JOURNAL. Silicon Britain Could every region soon be home to a thriving tech cluster? SUMMER 2014

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1 FUNDING THE FUTURE SUMMER 2014 JOURNL Silicon Britain Could every region soon be home to a thriving tech cluster? Taking up the mantle New BVC chairman Tim Farazmand reveals his plans for the year ahead Putting a price on bitcoin re investors willing to take a gamble on a mysterious virtual currency? No holding back Why Germany s economy has continued to grow amid the eurozone crisis

2 Introduction The rise of the UK tech cluster, British investors lukewarm response to bitcoin-related ventures and Germany s economy set the agenda for this issue Contents The story of UK innovation involves more than just the capital The UK technology industry is one of the country s shining lights. Be it biotech or cleantech, hardware or software, Britain is undoubtedly a legitimate player on the world stage. But much of the focus from politicians, officials and the media often centres on London. This is perhaps inevitable given its cultural, economic and political dominance, yet focusing on the capital often means the work being done across the country is overlooked or downplayed. While London and the Tech City initiative continue to do outstanding things, the story of UK innovation involves more than just the capital. The BVC will be campaigning about this issue in the run-up to next year s general election. Rebalancing the economy is not just about growing sectors, but also regions, to ensure stronger, more sustainable economic growth and an economy that is better placed to withstand financial shocks. Our cover story (page 20) is very much in this vein, looking at the string of technology clusters throughout the UK. Following on from Tech Country, a substantial piece of research we undertook last year, the article finds that entrepreneurialism and innovation are thriving across the land, from the hi-tech hub in Cambridge and life sciences in Manchester, to Bristol s expertise in semi-conductors and the oil and gas focus of berdeen. The rise of UK tech clusters was also evident in Britain s Hot Talent, a book Editor Rob Morris Content Director Janice Warman Creative Director Ben Barrett rt Director David Donaghy Designer Dean Buckley Picture Editor Johanna Ward Publisher Georgina Beach Production Director John Faulkner Managing Director Claire Oldfield CEO Martin MacConnol BVC Journal is published on behalf of the BVC by Wardour, 5th Floor, Drury House, Russell Street, London WC2B 5H Tel +44 (0) published earlier this year by the BVC, which showcases this country s vast array of talent across all technological sectors. When flicking through the report and our cover story, it is clear that the UK is a nation of enterprise and entrepreneurialism, and one in which venture capital and private equity have an important role to play. Our members invest in ventures that will be central to Britain s ability to compete and lead in the new economy. High-growth businesses, backed by experienced investors, can help Britain to achieve the scientific and technological innovation that is crucial to our position in the global economy. One innovation taking the world by storm, which the British cannot take credit for, is the rise of bitcoin. Last year saw a number of venture capital investments in bitcoin-related start-ups in the US, but so far there has been little interest in Britain. Our piece starting on page 14 looks at why and whether things may change. Elsewhere, we look at Germany (page 26), which, like Britain, is another European economic powerhouse that is home to some interesting companies and tech clusters. The tech industry in Berlin is particularly strong to the point where it is locked in a battle with London for the crown of Europe s leading tech hub. But unlike World Cup 2014, this is one particular contest I expect us to win. Tim Hames, Director General Reserve your copy of the BVC Journal. To guarantee that you receive your copy of the next edition, please Mia Iwama Hastings at To advertise in the magazine, please contact Peter Sandberg on +44 (0) or at ILLUSTRTION: PETER CROWTHER SSOCS 04 News Stories on the regional BVC Management Team wards, banking union and the European fund rules Taking centre stage 10 New BVC chairman Tim Farazmand talks about business, private equity and his love of rock music Going for broke 14 Can British investors get behind bitcoin-related ventures when so little is known about the virtual currency? David Turner speaks to industry insiders 18 Crunching the numbers Research showing that most deals in the UK were backed by venture capital and private equity firms Tech nation 20 Silicon Roundabout may grab the headlines, but the UK is home to many tech clusters that deserve attention Laying roots 25 Guernsey is fast becoming a top private equity hub, attracting some of the industry s big players European powerhouse With a strong economy, solid trade links and robust industries, Germany is one of Europe s most attractive places to invest Missing the 30 vital step How failing to implement business methodology properly can affect your business Big appetite 33 David Salkeld, CEO of food producer Symington s, is still hungry for growth after years of steady expansion 26 Creative spirit 38 How leading animation, TV, films and music companies have turned the UK into a hotbed of creativity Guest columnist 42 Celia Moore from London Business School on making ethical investments when under the influence of money 2 3

3 NEWS News Banking union takes step forward Taxpayers in the EU will no longer have to bail out struggling banks after a plan to create a common system for handling banking crises was approved. In March, the European Parliament agreed to introduce the Single Resolution Mechanism, a eurozone system to shut failing banks, and a 55 billion shared fund to cover its costs, paid for by the banks rather than by taxpayers in Europe. The fund will be used to shore up European banks that hit hard times, as many did following the onset of the global economic downturn in But some critics claim that 55 billion is not enough to protect banks from the losses that the sector has seen in recent years. Others say that the final decision on how to deal with a bank in trouble could involve more than 100 decision makers, which, in their view, is too many to reach a consensus quickly. Some also believe that the system lacks a robust EU-wide deposit guarantee scheme. Without it, there is nothing to stop a mass exodus of funds from a member state with a depressed banking system. In March 2013, Cyprus was plunged into crisis when the EU revealed that anyone with more than 100,000 in a Cypriot account could lose up to 40% of their savings to finance a bank bailout. The news led to mass panic, with thousands of people in Cyprus scambling to withdraw cash from their bank accounts. Michel Barnier, European Commissioner for the internal market and services, said that the common system is not a perfect construction, but one that was won through the spirit of compromise. ELTIF progress good for private equity Progress on the European Long-term Investment Funds (ELTIF) regulation continues with encouraging prospects for the private equity and venture capital industry. Long-term investment is a popular topic in Brussels, with the provision of patient capital a remedy for the financial sector s short-term speculative behaviour prior to the crash. Members of both the European Parliament and Council of Ministers are keen to make the voluntary regime as attractive as possible for would-be fund managers. Prospective managers must adhere fully to the terms of the lternative Investment Fund Managers Directive (IFMD) if they are to become authorised under the ELTIF regulation. Under the IFMD, it will only be Patient capital was a remedy for the financial sector s shortterm speculative behaviour before the economic crash possible to market cross-border to professional, non-retail investors. The European Parliament side has proposed increased flexibility surrounding how and when assets can be disposed of, as well as the possibility that the ELTIF itself can be structured as a partnership. lthough the Council of Ministers position is not as clear, the broad direction of debate suggests it is possible to find a middle ground. With the European Parliament elections taking place in May, more talks were expected to be scheduled for this autumn at the earliest. Some investors and industry insiders hope that the talks will eventually lead to a new fund vehicle that will facilitate the role already played by private equity in providing long-term finance to the real economy. News in brief Colombia calling for British investors Colombian capital Bogotá will host the second annual Colombia Start-up and Investor Summit this October. The event brings together stakeholders who aim to foster start-up activity in their respective countries. The BVC, in collaboration with the British Embassy, represented the UK industry at the 2013 summit and hopes to be involved in this year s event. Organisers are keen to see UK practitioners from the venture capital community present in Bogotá, and may help to cover the cost of flights and/or accommodation for those interested in exploring investment opportunities in Latin merica. For more information, contact Simon Burns at PHOTOGRPHY: ISTOCK Tax relief for social investments Social investment in the UK has been given a significant boost with the launch of the Social Investment Tax Relief in Budget 2014 and publication of the Social investment roadmap by HM Treasury. The tax relief is the first of its kind, promising to catapult social impact investment into the mainstream and have a real positive effect on social enterprises across the UK. The rate is set at 30%, aligning it with the Enterprise Investment Scheme and Venture Capital Trusts. While likely to encourage investors to commit money to social enterprises, the overall investment limit a social enterprise can raise has been set at 290,000 over three years. This figure is significantly below the 5 million that the BVC has been pushing for in its consultation response. The Government aims to introduce a larger scheme with a higher investment limit and will seek EU state aid approval to help make this happen. Currently, investors can invest 4 5

4 NEWS Merlin casts its spell on BVC judges MedCity to boost UK life sciences industry Nick Varney, chief of tourist attraction operator Merlin Entertainments, has been named CEO of the Year in the South West by the BVC. The Poole-based business, which listed on the London Stock Exchange last November, won three prizes in this year s BVC Management Team wards. It won Exit Management Team of the Year for its IPO, and the Community & Environmental ction ward for its social responsibility policies. Merlin was one of six winners in the South West final of the awards. In the Northern Ireland regional awards, Belfast-based innovator of The regional winners go through to the national finals in London in June defibrillator technology HeartSine won two business accolades. The firm, which is backed by venture capital houses CT Venture Capital and Enterprise Equity, was named midsized company of the year. The company, which exports to 44 countries and has operating systems in more than 29 languages, picked up a second award in recognition of its activity in international markets. It was one of five winners in the Northern Ireland final of the awards. Elsewhere, John Innes, the former chief of mor Group, was named CEO of the Year for Scotland. It was one of two prizes picked up by the Renfrewshire-based firm, which provides IT services to the energy, transport and public services sectors. The regional winners go through to the national finals, the results of which will be revealed at a ceremony in London on 18 June. For a full list of the regional winners, please turn to page 8 London Mayor Boris Johnson has launched MedCity to transform the South East of England into one of the world s top life sciences hubs. MedCity aims to establish a worldleading centre for research, development and manufacturing in a region with a strong life sciences sector that accounts for some 700,000 employees. The hub aims at collaboration between academia, business and the investment community. It is being launched by a partnership involving UCLPartners, King s Health Partners, Imperial College cademic Health Science Centre, University of Oxford, University of Cambridge and the Greater London uthority. Our challenge is to promote that capability and secure the industrial engagement and financial support to translate science to benefit UK health and wealth, said Professor Sir John Tooke, UCLPartners, academic director. Building on a history of increasing collaboration between the academic health science centres, MedCity provides the vehicle to realise that ambition, ensuring London and the South East becomes the leading global hub for development of novel therapeutics, devices and diagnostics to address medical need. Funded by the Greater London uthority and the Higher Education Funding Council, MedCity Limited will oversee the project with an advisory board which includes Kate Bingham, managing partner at SV Life Sciences, and Hermann Hauser, co-founder of madeus Capital Partners. up to 1 million annually in a portfolio of social enterprises. The tax relief applies to individual investors who invest in new shares or new qualifying debt investments in social enterprises. Indirect investments via a nominee also qualify. Social enterprises are firms that set up to help British people and communities. Some of the country's most well-known ventures include Divine Chocolate, which sells fairtrade confectionery, the Co-op, the Eden Project and The Big Issue. IORP should protect investors, BVC says The latest Institutions for Occupational Retirement Provision Directive should help to support pension fund investment and offer investor protection in Europe, according to the BVC. PHOTOGRPHY: ISTOCK In March, the European Commission launched its revised Institutions for Occupational Retirement Provision Directive (IORP II). The updated directive has been long in the making, with ongoing debate about the merits of applying capital requirements to allocations made by pension funds. Given that pension funds tend to allocate to the private equity and venture capital industry, such action could have had a chilling effect on Europe s investment activity. The Commission has since accepted that this approach would be ill-advised. The BVC and European Venture Capital ssociation, both of which welcomed the commission s decision, said that the IORP offered investor protection and supported pension fund investment. 6 7

5 NEWS BVC Management Team wards: Regional winners The regional winners of the BVC Management Team wards 2014 were named in May, following a rigorous assessment process. Entrants to the awards, which honour the management teams of UK firms backed by private equity and venture capital, are nominated by BVC members and assessed by the judges. The winners will now go through to the finals in June. Here is the full list of companies that won the regional awards. South West Large Buyout Private Equity-backed Management Team of the Year: New Look, Permira Mid Market Private Equity-backed Management Team of the Year: ero Stanrew, WestBridge Capital Venture Capital-backed Management Team of the Year: Bullitt, Business Growth Fund International Impact Management Team of the Year: -Gas International, LDC Exit Management Team of the Year: Merlin Entertainments, Blackstone and CVC Capital Partners Community & Environmental ction ward: Merlin Entertainments, Blackstone and CVC Capital Partners Best for Innovation: tlas Genetics, YFM Equity Partners CEO of the Year: Nick Varney, Merlin Entertainments, Blackstone and CVC Capital Partners Wales Mid Market Private Equity-backed Management Team of the Year: Penn Pharmaceuticals, LDC Venture Capital-backed Management Team of the Year: Wholebake, Finance Wales International Impact Management Team of the Year: Silverwing, NVM Private Equity Exit Management Team of the Year: IG Doors, NVM Private Equity Community & Environmental ction ward: Penn Pharmaceuticals, LDC Best for Innovation: DC Biotechnology, Finance Wales Regional winners Scotland Mid Market Private Equity-backed Management Team of the Year: ICR, Gresham Private Equity Venture Capital-backed Management Team of the Year: Deep Casing Tools, Maven Capital Partners International Impact Management Team of the Year: FanDuel, Pentech Ventures Exit Management Team of the Year: mor Group, Growth Capital Partners Community & Environmental ction ward: Skyscanner, SEP Best for Innovation: Cyberhawk, SEP Midlands Large Buyout Private Equity-backed Management Team of the Year: Poundland, Warburg Pincus Mid Market Private Equity-backed Management Team of the Year: Kee Safety, Dunedin Venture Capital-backed Management Team of the Year: Mirada Medical, lbion Ventures International Impact Management Team of the Year: DisplayLink, DFJ Esprit Exit Management Team of the Year: Cambridge Education Group, Palamon Capital Partners (sold to Bridgepoint in December 2013) Community & Environmental ction ward: Independent Community Care Management, ISIS Equity Partners Best for Innovation: Endomagnetics, New Wave Ventures Northern Ireland Large Buyout Private Equity-backed Management Team of the Year: Phoenix Natural Gas, Terra Firmas Mid Market Private Equity-backed Management Team of the Year: HeartSine, CT Ventures and Enterprise Equity Venture Capital-backed Management Team of the Year: Vita Liberata, WhiteRock Capital Partners International Impact Management Team of the Year: HeartSine, CT Ventures and Enterprise Equity Exit Management Team of the Year: Phoenix Natural Gas, Terra Firmas Community & Environmental ction ward: Budget Energy, WhiteRock Capital Partners Best for Innovation: Intelesens, Clarendon Fund Managers and Enterprise Equity CEO of the Year: John Innes, mor Group, Growth Capital Partners CEO of the Year: Fergus Brownlee, Cambridge Education Group, Palamon Capital Partners and Bridgepoint CEO of the Year: Eleanor McEvoy, Budget Energy, WhiteRock Capital Partners South East Large Buyout Private Equity-backed Management Team of the Year: Vue Entertainment, Doughty Hanson & Co Mid Market Private Equity-backed Management Team of the Year: Graze, The Carlyle Group, DFJ Esprit, Octopus Investments Venture Capital-backed Management Team of the Year: nesco, SEP International Impact Management Team of the Year: spen Pumps, Inflexion Exit Management Team of the Year: lexander Mann Solutions, Graphite Capital Best for Innovation: Nutmeg, Pentech Ventures North East Large Buyout Private Equity-backed Management Team of the Year: llied Glass, Equistone Partners Europe Mid Market Private Equity-backed Management Team of the Year: TSC Foods, Key Capital Partners Venture Capital-backed Management Team of the Year: Gear4Music, Key Capital Partners International Impact Management Team of the Year: Nomad Digital, madeus Capital Partners Exit Management Team of the Year: Trustmarque, LDC (sold to Dunedin in June 2013) Best for Innovation: Symingtons, ICG North West Large Buyout Private Equity-backed Management Team of the Year: Innovia Group, rle Capital Partners Mid Market Private Equity-backed Management Team of the Year: Metronet (UK), LDC Venture Capital-backed Management Team of the Year: Better Bathrooms, Business Growth Fund International Impact Management Team of the Year: Innovia Group, rle Capital Partners Exit Management Team of the Year: Matrix Energy Services, LDC Best for Innovation: ChargePoint Technology, Enterprise Ventures CEO of the Year: Richard Yarwood, Penn Pharmaceuticals, LDC CEO of the Year: Rosaleen Blair, lexander Mann Solutions, Graphite Capital CEO of the Year: Mark Roberts, CSC World, ISIS Equity Partners CEO of the Year: Ian Kelly, Matrix Energy Services, LDC 8 9

6 INTERVIEW Taking centre stage fter spending 20 years in private equity, self-confessed punk rock fan and new BVC chairman Tim Farazmand is now one of the industry s headline acts. Janice Warman reports HERE are a few things you need to know about Tim Farazmand. He s a massive fan of punk rock band Stiff Little Fingers, football club ston Villa and his wife Jackie s garden design business. He goes to every football World Cup (Brazil s up next) and has only one regret on the day of our interview: that he s going to miss his favourite band s gig at The Forum. But then being one of life s enthusiasts is, in all likelihood, a prerequisite for working in venture capital. Like many accomplished people, he attributes success partly to luck though it s a theory some might quibble about after hearing his story. fter university, he joined IBM as a systems engineer and later became a salesman. But he wanted to progress more quickly than the company saw fit like a lot of people in their twenties who had overinflated opinions of their own ability and were full of ambition, he says wryly so when he saw a job advert for private equity firm 3i in The Sunday Times he jumped at it. I didn t know what venture capital or private equity was, I have to confess, but the job looked fascinating. So why was he lucky? In the 1980s, 3i was largely populated by accountants and needed to bring in people who had selling skills to handle increased industry competition. Not surprisingly, they looked to some of the big blue-chip firms, Farazmand says. Despite having a 2.1 in economics from the University of Cambridge, Farazmand admits that he knew little about balance sheets or P&L when he joined 3i. They were able to respray me with the necessary financial savviness, for want of a better word, and off we went, he says. I was very lucky that there was a moment in time when they were looking for people with those sorts of skills. PHOTOGRPHY: CHRLIE SURBEY Farazmand was with 3i for seven years, moving to London in 1990 as investment director. By 1994, he had left the firm to set up a private equity office in London for Royal Bank Private Equity (RBPE), along with a new colleague, Hamish Mackenzie. year earlier, Royal Bank of Scotland had sold its investment banking arm, Charterhouse, but the Scottish office of Charterhouse Development Capital stayed within the bank and was rebranded RBPE. The company had offices in Edinburgh and Glasgow, before Farazmand joined to launch its London operation. s an industry, we need to make people aware of what we do and how we do it Joining RBPE was an exciting time for Farazmand, who spent eight years with the company. He left the business in 2002 when then chief executive Fred Goodwin decided he wanted RBS to move out of private equity. fter leaving RBPE, I joined a small financial services fund for two-and-a-half years, he says, but I wanted to get back into mainstream mid-market private equity, which led me to LDC in For this next move, Farazmand was approached by a number of mid-market funds. So why go with LDC, where he still 10 11

7 INTERVIEW works today? The key reason is that I bought into its core values and core focus, which is very much about being the UK regional private equity investor. We have offices from berdeen to Bristol and really pride ourselves on having connectivity with the local business community in those conurbations. The company s regional focus helps it to understand the dynamics of local economies. Critically, it enables us to get an earlier warning of opportunities than other non-regional competitors. LDC focuses on backing incumbent management teams, so our bread and butter is management buyouts, backing incumbent teams and working closely with them to effect a change in ownership. LDC is sector-agnostic, says Farazmand, and has more than 80 investments spread across various sectors. Darryl Eales and, until recently, Paddy Sellers have really provided a strong platform for those of us on the investment side to get on and flourish while managing our single investor, which is the bank (LDC s parent, Lloyds Banking Group). So the dynamic has worked well and we ve delivered some substantial profits back to the bank in the past 10 years. Those profits include more than 500 million in capital gains over the last five years, with 1.5 billion invested, 86 transactions and 63 exits. Plans include 2 billion worth of investment over the next four years. In the hot seat Farazmand s new role as chairman of the BVC satisfies his desire to give something back to the industry that he loves. Prior to this position, he joined the organisation s technical and legal committee in 1990 and has sat on the member services committee and chaired the citizenship committee since In 2013, he was persuaded to take on what is essentially a three-year role that involves working a year as vice-chairman, a year as chairman and a further year supporting his successor. The chairmanship will involve overseeing the BVC council, attending regional dinners, breakfast meetings, seminars and conferences, and working closely with Tim Hames, the director general. He will also support the executive s work in meeting key policymakers and politicians. I m aware that I m here for a year and gone tomorrow, and therefore the public face should be the executive of the BVC, he says. Tim Hames in particular needs to be the person everybody recognises as supplying leadership for the organisation. Farazmand s strategy for raising the BVC s profile is to continue the good work of his predecessors and partner with the executive team to keep developing the organisation. The ability of the executive is translated into fantastic connectivity with policymakers and politicians across the political spectrum. They are respected by HMRC and other government bodies that we need to work with to promote British business. Continuing to work closely with the European Venture Capital ssociation (EVC) is also on Farazmand s agenda. While it s key that the BVC stays close to what s happening within the UK, it s also critical, with the amount of legislation and regulatory control coming from Brussels, that we work with the EVC and retain close ties with European venture capital firms. The run-up to the next general election will be important in terms of ensuring that venture capital and the value it can bring to British businesses is a priority for those writing the party manifestos. Farazmand believes simplifying tax is vital to the continued recovery, and says raising awareness of the positive contribution that private equity and venture capital make to the economy is crucial. If people have been critical of us historically, it s because there s been a view that as an industry we ve been too secretive; if you are secretive about something, people will wonder why. s an industry, we understand that we need to make people aware of what we do and how we do it, and the positive contribution we make to the UK. Changing perceptions ccording to Farazmand, there is a need to counter the widely held view that private equity firms swoop in to buy up companies and then sell off the assets at a profit. There are some good statistics about the number of jobs and apprenticeships we ve created 80 90% of the capital deployed by private equity is outside the M25, so it is very much about investing across the UK and helping regenerate some economies in areas that have suffered more in the downturn. The key for private equity and venture capital to be sustainable in the UK is to deliver returns back to your investors. Not everyone will be successful in our industry, but new entrants will emerge, so we re in a relatively healthy state. With three new waves of capital going mostly into the venture capital end of the industry, there are opportunities for start-ups and small businesses. The first wave, Farazmand says, comes from entrepreneurs with substantial wealth and a high appetite for risk who are looking to invest. The second involves corporates that are setting up their own venture capital subsidiaries, and the third is from new entrepreneurs who are focusing on the social, as well as the financial, impact of their work. Indeed, the announcement in the latest Budget of social investment tax relief at 30% to encourage earlier stage investment and capital coming into the sector was a positive development, Farazmand says, and shows that BVC is an effective lobbying organisation. For anyone who thinks venture capital is largely about companies that make things no one has ever heard of, one of Farazmand s favourite deals ties in with his passion for music. In 2012, LDC backed a management buyout of Mama Group, the live music arm of HMV, which owns some of his favourite music venues and festivals. I needed the investment team around me to ensure they kept a level of objectivity in that deal, Farazmand says. The Jazz Café, which we own, is The key for private equity and venture capital to be sustainable in the UK is to deliver returns back to your investors my favourite venue in London, so I was completely sold on the opportunity before we got into due diligence. It turned out to be a good deal, though. Mama Group owns, among other music festivals, The Great Escape, Lovebox and the Global Gathering, and in 2011 launched the Wilderness Festival in Cornbury Deer Park, Oxfordshire, which gained some good media coverage when the new Governor of the Bank of England, Mark Carney, chose to visit last year. Following in Carney s footsteps, Farazmand and his wife will be heading to Oxfordshire this ugust for the Wilderness Festival after missing out on the Stiff Little Fingers gig. To everyone in the crowd, he will be just another music fan, but the new chairman of BVC is one of the headline acts in the world of British venture capital and private equity

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