer-sponsored pension at all.

“With government borrowing reaching sky-high levels, there has to be a sense of proportion and reality amongst government employees. This recession has had a big effect on businesses, the public sector cannot remain immune, and the need to bring down the deficit means that a pay freeze across government should come into effect”.

FinSMEs

15/08/2009

Manufacturers discouraged by plans to transfer skills strategy to RDAs

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British manufacturers have expressed their concern at reports that responsibility for developing skills strategies is to be transferred to the Regional Development Agencies.

In a statement issued by the EEF, the manufacturers’ organisation, Lee Hopley, Head of Economic Policy, was reported as saying: “The skills system has been subject to numerous reviews and revamps over the past decade, failing to provide the greater stability and a skills funding system that meets employers’ needs for the long term. There is already too much complexity, as has been readily acknowledged, and floating ideas for another reorganisation before the new Skills Funding Agency has even been set up needs full and proper consultation.

“With the UK Commission for Employment and Skills currently consulting on skills simplification and the Government proposing a new skills regional agenda, employers are likely to become more frustrated if this process does not deliver a more accessible and predictable skills landscape”.

FinSMEs

15/08/2009

Aleltho and ITI Energy to build a gas facility

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London-based investment firm Aleltho Energy signed a Memorandum of Understanding with ITI Energy, manufacturers of an efficient patented advanced gasification process, which is designed to take waste feedstock for the generation of a synthetic gas which can be used to power a combustion engine.

The MoU has been entered into to enable the parties to conduct exclusive negotiations for the development and construction of a 6.7MgW gasification facility in the North East of England and for the future roll out of opportunities using the advanced ITI gasification process.

FinSMEs

15/08/2009

EU, call for creating Knowledge and Innovation Communities

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Last days to submit projects for the first call for proposals launched by the European Institute for Innovation and Technology, which will lead to the establishment of new Knowledge and Innovation Communities (KICs).

The KICs are public-private partnerships which bring together actors from research, higher education and industry to stimulate innovation in Europe and are designed to be engines of ideas, technology, culture and entrepreneurship that will generate new business for industry, including SMEs.

One of their key tasks will be to foster entrepreneurial activity across traditional borders, sectors and disciplines.
The themes of the first call, wich have been selected to address some of Europe’s current key challenges, are the following:
– sustainable energy;
– climate change mitigation and adaptation;
– the future of the information and communication society.

The deadline for submission is 27 August 2009.
For more information see the Institute’s website http://eit.europa.eu/kics-call.html.

The total contribution from the Community budget to the EIT available for funding all KICs activities is expected to be around 270 million in the period 2010-2013, distributed according to the following table:
– 2010 €26m
– 2011 €55m
– 2012 €72m
– 2013 €119m

At the same time, the EIT has published a call addressed to individuals for the establishment of a database of prospective independent experts to assist the Institute with tasks in connection with the evaluation and implementation of KICs.

FinSMEs

15/08/2009

ScottishPower CCS Consortium boosted With Shell and National Grid

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ScottishPower has increased its chance of obtaining part of the £1 billion that the UK Government has on offer to develop carbon-capture technology.

According to a statement by ScottishPower, its carbon capture and storage (CCS) consortium set out to deliver the UK’s first commercial size CCS system operating from a coal-fired power station by 2014, is being joined by Shell U.K Limited and National Grid.

The Consortium is in the process of submitting a bid for the UK Government’s CCS competition.

Shell is a global leader in exploration and production of oil and gas and is already taking part in a variety of projects to capture and geologically store CCS – this makes the company ideally placed to be part of the CCS consortium.

National Grid is the owner and operator of the UK’s gas pipeline system and has expertise in high-pressure pipelines. The companies are joining the Norwegian CO2 removal specialists Aker Clean Carbon already in the ScottishPower consortium.

FinSMEs

15/08/2009

Northamptonshire Chamber launches Business After Hours events

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Northamptonshire Chamber is launching a new initiative, which help business people to meet for networking.

In particular, from 5.30 – 7.30pm on the last Wednesday of every month, networking events will take place in order to give local entrpreneurs an opportunity to meet informally after work, drinks and a buffet.
The inaugural “Business After Hours” event will be hosted by Aspers Northampton on 30th September 2009. The events will be open to both members and non members of the Chamber and take place at various venues in the county.

At each event two attendees will have the opportunity to give a 10 minute presentation to the room. According to a Northamptonshire Chamber statement, “during the first event at Aspers, people will be drawn out of the hat to speak to the group that night. For subsequent events, speakers will be drawn at the preceding event, allowing them time to prepare their presentation over the course of the month and gain maximum impact”.

Tracey Branson, Head of Operations at Northamptonshire Chamber, was reported as saying: “We are very excited to be launching these events and have already received a great level of interest in them.

“We are aware that many local companies are not able to take time out of their working day, particularly with the economic situation as it is, and we wanted to offer them an alternative option. This way they can build contacts and relationships which will boost their business without having to take time away from the day to day running of it”.

Places cost £10 + VAT to Chamber members and £15 + VAT to non members.

FinSMEs

14/08/2009

UK Government invests in Airbus A350 XWB project

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UK Government has agreed to support Airbus with up to £340 million for the development of the A350 XWB.

According to a BIS statement, the support will enable Airbus to strengthen its position as a world leader in wing, landing gear and fuel integration systems technologies and ensure the UK plays a leading role in the development of the A350 XWB.

It is reported that the support will create and sustain more than 1,200 jobs within Airbus across Filton and Broughton sites as well over 5,000 within the supply chain across the UK.

Business Secretary Lord Mandelson was reported as saying: “This agreement is excellent news for the UK aerospace sector and for the thousands of British workers within Airbus and its UK-based supply chain.

Tom Enders, Airbus president and CEO, welcomed the government’s decision to invest in the A350 XWB, the most advanced, innovative, and eco-efficient aircraft in its market segment.

“This partnership with the UK government means that the UK taxpayer can expect a sound return on their investment, and ensure the aviation industry continues to thrive in Europe and around the world”, he said.

FinSMEs

14/08/2009

One North East to support a local company

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One North East agrees a grant to a local manufacturer, which is increasing its workforce to satisfy a rise in orders from overseas clients.

According to a statement, Kirkdale 2000, a North Tyneside-based steel rotational mould tool maker, is expanding its North Shields operation in a £70,000 project that will see the company to create five new posts for sheet metal workers and purchasing new welding equipment, a crane, fork lift and some compressors.

In order to fund a part of the project, the Regional Development Agency has therefore offered the company a Grant for Business Investment of £20,000.

The company, which was started its activity nine years ago by Managing Director Andrew West and joined later by technical director Mr Robert Witherspoon, now employs 14 people.

MD Andrew West was reported as saying: “We are seizing the opportunity to increase our capacity to ensure the company is in a strong position to take advantage of the economic upturn and bid for more contracts, which we currently would struggle to fulfill.
“This investment will ensure the company is capable of fulfilling quick delivery demand are vital for are customers in the offshore industry”.

FinSMEs

13/08/2009

EBRD becomes shareholder in Tajik SME lender

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The European Bank for Reconstruction and Development (EBRD) is increasing the levels of financial intermediation in Tajikistan with an investment in a leading lender to small businesses.

According to a EBRD statement, the financial institution is acquiring a stake of 25% + 1 share in Agroinvestbank, the second largest commercial bank in Tajikistan, for up to $12m.

Agroinvestbank is one of the main providers of finance to micro, small and medium-sized enterprises and the agricultural sector in the country. Through its rural network it can reach out areas where access to finance remains difficult for private entrepreneurs.

The EBRD’s investment will strengthen the capital base of Agroinvestbank and will also enable the bank to increase loans to local enterprises.

The investment is complemented by $1.5 million in grant funds from the Bank’ Early Transition Countries Fund for institution building and the strengthening of corporate governance.

Agroinvestbank have been supported by the EBRD since 2005 through different facilities such as the Tajik Micro and Small Enterprise Framework, the Trade Facilitation Programme and the Tajik Agricultural Finance Framework.

FinSMEs

13/08/2009

EIF support technology-driven SMEs in Spain

FinSMEs
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The European Investment Fund (EIF) has announced today an investment in Bullnet Capital II, a fund targeting early-stage technology companies, mostly in Spain.According to a EIF statement, the first closing of Bullnet Capital II was completed at €25m and the fund will be managed by Madrid-based manager Bullnet Gestión.

The investment is made on behalf of Neotec, a €183m fund-of-funds targeting the Spanish technology market and for which the EIF is advisor, under the European Commission Competitiveness and Innovation Programme (CIP-GIF1).

Neotec is an initiative launched by the Spain’s Centre for Industrial Technological Development, which aims to support the creation and development of new technology-based firms.

FinSMEs

13/08/2009

RBS Pakistan sold to MCB Bank for $87m

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The Royal Bank of Scotland Group plc reached agreement in principle for the sale of its 99.37% holding in The Royal Bank of Scotland Limited (RBS Pakistan) to MCB Bank Limited (MCB) for a total consideration of US$ 87m.

The transaction is subject to necessary Regulatory approvals and is expected to complete by the end of 2009.

According to a RBS statement, the agreement follows the completion of the strategic review to exit its banking businesses in Vietnam, the Philippines, Taiwan (except the Securities business) and Pakistan in an effort to refocus the Group’s geographic reach across a smaller number of key markets.

The acquisition of RBS Pakistan, which has 75 branches in 24 cities, will expand MCB’s network of outlets to 1,139.

FinSMEs

13/08/2009

NESTA invests in Big Issue Fund to boost social enterprises

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NESTA is contributing an investment of £1m to Big Issue Invest’s £10 million Social Enterprise Investment Fund to create capital for growing UK-based social enterprises.

The Fund’s investments will range from £100,000 to £500,000 and finance the growth of existing social enterprises and earlier stage businesses.

The Fund intends to make between 25 and 30 investments having a 5 year duration.
Financial returns are expected to be generated through turnover and profit royalties, interest payments, and capital gains through equity sales.

NESTA’s investment represents the second large investment in the Fund following a £750,000 commitment from the Esmée Fairbairn Foundation. It has also attracted City institutions such as law firm Nabarro, accountancy group PricewaterhouseCoopers, and HSBC, all of which will help on a pro bono basis.

A statement reported Nigel Kershaw, CEO of Big Issue Invest, to say: “I am delighted with NESTA’s investment. It clearly demonstrates confidence in who we are, what we do and what we are trying to achieve. “Our Social Enterprise Investment Fund will provide risk capital for social enterprises that have the capacity for scale, profitability and significant social transformation. By proving that social enterprises can deliver both social and financial returns we can create an embryonic asset class and a sustainable source of capital to drive social change.

“This is a very exciting time to be in business as the recession is continuing to give birth to all sorts of great ideas that create social opportunity and environmental sustainability. We already have a strong pipeline of investment opportunities. Most are in the areas of jobs, education and training, health and social care and the environment.
“Through the fund we aim to show that social enterprises can improve the delivery of public services. With better public services we can deliver a better future for everyone”.

Jonathan Kestenbaum, chief executive of NESTA, said: “Social enterprises can deliver real growth and services that have the potential to relieve some of the burden currently on the public purse.
“It is a model that NESTA hopes will gain wider support as it offers an opportunity to solve problems that have been unresponsive to conventional solutions and are often financed by the tax-payer. Our social finance programme is showing how catalytic investment such as this can create lasting change”.

FinSMEs

13/08/2009

Capital for Enterprise Fund, second investment is Vamosa

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After announcing an investment of £2m in Ke Tech, the Capital for Enterprise Fund was reported to inject a further £1m in Glasgow-based Vamosa, which provides IT systems to businesses and the public sector.

The company, which also operates in London and the US, offers a range of products to businesses and governments that help them to analyse, monitor and maintain all forms of business content. It was founded in 1999 and has 36 employees.

Vamosa Managing Director George Knox was reported as saying: “With this investment, we will help to define the global Enterprise Content Governance sector.

“It is our vision for a Scottish business to ensure multi-national organisations and governments receive the highest return on investment from their content assets. Receiving this capital injection from Maven is a proof-point to the opportunities available to Vamosa”.

FinSMEs

13/08/2009

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