RISK CAPITAL FOR SMALL FIRMS A Guidebook & Directory, 1989

Web Version (2011)

This version – a scanned copy of the original – has been made available primarily as a reference for SME researchers, although others may find the content of interest.

Much has changed since it was first published. For instance, the government’s Small Firms Service (p.210) subsequently evolved into the Small Business Service, although it, too, was later replaced.

But enterprise support in the UK is again under review – with the prospect of delivery via Local Enterprise Partnerships – and at the time of writing, the various services are managed by:

England - Business Link http://www.businesslink.gov.uk/ - Regional Development Agencies http://www.englandsrdas.com/

Northern - Invest Northern Ireland http://www.investni.com/ Ireland

Scotland - Scottish Enterprise http://www.scottish-enterprise.com/ - Highlands and Islands Enterprise http://www.hie.co.uk/

Wales - business.wales.gov.uk http://business.wales.gov.uk/

The enterprise agency network now has the National Federation of Enterprise Agencies – founded in 1992, http://www.nfea.com/. And the popular Dragons’ Den BBC TV series – first broadcast in 2005, http://www.bbc.co.uk/dragonsden/ – has followed in the footsteps of the enterprise agency ‘marriage bureaux’ (p.143, p.223), helping also to raise public awareness of small business opportunities.

Web Version Introduction /2 Document Configuration

To avoid an overly large file, the publication has been split into two Acrobat documents, namely:

1) the Guidebook section, including the Chapters, Case Studies, Further Reading and Glossary (pp.1-205), and,

2) the Directory, including the Chapter References, Directory of Organisations, and Index (pp.206-347).

They may be found here http://www.scribd.com/SME_Research, and should find wide compatibility with more recent versions of Adobe Acrobat – they have been successfully opened with Acrobat v.6 and v.7, (Windows XP), and v.9 (Windows 7).

To assist readers in tracing text of interest, the main sections are identified as Acrobat ‘bookmarks’, and the scanned page images have been converted into searchable text.

N.B. Whilst the optical character recognition (OCR) process is usually efficient in converting scanned text, it is not flawless. However, the use of truncated searches – by entering say ‘invest’, when searching for ‘investment’ – may help to locate content that would otherwise be excluded.

David Purdy Visiting Fellow, Kingston University http://business.kingston.ac.uk/sbrc

January 2011

Web Version Introduction /2 DIRECTORY

The purpose of this section is to provide information on locally-based organisations which may be able to help at any one or more of the stages of raising risk capital. The organisations and their activities are:- Main U.K. Business Advice Agencies for Smaller Businesses These are able to provide low-cost (often free) assistance to help with the development of business plans prior to the seeking of any external risk (sharelequity) capital i.e. prior to making contact with a potential investor.

Linkages to Potential Investors for Smaller Businesses These are services which act as a 'linking mechanism' to connect small businesses to potential investors who are prepared to offer such finance.

Sources of Risk Capital These include both private and public sector sources having expressed an interest in investment opportunities requiring £50,000 or below (it should be noted that many would be interested in businesses seeking finance above this level too). The information on these sources is arranged thus: Main U.K. Business Advice Agencies for Smaller Businesses ...... p.208 An overview of the main types of organisations which would fall into this category. B) Linkages to Potential Investors for Smaller Businesses...... p. 222 An overview of the main types of organisations which would fall into this category. C) Regionalised Directory of Contacts...... p234 This gives the name, address and other contact information - for all types of organisation - and also indicates the general nature of each listed organisation. D) Risk Capital Sources & Their Main Investment Criteria...... p. 304 This information has also been presented in the form of a regionalised directory. To help find your nearest local contacts, the directories [sections C) and D)] have been sub-divided into the United Kingdom 'standard regions', namely :-

ENGLAND: East Anglia Cambridge, Norfolk, Suffolk East Midlands Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire North Cumbria, Cleveland, Durham, Northumberland, Tyne & Wear North West Cheshire, Greater Manchester, Lancashire, Merseyside Yorkshire t.3 Humberside, North Yorkshire, South Humberside Yorkshire, West Yorkshire West Midlands Hereford & Worcester, Shropshire, Stafford, Warwick, West Midlands South East Bedford, Berkshire, Buckingham, East Sussex, Essex, Greater London, Hampshire, Hertford, Isle of Wight, Kent, Oxford, Surrey, West Sussex South West Avon, Cornwall, Devon, Dorset, Gloucestershire, Somerset, Wiltshire NORTHERN IRELAND SCOTLAND WALES (A) Main U.K. Business Advice Agencies for Smaller Businesses These are able to provide low-cost assistance to help with the development of business plans prior to the seeking of any external risk (sharelequity) capital (i.e. prior to making contact with a potential investor). This section contains a brief overview of each of the main business advice and information services available to smaller businesses. Generally speaking, the bulk of the counselling and information services are offered free of charge, but in some instances, as in the case of extended counselling sessions from the Small Firms Service, or with the specialised technical services supplied by the Rural Development Commission, some costs may be borne by the client. Many of the services have upper limits on the size of firm that may receive support (usually in terms of numbers of employees), but these limits are likely to be above the size of a firm seeking £50,000 in risk capital. Furthermore, certain business support schemes have been designed to target certain industrial sectors - such as manufacturing (as in the case of the Scottish 'Better Business Services') - and in such circumstances, businesses operating outside the specified sectors will usually be ineligible. N.B. Most schemes offering financial assistance - from whatever source - stipulate that an application must be submitted PRIOR to the commitment of any project expenditure for which support is being sought. Therefore, a useful maxim might be:

'Investigatefirst; spend later'

Scope Overall, the scope for local assistance can be very broad - it can range from the supply of information and business advice, to the provision of finance (in the form of loans, grants or equity) and premises - and so a little effort spent in evaluating the alternatives could prove to be time well spent. All of the organisations listed should be able to provide further details describing their respective services, but since the content of various leaflets appears to change quite frequently, it is recommended that a useful starting point would be a request for an introductory leaflet which describes the services currently on offer (and a list of publications, if they have one). Some services publish helpful guides touching on various aspects of managing a small business e.g. marketing, preparing business plans, book-keeping and so on. LOCAL ENTERPRISE AGENCIES: There exists throughout the UK some 270 locally-based enterprise agencies (or enterprise 'trusts' as they tend to be known in Scotland). Their principal function is the supply of sound, practical and impartial advice and information, on a confidential basis, to support the setting-up and development of small businesses. * Scope Such assistance is offered free of charge and could cover, for example:- drawing up a business plan, raising finance, choosing premises, or help with marketing. In addition to their own business counsellors, most enterprise agencies have access to specialists able to tackle certain types of problems. The agencies are now working more closely with the Department of Employment's Small Firms Service and in the circumstances whereby one service requires access to the other's specialists, cross-referrals help provide a solution. Some agencies are able to offer an extended range of services, which, depending upon the specific operation, could include one or more of the following:- * Access to loanlgrant Exhibitions Funds 'Marriage bureau' 'Meet the buyer' presentations * Newsletter Property register Small business club Trade directory

@ Training courseslseminars 'Youth Enterprise' support Work space As well as the supply of information which describes their own services, an enterprise agency should have a comprehensive range of information on local small business matters e.g. details of local authority schemes. Local enterprise agencies are a recent phenomenom, having grown rapidly in the early 1980's but reaching saturation now, and most enjoy the benefit of joint sponsorship from both the private and public sectors - with over 5,000 companies acting as sponsors during 1988. The counselling staff often are secondees from larger businesses which have local branchesloffices based in the vicinity of the respective agencies - the 'Big Four' clearing banks all sponsor significant numbers of agencies, as do, for example, Marks & Spencer, British Telecom, IBM, Shell, BP and the accountants Peat Marwick McLintock. Some enterprise agencies provide additional 'satellite' offices to make it easier for more distant enquirers to visit them. A typical enterprise agency will handle around 45 counselling sessions a month. Although the enterprise agencies are seen by central government as a cost-effective method of assisting job creationlsaving through small business support, a survey of enterprise agency clients suggested that they rated the agencies more highly than any other local sources of assistance - such as the banks, chambers of commerce, local authorities and so on ('The impact of local enterprise agencies in Great Britain' 1985).

Contact The details for each main enterprise agency office (some 270-plus) are listed under their respective regional section in the directory. However, these will be subject to various changes, and so the simplest method of finding up-to-date details for the nearest enterprise agency or trust would be to use the Small Firms Service 'Freefone Enterprise' free telephone enquiry service (details are shown in the SFS contact section). The enterprise agencies pperate on an autonomous basis, though Business in the Community (BiC), and Scottish Business in the Community (ScotBIC), co-ordinate their interests wherever possible. Each organisation publishes a directory which includes contact and sponsor information for each agency (and a regionalised activity table in the BiC directory). For England, Wales, and Northern Ireland (the 1987 BiC directory costs £3.50):-- Business in the Community, 227A City Road, London. EC1V 1LX Tel: 01 253 3716 For Scotland (the ScotBIC directory is available free of charge):- Scottish Business in the Community, Roman0 House, Station Road, Corstophine, Edinburgh. EH12 7AF Tel: 031 334 9966

SMALL FIRMS SERVICE (SFS): This is available throughout England, Scotland & Wales (the Local Economic Development Unit - 'LEDU' - provides a similar service for Northern Ireland). The aim of the SFS, which is financed by central government, is to provide an information and business counselling service to help owners and managers of small businesses with a variety of different problems. It has 14 regional offices and is available to firms employing less than 200. Scope The general scope of SFS small business assistance has much in common with that of the local enterprise agencies and falls under 2 main categories, namely:- 1) an Information Enquiry Service - offered free of charge. Contact the nearest Small Firms Centre by telephone ('Freefone Enterprise'), or visit in person. This service handles around 300,000 enquiries a year and is quite broad ranging; it can be especially useful when seeking information concerning government departments or government business support schemes. 2) Counselling Service - first 3 sessions free Contact by telephone ('Freefone Enterprise'), or by visiting in person, the nearest Small Firms Centre or one of 150 area counselling offices. Subsequent sessions are chargeable at £30.00 (inc. VAT) per session and meetings may be held at the client's business premises. Specialists are available to handle more detailed enquiries and the 'Business Development Service' is targetted at the expanding businesses. All counselling is given on an impartial and confidential basis. In total, the service provides around 40,000 counselling sessions a year. A number of small business booklets are available free of charge (covering the basics of: marketing; management accounting; elements of book-keeping &C.), and the SFS, with the help of the major banks, have also produced a useful business plan (a general 'aide memoire' arranged mainly in tabular form, covering: - 3-year cash flow and trading forecasts, and likewise, balance sheet projections). The SFS counselling service utilises the services of some 300 experienced business people acting as freelance advisers, and although its counselling operation may at first glance resemble that of a typical enterprise agency, (indeed, the cross-referral of enquiries between enterprise agency counsellors and their local SFS counterparts is not uncommon when certain specialised skills are needed), the differences may be significant as far as some business owners are concerned. For example, the SFS counsellors may be considered to have a greater degree of mobility in contrast to the enterprise agency counsellors who tend to be based at fixed office locations. Also, the Service is tending to concentrate more on helping expanding firms rather than start-ups. However, for those who are not affected, either counselling service could offer a useful 'fall-back' or second opinion if difficulties arise with the other. Locations The mainland SFS regional offices are based in:- Birmingham * Edinburgh * London Bristol Glasgow Manchester Cambridge Leeds * Newcastle Cardiff Liverpool * Nottingham Reading Stevenage Another 150 or so area counselling offices are also available for SFS counselling sessions.

Contact Details of the regional offices are shown under the respective directory sections but for further information, telephone the British Telecom Operator (dial 100) and ask for: "Freefone Enterprise" (or "Freefone LEDU" if in Northern Ireland). You then will be transferred, free of charge, to an enquiry officer for the nearest regional office of the Small Firms Service, who will be able to provide you with the appropriate contact information. In England, the SFS falls under the responsibility of the Department of Employment, but in Scotland, the service is operated in association with the Scottish Development Agency, and likewise in Wales, with the Welsh Development Agency. For contact with the headquarters in England, the address is:- Small Firms & Tourism Division, Department of Employment, Steel House, Tothill Street, London. SW 1H 9NF Tel: 01 273 4930

SCOTLAND: The Scottish Development Agency (SDA) and the Highlands & Islands Development Board (HIDB) are the regional development agencies for Scotland. Both provide an extensive range of support services for small businesses (the SDA also manages the Small Firms Service in Scotland). Scope In addition to the supply of general advisory services, the SDA and the HIDB are able to supply equity capital and to provide financial support to help with consultancy fees - under the 'Better Business Services' scheme - for such services as: - Business Plan Service (to help attract funds for investment proposals), Management Planning and Organisation, Sales and Marketing Plan, and Profit Improvement Studies. Locations The SDA's Small Business Division operates a number of regional offices, namely: - Dumfries; . Dundee; Edinburgh; Galashiels; Glasgow; Kirkaldy; Stirling. The HIDB also operates out of a number of area offices, these being based in:- Benbecula; Forres; Fort William; Glasgow; Grantown on Spey; Invergordon; Kirkwall; Lerwick; Lochgilphead; Oban; Port Ellen; Portree; Stornoway; Wick.

Contact Contact details for each SDA Small Business Division regional office (with reference to equity capital assistance) can be found in the directory section, but confirmation of up-to-date details may be obtained via the Small Firms Service 'Freefone Enterprise' free enquiry service (details shown in the SFS contact section). For contact with the respective headquarters, the addresses are:- Scottish Development Agency, 120 Bothwell Street, Glasgow. G2 7JP Tel: 041 248 2700 Highlands & Islands Development Board, Bridge House, 20 Bridge Street, Inverness. IV1 1QR Tel: 0463 234171

WALES: The Welsh Development Agency's (WDA) Business Development Unit is the primary vehicle for small firms' support in Wales. Scope In addition to the provision of business advisory services (in association with the SFS), it operates a range of initiatives, including, importantly, the supply of equity capital for eligible businesses. The WDA also aims to attract the financial services sector to Wales and is a member of the Cardiff Consortium, an organisation which presently comprises 7 venture capital funds. WINTech is the technology arm of the WDA concerned with stimulating innovation and technological development within Wales. One of its services involves advice and assistance to companies wishing to pursue business development through inter-company agreements, of which, inward licensing ('technology acquisition', or manufacturing under licence) is an area they are keen to promote. Locations The WDA operates out of 8 regional offices, namely:- Bangor; Bridgend; Carmarthen, Hirwaun; Newport; Swansea; Treforest; Wrexham.

Contact Contact details for WDA equity capital and regional offices can be found in the directory section, but confirmation of up-to-date details may be obtained via the Small Firms Service 'Freefone Enterprise' free enquiry service (details shown in the SFS contact section). For contact with the headquarters, the address is:- Welsh Development Agency, Pearl House, Greyfriars Road, Cardiff. CF13XX Tel: (0222) 222666

NORTHERN IRELAND: The Local Enterprise Development Unit (LEDU) represents the government's primary organisation helping smaller businesses in the region. To qualify for assistance, firms seeking help should have 50 or fewer employees. Scope LEDU provides a broad range of business advisory services, including the equivalent of the Department of Employment's Small Firms Service. The main areas for expansion and diversification which it is anxious to support include: - the development of new products and processes; increased productivity; the introduction of the latest technologies; and, business performance improvements in administration, financial control, marketing and sales. Its support is selective - projects must be viable and must help increase employment in the region - and is biased towards projects which are export oriented, substituting imports, offering novel products or services, or satisfying unfilled local market opportunities. The support offered includes the supply of loan and grant-aid and also equity capital for those businesses meeting investment criteria. Locations LEDU has 4 area offices based in:- Londonderry; Newry; Belfast; Omagh.

Contact Contact details for the LEDU regional offices (with reference to equity capital support) can be found in the directory section, but confirmation of up-to-date details may be obtained via the 'Freefone LEDU' free enquiry service (details shown in the SFS contact section). For contact with the headquarters, the address is:- Local Enterprise Development Unit, LEDU House, Upper Galwally, Belfast. BT8 4TB Tel: (0232) 491031

RURAL DEVELOPMENT COMMISSION: The Rural Development Commission (formed in 1988 by merging CoSIRA and the Development Commission) offers a wide range of assistance which is intended to stimulate the growth of small businesses in (English) rural areas - generally aimed at businesses employing less than 20 skilled people in villages and towns with populations up to 10,000. The priority areas are designated 'Rural Development Areas' (in the North, on the East Coast, along the Welsh Border and in the West Country), and the support is regionalised and operates from 32 local offices.

Scope Most of the Rural Development Commission's offices have a 'Small Industries Organiser', a general purpose adviser, backed up by a team of advisory officers who are able to offer specialised help with business problems, business management, technical concerns, training, marketing and so on. Visits from the regional organiser are usually free, but charges may be levied for detailed assistance. The Rural Development Commission also operates a loan scheme to help finance specific projects, and loans up to £75,000 are available, subject to certain criteria, repayable over 2 to 20 years. Locations Its local offices are based in the following regions:- * EAST Cambridgeshire Cambridge Leicestershire & Bingham Nottinghamshire Lincolnshire Sleaford Norfolk Norwich Northamptonshire Northampton Suffolk Hadleigh

NORTH Cumbria Penrith Durham, Tyne & Wear, Cleveland Darlington Humberside * Goole Lancashire Preston North Yorkshire York Northumberland Morpeth West & South Yorkshire Barnsley

SOUTHEAST Bedfordshire Bedford Essex Braintree Hampshire Winchester Isle of Wight Newport Kent Maidstone Oxford, Bucks & Berkshire Wallingford

SOUTHWEST Avon Bristol Cornwall Truro Devon Exeter Dorset Dorchester Somerset Taunton Wiltshire Salisbury

WEST Cheshire & Staffordshire Audlem Derbyshire * Wirksworth Gloucestershire, Hereford & Worcs Malvern Shropshire Telford Warwickshire Henley in Arden Contact Contact details for the Rural Development Commission's regional offices can be found in the directory section, but confirmation of up-to-date details may be obtained via the Small Firms Service 'Freefone Enterprise' free enquiry service (details shown in the SFS contact section).

For contact with the headquarters, the address is:- Rural Development Commission 141 Castle Street, Salisbury, Wiltshire. SP1 3TP Tel: (0722) 336255

INNOVATION CENTRES: Small firms or individuals with good new product or process ideas face special difficulties in developing their ideas. For example, the Association of Innovation Centre Executives (AICE) claims that existing grant schemes largely fail to meet the need for appropriate financial, technological and marketing support, and the help of commercial agencies is viewed as being costly. One initiative to help rectify these fundamental difficulties has been the introduction of a number of 'business innovation centres' (BICs) through the support of the European Commission (EEC). Their purpose is to stimulate the creation of new businesses, in technology-related sectors, having the potential for rapid growth and substantial job creation. A major objective for each BIC is to keep its failure rate below 20% over the first 5 years.

Scope The centres' services are often free or charged at a nominal cost and include: - technical and commercial appraisal; advice on legal protection; design or redesign; prototype manufacture or assessment; sourcing of materials, information or other help; negotiation with potential manufacturers or sponsors; marketing assistance.

Locations At present the number of innovation centres in the UK exceeds 20 and the two main organisations involved with their development and promotion are AICE and EBN (European Business and Innovation Centre Network). Innovation centres can be found in (* = location of an AICE member):- Barnsley Hamilton Pontypridd* Birmingham Liverpool* Rawenstall Camborne* London* Runcorn Coventry Londonderry Taunton* Edinburgh* Telford* Gateshead* Northampton Glasgow* Nottingham* Plymouth Contact Contact details for the various innovation centres can be found in the directory section, but confirmation of up-to-date details may be obtained via the Small Firms Service 'Freefone Enterprise' free enquiry service (details shown in the SFS contact section). For contact with AICE and EBN, the respective addresses are:- Dr. W. K. Donaldson, Association of Innovation Centre Executives (AICE), PO Box 6, Beverley, North Humberside. HU17 7RL Tel: (0964) 550490 Ms. Katherina Fromm, European Business and Innovation Centre Network asbl, 89 Rue Froissart, Box 5, B - 1040 Brussels, Belgium. Tel: 010 32-2-23 1 07 47

'THE ENTERPRISE INITIATIVE' (DTI): Announced in January 1988, by 'the department for Enterprise' (the Department of Trade & Industry). Support gained under this scheme may prove helpful when raising external risk capital. Scope Subsidised Consultancy After an initial free 'business review', between 5 to 15 man-days of subsidised consultancy are available (at half the agreed cost, or as low as a third, if the business is located in an Assisted Area or an Urban Programme Area). Such advice can cover:- marketing, design, quality, manufacturing strategy & systems, and, from April 1988, business planning, financial & information systems. Other support includes 'The Research & Technology Initiative' (e.g. grant-aid in support of collaborative research). See also the following section describing 'Government Schemes'. Contact Details of the regional offices are shown under the respective directory sections in this guidebook, but brochures describing the initiatives can be obtained by telephoning (no charge): 0800 500 200 Locations The mainland DTI regional offices are based in (at the Welsh Office in Cardiff, and the Scottish Office in Glasgow):-

@ Birmingham @ Glasgow @ London Bristol Leeds Manchester Cardiff Liverpool Newcastle Nottingham

The DTI has several offices based in London.

GOVERNMENT SCHEMES -INFORMATION: There are many government incentive schemes aimed at helping smaller businesses, and for those seeking further details, the information can be obtained directly from the appropriate government department (or via the Small Firms Service). A general guide on such schemes is normally available ('Guide to Enterprise' pub. Department of Employment), as are a series of narrower guides relating to specific schemes (e.g. 'Loan Guarantee Scheme' - DoEmp 1986). In addition, there are a number of useful general guides published by a variety of sources (e.g. 'Financial Incentives and Assistance for Industry' - Arthur Young 1985, or regionalised, as with 'A Businessman's Guide to Grants & Incentives in the Midlands' - Peat Marwick McLintock 1986), but since such schemes are likely to be amended, replaced or dropped, some of the information is bound to be out of date quite soon after publication. Moreover, the number of different schemes is quite considerable, and the process of determining which scheme is most relevant to a given project can be quite daunting. However, the updating and sorting problems can be reduced by using a computer to store and sortlselect such information, and systems are available which allow trained users to access central records from distant locations (e.g. the Peat Manvick 'GRANTS' database accessible using viewdata). But the ownerlmanager of the smaller business, who may have little time or inclination to learn how to use such a system, and who would probably balk at paying £10 to £15 per hour (with a minimum subscription charge of over &loo), could feel that such a service may be better suited to the needs of larger companies. In recognition of the latter problems, there are now available a number of free services which help to provide personally-tailored information. These are outlined below. (l), (2) and (4) draw upon information held on the University of Strathclyde's computer-based industrial assistance database. (l)Government Assistance Information Service (GAINS) Scope GAINS can provide details of all Government and European Community aid schemes - which number over 300 - for industry, tourism, agriculture, forestry and fishing in the UK. Information on relevant schemes is selected using a 'tick-box' questionnaire to help define areas of interest e.g. Incentive Type: -loans, consultancy &C.; Purpose: - new technology training, general investment1 development (grant schemes), computer-aided design & testing, tourism &c. The service is offered free of charge to any business in the UK, and information on selected schemes is usually supplied within a few days of questionnaire submission. The selection process has been designed to include scheme details if there is any uncertainty, and particulars of each scheme are presented in a standard format, beginning with a summary of the scheme and concluding with details of the application procedure and who to contact for further information. The synopsis of the Business Expansion Scheme (shown in the appendices) is an example of GAINS information. Contact For further details, contact:- Mr. Keith Turnbull, Marketing Department, Bank of Scotland, Orchard Brae House, PO Box 725, 30 Queensferry Road, Edinburgh. EH4 2UH Tel: (031) 343 7034 (2) The Grants Adviso y Service Scope This provides a "....unique combination of advice and information detailing grants available to individual businesses in particular geographical areas". By using the same database, the scope will be similar to GAINS; however the Grants Advisory Service is run by Barclays Bank and supported by one of the larger accountancy firms, Deloitte Haskins & Sells, who help to identify which schemes would be of greatest relevance and assistance to any enquiring business. Again, this service is offered free of charge. Contact For further details, contact:- The manager of any local branch of Barclays Bank PLC (telephone enquiries are welcome - see your telephone directory for details). (3) Business Information Bureau Scope This provides information on:- government grants and assistance schemes; local authority loan schemes' local courses and events (eg exhibitions); and local points of contact (eg the CBI, Chamber of Commerce, Local Enterprise Agency). It also is able to supply standard 'Industry Briefs' (eg. on Franchising, Supermarkets, etc) and regional 'Statistical Profiles'. This service is offered free of charge.

Contact For further details, contact:- The Manager Business Information Bureau National Westminster Bank PLC 14 Moorgate LONDON EC2B 2LB Tel: 01 726 1000

(4) Local Enterprise Agency Databases * Scope Using the Strathclyde University database, these provide detailed information on 2 main subject areas, namely: i) the government assistance available to business, and, ii) the regulations with which businesses must comply.

The information is supplied 'on-line', that is, direct from the source, and is being offered free of charge to small businesses. It will be operated by 16 local enterprise agencies as a pilot scheme during 1989.

Contact For further information, contact the nearest local enterprise agency (see the general directory section for contact details):- Blackburn, Bolton, Bridgend, Bristol (New Work Trust), Cambridge, Deeside, Doncaster, Glasgow (Glasgow Opportunities), Merthyr Tydfil, Milton Keynes, Newcastle-upon-Tyne (Project North East), Plymouth, Runcorn, Sheffield, St. Helens, Telford. (B) Linkages to Potential Investors for Smaller Businesses These are services which act as a 'linking mechanism' by helping to find potential investors who are prepared to offer such finance. In general terms, the methods fall under the following headings:-

@ Personal contact Professional advisers Local enterprise agency 'marriage bureaux' Clearing houses & bulletins Lists of sources The services listed in this section offer services acting as linkages to potential investors, either directly, or indirectly. Many of the investors will be private individuals (acting on their own behalf, or as a member of a syndicate), and other contacts or subscribers will be representing the interests of larger, and, sometimes, the very largest, businesses. Some of these services may be part of a profit-making business, whilst others will be subsidised (as in the case of an enterprise agency 'marriage bureau'). This means that the chargeslfees will vary quite markedly from service to service, and consequently, the likelihood of being able to make an effective introduction will be dependent upon several factors - and not merely the total number of subscribers (The overall profile of subscribers - much like the readership of different newspapers - may vary quite markedly from service to service. Where this is the case, certain biases in investors' characteristics and preferences could prevail - in terms of investment range, regional, sectoral preferences, and so on). Circulating details of equity investment opportunities is an activity which should comply with the requirements of the relevant statutory legislation (see Chapter 7). There also exist a number of commercial operations which offer their services to help people with new products (or processes) find financial backers. Often, these are geared towards the larger or medium-sized businesses. When such services are under consideration, it is recommended that advice be sought on the suitability of this type of approach from the nearest innovation centre (as described in the previous section; their respective addresses are shown in the directory); the local enterprise agency or Small Firms Service counsellors may be able to help too. LOCAL ENTERPRISE AGENCY 'MARRIAGE BUREAUX': Several enterprise agencies operate a 'marriage bureau' service to help clients find investors. The actual mode of operation can vary: some circulate to subscribing investors a regular bulletin containing abbreviated information on various business projects seeking finance; others organise investors' meetings (or investors' clubs) whereby entrepreneurs are able to make a personal presentation to a small group of potential investors. The enterprise agencies operating, or planning to operate, some form of 'marriage bureau' service are located at (information as at June 1988):- Aberdeen (L) Leeds Pendle Bath Liverpool (L) Poole Birmingham Llandrindodd Wells Portadown Camborne (L) London (L) Richmond Cambridge Manchester (L) Sheffield (L) Chatham (L*) Middlesbrough (L) Stafford (L) Chippenham Milton Keynes Stevenage Colchester Newcastle upon Tyne (L*) Swansea Dudley (L) Northampton (L) Worthing Yeovil (L)

'(L)' = Member of LINC

'LINC' : In terms of geographical coverage such services tend to be quite localised; and some areas of the country are not covered at all. So, to help extend marriage bureau activity throughout the United Kingdom, LINC (Local Investment Networking Company) was established. The operation was launched in 1987, as a nationwide business introduction service to help small businesses find capital and management assistance and for people who want to invest and sometimes work in those firms. The locations of the members of LINC are marked (L) in the above table, and two members (marked *) - one in the North East (Newcastle upon Tyne) and the other in the South East (Chatham) - each represent a consortium of several neighbouring enterprise agencies. [The other members of the Chatham consortium are located in: - Ashford, Bromley, Canterbury, Dartford, Folkestone, Gravesend, Maidstone, Sittingbourne and Tonbridge, and the Newcastle consortium has members based in:- Alnwick, Bedlington, Chester le StreetIDurham, Consett and South Shields.] LINC operates in the following way:- For companies seeking finance Those seeking finance need to produce and submit a business plan to the nearest LINC participating agency, indicating the amount of finance required (sample plans and counselling services are available). Firms should be prepared to offer equity - though the supply of a combination of equity and loan finance may be possible. Having once been accepted as a bona fide proposal (a mandatory legislative requirement prior to publication), a business will be charged a once-off £50 for as many bulletin entries (around 50 words) as are felt necessary. Also, a longer, 2-page, business plan summary will be prepared to help any enquirers requesting further details.

For those wishing to invest Subscribing investors usually register their interests with the service, and, where appropriate, it may be possible to match companies to potentially compatible investors. The charge for potential investors registering with the service is currently £50 per annum. This entitles members to:- a) receive a monthly bulletin which lists investment opportunities, and, b) attend 'Investors' Meetings7, where those seeking finance make presentations of their plans and ideas. A fuller description of an investors' meeting [and one which Peter Lovell, Chairman of LINC, feels is ".. quite objective"] is included as an appendix ('Review - A 'Marriage Bureau' Investors Meeting'). For further details, contact:-

Local Investment Networking Company (LINC), 4 Snow Hill, London. EClA 2BS Tel: 01 236 3000

For membership enquiries, contact:- Mr. Peter Lovell (Chairman), Local Investment Networking Company (LINC), c10 Barnet Enterprise Trust, Hertford Lodge, East End Road, Finchley, London.N33QE Tel:013462187 OTHER 'LINKAGE' OPERATIONS: Venture Capital Report Venture Capital Report is a monthly publication (1988 subscription £200 p.a.) specialising in helping businesses find finance for projects requiring under £250,000. Each issue contains details on 10 or so businesses/projects, and each project is described in some depth. For example, an article will usually cover: - the product or service; the market and competition; the people behind the project; financial data (including how much finance is required, how it will be spent, cash flow projections); a possible financial structure; contact information for further enquiries. The publishers have to satisfy themselves that the projects described are not misleading (a statutory requirement) and they will be seeking to publish details of projects, which, in their view, are most likely to receive offers of investment from subscribers. Inevitably, these considerations dictate a degree of selectivity, and so perhaps 1 in 10 initial applications will ultimately receive coverage in VCR. Having once achieved publication though, the prospects of receiving investment offers would appear encouraging: based on an analysis of nearly 600 featured projects (from 1978 to 1984), the publishers have reported that 27% received an offer for all of the money sought (60% of the sources being VCR subscribers) and 8% received an offer for some of the finance sought. For those seeking finance, VCR charges a flat fee of £100 (+ VAT) for start-ups; £200 for expanding businesses to cover the costs of preparing articles (which covers the cost of meeting the entrepreneur), and in addition, a percentage fee payable on any risk capital raised should the project successfully raise some or all of the finance sought. The percentage element operates on a tapered incremental structure (eg. £500 on the first £10,000, £400 on the next £10,000 &C.), though in exceptional circumstances, the publishers say they will consider reducing or waiving the initial fured charge. VCR has been running since 1978 and has in the region of 900 subscribers. It operates as a member of FIMBRA (the Financial Intermediaries, Managers and Brokers Regulatory Association). For further details, contact:- Mr. Lucius Cary, Director, Venture Capital Report Ltd., Boston Road, Henley on Thames, RG9 1DY Tel: (0491) 579999 @ Cambridge Venture Management (CVM) This particular scheme offers an access to a 'seedcorn' fund - operated by CVM in conjunction with Investors in Industry (3i) - but it should be viewed as rather more than a simple linking service. It is intended for: "embyonic, new ventures, and not for new activities within existing companies. The objective of the funding is to take a project to the point at which 3i would be able to consider r full investment. Theproject will be managed towards this objective by CVM who will receive 15% of the seedcorn injection as a contribution to their costs." CVM are interested in businesses based in the South East of England and the typical range of finance is between £5,000 to £20,000 - high-growth product-oriented (rather than service) ventures being the main target. An investment package will include the provision of a newly incorporated limited liability company, 'Newco Ltd.' Shares in Newco Ltd. are ". .. allocated on the basis of 55% to the principals, 35% to 3i and 10% to CVM. The principals appoint appropriate individuals to the board of directors, and a CVM executive is appointed Chairman and director." The investment is made by way of £45 in equity, and the balance in an interest-free loan, secured by a first fixed and floating charge on all the assets of the company. CVM are based in Cambridge, and the full address and contact information is shown in the directory.

Cheshire Contacts 'Cheshire Contacts' is a quarterly bulletin - published by Cheshire County Council - intending to bring together: "people with complementary business interests and requirements". The bulletin has box-numbered advertisements, to retain anonymity and confidentiality, and is sub-divided into several sections e.g. 'Business Opportunities Offered' (such as "Small manufacturing company requires capital for investment"); 'Investment and Expertise Offered' ("Experience and Investment Offered"); and 'New Products Available' ("Joint Venture or Licensing Opportunity for Investors andor Manufacturing Company"). It is offered as a free service both to readers and advertisers alike (apart from business services advertisements), and since each bulletin contains only the newest opportunities, the Employment Promotion Group, who manage the operation, may have information on other projects which could be still without a suitable business partner. A 'matching' service and assistance with business plan preparation (via their Business Advisory Service) are available, as are introductions to certain funds which are on the look-out for suitable investments in Cheshire. Clearly, this service has been established for the benefit of businesses and people residing within Cheshire, although this will not preclude contact with others located outside the area. The publishers say 'Cheshire Contacts' is circulated to: "over 5,000 key members of the business community in a wide range of organisations". These include: "companies in manufacturing, distribution and the service sector, the business professions, including financial consultants, accountants, private investors and entrepreneurs". 'Cheshire Case Conferences' may be held periodically to provide clients with an opportunity to meet each other. Thus, selected clients seeking finance can present their case to an audience of private and institutional investors. For further details, contact:- Ms. Vivienne Upcott-Gill, Employment Promotion Group, Cheshire County Council, Commerce House, Hunter Street, Chester. CH1 1SN Tel: (0244) 603152

0 Leicestershire Enterprise Leicestershire Enterprise has been established by Leicestershire County Council, together with British Coal Enterprise Ltd., the accountancy firm Robson Rhodes, the local enterprise agency Leicestershire Business Venture, and a local firm of solicitors. Recognising that: "smallfimts have major problems in raising capital through equity investment", it was created to ". .. place vetted investment proposals with suitable sources of finance". Thus, Leicestershire Enterprise acts as: ". .. a linking mechanism and catalyst, matching expanding small businesses with major investors." "Applications will be subject to a two-stage vetting procedure. Once vetted, propositions will be placed with a number of investing institutions, who have indicated that they will view applications positively." "The applicant company will not be charged unless investment capital is obtained. You will then be charged a reasonable placementlnegotiation fee, and also a fee to cover the cost of monitoring the investment." For eligible companies, the scheme can provide both free and subsidised assistance towards the development of business plans which are seeking an amount usually below £100,000. Regarding eligibility: "In order to interest financial institutions, Leicestershire Enterprise is looking for propositions from companies with a substantial growth potential. In addition, the proposition should normally involve a new product or service, or a major upgradinglextension of an existing product or service. Companies offering technical innovation will be particularly welcomed, provided the product is beyond the design stage. Companies offering a more traditional service without major growth potential will not normally be eligible, as their proposal would be unlikely to attract finance." This is an initiative primarily intended for Leicestershire-based businesses. For further information, contact:- Mr. A. Lee, Leicestershire Business Venture, 30 New Walk, Leicester. LE1 6TF Tel: 0533 554464

Strathclyde Venture Capital Club Claiming to be the first of its kind in Europe, it was established in 1988 and offers: ". .. . a simple 'one stop' access to the full range of venture funding". The club's members - who presently number 16 and include such as Barclays Bank, British Steel (Industry), Clydesdale Bank Equity and Investors in Industry - are looking to invest in companies which show ". .. high potential for success, often based on new and innovative business ideas". The club does not operate its own fund, but its members co-operate to provide ". .. seed and venture capital packages tailored to fit the needs of each business project". Funding will normally be provided in various forms of equity and loan finance, and those with funding requirements ". .. as low as £25,000" will be considered. Appropriate applications for finance are introduced to all members initially as a summary. Investors expressing subsequent interest receive full details including a business plan and there will be an opportunity for the applicants to personally meet with interested investors and discuss their project in detail. Personnel at Strathclyde Innovation are able to assist applicants in the preparation of a business plan. During the first six months' operation, some 240 enquiries were received, of which 25 resulted in details being circulated to the club's membership, and a quarter of the 25 were reported as being under negotiation. Enquiries are invited from businesses located in Scotland. For further information, contact:- Mr. Robert Begg, Venture Manager, Strathclyde Innovation, Building 1, Templeton Business Centre, 62 Templeton Street, Glasgow. G40 IDA Tel: 041 554 5995

8 Venture Capital Network "A computerised information matching service to applicant entrepreneurs and investors" offered by the South West Regional Productivity Association (SWRPA) and concentrating on finance between £20,000 and £200,000. Investors register their interests, free of charge, via an 'Investment Interest Profile', and entrepreneurs register theirs, for an annual registration of £75, using an 'Investment Opportunity Profile' plus an executive summary of the business plan. These indicate sectoral preferences (retail/wholesale trade, 'high-technology' manufacturing, consumer manufacturing &C.) and other interests - such as investment range, state of company development, degree of involvement sought, minimum potential sales turnover (in 3 years' time; from upwards of &5OO,OOO p.a.). The information supplied via these profiles is compared regularly, and when potential matches are identified, the relevant investment opportunity profile(s) will be sent - without reference to the specfic identity of the opportunity concerned - to the relevant investor(s) for-perusal. Should the investor indicate any further interest, a copy of the executive summary will be supplied, and should this extend to a request for contact information, then both parties will be supplied with each other's contact details. For further information, contact:- Ms. Sylvie Dare, South West Regional Productivity Association, 5 St. John's House, Church Path, Yeovil, Somerset. Tel: (0935) 21983 Corporate Venturing Register Launched during mid-1988, this is a confidential service to assist the formation of contacts between large and small companies interested in 'strategic partnerships7: generally speaking, those interested in 'corporate venturing', a process which usually involves the taking of minority shareholdings in smaller companies by larger ones. The register contains details of new and established ventures that are seeking partners to help them to realise their potential for unusually fast growth. These are scanned by subscribers who are major UK based companies interested in making investments in new areas. The information is supplied by smaller firms and entrepreneurs (who are charged £50) and is edited and presented as a series of anonymous cases - covering the product or technology, history of the venture, future options and their associated rescource requirements. It is updated and mailed to (generally large company) subscribers who are charged on a sliding scale corresponding to turnover, ranging from £250 to £2500 p.a. When subscribers identify a case in which they are interested they notify the NEDO Corporate Venturing Centre, who, in turn, provide the corresponding (small) business with the identity of the subscriber and also with other information. It is then at the discretion of the small business/entrepreneur to establish contact with the subscriber. For further details, contact:- Mrs. Sally Bishop, National Economic Development Office (NEDO), Millbank Tower, Millbank, London. SWlP4QX Tel:012115912

The Financial Times It offers a 'Business Opportunities Section' (currently Tuesdays and Saturdays) for advertisers to bring themselves and their interests to the attention of others whose interests match theirs in some way. This section carries advertisements fromn entrepreneurs ("Company selling range of high-tech electro-mechanical equipment seeks partnerlinvestor for expansion") and investors alike ("Engineer with capital .. . seeks active participation in expanding business") - often using a box number to retian initial anonymity. Trying to make contact via the media is rather like using a blunderbuss in contrast to a rifle. However, the Financial Times, with a daily circulation of over 250,000 copies and claiming to reach over 60% of chief executives and other senior executives in large and medium-sized companies, is probably the foremost business newspaper in the UK. With such a reputation, it will probably represent one of the better national newspapers for this type of exercise. Responses to advertisements may reach (or even easily exceed) double figures, though some filtering of incompatible enquiries will probably be necessary. It may also represent a useful method of making contact with those whom one might not have thought of - say, with those whose businesses are diversifying into new areas (perhaps via corporate venturing). Due regard should be paid to the wording of advertisements to avoid a possible breach of the law (re. the offering shares to the public - see Chapter 7). Advertisements in the 'Business Opportunities Section' cost &5l/column cm on Tuesdays. (February 1989). For further details, contact (a move of address is planned for 1989):- Financial Times, Bracken House, 10 Cannon Street, London. EC4P 4BY Tel: 01 248 8000

FURTHER INFORMATION: Risk Capital Sources British Venture Capital Association (BVCA) Formed, in 1983, "as a forum for the activities of the emerging venture capital industy in the UK", the BVCA has 94 full members and 41 associate members (April 1988). Full members are those active in managing funds for long term equity investment in British unlisted companies (normally in the form of minority stkaes). Associates fall into two categories: a) those financial organisations who invest in venture capital but only as a minor part of their overall activities, and, b) those professional advisors who are generally involved in the venture capital industry. Those seeking to raise equity capital are encouraged to make direct contact with member funds. Their details - e.g. names of funds managed, total capital invested and available, portfolio size, investment preferences, personal contacts &c. -can be found in the BVCA's directory (available free of charge from the BVCA Secretariat). The BVCA and Arthur Andersen, the accountancy firm, have jointly published a 32pp guide: 'Businessplans andfinancingproposals' to help when developing a business plan for raising venture capital. For further details, contact:- BVCA Secretariat, 1 Surrey Street, London. WC2R 2PS Tel: 01 836 5702 European Community support In addition to the various UK sources, the European Community has recently become actively interested in improving the availabilty of risk capital to what it calls 'SMEs' (small and medium-sized enterprises). The European Venture Capital Association - which as some 120 or so active members from about 20 countries - is the organisation primarily involved with the implementation of a pilot project to help SMEs. Under a scheme designated 'Venture Consort', the EVCA received an initial tranche of 2.7m ECU (£1.9m) for the acquisition of holdings by its members in small and medium-sized businesses. Businesses operating, for example, in the fields of biotechnology, energy conservation, computer software and the designlproduction of microcircuits would be considered as potential candidates. Other criteria include the desirability of some 'European dimension' (e.g. co-operation with a European Community-based partner) plus the need for the project to be supported by venture capital funds from at least 2 EC member states. But, judging by early reports of Venture Consort investments which suggested an average investment level in excess of £100,000, its relevance for those seeking amounts of around half this level is probably limited. For further details on Venture Consort, contact:- Mr. Ceurvorst, EVCA, 11 F Clos du parnasse, B 1040 Brussels, Belgium. Tel: 010 32 2 513 74 39 On a more general note, the European Commission has 2 publications of possible interest: namely:- (1) 'Finance From Europe: A guide to grants and loans from the European Community' (3rd Edition May 1986 21pp f.0.c.) (2) 'Operations of the European Community concerning small and medium-sized enterprises: Practical handbook' (1986 Edition ISBN 92 825 6444 4 214pp £10.90) These are available from:- HMSO PO Box 276, London. SW8 5DT Tel: 01 873 9090 The Commission of the European Communities has offices in:- BELFAST Windsor House, 9/15 Bedford Street. BT2 7EG. Tel: 0232 240708 CARDIFF 4 Cathedral Road. CF19SG 0222371631 EDINBURGH 7 Alva Street. EH2 4PH 031 225 2058 LONDON 8 Storey's Gate. SWlP 3AT 01 222 8122

Venture capital database The accountants, Peat Marwick McLintock, in conjunction with Venture Economics, maintain a comprehensive computer database which allows them to extract, on a selective basis, details of various venture capital sources as potential investment candidates. Their database was used to help locate sources for inclusion in the guidebook directory, and an abbreviated version has been published in the 'Financial Times' special surveys on venture capital. For further details, contact:- Mr. John Hustler, Peat Marwick McLintock, 1 Puddle Dock, Blackfriars, London. EC4V 3PD Tel: 01 236 8000 (C) Regionalised Directory of Contacts

- CODES -

D = Department of Trade & Industry (DTI) E = Enterprise Agency I = Innovation Centre M = Marriage Bureau or Linkage Service R = Rural Development Commission S = Small Firms Service & = Source of Finance &L = Local office for a Source of Finance Other sources of business advice and information are shown without a code.

EAST ANGLIA

(Cambridge. Norfolk, Suffolk)

BURY ST. EDMUNDS E Mid-Anglian Enterprise Agency Ltd., Tel: 0284 60206 79 Whiting Street, Bury St. Edmunds, Director: Jeff Webb Suffolk. IP33 1NX

Cambridge Enterprise Agency Ltd., Tel: 0223 323553 71a Lensfield Road, Cambridge. Director: Peter Manley CB2 1EN

Rural Development Commission Tel: 0223 354505 24 Brooklands Avenue, Cambridge. Senior Organiser: Robin Dunn CB2 2BU (for CAMBRIDGESHIRE) EAST ANGLIA (continued)

S Small Firms Centre, Tel: 'Freefone Enterprise' Carlyle House, or 0223 63312 Carlyle Road, Cambridge. CB4 3DN Manager: Ron Lynch (for CAMBRIDGESHIRE, NORFOLK, SUFFOLK)

& Cambridge Capital Management Ltd., Tel: 0223 312856 13 Station Road, Cambridge. Contact: Francis Madden CB1 2JB

& Prelude Technology Investments Ltd, Tel: 0223 862232 Science Park, Milton Road, Contact: Dr. Bob Hook Cambridge. CB4 4GF

M/&L Cambridge Venture Management, Tel: 0223 862618 (CVMl3i Seedcorn Fund), Unit 136, Contact: Charlie Brown Cambridge Science Park, Milton Road, Cambridge. CB4 4GD GREAT YARMOUTH E Great Yarmouth Business Advisory Tel: 0493 850204 Service Queens Road Business Centre, Queens Road, Director: John Jennings Great Yarmouth, Norfolk. NR30 3HT

HUNTZNGDON E Huntingdon Enterprise Agency Ltd., Tel: 0480 50028 49 High Street, Huntingdon, Director: Bill Parker Cambridgeshire. PE 18 6AQ

ZPSWZCH E Ipswich Enterprise Agency (IPSENTA) Tel: 0473 59832 30A Lower Brook Street, Ipswich, Executive Director: David Hennell Suffolk. IP4 1AL EAST ANGLIA (continued)

R Rural Development Commission, Tel: 0473 827893 133 High Street, Hadleigh, Senior Organiser: Trevor Stockton Ipswich. IP7 6BY (for SUFFOLK) KINGS LYNN E West Norfolk Enterprise Agency Tel: 0553 760431 Trust Limited 7 King Street, Kings Lynn, Director: John Fincham Norfolk. PE30 1ET

LOWESTOFT E Lowestoft Enterprise Trust Ltd., Tel: 0502 563286 19 Grove Road, Lowestoft, Manager: Peter Comins Suffolk. NR32 1EB

NOR WZCH E Norwich Enterprise Agency Trust Ltd Tel: 0603 613023 112 Barrack Street, Norwich. Director: Garry W. Flatres NR3 1TX

R Rural Development Commission, Tel: 0603 624498 13 Unthank Road, Norwich. Senior Organiser: Geoff Morgan NR2 2PA (for NORFOLK) PETERBOROUGH E Peterborough Enterprise Programme Tel: 0733 310159 Broadway Court, Broadway, Director: John Duckworth Peterborough, Cambridgeshire. PE1 IRP EAST ANGLIA (continued)

SUDBURY E Sudbury Enterprise Agency, Tel: 0787 73927 Guthrie House, 67 Cornard Road, Executive Director: David Cackett Sudbury, Suffolk. CO10 6XB

WZSBECH E Fens Business Enterprise Trust Tel: 0945 587084 (FenBET) Limited 5 Ely Place, Wisbech, Manager: David A. Rigley Cambridgeshire. PE13 1EU

EAST MIDLANDS

(Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire)

ASHBOURNE & Maystock Associates Ltd., Tel: 0335 44844 Millbank House, 34 St. John Street, Contact: M. C. Stevenson Ashbourne, Derbyshire. DE6 1GH

BZNGHAM R Rural Development Commission, Tel: 0949 39222 Chancel House, East Street, Senior Organiser: John Taylor Bingham, Nottinghamshire. NG13 8DR (for LEICESTERSHIRE & NOTTINGHAMSHIRE) CHESTERFIELD E North Derbyshire Enterprise Agency, Tel: 0246 207379 96 Saltergate, Chesterfield, Director: Michael Horner Derbyshire. S40 1LG (also at CLAYCROSS, DRONFIELD, ECKINGTON, KILLAMARSH) EAST MIDLANDS (continued)

CORBY E Corby Industrial Development Centre Tel: 0536 62571 Douglas House, Queens Square, Director: R. G. Jackson Corby, Northamptonshire. NN 17 IPL

DERBY E Derby & Derbyshire Business Venture Tel: 0332 360345 Saxon House, Heritage Way, Executive Director: George Bench Friary Street, Derby. DE1 1NL (also at RIPLEY) GRANTHAM E South Lincolshire Enterprise Tel: 0476 68970 Agency Limited Station Road, Grantham, Managing Director: Mrs. Jaqueline Smith Lincolnshire. NG3 1 6HX (also at SLEAFORD, SPALDING) KE TTERING E Kettering Business Venture Trust Tel: 0536 5 13840 Limited Douglas House, 27 Station Road, Managing Director: Harry Stevenson Kettering, Northamptonshire. NN 15 7HH

LEICESTER M E Leicestershire Business Venture Ltd Tel: 0533 554464 30 New Walk, Leicester, Director: Alan Lee Leicestershire. LE1 6TF (also at COALVILLE) LINCOLN E Lincoln Enterprise Agency, Tel: 0522 40775 Innovation Centre, West Yard, Director: Denis Wilson Ropewalk, Lincoln. LN6 7DQ EAST MIDLANDS (continued)

MANSFIELD E Mansfield Enterprise Partnership, Tel: 0623 21773 The Old Town Hall, Market Place, Director: Peter Slack Mansfield, Nottinghamshire. NG18 1HX

NEWARK E Newark Enterprise Agency, Tel: 0636 640666 The Firs, 67 London Road, Director: Brian Tindale Newark, Nottinghamshire. NG24 1RZ

NORTHAMPTON M E Northamptonshire Enterprise Agency Tel: 0604 3740 1 Limited Elgin House, Billing Road, Managing Director: David Mann Northampton. NNl 5AU

R Rural Development Commission, Tel: 0604 765874 Hunsbury Hill Farm, Harksome Hill, Contact: Mike Morris Northampton. NN4 9QX (for NORTHAMPTONSHIRE)

I Timken Business and Innovation Tel: 0604 79 1179 Centre, Nene College, Moulton Park, Centre Director: Michael Furminger Northampton. NN2 7AH

NOTTINGHAM E Nottinghamshire Business Venture, Tel: 0602 470914 City House, Maid Marian Way, Director: Gordon Mackenzie Nottingham. NG16BH (also at SUTTON IN ASHFIELD) EAST MIDLANDS (continued)

D DTI East Midlands, Tel: 0602 596460 Severns House 0602 506181 20 Middle Pavement, Nottingham. NG17DW (for DERBYSHIRE, LEICESTERSHIRE, LINCOLNSHIRE, NORTHAMPTONSHIRE, NOTTINGHAMSHIRE)

S Small Firms Centre, Tel: 'Freefone Enterprise' Severns House, or 0602 48 1184 20 Middle Pavement, Nottingham. NG17DW Manager: Ron Lynch (for DERBYSHIRE, LEICESTERSHIRE, LINCOLNSHIRE, NORTHAMPTONSHIRE, NOTTINGHAMSHIRE)

& Nottinghamshire County Council, Tel: 0602 823823 Economic Development Unit, County Hall, Contact: Ernest Wyatt West Bridgford, Nottingham. NG2 7QP

I Centre for Product Development, Tel: 0602 782200 Lenton Business Centre, Lenton Boulevard, Manager: Andy Hurst Nottingham. NG7 2BY

SLEAFORD R Rural Development Commission, Tel: 0529 303241 Council Offices, Eastgate, Senior Organiser: David POW Sleaford. NG34 7EB (for LINCOLNSHIRE) WZRKSWORTH R Rural Development Commission, Tel: 062 982 4848 Ravenstor Road, Wirksworth. Senior Organiser: Gerry Gino DE4 4FY (for DERBYSHIRE) NORTH

(Cleveland, Cumbria, Durham, Northumberland, Tyne & Wear)

ALNWICK M E North Northumberland Enterprise Tel: 0665 605075 Agency Hill House, 39 Bondgate Within, Director: Richard C. Morris Alnwick, Northumberland. NE66 1SX BARROW E Furness Business Initiative Ltd., Tel: 0229 22132 111 Duke Street, Chief Executive: Avril Willis Barrow-in-Furness Cumbria. LA14 1XA BEDLINGTON STATION M E South East Northumberland Trust Tel: 0670 828586 (SENET) School Road, Bedlington, General Manager: Tom Dean Northumberland. NE22 7JB (also at ASHINGTON, BLYTH) BISHOP AUCKLAND E Wear Valley Enterprise Agency, Tel: 0388 605061 St. Helen Auckland Trading Estate, Bishop Auckland, Director: Peter Gawthrop County Durham. DL14 9AL CARLISLE E Business Initiatives Carlisle, Tel: 0228 34120 Tower Buildings, Scotch Street, Director: John Oliver Carlisle, Cumbria. CA3 8RB NORTH (continued)

CHESTER LE STREET M E Chester le Street and City of Tel: 091 3892648 Durham Enterprise Agency (CDC), Mechanics Institute, Chief Director: Ronald Batty Newcastle Road, Chester le Street. DH3 3TS [also at DURHAM) CONSETT M E Derwentside Industrial Development Tel: 0207 509124 Agency Berry Edge Road, Consett, Chief Executive: J. G. Carney County Durham. DH8 5EV DARLZNGTON E Darlington & SW Durham Business Tel: 0325 480891 Venture Limited The Imperial Centre, Grange Road, Director: W. I. Carswell Darlington, County Durham. DL15NQ

R Rural Development Comission, Tel: 0325 487123 Morton Road, Yarm Road Industrial Estate, Darlington Senior 0rganiser:Eddie Tomlinson County Durham. DL14PT (for CLEVELAND, DURHAM, TYNE &WEAR) EASZNGTON E Easington Industrial Enterprise Ltd Tel: 091 5866555 3B Armstrong Road, North East Industrial Estate, Peterlee Chief Executive: D. Battensby County Durham. SR8 5AE GATESHEAD E Design Works (Gateshead) Ltd., Tel: 091 261 7856 c10 60 Grainger Street, Newcastle upon Tyne. Director: Robert Walmsley NE1 5JG NORTH (continued)

I North East Innovation Centre Ltd Tel: 091 490 1222 Saltmeadows Road, Gateshead, Contact: Dr Jim Hedley Tyne &Wear. NE8 3AH

HARTLEPOOL E Hartlepool Enterprise Agency Ltd Tel: 0429 221216 Suite 7, Municipal Buildings, Director: Alan Humble Church Square, Hartlepool, Cleveland. TS24 7ER

E Hartlepool New Development Support Tel: 0429 266522 Limited ~3721179 Old Municipal Buildings, Upper Church Street, Director: Ron Preece Hartlepool, Cleveland. TS24 7ET

KENDAL E Cumbria Rural Enterprise Agency, Tel: 0539 26624 44-46 Lound Road, Kendal, Director: John Peat Cumbria. LA9 7DZ

MIDDLESBROUGH Cleveland Enterprise Agency Ltd., Tel: 0642 222836 52 - 60 Corporation Road, Middlesbrough, Chief Executive: Eric Sugden Cleveland. TS12RN (also at REDCAR, SALTBURN)

Cleveland Youth Business Centres, Tel: 0642 240656 6 North Street, Middlesbrough, General Manager: Mike Reaney Cleveland. TS2 1JL

MORPETH E Northumberland Business Centre, Tel: 0670 51 1221 Southgate, Morpeth, Business Development Officer: Northumberland. NE61 2EH Graham Adams NORTH (continued)

R Rural Development Commission, Tel: 0670 5 11221 Northumberland Business Centre, Southgate, Senior Organiser: Richard Kerven Morpeth. NE61 2EH (for NORTHUMBERLAND) NEWCASTLE UPON TYNE M E Tyne &Wear Enterprise Trust Ltd Tel: 091 261 4838 (ENTRUST) Portman House, Portland Road, Director: John Eversley Newcastle upon Tyne. NE2 1BL (also at GATESHEAD, WALLSEND, SUNDERLAND, SOUTH SHIELDS)

M E Project North East, Tel: 091 261 7856 60 Grainger Street, Newcastle upon Tyne. Director: David Irwin NE1 5JG

E Newcastle Youth Enterprise Centre, Tel: 091 261 6009 25 Low Friar Street, Newcastle upon Tyne. Director: Chris Smith NE1 SUE

E St. Thomas Street Workshops, Tel: 091 232 4895 St. Thomas Street, Newcastle upon Tyne. Workshop Manager: Jeff Boden NE1 4LE

D DTI North East, Tel: 091 235 7292 Stanegate House, 091 232 2722 2 Groat Market, Newcastle upon Tyne. NE1 IYN (for CLEVELAND, DURHAM, NORTHUMBERLAND, TYNE & WEAR) NORTH (continued)

S Small Firms Centre, Tel: 'Freefone Enterprise' 15th Floor, or091 232 5353 Cale Cross House, 156 Pilgrim Street, Manager: John Thurlbeck Newcastle upon Tyne, NE1 6PZ (for CLEVELAND, DURHAM, NORTHUMBERLAND, TYNE &WEAR)

£ Northern Investors Company Ltd., Tel: 091 232 7068 Centro House, 3 Cloth Market, Managing Director: Michael Denny Newcastle upon Tyne. NE1 1EE

£ Rank Xerox Pensions Ltd., Tel: 091 261 2993 c10 ENTRUST, Portman House, Contact: P. Goodinson Portland Road, Newcastle upon Tyne. NE2 1BL

PENRZTH R Rural Development Commission, Tel: 0768 65752 Ullswater Road, Penrith. Senior Organiser: Bill Robinson CA1 l 7EH (for CUMBRIA) SHZLDON E Shildon & Sedgefield District Tel: 0388 777917 Development Agency Ltd., BREL Offices, Director: John William Robson Byerley Road, Shildon,. DL4 1PU

SOUTH SHIELDS E M L Tyneside Economic Development Tel: 091 455 4300 Company Limited Business Enterprise Centre, Eldon Street, Chief Executive: M. G. Taylor South Shields, Tyne and Wear NE33 5JE. Fund Contact: Tony Tompkins NORTH (continued)

SUNDERLAND E Sunderland Youth Enterprise Centre, Tel: 091 5109191 1-2 John Street, Sunderland. Manager: Vincent T. Wright SRl lUA

WORKINGTON E Enterprise West Cumbria, Tel: 0900 65656 Thirlmere Building, 50 Lakes Road, Director: T. Winterbottom Workington, Cumbria. CA14 3YP (also at MARYPORT, CLEATOR MOOR)

NORTH WEST

(Cheshire, Greater Manchester, Lancashire, Merseyside)

ACCRINGTON E Hyndburn Enterprise Trust, Tel: 0254 390000 19 Avenue Parade, Accrington, Director: Grant Seedhouse Lancashire. BB5 6PN

ASHTON-UNDER-LYNE E Tameside Business Advice Service, Tel: 061 339 8960 Charlestown Industrial Estate, Turner Street, Director: Torn Jackson Ashton-under-Lyne. OL6 8NS BIRKENHEAD E In Business Ltd., Tel: 05 1 647 7574 The Business Centre, Claughton Road, Director: Denis H. Nork Birkenhead, Wirral. L41 6EY NORTH WEST (continued)

E Cavendish Enterprise Centre Ltd, Tel: 051 653 4515 Brassey Street off Laird Street, Birkenhead, Director: Jack Edwards Wirral. L41 8BY

BLACKBURN E Blackburn and District Enterprise Tel: 0254 664747 Trust, 14 Richmond Terrace, Blackburn, Director: J. A. McKinstry Lancashire. BB1 7BH (also at DARWEN) BLACKPOOL E Blackpool & Fylde Business Agency Tel: 0253 294929 Limited, 20 Queen Street, Blackpool, Director: John K. Perrins Lancashire. FY1 IPD

BOLTON E Bolton Business Ventures Ltd., Tel: 0204 391400 46 Lower Bridgeman Street, Bolton. Director: Paul R. Davidson BL2 1DG

BOOTLE E South Sefton Enterprise Agency Tel: 051 933 0024 Limited, Beaver Enterprise Workspace 58-60 Strand Road, Director: Peter Kennedy Bootle, Merseyside. L20 4BG

BURY E Bury Enterprise Centre, Tel: 061 797 5864 12 Tithebarn Street, Bury. Director: D. Gough BL9 0JR NORTH WEST (continued)

CHESTER E Chester Enterprise Agency, Tel: 0244 3 11 474 Hoole Bridge, Chester Director: M. C. Talbot CH2 3NQ

CHORLEY & Sapling North West Ltd., Tel: 02572 6041 1 Duxbury Park, Duxbury Hall Road, Managing Director: E. A. Payne Chorley, Lancashire. PR7 4AT

CLITHEROE E Ribble Valley Enterprise Agency Tel: 0200 221 10 Limited, Bank House, 2 York Street, Director: R. D. Dewhurst Clitheroe, Lancashire. BB7 2DL

CREWE E South Cheshire Opportunity Tel: 0270 58969 for Private Enterprise (SCOPE), SCOPE House, Director: Jake Muckersie Weston Road, Crewe. CW11DD (also at CONGLETON)

ELLESMERE PORT E Entep Trust Ltd., Tel: 051 356 3555 72A Whitby Road, Ellesmere Port, General Manager: Peter Metcalfe South Wirral. L65 OAA (also at NESTON)

FLEETWOOD E Wyre Business Agency Ltd., Tel: 03917 79279 WIBEC, 19-21 Copse Road, Director: Michael C. Burton Fleetwood, Lancashire. FY7 6RP (also at GARSTANG) NORTH WEST (continued)

KIRKBY E Knowsley Enterprise Agency, Tel: 05 1 548 3245 Admin Building, Admin Road, Managing Director: F. G. Crawley Knowsley Industrial Park (North), Kirkby. L33 7TX

LANCASTER E Business for Lancaster Ltd., Tel: 0524 66222 32B St. Leonard's House, St. Leonardgate, Director: Gordon C. Peebles Lancaster. LA1 INN

LEYLAND E South Ribble Business Venture Ltd, Tel: 0772 422242 176 Towngate, Leyland, Executive Director: Derek Wakefield Lancashire. PR5 1TE

LIVERPOOL E Business in Liverpool Ltd., Tel: 051 709 1231 Merseyside Innovation Centre, 131 Mount Pleasant, General Manager: S. C. Stevenson Liverpool. L3 5TF

M E Merseyside Education Training Enterprise Ltd (METEL), 6 Salisbury Street, Liverpool. General Manager: Judith Manifold L3 8DR

D DTI North West (Liverpool), Tel: 05 1 224 6300 Graeme House, 051 227 4111 Derby Square, Liverpool. L2 7UP (for LIVERPOOL, WIDNESIRUNCORN, WIRRALICHESHIRE, ST. HELENSlWIGAN) NORTH WEST (continued)

S Small Firms Centre, Tel: 'Freefone Enterprise' Graeme House, or 051 236 5756 Derby Square, Liverpool. L2 7UJ Manager: Callum Dalton (for MERSEYSIDE, CHESTER)

£ Merseyside Enterprise Board Ltd., Tel: 05 1 236 022 1 Royal Liver Building, Water Street, Chief Executive: Ken Abbott Liverpool. L3 1HT

I Merseyside Innovation Centre Ltd, Tel: 051 708 0123 131 Mount Pleasant, Liverpool. Contact: Arthur Rimmer L3 5TF

MACCLESFZELD E Macclesfield Business Ventures, Tel: 0625 615113 Venture House, Cross Street, Director: Graham R. Sanger Macclesfield. SK l l 7PG

MANCHESTER M E Manchester Business Venture, Tel: 061 236 0153 c10 Manchester Chamber of Commerce & Industry, 56 Oxford Street, Director: Derek Gower Manchester. M60 7HJ

E Agency for Economic Development Tel: 061 226 9434 Limited 8- 12 Parisian Way, Moss Side Centre, Chief Executive: Volney Harris Moss Lane East, Manchester. M15 5NQ NORTH WEST (continued)

D DTI North West (Manchester), Tel: 061 838 5000 Sunley Tower, 061 236 2171 Piccadilly Plaza, Manchester. M1 4BA (for CHESHIRE, CUMBRIA, MANCHESTER, MERSEYSIDE, NW. DERBYSHIRE)

S Small Firms Centre, Tel: 'Freefone Enterprise' 26-28 Deansgate, or 061 832 5282 Manchester. M3 IRH Manager: Richard Curry (for CHESHIRE, CUMBRIA, LANCASHIRE, MANCHESTER, NW. DERBYSHIRE, ISLE OF MAN)

& Greater Manchester Economic Tel: 061 236 4412 Development Corporation (GMEDC), Bernard House, Contact: Ian Bolton Piccadilly Gardens, Manchester. M1 4DD

NORTHWZCH E Vale Royal Small Firms Ltd., Tel: 0606 7771 1 Wallerscote House, Winnington Lane, General Manager: V. Barry Lee Northwich, Cheshire. CW8 4EG

OLDHAM E Oldham Enterprise Agency, Tel: 061 665 1225 Unit 26, The Acorn Centre, Director: Roy Newton Barry Street, Oldham. OL13NE

ORMSKZRK E West Lancashire Enterprise Trust Tel: 0695 78626 Limited The Malt House, 48 Southport Road, Managing Director: Dr J. W. Smith Ormskirk, Lancashire. L39 1LX (also at SKELMERSDALE) NORTH WEST (continued)

PENDLE M E Pendle Enterprise Trust Ltd., Tel: 0282 698001 19-23 Leeds Road, Nelson, Executive Director: Ron Morrish Pendle, Lancashire. BB9 9SZ

PRESTON E Preston Business Venture, Tel: 0772 25723 43 Lune Street, Preston, Executive Director: Paul Arden Lancashire. PR1 2NN

R Rural Development Commission, Tel: 0772 713038 15 Victoria Road, Fulwood Senior Organiser: John Nimmo Preston. PR2 4PS (for LANCASHIRE) RAWTENSTALL E Rossendale Enterprise Trust Ltd., Tel: 0706 229838 29 Kay Street, Rawtenstall, Director: Bruce Harris Rossendale, Lancashire. BB4 7LS (also at BACUP)

I Lancashire Business and Innovation Tel: 0706 218025 Centre, Newhalhey Road, Rawtenstall, Contact: John Binks Rossendale, Lancashire. BB4 6HN

ROCHDALE E Metropolitan Enterprise Trust Tel: 0706 356250 Rochdale Area Ltd. (Business Help), c10 T.B .A. Industrial Products Ltd., Director: Bruce Harris PO Box 40, Rooley Moor Road, Rochdale. OL12 7EQ NORTH WEST (continued)

RUNCORN E Business Link Ltd., Tel: 09285 63037 62 Church Street, Runcorn, General Manager: Bernard Burton Cheshire. WA7 1LD (also at WIDNES)

I Cheshire Business and Innovation Tel: 0928 580462 Centre, 6 Seymour Court, Manor Park, Managing Director: John Melluish Runcorn, Cheshire. WA7 1SY

ST. HELENS E Community of St. Helens Trust Ltd Tel: 0744 696771 PO Box 36, St. Helens, Director: Ron Halford Merseyside. WAlO 3TT

& Fourth St. Helens BES Syndicate, Tel: 0744 696775 c10 Community of St. Helens Trust Ltd., PO Box 36, Contact: Ron Halford St. Helens, Merseyside. WAlO 3TT

SALE E Trafford Business Venture, Tel: 061 905 2950 Third Floor, Six Acre House, Director: John D. Stembridge Town Square, Sale, Cheshire. M33 1XZ (also at STRETFORD) SALFORD E Salford Hundred Venture Ltd., Tel: 061 835 1166 Stamford House, 361 Chapel Street, Director: M. T. Finnie Salford, Manchester. M3 5JY NORTH WEST (continued)

SOUTHPORT E Southport Marketing & Enterprise Tel: 0704 44173 Bureau Limited, Pavilion Buildings, 99- 105 Lord Street, Director: Peter J. Meakin Southport. PR8 1RJ

STOCKPORT E Stockport Business Venture Ltd., Tel: 061 432 3770 PO Box 66, Crossley Road, Chief Executive: Mr. Bill Hurren Heaton Chapel, Stockport. SK4 5BH

WARRINGTON E Warrington Business Promotion Tel: 0925 33309 Bureau, Barbauld House, Barbauld Street, Director: Brian Rick Warrington. WA12QY

WZGAN E Wigan New Enterprise Ltd., Tel: 0942 496591 45 Bridgeman Terrace, Wigan, Managing Director: Fred Bamber Lancashire. WN1 ITT

YORKSHIRE @ HUMBERSIDE

(Humberside, North Yorkshire, South Yorkshire, West Yorkshire)

BARNSLEY E Barnsley Enterprise Centre, Tel: 0226 733291 1 Pontefract Road, Barnsley . Business Adviser: Valerie Fairbank S71 1AJ (also at GOLDTHORPE) YORKSHIRE & HUMBERSIDE (continued)

R Rural Development Commission, Tel: 0226 204367 12 Churchfidds Court, Barnsley, Senior Organiser: Ken Dutton South Yorkshire. S70 2JT (for WEST & SOUTH YORKSHIRE)

I Barnsley Business & Innovation Tel: 0226 249590 Centre Wilthorpe Road Barnsley, Contact: Brian King South Yorkshire. S75 1JS BRADFORD E Bradford Enterprise Agency, Tel: 0274 734359 Commerce House, Cheapside, Director: Tom Boyd Bradford, West Yorkshire. BD1 452

& West Yorkshire Small Firms Tel: 0274 754546 Fund Limited Ground Floor Contact: Terry Smith Kershaw House 55 Well Street BRADFORD BD1 5PS

BRZGG E South Humberside Business Tel: 0652 57637 Advice Centre, 7 Market Place, Chief Executive: Derek Marshal1 Brig& South Humberside. DN20 8HA

DONCASTER E DonBAC - The Doncaster Enterprise Tel: 0302 340320 Agency & Business Advice Centre, 19-21 Hallgate, Director: Brian J. Crangle Doncaster. DN1 3NA YORKSHIRE & HUMBERSIDE (continued)

GOOLE R Rural Development Commission, Tel: 0430 431138 14 Market Place, Howden, Contact: Tony Burton Goole, North Humberside. DN14 7BJ (for HUMBERSIDE) GRIMSBY E Grimsby & Cleethorpes Area Tel: 0472 241869 Enterprise Agency Ltd., Norwich Union House, Chief Executive: G. J. Mellor 27 Osborne Street, Grimsby, South Humberside. DN31 1EY

HALIFAX E Calderdale Small Business Tel: 0422 69487 Advice Centre (CaSBAC), OP53 Dean Clough Office Park, Dean Clough Director: Alan H Craddock Halifax. HX1 1XG

HUDDERSFIELD E Kirklees & Wakefield Venture Tel: 0484 531352 Trust, Commerce House, New North Road, Manager: Clive Pawson Huddersfield. HD1 5JP (also at CASTLEFORD, SOUTH ELMSALL, WAKEFIELD HULL E Hull Business Advice Centre, Tel: 0482 27266 24 Anlaby Road, Hull, Director: Peter Haysom North Humberside. HU12PA

I Hull Innovation Centre, Tel: 0482 226348 Guildhall Road, Queens Gardens, Director: Mrs. Dawn Smith Hull. HU1 1HJ YORKSHIRE & HUMBERSIDE (continued)

LEEDS ME Leeds Business Venture Ltd., Tel: 0532 446474 Commerce House, 2 St. Alban's Place, Director: Derek Varley Leeds. LS2 8HZ

D DTI Yorkshire & Humberside, Tel: 0532 338300 Priestley House, 0532 443171 3- 5 Park Row, Leeds. LS15LF (for YORKSHIRE, HUMBERSIDE)

S Small Firms Centre, Tel: 'Freefone Enterprise' 1 Park Row, or 0532 445151 City Square, Leeds. LSl5NR Manager: David Dench (for YORKSHIRE, HUMBERSIDE)

£ Yorkshire Enterprise Ltd., Tel: 0532 420505 Elizabeth House, Queen Street, Contact: Cheryl Foley Leeds. LS12TW (for BARNSLEY, BRADFORD, CALDERDALE, HUMBERSIDE and SHEFFIELD Funds also)

NORTHALLERTON £ North Yorkshire County Council, Tel: 0609 780780 County Hall, x2273 Northallerton. Contact: P. W. Whitaker DL7 8AD

RICHMOND M E Richmond & Northallerton Tel: 0748 6262 Business Venture Ltd. 13Market Place, Managing Director: Alan Slater Richmond, North Yorkshire. DLlO 5PX YORKSHIRE & HUMBERSIDE (continued)

ROTHERHAM E Rotherham Enterprise Agency Ltd., Tel: 0709 382121 2nd Floor, All Saints Buildings x3463 2 1 Corporation Street, Rotherham Executive Director: E. H. Lunness S60 1NX (also at TREETON, WATH UPON DEARNE) SCARBOROUGH E Scarborough, Filey & District Tel: 0723 354454 Business Development Agency Ltd., 4th Floor Skipton Chambers, 32 St Nicholas Street, Director: Norman H. Swain Scarborough, North Yorkshire. YOl l 2HF

SHEFFIELD ME Sheffield Enterprise Agency(SENTA) Tel: 0742 755721 6 1- 69 Leavygreave Road, Sheffield, Director: Barrie Briggs South Yorkshire. S3 7RB

SKIPTON E The Yorkshire Dales Enterprise Tel: 0756 748194 Agency Limited 21 High Street, Gargrave, Director: Mike Trestrail Nr. Skipton, North Yorkshire. BD23 3RW

WHZTBY E Whitby & District Tel: 0947 600827 Business Development Agency Ltd., 3 Bagdale, Director: Peter Edwin Horn Whitby, North Yorkshire. Y021 1QL

YORK E York Enterprise Ltd., Tel: 0904 646803 York Enterprise Centre, l Davygate, Chief Executive: Richard Foster York. Y012QE YORKSHIRE & HUMBERSIDE (continued)

E Vale of York Small Tel: 0904 641401 Business Association, York Enterprise Centre, Director: G. Elliott 1 Davygate, York. Y012QE

R Rural Development Commission, Tel: 0904 646866 William House, Shipton Road, Senior Organiser: Jim McKinney Skelton, York. Y03 6WZ (for NORTH YORKSHIRE)

WEST MIDLANDS

(Hereford& Worcester, Shropshire, Stafford, Watwick, West Midlands)

AUDLEM R Rural Development Commission, Tel: 0270 812012 6 Shropshire Street, Audlem, Senior Organiser: Kay Homer Cheshire. CW3 ODY (for CHESHIRE & STAFFORDSHIRE) BIRMINGHAM M E Birmingham Venture, Tel: 021 454 6171 Chamber of Commerce House, 75 Harborne Road, Manager: J. D. Bullivant Birmingham. B15 3DH

E 3B Black Business in Birmingham Tel: 021 6312860 15 The Square, 111 Broad Street, Director: Kofi Adjei Birmingham. B15 1AS WEST MIDLANDS (continued)

D DTI West Midlands, Tel: 021 632 4111 Ladywood House, Stephenson Street, Birmingham. B2 4DT (for HEREFORD & WORCESTER, SHROPSHIRE, STAFFORDSHIRE, WARWICKSHIRE, WEST MIDLANDS)

S Small Firms Centre, Tel: 'Freefone Enterprise' 9th Floor - Alpha Tower, or 02 1 643 3344 / Suffolk Street, Queensway, Birmingham. B1 1TT (for HEREFORD, WORCESTER, SHROPSHIRE, COVENTRY, STAFFORDSHIRE, WARWICKSHIRE, WEST MIDLANDS)

& Birmingham Technology Ltd., Tel: 021 359 0981 Aston Science Park, Love Lane, Contact: D. W. Harris Aston Triangle, Birmingham. B7 4BJ

& Black Country Venture Capital Tel: 021 236 8855 Fund Limited Wellington House Contact: Martin Booth 3 1-34 Waterloo Street Birmingham B2 5TJ

& Mercia Venture Capital Ltd., Tel: 021 233 3404 126 Colmore Row, Birmingham. Contact: D. F. Houlihan B3 3AP

I Birmingham Technology Ltd., Tel: 021 359 0981 Aston Science Park, Love Lane, Contact: H. A. Nicholls Aston Triangle, Birmingham. B7 4B J WEST MIDLANDS (continued)

BURTON ON TRENT E Burton Enterprise Agency Ltd., Tel: 0283 37151 Midland Railway Grain Warehouse, Derby Street, Director: F. D. Barrow Burton on Trent. DE14 2JJ (also at BURNTWOOD, LICHFIELD, TAMWORTH, UTTOXETER) CANNOCK E Cannock & Burntwood Enterprise Tel: 0543 466566 Agency Limited, c10 F & V Linford Ltd., PO Box 14, Park Road, Cannock, Executive Director: Peter Atkinson Staffordshire. WSl l 1JW

COVENTRY E Coventry Business Centre, Tel: 0203 552781 Christchurch House, Greyfriars Lane, Director: John Simpson Coventry. CV1 2GY

£ Coventry Venture Capital Tel: 0203 831340 Fund Ltd., Tower Block Contact: James Hunt Much Park Street Coventry CV1 2PY

I University of Warwick Tel: 0203 418535 Science Park Ltd., Barclays Venture Centre, Contact: David N. E. Roe Sir William Lyons Road, Coventry. CV4 7EZ

DUDLEY ME Dudley Business Venture, Tel: 0384 231283 Stanton House, 10 Castle Street, Director: J. G. Standish Dudley, West Midlands. DY 1 1LQ WEST MIDLANDS (continued)

HENLEY IN ARDEN R Rural Development Commission, Tel: 05642 4191 Stanley House 47A High Street Organiser: G. N. Wright Henley in Arden Solihull B95 5AA (for WARWICKSHIRE) HEREFORD E Herefordshire Enterprise Agency Tel: 0432 276898 Limited Berrows Business Centre, Bath Street, Director: Derek 0 Herbert Hereford. HR12HE

MALVERN R Rural Development Commission, Tel: 068 45 64506 32 Church Street, Malvern, Senior Organiser: Sandy Fraser Hereford & Worcester. WR14 2AZ (for GLOUCESTERSHIRE, HEREFORD & WORCESTER) NUNEATON & Warwickshire Ventuce Capital Tel: 0203 375469 Fund Ltd., Business Initiatives Office Vicarage Street Contact: Terry Quainton Nuneaton CV1 l 4AZ

REDDZTCH E Redditch Enterprise Agency Ltd., Tel: 0527 501 122 Rubicon Centre, 17 Broad Ground Road, Director: Ron Herd Lakeside, Redditch, Worcestershire. B98 8YP

SOLIHULL E Solihull Business Enterprise Ltd. Tel: 021 704 1456 Vulcan House, Vulcan Lane, Director: Fred Smallman Lode Lane Industrial Estate, Solihull, West Midlands. B91 1JI WEST MIDLANDS (continued)

STAFFORD E Stafford Enterprise Ltd., Tel: 0785 57057 718 Mill Street, Stafford. Director: John Cooper ST16 2AJ

M Staffordshire Development Tel: 0785 51449 Association Martin Street, Contact: Peter Wood Stafford. ST16 2LH STOKE ON TRENT E North Staffs & District Business Tel: 0782 279013 Initiative Commerce House, Festival Park, Etruria, Director: Tony Brooks Stoke on Trent, Staffordshire. ST1 5BE TELFORD E Shropshire Enterprise Trust Ltd., Tel: 0952 56624 National Westminster Bank Chambers, The Green, Church Street, Director: E. A. Houghton Wellington, Telford, Shropshire. TF1 1DN

R Rural Development Commission, Tel: 0952 47161 Strickland House, The Lawns, Senior Organiser: Cyril Stannet Park Street, Telford. TF13BX (for SHROPSHIRE)

I Industrial Development Unit, Tel: 0952 290329 Telford Industrial Centre, Stafford Park 4, Contact: David Chiva Telford. TF3 3BA WEST MIDLANDS (continued)

WALSALL E Walsall Small Firms Advice Unit Tel: 0922 646614 Limited Jerome Chambers, Bridge Street, Director: David G. Porter Walsall, West Midlands. WS 1 1EX

WARWICK E Warwickshire Enterprise Agency, Tel: 0926 495685 Northgate South, Northgate Street, Executive Director: C. D. Edwards Warwick. CV34 4JH (also at NUNEATON)

WEST BROMWZCH E Sandwell Enterprise Ltd., Tel: 021 569 2231 Sandwell Business Advice Centre, Victoria Street, Director: A. W. Woodhouse West Bromwich, Sandwell, West Midlands. B70 8ET

WOLVERHAMPTON E Wolverhampton Enterprise Ltd., Tel: 0902 312095 Exchange Street, Wolverhampton. Acting Manager: Phi1 Wilson WV1 ITS

WORCESTER E Worcestershire Enterprise Agency, Tel: 0905 612412 First Floor, Marmion House, Director: Gordon Moone Copenhagen Street, Worcester. WRl 2HB SOUTH EAST

(Bedford, Berkshire, Buckingham, East Sussex, Essex, Greater London, Hampshire, Hertfordshire, Isle of Wight, Kent, Oxford, Surrey, West Sussex)

ALDERSHOT E Blackwater Valley Enterprise Trust Tel: 0252 319272 Limited The Old Town Hall, Grosvenor Road, Director: Walter T Oakey Aldershot, Hampshire. GUl l 3DP (also at CAMBERLEY) ALTON E East Hampshire Enterprise Ltd., Tel: 0420 87577 c10 Bass Brewing (Alton) Ltd., Manor Park, Director: Alex C. Addison Alton, Hampshire. GU34 2PS (also at BORDON, PETERSFIELD) ASHFORD ME Enterprise Ashford Ltd., Tel: 0233 30307 Enterprise Centre, Old Railway Works, Director: Alan Duncan Newtown Road, Ashford, Kent. TN24 OPD

AYLESBURY E Aylesbury Vale Business Advice Scheme, Tel: 0296 394555 23A Walton Street, Aylesbury. Head Adviser: Victor Nichols HP20 1TZ

BANBURY E North Oxfordshire Business Ltd. Tel: 0295 67900 (NORBIS) 33a Crouch Street, Banbury, Director: John Trumper Oxon. OX16 9PR SOUTH EAST (continued)

BASZNGS TOKE E Basingstoke & Andover Enterprise Tel: 0256 54041 Centre 9 New Street, Joices Yard, Director: Colin Close Basingstoke, Hampshire. RG21 1DF (also at ANDOVER) BASZLDON E Basildon & District Tel: 0268 286977 Local Enterprise Agency Ltd. lOla Keay House, Director: Brian Bazzard 88 Town Square, Basildon, Essex. SS14 1BN (also at LAINDON) BEDFORD R Rural Development Commission, Tel: 0234 61381 Argicultural House, 55 Goldington Road, Contact: Rex Whitmore Bedford. MK40 3LU (for BEDFORDSHIRE) BRAINTREE E Braintree District Enterprise Agency Tel: 0376 43140 Limited Town Hall Centre, Market Square, Executive Director: Brian Holby Braintree, Essex. CM7 6YG (also at WITHAM AND HALSTEAD)

R Rural Development Commission, Tel: 0376 47623 64a High Street, Braintree. Contact: Peter Williams CM7 7JP (for ESSEX) BRENTWOOD E Brentwood Enterprise Agency, Tel: 0277 213405 1-2 Severn Arches Road, Brentwood, Director: Geoff Jennings Essex. CM15 8AY SOUTH EAST (continued)

BRIGHTON E Brighton & Hove Business Tel: 0273 688882 Enterprise Agency Ltd., 23 Old Steine, Director: Michael J. Hogg Brighton. BNl 1EL (also at LEWES) CANTERBURY M E East Kent Enterprise Agency, Tel: 0227 470234 45 North Lane, Canterbury. Director: Colin Atkins CT2 7EF (also at DOVER, THANET) CHATHAM M E Medway Enterprise Agency Ltd., Tel: 0634 830301 Railway Street, Chatham, Director: Guy Sibley Kent. ME4 4RR (also at GILLINGHAM) CHELMSFORD E Chelmsford Enterprise Agency Ltd., Tel: 0245 490281 Unit A03 Globe House, New Street, Director: John Antony Harris Chelmsford, Essex. CM1 1PP

E Essex Business Centre, Tel: 0245 283030 Chelmer Court, Church Street, Director: Roy W McLarty Chelmsford, Essex. CM1 INH (also at BASILDON) CHORLEYWOOD & Smithdown Investments Ltd., Tel: 09278 5 199 Barkhill House, Shire Lane, Contact: G. L. Taylor Chorleywood, Hertfordshire. WD3 5NT SOUTH EAST (continued)

CLACTON-ON-SEA E Enterprise Tendering Ltd., Tel: 0255 421225 27A Pier Avenue, Clacton-on-Sea, Manager: Christine A. Cundall Essex. C015 1QE (also at HARWICH) COLCHESTER M E Colchester Business Enterprise Agency, Tel: 0206 48833 Gate House, High Street, Director: John Hitchman Colchester, Essex. C01 1UG (also at MALDON) DARTFORD M E North West Kent Enterprise Agency, Tel: 0322 91451 2A Hythe Street, Dartford, Director: Michael Fitzpatrick Kent. DA1 1BT EASTBOURNE E Eastbourne & District Enterprise Tel: 0323 644470 Agency Limited, 68 Grove Road, Eastbourne, Director: Robin Smith East Sussex. BN21 1DS ASTMO LESLEY £ The Young Entrepreneurs Fund Ltd., Tel: 01 783 1099 The Seymour Suite, 65-69 Walton Road, Contact: David Wells East Molesley, Surrey. KT8 ODP FOLKESTONE M E Shepway Business Advisory Panel Ltd., Tel: 0303 59162 24 Cheriton Gardens, Folkestone, Director: A. T. Pearce Kent. CT20 2AS (also at NEW ROMNEY) SOUTH EAST (continued)

GRAVESEND ME Gravesham Enterprise Agency, Tel: 0474 327118 22 Wrotham Road, Gravesend, Director: Jim Pritchard Kent. DAl l OPA

GRAYS E Thurrock Local Enterprise Tel: 0375 374362 Agency Ltd., 79A High Street, Grays, Director: John F. G.Brace Essex. RM17 6NX HARLOW E Enterprise Agency Ltd., Tel: 0279 38077 19 The Rows, The High, Director: John Greener Harlow, Essex. CM20 1DD (also at HERTFORD) HASTINGS E Hastings Business Ventures Ltd., Tel: 0424 433333 18 Cornwallis Gardens, Hastings, Director: Ted Bridgeman East Sussex. TN34 1LP

HATFZELD E Welwyn & Hatfield Enterprise Agency Tel: 07072 67635 Limited, 5 Queensway House, Town Centre, Director: J. Ken Sumeray Hatfield, Hertfordshire. ALlO ONR

HEMEL HEMPSTEAD E The Dacorum Enterprise Agency, Tel: 0442 232333 Swallowdale Lane, Hemel Hemstead. Director: Tom Hughes HP2 7EL SOUTH EAST (continued)

HENLEY ON THAMES £ Seed Capital Ltd., Tel: 0491 579999 Boston Road, Henley on Thames. Contact: Lucius Cary RG9 1DY ISLE OF WZGHT E Isle of Wight Enterprise Agency Ltd., Tel: 0983 529120 6 Town Lane, Newport, Director: Don Crabtree Isle of Wight. P030 1JU

R Rural Development Commission, Tel: 0983 528019 6-7 Town Lane, Newport, Contact: Robin Cooke Isle of Wight. P030 1JU (for ISLE OF WIGHT) LETCHWORTH GARDEN CITY E Letchworth Garden City Business Tel: 0462 678272 Centre Avenue One, Business Park, Business Consultant: Stephen Brockrnan Letchworth Garden City, Hertfordshire. SG6 2HB LEWES R Rural Development Commission, Tel: 0273 471399 Sussex House, 212 High Street, Senior Organiser: Eifion Jones Lewes. BN7 2NH (for SUSSEX)

LONDON GREATER LONDON D DTI South East, Tel: 01 215 7877 Bridge Place, 01 730 9678 88 - 89 Eccleston Square, London. SW1 1PT (for LONDON AND MIDDLESEX) LONDON (continued)

S Small Firms Centre, Tel: 'Freefone Enterprise' Ebury Bridge House, or 01 730 8451 2- l8 Ebury Bridge Road, London. SWlW 8QD Manager: Brenda Haddock (for LONDON, KENT, MIDDLESEX, EAST SUSSEX)

& Audley Securities Ltd., Tel: 01 408 1234 65 Duke Street, London. Contact: D Ravden WlM 5DH

& Bexley Venture Capital Ltd., Tel: 01 303 7777 Cl0 Economic Development Unit, London Borough of ~exle~, Contact: Andrew Bennett Marlowe House, 109 Station Road Sidcup, Kent. DA15 7ET

& Hackney Enterprise Board, Tel: 01 739 4654 46 Great Eastern Street, London. Contact: S. Burchell EC2A 3EP

& Investors in Industry plc, Tel: 01 928 7822 91 Waterloo Road, London. Contact: Ian Menzies SE1 8XP

& JMI Advisory Services Ltd., Tel: 01 930 7107 85-87 Jermyn Street, London. Contact: Philip Percival SWlY 6JD

& Metrogroup plc Tel: 01 404 5620 7 Southampton Place LONDON Contact: Andrew Blair WClA 2DR LONDON (continued)

£ Thompson Clive & Partners Ltd., Tel: 01 491 4809 24 Old Bond Street, London. Contact: Steve Black W1X 3DA

I South Bank Technopark, Tel: 01 928 2900 90 London Road, Contact: M. Jeffers London. SE1 6LN

I The Technology Exchange Ltd., Tel: 01 403 0300 63/67 Newington Causeway, London. Director: Brian Padgett SE1 6BD BRENTFORD E Enterprise Hounslow Ltd., Tel: 01 847 3269 13 Boston Manor Road, Brentford. Director: Tony Hazel1 TW8 9DT BRZXTON E South London Business Initiative Ltd., Tel: 01 274 4000 444 Brixton Road, x375 Suite 113-114 Director: Walter V. Baker Brixton Enterprise Centre, London. SW9 8EJ BROMLEY M E Bromley Enterprise Agency Trust Ltd., Tel: 01 290 6568 7 Palace Grove, Bromley, Director: Ronnie W. Fenn Kent. BR1 3HA CAMDEN TOWN E Camden Enterprise Ltd., Tel: 01 482 2128 57 Pratt Street, Camden, Manager: Allen Lever London. NW1 ODP LONDON (continued)

CITY &IME London Enterprise Agency (LEntA), Tel: 01 236 3000 4 Snow Hill, London. Chief Executive: Brian Wright EClA 2BS Innovations Adviser: Dr. Hilary Trudeau (also at SPITALFIELDS, TOTTENHAM) CROYDON E Croyden Business Venture Ltd., Tel: 01 681 8339 26 Barclay Road, Croydon, Director: Sydney Laurence Surrey. CRO 1JN

DEPTFORD E Deptford Enterprise Agency, Tel: 01 692 9204 146 Deptford High Street, Deptford, Director: Joe Greenland London. SE8 3PQ

EALING E Enterprise Ealing Ltd., Tel: 01 840 2667 69/71 Broadway, West Ealing. Consultant Director: Gordon Foss W13 3PT

EDMONTON E Enfield Enterprise Agency, Tel:01 807 5333 2-3 Knights Chambers, 32 South Mall, Director: Alan Wilks Edmonton Green, London. N9 OTL (also at PONDERS END) FZNCHLEY E Barnet Enterprise Trust Ltd., Tel: 01 346 2187 Hertford Lodge, East End Road, Chief Executive: Peter Love11 Finchley, London. N3 3QE

FZNSBURY PARK E North London Business Development Tel: 01 359 7405 Agency, 35/37 Blackstock Road, Finsbury Park, Director: Manny Cotter London. N4 2JF LONDON (continued)

HACKNEY E Hackney Business Venture, Tel: 01 739 7941 130- 150 Hackney Road, London. Director: Paul Chaplin E2 7QL

HAMMERSMITH & FULHAM E Hammersmith & Fulham Business Tel: 01 741 7248 Resources Limited, 5th Floor, The Town Hall, Director: David Mitchell King Street, Hammersmith, London. W6 9JU

HARROW E Harrow Enterprise Agency Ltd., Tel: 01 427 6188 2 Courtfield Avenue, Harrow, Director: Douglas Ramsay Middlesex. HA1 2LW

ISLINGTON E Manor Gardens Enterprise Centre, Tel: 01 272 8944 10-18 Manor Gardens, London. Director: Patrick Quarry N7 6JY

Project Fullemploy, Tel: 01 251 6037 Unit 120 Clerkenwell Workshops, 3 1 Clerkenwell Close, Contact: Richard Haynes London. EC l R OAT

MORDEN E Merton Enterprise Agency Ltd., Tel: 01 545 3067 12th Floor, Crown House, Director: Harry Corben London Road, Morden, Surrey. SM4 5DX

PADDINGTON E Westminster Enterprise Agency Ltd., Tel: 01 286 1740 Beauchamp Lodge, 2 Warwick Crescent, Director: Bob MacLean London. W2 6NE LONDON (continued)

ROMFORD E North East Thames Business Advisory Tel: 0708 766438 Centre Marshalls Chambers, 80A South Street, Director: Ulrik Middelboe Romford, Essex. RM1 1RP (also at BARKING, ILFORD) R UISLIP E Hillingdon Enterprise Agency Ltd., Tel: 0895 73433 400a Long Lane, Hillingdon, Director: Don Hynds Middlesex. UB l0 9PG

SUTTON E Sutton Enterprise Agency Ltd., Tel: 01 643 9430 11 Lower Road, Sutton, Director: John Jardine Surrey. SM14QJ

TOWER HAMLETS E Tower Hamlets Centre Tel: 01 377 8821 for Small Business Ltd., 76 Wentworth Street, General Manager: Ian R. Lorkin London. E1 7SE

TWICKENHAM E Richmond upon Thames Tel: 01 891 3742 Enterprise Agency Ltd. 55 Heath Road, Director: Brian Parkinson Twickenham, Middlesex. TWl 4AW

WEMBLEY E Brent Business Venture Ltd., Tel: 91 903 7300 12 Park Lane, Wembley, Executive Director: Anthony Ure Middlesex. HA9 7RP (also at CRICKLEWOOD) HOME COUNTIES

LOUGHTON E Forest Enterprise Agency Trust, Tel: 01 508 7435 Feat House (Rear of Swimming Pool), Traps Hill, Director: Mr Gerry F. Clarke Loughton, Essex. IG1O 1SZ

LUTON E Bedfordshire Community Enterprise Tel: 0582 452288 Agency, Enterprise House, 7 Gordon Street, Chief Executive: The Rev. Derek Upcott Luton, Bedfordshire. LU12QP (also at BEDFORD, DUNSTABLE) MAIDSTONE M E The Maidstone Enterprise Agency Tel: 0622 675547 Ltd., 25a Pudding Lane, Maidstone, Director: Ian Dumbreck Kent. ME14 IPA

R Rural Development Commission, Tel: 0622 65222 8 Romney Place, Maidstone. Contact: Peter Graham ME15 6LE (for KENT)

& Kent Economic Development Board, Tel: 0622 679976 Brenchley House, Week Street, Chief Financial Executive: David Morse Maidstone, Kent. ME14 IRF

MZLTON KEYNES M E Milton Keynes Business Venture, Tel: 0908 660044 Civic Offices (Level 3), 1 Saxon Gate East, Executive Director: John Carpenter Central Milton Keynes. MK9 3JH HOME COUNTIES (continued)

OXFORD E Thames Business Advice Centre, Tel: 0865 249279 8th Floor Seacourt Tower, West Way, Director: B. J. Hills Spedding Oxford, Oxfordshire. OX2 0JP

& Oxford Seedcorn Capital Ltd, Tel: 0865 53535 2 13 Woodstock Road Oxford Contact: Anthony Costley-White OX2 7AD

PORTSMOUTH E Portsmouth Area Enterprise, Tel: 0705 833321 27 Guildhall Walk, Portsmouth, Director: Bill Sumner Hampshire. P01 2RY (also at FAREHAM, GOSPORT) READING & E Berkshire Enterprise Agency, Tel: 0734 585715 10- 12 The Forbury, Reading, Berkshire. RG13EW Director: Roy Hale (also at NEWBURY)

S Small Firms Centre, Tel: 'Freefone Enterprise' Abbey Hall, or 0734 591733 Abbey Square, Reading. RG13BE Manager: Roger Harris (for BERKSHIRE, HAMPSHIRE, ISLE OF WIGHT, OXFORDSHIRE, SURREY, SUSSEX) ST. ALBANS E St. Albans Enterprise Agency Ltd. Tel: 0727 37760 (STANTA) Unit 6G St. Albans Enterprise Centre, Long Spring, Executive Director: Porters Wood, St. Albans, K. J. Hughesman Hertfordshire. AL3 6EN HOME COUNTIES (continued)

SITTZNGBOURNE M E Swale Enterprise Agency, Tel: 0795 27623 Unit 4B Smeed Dean Centre, Eurolink, Director: Nigel J. Gilbert Sittingbourne, Kent. ME10 3RN

SOUTHAMPTON E Southampton Enterprise Agency, Tel: 0703 788088 Solent Business Centre, Millbrook Road West, Director: John Townsend Southampton, Hampshire. S01 OHW (also at EASTLEIGH, LYNDHURST)

& Southampton Economic Tel: 0703 832401 Development Corporation Ltd., Civic Centre, Contact: J. M. Brook Southampton. S09 4WY

SOUTHEND E Southend Enterprise Agency Ltd., Tel: 0702 714115 Commerce Centre, 845 London Road, Business Development: Westcliffe-on-Sea, Gordon Barrett Essex. SS0 9SZ STEVENAGE M E Stevenage Initiative Ltd., Tel: 0438 315733 Business & Technology Centre, Bessemer Drive, Executuve Director: M G Amos Stevenage, Hertfordshire. SG12DX

S Small Firms Centre, Tel: 'Freefone Enterprise' Business and Technology or 0438 743377 Centre, Bessemer Drive Manager: Chris Temple Stevenage Herts SG12DX (for BEDFORDSHIRE, BUCKINGHAMSHIRE, ESSEX & HERTFORDSHIRE) HOME COUNTIES (continued)

TONBRIDGE M E Great Weald Enterprise Agency, Tel: 0732 360133 34a High Street, Tonbridge, Director: Ron Booth Kent. TN9 1EJ

WALLINGFORD

R - Rural Development Commission, Tel: 0491 35523 The Maltings, St. John's Road, Senior Organiser: Jan Balkwill Wallingford. OX10 9BZ (for BERKSHIRE, BUCKINGHAMSHIRE & OXFORD) WATFORD E Watford Enterprise Agency, Tel: 0923 247373 The Business Centre, Colne Way, Director: Ken Hards Watford, Hertfordshire. WD2 4ND

WOKZNG E Surrey Business Enterprise Agency Tel: 04862 28434 Ltd. 19 High Street, Woking, Director: Matt Huber Surrey. GU21 1BW (also at DORKING, GUILDFORD, REDHILL) WORTHING M E West Sussex Area Enterprise Centre Tel: 0903 3 1499 'Ltd. 69a Chapel Road, Worthing, Director: Len Crowhurst West Sussex. (also at CHICHESTER) WINCHESTER R Rural Development Commission, Tel: 0962 880503 Barton Farm, Andover Road, Senior Organiser: Jamie Fraser Winchester. S022 6AX (for HAMPSHIRE) SOUTH WEST

(Avon, Cornwall, Devon, Dorset, Gloucestershire, Somerset, Wiltshie)

BARNSTAPLE E North Devon Enterprise Agency Ltd., Tel: 0271 861215 Yelland Centre, West Yelland, Managing Director: Tony Jennings Barnstaple. EX3 1 3EZ

BATH E Bath Enterprise Ltd., Tel: 0225 338383 Green Park Station, Green Park Road, Executive Director: Robert A. Kelly Bath. BA1 1JB

BRADFORD ON AVON E West Wiltshire Enterprise, Tel: 02216 7843 PO Box 15, Abbey Mills, Director: A. B. Zehetmayr Bradford on Avon, Wiltshire. BA15 1YZ

BRIDG WATER E Small Industries Group, Tel: 0278 424456 68-70 Friarn Street, Bridgwater, Development Officer: Fred Wedlake Somerset. TA6 3LJ (also at TAUNTON) BRISTOL E Bristol & Avon Enterprise Agency Tel: 0272 272222 (BRAVE) Canons Road, Bristol. Director: Mike Mears BS15UH (also at WESTON-SUPER-MARE)

E New WorkTrust Co. Ltd., Tel: 0272 603871 Avondale Workshops, Woodland Way, Director: Michael Winwood Kingswood, Bristol. BS15 1QH (also at BATH, WARMLEY, YATE) SOUTH WEST (continued)

E Coach House Small Business Centre, Tel: 0272 428022 2 Upper York Street, St. Paul's, Director: Barry Davies Bristol. BS2 RH

E Hartcliffe & Withywood Ventures Tel: 0272 784865 Ltd., HWV Block Hartcliffe School, Bishport Avenue, Co-ordinating Director: Hartcliffe, Brian McInally Bristol. BS 13 ORL

E Black Business Association (BEA), Tel: 0272 550916 9 Lower Ashley Road, St. Agnes, Manager: Leslie McDonald Bristol. BS2 9QA

D DTI South West, Tel: 0272 308400 The Pithay, 0272 272666 Bristol. BSl 2PB (for AVON, CORNWALL, DEVON, DORSET, GLOUCESTERSHIRE, SOMERSET, WILTSHIRE)

S Small Firms Centre, Tel: 'Freefone Enterprise' 6th Floor, or 0272 294546 The Pithay, Bristol. BSI 2NB Manager: Rodger Fowler (for AVON, CORNWALL, DEVON, DORSET, GLOUCESTERSHIRE, SOMERSET, WILTSHIRE)

R Rural Development Commission, Tel: 0272 733433 209 Redland Road, Bristol. Contact: Elizabeth Coward BS6 6YU (for AVON) SOUTH WEST (continued)

CAMBORNE M E West Cornwall EnterpriseTrust Ltd., Tel: 0209 714914 Lloyds Bank Chambers, Market Square, Director: Alex Bryce Camborne, Cornwall. TR14 8JT (also at FALMOUTH, PENZANCE)

I Cornwall Innovation Centre, Tel: 0209 717111 Tehidy Hospital Carnborne, Contact: Hugh Stapleton Cornwall. TR14 8DS CHELTENHAM £ Capital Ventures Ltd., Tel: 0242 584380 37 London Road, Cheltenham. Contact: S. Smith Gloucestershire. GL52 6HA CHIPPENHAM M E North Wiltshire Enterprise Agency, Tel: 0249 659275 Pearl House, 3-4 New Road, Manager: Helen Norton Chippenham, Wiltshire. SN15 1EJ

DORCHESTER R Rural Development Commission, Tel: 0305 68558 Wing D Government Buildings, Prince of Wales Road, Senior Organiser: Dorchester. DTl 1QJ James Hamriding (for DORSET) EXETER E Business Enterprise Exeter, Tel: 0392 56060 39 Marsh Green Road, Marsh Barton, Director: E. G. Sheridan Exeter. EX2 8PN

R Rural Development Commission, Tel: 0392 52616 27 Victoria Park Road, Exeter. Senior Organiser: David Rees EX2 4NT (for DEVON) SOUTH WEST (continued)

FROME E Frome And Mendip Enterprise Agency, Tel: 0373 73101 South Parade, Frome, Managing Director: Geoff Stringer Somerset. BA1 l 1EJ (also at SHEPTON MALLET)

GLASTONBURY E PAD Enterprise Agency Tel: 0458 34220 (Project Avalon Development of FACE), Workface, Director PAD: R. Ripper Market Place, Glastonbury, Somerset. BA6 9HL GLOUCESTER E Gloucestershire Enterprise Agency, Tel: 0452 50141 1 90 Westgate Street, Gloucester. Director: Jack Tester GL12NZ (also at CHELTENHAM, CIRENCESTER, COLEFORD) HONZTON E East Devon Small Industries Group, Tel: 0404 41806 115 Border Road, Heath Park, Development Officer: Albert Johnson Honiton, Devon. EX14 8BT LAUNCESTON E Enterprise TAMAR, Tel: 0566 5632 National School, St. Thomas Road, Director: David M. Stanbury Launceston, Cornwall. PL15 8BU

NEWTON ABBOT E Teignbridge Enterprise Agency, Tel: 0626 67534 The Tindle Centre, St. Marychurch Road, Director: Leslie J A Saye Newton Abbot, Devon. TQ12 4UQ SOUTH WEST (continued)

PAULTON E Wansdyke Enterprise Agency, Tel: 0761 415400 Business Advice Centre, High Street, Director: Reginald T Clark Paulton, Bristol. BSI8 5NW

PLYMOUTH E Devon & Cornwall Business & Tel: 0752 56921 1 Innovation Centre, Somerset Place, Stoke, Director: Fred Parker Plymouth. PL3 4BB (also at LISKEARD, TAVISTOCK) POOLE M E Dorset Enterprise Agency Ltd., Tel: 0202 748333 1Britannia Road, Lower Parkstone, Director: Paul Cook Poole, Dorset. BH14 8AZ (also at ISLE OF PURBECK, WEYMOUTH) ST. AUSTELL E Restormel Local Enterprise Trust Ltd., Tel: 0726 813079 Lower Penarwyn, St. Blazey, Honorary Director: A. G. Tourell Par, Cornwall. PL24 2DS

SALISBURY E South Wiltshire Enterprise Agency, Tel: 0722 41 1052 48a New Street, Salisbury, Director: Dick Turpin Wiltshire. SPl 2PH

R Rural Development Commission, Tel: 0722 336255 141 Castle Street, Salisbury. Contact: Peter Curbishley SP13TP (for WILTSHIRE) SOUTH WEST (continued)

S WZNDON E Swindon Enterprise Trust, Tel: 0793 487793 54 Victoria Road, Swindon, General Manager: R. H. D. Hardy Wiltshire. SN1 3AY TAUNTON R Rural Development Commission, Tel: 0823 276905 1 The Crescent, Taunton. Senior Organiser: Mike Harding TA1 4EA (for SOMERSET)

I Somerset Innovation Centre, Tel: 0823 276905 c10 Rural Development Commission, 3 Chartfield House, Contact: Mr. David Patten Castle Street, Taunton. TA1 4EA. TZVERTON E Mid-Devon Enterprise Agency, Tel: 0884 255629 The Factory, Leat Street, Director: Mike Robins Tiverton, Devon. EX16 5LL (also at CREDITON) TOTNES E South Hams Agency Tel: 0803 864200 for Rural Enterprise (SHARE), 4a Leechwell Street, Director: Alan Littlewood Totnes, Devon. TQ9 5SX (also at ERMINGTON, KINGSBRIDGE) TRURO R Rural Development Commission, Tel: 0872 73531 2nd Floor, Highshore House, Senior Organiser: Bob Hatt New Bridge Street, Truro. TR12AA (for CORNWALL) SOUTH WEST (continued)

YEOVZL M E The Enterprise Agency Tel: 0935 74813 (South Somerset and West Dorset), 5 St. Johns House, Manager: Michael Warne Church Path, Yeovil, Somerset. BA20 1HE

NORTHERN IRELAND

ARMAGH E Armagh Business Centre, Tel: 0861 525050 2 Loughgall Road, Armagh. Director: S. Hartley BT617NH

BANGOR E North Down Development Tel: 0247 271525 Organisation, Enterprise House, Balloo Industrial Estate, Director: Mr. D. Dunstall Bangor, County Down. BT19 2QT

BELFAST E Action Resource Centre, Tel: 0232 234504 3 Botanic Avenue, Belfast. Manager: Robin McConkey BT7 1JG

E Brookfield Business Centre, Tel: 0232 745241 Brookfield Mill, 333 Crumlin Road, Director: Fr. Myles Kavanagh Belfast. BT14 7EA

E Glenand Youth & Community Tel: 0232 301483 Workshop Ltd., Blackstaff Road, Kennedy Way Industrial Estate, Director: P. Crossey Belfast. BTl l 9DT NORTHERN IRELAND (continued)

S Local Enterprise Development Tel: 'Freefone Enterprise' Unit (LEDU) 17/19 Linenhall Street, Belfast. BT2 8AB (also at LONDONDERRY, NEWRY, OMAGH)

& Local Enterprise Development Tel: 0232 491031 Unit (LEDU), LEDU House, Upper Galwally, Newtownbreda Belfast. BT8 4TB

& Northern Ireland Venture Capital Ltd., Tel: 0232 23078 1 19 Donegal1 Pass, Belfast. Contact: J. N. Anderson BT7 1DQ

& Ulster Venture Capital Ltd., Tel: 0232 228490 Sinclair House, 89 Royal Avenue, Contact: Garth Lomas Belfast. BT1 IBP

CARRZCKFERGUS E Carrickfergus Enterprise Ltd., Tel: 09603 69528 75 Belfast Road, Carrickfergus, General Manager: D. R. Waite County Antrim. BT38 8PH

COLERAINE E Coleraine Enterprise Agency, Tel: 0265 55464 3 Gateside Road, Coleraine, Manager: Ray Young County Londonderry. BT52 2PB

DO WNPATRZCK E Jobspace (NI) Ltd., Tel: 0396 6416 45 Saul Road, Downpatrick, General Manager: Hugh R. McKirgan County Down. BT30 6PA NORTHERN IRELAND (continued)

DRAPERSTOWN E Workspace Draperstown Ltd., Tel: 0648 28 113 7 Tobermore Road, Draperstown, Manager: Patsy McShane Magherafelt. BT45 7AG

DUNMURRY E Glenwood Enterprises Ltd., Tel: 0232 620150 Springbank Industrial Estate, Pembroke Loop Road, Director: Aidan Fitzpatrick Dunmurry. BT17 OQL

ENNZSKILLEN E Fermanagh Enterprise Ltd., Tel: 0365 27348 Project House, Regal Pass, Manager: Martin Maguire Enniskillen, County Fermanagh.

LARNE E Larne Enterprise Development Tel: 0574 70742 Company, Ledcom Industrial Estate, Bank Road, Manager: Ken Frayne Larne, County Antrim. BT40 3AW

LONDONDERRY E Ebrington Business Centre Ltd., Tel: 0504 43885 Ebrington Gardens, Waterside, Director: R. Gillespie Londonderry. BT47 1EH

E North West Ulster Enterprise Agency, Tel: 0504 2658 17 1- 3 Clarendon Street, Londonderry. Director: Dr. Vera I. Furness BT48 7EP

E Foyle Factory Space Ltd., Tel: 0504 364015 Enterprise House, Little James Street, Manager: Denis Feeney Londonderry. BT48 7BG NORTHERN IRELAND (continued)

I Noribic Ltd., Tel: 0504 264242 North West College of Technology, 14 Asylum Road Campus, Contact: C. Cavanagh Londonderry. BT48 7DX NEWRY E Newry & Mourne Enterprise Agency, Tel: 0693 6701 1 Enterprise House, 5 Downshire Place, Director: Frank Dolaghan Newry. BT34 1DZ OMAGH E Omagh Enterprise Company Ltd., Tel: 0662 49494 Gortrush Industrial Estate, Derry Road, Enterprise Manager: Liam McDonald Omagh, County Tyrone. BT79 7XH PORTADOWN ME Craigavon Industrial Tel: 0762 333393 Development Organisation, Craigavon Enterprise Centre, Manager: Jim Burke Carn Industrial Estate, Portadown. BT63 5RH STRABANE E Strabane Industrial Properties Ltd., Tel: 0504 8845 l8 Ballycolman Industrial Estate, Strabane, Manager: Christina Mullen County Tyrone. BT82 9PH

SCOTLAND

ABERDEEN M E Aberdeen Enterprise Trust, Tel: 0224 582599 First Floor, Seaforth Centre, Director: Anne Minto 30 Waterloo Quay, Aberdeen. AB2 1BS SCOTLAND (continued)

& Aberdeen Fund Managers Ltd., Tel: 0224 631999 10 Queens Terrace, Aberdeen. Contact: Andrew A. Laing AB9 1QJ

&L Scottish Development Agency, Tel: 0224 641791 Aberdeen Office, 10 Queen's Road, Aberdeen. AB 1 6YT

ALLOA E Alloa & Clackmannan Enterprise Trust Tel: 0259 2 17171 (ACE) 70 Drysdale Street, Alloa, Director: Tony Deeley Clackmannanshire. FKlO 1JA

ARBROATH E Arbroath Venture Trust, Tel: 0241 70563 115 High Street, Arbroath. Director: DD11 1DP

AYR E Ayr Locality Enterprise Tel: 0292 264181 Resource Trust Ltd. (ALERT), 88 Green Street, Chief Executive: D. Malcolm Troup Ayr. KA8 8BG (also at GIRVAN)

BATHGATE E Bathgate Area Support Tel: 0506 634024 for Enterprise Ltd. (BASE), 19 North Bridge Street, Director: Michael J . Fass Bathgate, West Lothian. EH48 4PJ

COATBRIDGE E Monklands Business Enterprise Trust, Tel: 0236 2328 1 Unit 10, Coatbridge Business Centre, Director: Terry Currie Main Street, Coatbridge. SCOTLAND (continued)

CROSSGATES E South Fife Enterprise Trust Ltd., Tel: 0383 515053 6 Main Street, Crossgates, Director: David Blues Fife. KY4 8A J (also at DUNFERMLINE, KIRKALDY) CUMBERNAULD E Cumbernauld & Kilsyth Enterprise Tel: 0236 739394 Trust Limited 5 South Muirhead Road, Cumbernauld. Director: Ian T. Long G67 1AJ

CUMNOCK E Cumnock & Doon Enterprise Trust, Tel: 0290 2 1159 Cumnock and Doon Enterprise Centre, Block 3, Director: Alex Neil Caponacre Industrial Estate, Cumnock, Ayrshire. KA18 1LD

CUPAR E North East Fife Enterprise Trust, Tel: 0334 56360 24 St. Catherine Street, Cupar, Director: Peter Mason Fife. RY 15 4HH

DALKEITH E Midlothian Campaign, Tel: 03 1 660 5849 115 High Street, Dalkeith, Director: Frank Binnie Midlothian. EH22 1AX

DUMBARTON E Dumbarton District Enterprise Trust, Tel: 0389 50005 Block 2/2, Vale of Leven Industrial Estate, Director: Ralph S. Risk Dumbarton, Dumbartonshire. G82 3PD SCOTLAND (continued)

DUMFRIES E The Enterprise Trust for Nithsdale; Tel: 0387 56229 AnnandaleIEskdale and the Stewartry, Heathall, Director: Cyril H. Rankin Dumfries. DGl 1TZ (also at ANNAN, CASTLE DOUGLAS, SANQUHAR)

&L Scottish Development Agency, Tel: 0387 54444 Business Development Centre, 16 Buccleuch Street, Contact: Brian McEnroy Dumfries. DG1 5AH DUNDEE E Dundee Enterprise Trust Ltd., Tel: 0382 26002 West Hendersons Wynd, Dundee. Director: David Morrison DD1 5BY

&L Scottish Development Agency, Tel: 0382 29122 Tayside Business Development Centre, Nethergate Centre, Contact: Gordon Longlands Yeaman Shore, Dundee. DD1 4BU

£ Tayside Enterprise Board Ltd Tel: 0382 621 030 Fulton Road Westergourdie Industrial Estate Contact: Ian Long Dundee DD2 4SW EAST KZLBRZDE E East Kilbride Business Centre, Tel: 03552 38456 PO Box 1, 10th Floor, Director: Burt Miller Plaza Tower, East Kilbride. G74 1LW

EDINBURGH E Edingburgh Venture Enterprise Trust Tel: 031 229 8928 (EVENT) 2 Canning Street Lane, Edinburgh. Director: Alf Laing EH3 8ER SCOTLAND (continued)

E Leith Enterprise Trust, Tel:031 553 5566 25 Maritime Street, Leith, Director: James A. Prettyman Edinburgh. EH6 5PW

E Edinburgh Old Town Trust, Tel: 031 225 8818 Advocate's Close, High Street, Director: Brig. James Wilson Edinburgh.

S Small Firms Centre, Tel: 'Freefone Enterprise' Roseberry House, or 03 1 337 9229 Haymarket Terrace, Edinburgh. EH12 5EZ Manager: Willie Allen (for GRAMPIAN, CENTRAL, TAYSIDE, LOTHIAN, FIFE &BORDER)

&L Scottish Development Agency, Tel: 031 337 9595 Small Business Division, Roseberry House, Contact: FionaBallantyne Haymarket Terrace, Edinburgh. EH12 5EZ

& Lothian Enterprise Ltd., Tel: 031 220 2100 2 1 Ainslie Place Edinburgh EH3 6AJ Contact: Liz Allan

I Research Park, Tel: 031 449 5111 Heriot-Watt University, Riccarton, Contact: I. G. Dalton Edinburgh. EH14 4AS

I Scottish Development Agency, Tel: 031 337 9595 Technology Projects, Roseberry House, Contact: Campbell Thomson Haymarket Terrace, Edinburgh. EH12 5EZ SCOTLAND (continued)

ELGIN E Moray Enterprise Trust, Tel: 0343 49644 6 North Guildry Street, Elgin. Director: Dick Ruane IV30 1JR

FALKZRK E Falkirk Enterprise Action Tel: 0324 716173 Trust (FEAT), Suite A, Haypark, Director: Dr. John Hogan Marchmont Avenue, Polrnont. FKZ ONZ

FRASERBURGH E Fraserburgh Ltd., Tel: 0346 27764 Old Station Yard, Dalrymple Street, Managing Director: Ian Moir Fraserburgh. AB4 5BH

GALASHZELS &L Scottish Development Agency, Tel: 0896 58991 Small Business Division, Wheatlands Road, Contact: Dr. Elspeth Atkinson Galashiels. TDl 2HQ

GLASGOW E Glasgow Opportunities, Tel: 041 221 0955 7 West George Street, Glasgow. Director: Tony Eadsforth G2 1EQ

E The Greater Easterhouse fartnership, Tel: 041 771 5591 40 Township Centre, Easterhouse, Executive Director: William M. Craw Glasgow. G34 9BP

E Barras Enterprise Trust, Tel: 041 552 7258 244 Gallowgate, Glasgow. Director: Martin Caldwell G4 0TS SCOTLAND (continued)

D Scottish Office (DTI Initiatives), Tel: 041 248 4774 Industry Department for Scotland, Alhambra House, 45 Waterloo Street, Glasgow. G2 6AT

S Small Firms Centre, Tel: 'Freefone Enterprise' 21 Bothwell Street, or 041 248 6014 Glasgow. G2 6NR Manager: Willie Allen (for SCOTLAND APART FROM AREAS COVERED BY SFC IN EDINBURGH)

& Scottish Development Agency, Tel: 041 248 7806 Business Development Centre, 21 Bothwell Street, Contact: Alan Grant Glasgow. G2 6NR

I Industrial Development Unit, Tel: 041 227 3861 Strathclyde Regional Council, Chief Executive's Department Contact: John J. Downie 20 India Street, Glasgow. G2 4PF

I Strathclyde Innovation Tel: 041 554 5995 Unit 3A, Building 1, Templeton Business Centre, Contact: D. H. Martyn 62 Templeton Street, Glasgow. G40 1DA GLENROTHES E Glenrothes Enterprise Trust Ltd., Tel: 0592 757903 North House, North Street, Director: Erik J. Hendry Glenrothes, Fife. KY7 5NA SCOTLAND (continued)

GREENOCK E Inverclyde Enterprise Trust Ltd., Tel: 0475 892191 64/66 West Blackhall Street, Greenock. Director: Ewen Macauley FA15 1XG HAMILTON E1 LIFE Business Trade & Export Centre, Tel: 0698 8915 15 116 Cadzow Street, Hamilton, Chief Executive: Peter F. Agnew Lanarkshire. ML3 6HH

E Hamilton Enterprise Development Tel: 0698 429425 Company, 114 Cadzow Street, Hamilton, Director: Ross Clark Lanarkshire. ML3 6HH INVERNESS &E Highland Opportunity Ltd., Tel: 0463 234121 x402 Development Department, Highland Regional Council, Director: Hugh Black Glenurquhart Road, Inverness. IV3 5NX (also at DORNOCH, DINGWALL, FORT WILLIAM, KINGUSSIE, NAIRN, PORTREE, WICK)

£ Highlands & Islands Development Tel: 0463 234171 Board, Bridge House, 20 Bridge Street, Director of Business Inverness. Services and Finance: J . K. Farquharson IVl lQR KILBIRNIE E Garnock Valley Development Executive Tel: 0505 685455 Ltd. 44 Main Street, Kilbirnie, Managing Director: Bill Dunn Ayrshire. KA25 7BY SCOTLAND (continued)

KZMARNOCK E Kilmarnock Venture Enterprise Trust, Tel: 0563 44602 30 The Foregate, Kilmarnock. Director: Alistair Murning KA11JH

KZRKALDY &L Scottish Development Agency, Tel: 0592 205171 Fife Business Development Centre, 441 High Street, Contact: Norman Mitchell Kirkaldy. KY 1 2SX

KZRKZNTZLLOCH E Stathkelvin Enterprise Trust, Tel: 041 777 7171 10 Rochdale Place, Kirkintilloch. Director: Donald J. F. MacInnes G66 1HZ

LANARK E Clydesdale Enterprise Resource Trust, Tel: 0555 61331 c10 Clydesdale District Council, South Vennel, Executive Director: Iain Carmichael Lanark. MLl l 7JT

LEVEN E Levenmouth Enterprise Trust, Tel: 0333 27905 Unit 17b120a Hawkslaw Trading Estate, Riverside Road, Director: Arthur J. Murphy Leven, Fife. KY 8 4LT

MOTHERWELL E Motherwell Enterprise Trust, Tel: 0698 69333 28 Brandon Place, Motherwell. Executive Director: John Murphy ML11UJ SCOTLAND (continued)

NEWTON STEWART E Wigtown Rural Development Company Tel: 067 1 3434 Ltd., Royal Bank Building, 44 Victoria Street, Managing Director: W. Phillips Newton Stewart, Wigtownshire. DG8 6BT PAISLEY E Paisley and Renfrew Enterprise Trust, Tel: 041 889 0010 26 High Street, Paisley. Director: David W. Logan PA12BZ PITLOCHRY E Highland Perthshire Development Tel: 0796 2697 Co. Ltd., 2 1 Bonnethill Road, Pitlochry, Chief Executive: Dr R. G. Taylor Perthshire. PH16 5BS SALTCOATS E Ardrossan, Saltcoats & Stevenston Tel: 0294 602515 Enterprise Trust (AS SET), 21 Green Street, Chief Executive: Kenneth D Fraser Saltcoats, Ayrshire. KA21 5HQ (also at STEVENSTON) STIRLING E Stirling Enterprise Park, Tel: 0786 63416 John Player Building, Stirling. Director: Derek Gavin FK7 7RP

&L Scottish Development Agency, Tel: 0786 70080 Business Development Centre, Stirling University, Contact: Peter Swinson Alpha Centre, Innovation Park, Stirling. FK9 4NF WALES

AMMAN VALLEY E Dinefwr Enterprise Co. Business Centre, Tei: 0269 3707 Margaret Street, Ammanford, Chief Executive: Paul Hannon Dyfed. BANGOR £L Welsh Development Agency, Tel: 0248 370082 'Llys Garth', Garth Road, Contact: David Lewis Bangor, Gwynedd. LL57 2RT

BARGOED E Economic Development Partnership Tel: 0443 821222 of the Rhymney Valley, Enterprise Centre, Director: A. Shapland Bowen Industrial Estate, Aberbargoed, Bargoed, Mid Glamorgan. CF8 9EP BRZDGEND E Ogwr Partnership Trust Ltd., Tel: 0656 724414 Enterprise Centre, Bryn Road, Executive Director: Gareth Bray Tondu, Bridgend, Mid Glamorgan. CF32 9BS

£L Welsh Development Agency, Tel: 0656 56531 Bridgend Industrial Estate, Bridgend, Contact: Meirion Thomas Mid Glamorgan. CF313SD CARDIFF E Cardiff & Vale Enterprise, Tel: 0222 49441 1 Enterprise House, 127 Bute Street, Managing Director: Peter Fortune Cardiff. CFl 5LE (also at BARRY) WALES (continued)

D Welsh Office (DTI Initiatives), Tel: 0222 823185 Welsh Industry Department, New Crown Building, Cathays Park, Cardiff. CF13NQ

S small ~irmscentre, Tel: 'Freefone Enterprise' 16 St. David's House, or 0222 3961 16 Wood Street, Cardiff. CF1 1ER Manager: Doug Taylor

& Welsh Development Agency, Tel: 0222 222666 Investment Division, Pearl House, Contact: S.C. White Greyfriars Road, Cardiff. CFl 3XX

& First Welsh General Investment ~el:0222 396131 Trust Ltd 114- 116 St. Mary Street, Cardiff, Contact: Martin Rees South Glamorgan, CF1 1XJ

CARMIARTHEN &L Welsh Development Agency, Tel: 0267 235642 Cillefwr Industrial Estate, Johnstown, Contact: Wyn Price Carmarthen, Dyfed. SA31 3RB

DEESZDE E Deeside Enterprise Trust Ltd., Tel: 0244 815262 Park House, Deeside Industrial Park, Director: Peter Summers Deeside, Clwyd. CH5 2NZ WALES (continued)

HAVERFORDWEST E Pembrokeshire Business Initiative (PBI), Tel: 0437 67655 Lombard Chambers, 14 High Street, Director: Richard J. Packman Haverfordwest, Dyfed. SA61 2LD HIR WAUN £L Welsh Development Agency, Tel: 0685 811268 Hirwaun Industrial Estate, Nr. Aberdare, Contact: Allen Williams Mid Glamorgan. CF44 9UU HOLYWELL E Delyn Business Partnership Ltd., Tel: 0352 711747 Greenfield Business Park, Bagillt Road, Chief Executive: Neville R. Clive Holywell, Clwyd. CH8 7HN LLANDRINDOD WELLS E Powys Self Help, Tel: 0597 4576 Old Town Hall, Temple Street, Director: Barrie W. Cooper Llandrindod Wells, Powys. LDI 5DL LLANELLI E Llanelli Enterprise Company Ltd., Tel: 0554 772122 100 Trostre Road, Llanelli, Director: David Cransto~Williams Dyfed, South Wales. SA15 2EA

Llanelli Borough Council, Tel: 0554 758181 Planning & Economic Development Department, Ty Elwyn, Contact: Ms. M. J. Thomas Llanelli, Dyfed. SA15 3AP WALES (continued)

MERTHYR TYDFZL E Merthyr-Aberdare Tel: 0443 692233 Development Enterprise Ltd., The Enterprise Centre, Director: Jeff Pride Merthyr Industrial Park, Pentebach, Merthyr Tydfil, Mid Glamorgan. CF48 4DR (also at ABERDARE) NEATH E Neath Development Tel: 0639 541 11 Partnership Enterprise Ltd., 7 Water Street, Business Development Neath. SA1 l 3EP Manager: A. R. Morgan

NEWPORT E Newport Enterprise Agency Ltd., Tel: 0633 54041 Enterprise Way, Off Bolt Street, General Manager: Alan Prosper Newport, Gwent. NP9 2AQ

&L Welsh Development Agency, Tel: 0633 244666 1 & 2 Gold Tops, Newport, Contact: M. Shukman Gwent. NP9 4YW

NEWT0 WN £L Mid Wales Development (for WDA), Tel: 0686 626965 Ladywell House, Newtown, Director: Grenville Jackson Powys. SY16 1JB

NEWCASTLE EMLYN E Antur Teifi, Tel: 0239 710238 Teifi Valley Business Centre, Aberarad, Director: Wynfford James Newcastle Emlyn, Dyfed. SA38 9DB WALES (continued)

RUTHIN E Clwydfro Enterprise Agency, Tel: 0978 88414 Llysfasi, Ruthin, Managing Executive: Mr Arwyn L. Jones Clwyd. LL15 2LB

SWANSEA ME West Glamorgan Enterprise Trust Tel: 0792 475345 Ltd., 12A St. ~ar~'sSquare, Swansea, Director: G. W. Atkins West Glamorgan. SA1 3LP (also at PONTARDULAIS)

£L Welsh Development Agency, Tel: 0792 561666 Swansea Industrial Estate, Fforestfach, Contact: Meirion Thomas Swansea, West Glamorgan. SA5 4DL TREFOREST £L Welsh Development Agency, Tel: 0443 841l3 1 Treforest Industrial Estate, Pontypridd, Contact: Allen Williams Mid Glamorgan. CF37 5UT

I Welsh Development Agency, Tel: 0443 841777 Business Development Centre, Treforest Industrial Estate, Contact: Ken Page Pontypridd, Mid Glamorgan. CF37 5UT WREXHAM £L Welsh Development Agency, Tel: 0978 66101 1 Wrexham Industrial Estate, Wrexham, Contact: Graham Watson Clwyd. LL13 9UF D) Risk Capital Sources t3 Their Main Investment Criteria This section contains the main investment criteria for those sources of risk capital (private and public sector funds) whose managers supplied details in response to an extensive questionnaire survey undertaken during mid- 1987 (and updated mid- 1988). To warrant an entry, a source needs to have expressed an interest in:- the supply of equity capital, and, investments of below £50,000. The information is regionalised (arranged in a similar fashion to the preceding directory of contact details), and the criteria for each source have been placed in the region in which its head office is based e.g. if the office is in Manchester, the information can be found in the North West region, and likewise, for an office in Edinburgh, the details will be shown under Scotland. The entries for each corresponding region are listed below:-

ENGLAND: Pages East Anglia...... 308 East Midlands ...... 309 North...... 310-311 North West...... 312-313 Yorkshire & Humberside...... 314-3 15 West Midlands...... 316-3 18 South East...... 318-325 South West...... 326 NORTHERN IRELAND...... 327-328 S C 0 T L A N D ...... 329-331 WAL E S ...... 332

INTERPRETATION OF HEADINGS: HEAD OFFICE The full address and contact details for each source can be found in the preceding regional directory - see the corresponding cityltown entry for that particular region. N.B. As well as the head offices, the local offices for the Scottish and Welsh Development Agencies are also included in the contact directory.

INVESTMENT RANGE This refers to finance for expansion purposes; the possibility for support under other circumstances - such as a start-up or a 'rescue' - is indicated further down the table. EQUITY USUALLY SOUGHT Taken to mean the percentage of a company's equity capital (after investment). Voting rights may not correspond in direct proportion to the investor's shareholding. EXTENT OF PARTICIPATION Indicating the degree of involvement that the fund would usually seek. In general terms, 'hands-off investors use financial skills to pick what is hoped will be a winner, leaving the business to manage its own affairs as is felt fit. 'Hands-on' investors aim to add value to the investee company by participating in its management, usually taking a non-executive post on the board and being on hand for all kinds of advice.

SEAT ON BOARD To cover the possibility of a significant change of the business's circumstances, some investors may wish to reserve the right to a seat on the board of directors. EXPECTED PERIOD OF REALISATION The anticipated timescale for the investor's shareholding from date of purchase to date of sale.

FEES CHARGED Some funds expect the investee company to pay various fees e.g. for an in-depth appraisal and/or legal fees - these could easily amount to several thousand pounds and may be payable even if the fund decides not to invest. If a director is appointed on behalf of the fund, the company will usually be expected to pay for his services - which are normally supplied on a part-time basis.

LOAN FINANCE AVAILABLE Many sources are prepared to consider a financial 'package'; namely, a combination of share and loan-based finance. Some may be prepared to offer 'loan-only' financing (indicated by a 'Yes').

NO. OF INVESTMENTS PER YEAR Some figures quoted, e.g. as in the case of the Welsh Development Agency, include loan-only investments. In any case, these figures are likely to represent the total number or the amount of investments placed - irrespective of the nature of the finance supplied. 'GEOGRAPHICAL' PREFERENCES: Such sources often have regional bias towards prospective investee businesses (sometimes, the closer the applicant's business is to the fund's head office, the better), but some would be interested to hear from businesses based in other parts of the country. Therefore, it may be worthwhile to investigate - for additional possibilities - the sources based in other (especially adjacent) regions. N.B. Some sources - such as Investors in Industry (3i) - will entertain applications from anywhere in the U.K. (the head office is in London, and it has local offices based in Aberdeen, Birmingham, Brighton, Bristol, Cambridge, Cardiff, Edinburgh, Glasgow, Guildford, Hull, Leeds, Leicester, Liverpool, Manchester, Milton Keynes, Newcastle upon Tyne, Nottingham, Reading, Sheffield, Southampton and Watford).

Inner cities fund: In support of the Government's inner cities initiatives, Investors in Industry (39, announced in October 1987, that it was creating a &10mfund to support new business projects. According to 3i's publicity, "Money from the fund will be used to take minority shareholdings in new business ventures, thereby providing the owners with stable, long-term finance on which to build their companies." The fund is concentrating: "....particularly on equity investments in the £20,000 to £50,000 area." The inner city areas concerned are:- Birmingham Handsworth Coventry Doncaster Hartlepool Leeds Chapeltown, Harehills Leicester Highfields London N. Kensington, N. Peckham, Spitalfields Manchester Hulme, Moss Side Middlesborough North Central Nottingham Hyson Green Preston Rochdale Wolverhampton Applications for finance are being handled by the local offices of 3i. For further information, contact:- Investors in Industry plc, 91 Waterloo Road, London. SE1 8XP Tel: 01 928 7822 CHANGING CRITERIA: In addition to their 'geographical' preferences, each source's other investment preferences (and exclusions) are also shown, but, since such criteria may change from time to time, further enquiries are recommended so that the significance of any subsequent changes can be noted.

RECENTLY-ESTABLISHED SOURCES: Given the constantly changing supply of risk capital to smaller businesses (particularly as a result of the increasing involvement of the public sector), it is quite likely that several new sources of equity capital will have been, or will be in the process of being, launched since this edition of the guidebook was first published. However, the directorlmanager of your local enterprise agency is likely to be aware of any recent developments concerning the availablity of local finance, and, correspondingly, it is recommended that he or she be approached to determine whether any relevant new sources of equity capital have become available since publication. See the preceding directory for local contact details.

MAKING CONTACT: A fund of any type should be able to supply standard written information outlining their main investment criteria, and a telephone call to the appropriate office will usually elicit the appropriate details. This call could also represent a suitable opportunity to ascertain: the way in which the fund managers prefer to receive details of an investment proposal (whether it should be a brief synopsis, or a full business plan, and to whom it should be addressed), and in addition, the length of time that it would normally take for them to reach a decision on whether or not they wished to investigate the proposal any further. ENGLAND - East Anglia FUND Prelude Technology Cambridge Research [or Source] Fund & Innovation Ltd. Managers Prelude Technology Cambridge Capital Investments Ltd. Management Ltd. Head Office Cambridge Cambridge

Geographical Readily accessible U.K. Preferences from Cambridge (preferably East Anglia) Investment £5,000 Up to Range to £50,000 (for expansion) £600,000 Equity Variable Between Usually Sought 25% - 75% Investment Technology based Technology-transfer Preferences in the applied projects only physical sciences Investment Retail Exclusions Consumer - Bio-technology

Start-up andlor Start-up Start-up Rescue Capital only only also? Extent of Active Participation non-executive Close involvement Seat on Board? Yes Yes Expected Period of Realisation 5-10 Years 9 Months to 5yrs Fees Variable Small Charged

Loan Finance yes - but only with Yes - but only Available also? equity capital with equity capital Approx. No. of 6 Not set Investments per Year ENGLAND - East Midlands FUND Thornton Nottinghamshire [or Source] Venture Capital Fund County Council Managers Maystock Associates Ltd. Head Office Ashbourne Nottingham

Geographical East Preferences Midlands Nottinghamshire Investment £10,000 £ 1,000 Range to to (for expansion) £50,000 £500,000 Equity 15% - 40% 25% - 49% Usually Sought Investment Capable of Job savinglcreation Preferences growth within Nottinghamshire Investment Shopkeeping - Exclusions

Start-uplor Rescue Capital Yes Yes also? Extent of - Non-executive Participation director Seat on Board? Sometimes Sometimes Expected Period of Realisation 7 Years Long-term Fees Professional Charged Advisory None

Loan Finance Yes - but only Available also? with equity Yes capital Approx. No. of Investments per Year ENGLAND - North FUND Northern Investors Rank Xerox [or Source] Company Ltd. Pension Fund Managers (as above) Rank Xerox Pensions Ltd & ENTRUST Head Office Newcastle upon Tyne Newcastle upon Tyne

Geographical North East England Northumberland, Preferences Cumbria Durham, Cleveland, Tyne & Wear Investment £25,000 plus Up to Range - no maximum £50,000 (for expansion) Equity 15% - 40% 20% - 40% Usually Sought Investment Preferences None None Investment Exclusions - None

Start-up andlor Start-up Start-up Rescue Capital capital only capital only also?

p- P Extent of Regular contact with Close support for Participation management; advisory investee company role where a~~ro~riate Seat on Board? Usually Usually Expected Period of Realisation 5 Years 5-7 Years Fees 3% or £5,000 4% of sum raised Charged whichever is greater

Loan Finance Yes - but only with yes - but only Available also? equity capital with equity canital Approx. No. of Investments per 5 New fund Year ENGLAND - North FUND South Tyneside Northern Investors [or Source] Investments Ltd. Company Ltd. Managers Tyneside Economic Northern Investors Development Co. Ltd. Company Ltd. Head Office South Shields Newcastle Upon Tyne

Geographical South Tyneside North East England Preferences Metropolitan Cumbria Borough Investment £10,000 £25,000 plus Range to - No Maximum (for expansion) £75,000 Equity Minority 15% - 40% Usually Sought shareholding Investment Preferences None None Investment Exclusions Retailing

Start-up andor Start-up Rescue Capital Yes Capital also? Onlv Extent of Quarterly monitoring Regular contact with Participation plus assistance management; advisory where appropriate role where appropriate Seat on Board? No Usuallv Expected Period of Realisation 5 Years 5 Years Fees Legal Fees 3% on £5000 Charged onlv whichever is greater

Loan Finance Yes Yes - but only with Available also? Equity capital Approx. No. of Investments per 10 5 Year ENGLAND - North West FUND North West Worknorth Ltd. [or Source] Regional Fund Ltd. Greater Manchester Managers Sapling Economic Development (North West) Ltd Corporation (GMEDC) Head Office Chorley Manchester

Geographical Cheshire, Cumbria Greater Preferences Derbyshire (N), Manchester Manchester, Lancashire, Merseyside Investment £25,000 525,OO Range top to (for expansion) £200,000 £250,000 Equity Between Typically Usually Sought 10% and 40% up to 25% Investment None Manufacturing Preferences Productive Service Investment - Retail, Restaurant Exclusions Property Development ClericaVProf. Services

Start-up and/or Start-up Rescue Capital only Yes also? Extent of No inferference with 'Hands-off Participation day-to-day running, investor some management support Seat on No, but reserve Board? Sometimes right to appoint director Expected Period 7 Years of Realisation 5-10 Years maximum Fees None Contribution to Charged appraisalllegal costs

Loan Finance Yes - but only Yes Available also? with equity capital Approx. No. of Investments per 5-8 Variable Year ENGLAND - North West FUND Fourth St. Helens Merseyside Enterprise [or Source] BES Syndicate Board Ltd. St. Helens Managers BES S ndicates (as above) (do St. &lens Tmst) Head Office St. Helens Liverpool

Geographical St. Helens and Merseyside Preferences surrounding area Investment £25,000 Up to Range to £250,000 (for expansion) £60,000 Equity 25% to 50% Up to Usually Sought preferred 25% Investment - Manufacturing, Preferences Productive Services Investment Business Expansion Retail, Exclusions Scheme (BES) Financial Services exclusions

Start-up andor Rescue Capital Yes Yes also? Extent of 'Hands-on' plus Participation support of - St. Helens Trust Seat on yes -normally Yes Board? appoint part- time chairman Expected Period of Realisation 5-6 Years 5 Years Fees 2.5% of original - Charged investment

Loan Finance No Yes - but only with Available also? equity capital Approx. No. of Investments per 6 20 year ENGLAND - Yorkshire & Humberside FUND Barnsley Investments Ltd North Yorkshire [or Source] Bradford Met Ent Ltd Investment Company Ltd Calderdale Met Inv Ltd Humberside Country Ent Ltd Sheffield City Inv. Ltd N. Yorkshire CCIYork Managers (As above) Trust Yorkshire Enterprise Ltd Head Office Yorkshire Enterprise Ltd Northallerton Leeds

Geographical Respectively :- North Preferences Barnsley, Bradford, Yorkshire Calderdale, Humberside, Sheffield Investment £25,000 £25,000 Range to to (for expansion) £250,000 £250,000 Equity Usually Usually below Usually Sought below 25% 25% Investment Manufacturing, Services Manufacturing, Services Preferences to manufacturing, to manufacturing, Tourism Tourism Investment Retailing, Personal Retailing, Personal Exclusions services, Services, Agriculture Agriculture

Start-up andor Rescue Capital Yes Yes also? Extent of Flexible according to Flexible according to Participation individual needs indivdual needs Seat on Usually Usually Board? Expected Period No set No set of Realisation period period Fees 1?h% on loans, 1Y2% on loans, Charged 3% on equity. Legal 3% on equity. Legal fees at cost fees at cost

Loan Finance Yes Yes Available also? Approx. No. of New funds: New funds: Investments per year no record to date no record to date ENGLAND - Yorkshire & Humberside FUND West Yorkshire Yorkshire [or Source] Small Firms Fund Enterprise Ltd Managers West Yorkshire (as above) Small Firms Fund Ltd Head Office Bradford Leeds

Geographical West Yorkshire & Preferences Yorkshire Humberside Investment Up to £25,000 Range £15,000 to (for expansion) £1,000,000 plus Equity Less than Usually Usually Sought 25% below 25% Investment Manufacturing, Services Manufacturing, Services Preferences to manufacturing, to manufacturing, Tourism Tourism Investment Retailing, Retailing, Exclusions Personal services, Personal Services, Aariculture A~riculture

Start-up andor Rescue Capital Yes Yes also? Extent of Flexible according Partici~ation to indivdual needs Seat on No Usually Board? Expected Period Usually 3-5 No set of Realisation vears ~eriod Fees 1%% on loans, Charged 3% on equity. Legal fees at cost

Loan Finance Yes Yes Available also? Approx. No. of 60 15-20 Investments per year --p-- ENGLAND -West Midlands FUND Birmingham Technology Mercia Venture Capital [or Source] Venture Capital Fund Scheme Managers Birmingham Mercia Technology Venture Venture Capital Ltd Capital Ltd Head Office Birmingham Birmingham

Geographical Preferences Birmingham area Midlands Investment £25,000 £25,000 Range to plus (for exvansion) £250.000 Equity 26% to 49% 25% to 49% Usually Sought Investment High-growth Less than £50,000 preferred Preferences Technology-based but will consider companies exceptional opportunities Investment Exclusions 'Low-technology'

Start-up andlor Yes Yes - but Rescue Capital would prefer not also? Extent of Particivation 'Hands-on' Seat on Yes Yes Board? Expected Period of Realisation 7 Years 5 Years Fees Director's fees, but Negotiable Charged none for evaluations

Loan Finance Yes - but only with Yes - but only with Available also? equity capital equity capital Approx. No. of 6 12 Investments per Year ENGLAND -West Midlands FUND Black Country Coventry [or Source] Venture Capital Fund Venture Capital Fund Black Country Coventry Managers Venture Capital Fund Venture Capital Fund Limited Limited Head Office Birmingham Coventrv

Geographical Dudley, Sandwell, Preferences Walsall, Coventry Wolverhampton Investment £25,000 £25,000 Range to to (for expansion) £75,000 £50,000 Equity Typically Typically Usually Sought 20% to 40% 20% to 40% Investment Manufacturing, Services Manufacturing, Services Preferences to manufacturing, to manufacturing, Certain Certain tourism-related tourism-related Investment Personal Services Personal Services Exclusions

Start-up andtor Yes Yes Rescue Capital also? Extent of Regular monitoring, Regular monitoring, Participation reserve right to appoint reserve right to appoint non-executive director non-executive director Seat on Usually Usually Board? Expected Period Normally Normally of Realisation 7- 10 vears 7-10 vears Fees 3% of finance 3% of finance Charged raised raised

Loan Finance Yes - but only Yes - but only Available also? with eauitv ca~ital with eauitv ca~ital Approx. No. of 5-10 5-10 Investments per Year ENGLAND - West Midlands - South East FUND Warwickshire Smithdown [or Source] Venture Capital Fund Investments Ltd Warwickshire Managers Venture Capital Fund - Limited Head Office Nuneaton Chorleywood

Geographical Warwickshire England Preferences Investment £25,000 £20,000 Range to to (for expansion) £50,000 £75,000 Equity Typically Negotiable, but Usuallv Sou& 20% to 40% never more than 50% Investment Manufacturing, Services Preferences to manufacturing, - Certain tourism-related Investment Personal Services 'High-technology' Exclusions

Start-up andor Start-up Rescue Capital Yes only also? Extent of Regular monitoring, reserve Business and financial Participation right to appoint advice when needed non-executive director Seat on Usually Sometimes Board? Expected Period Normally Open-ended of Realisation 7-10 years Fees 3% of finance Vary - but no Charged raised up-front fees

Loan Finance Yes - but only Yes - but only with Available also? with equity capital equity capital Approx. No. of 5-10 Investments Der year ENGLAND - South East FUND The Young Seed Capital Ltd [or Source] Entrepreneurs Fund Ltd Managers David Wells (As above) Head Office East Molesley Henley on Thames

Geographical South West and Area Preferences South East of Surrounding Endand M4 Motorwav Investment £10,000 £10,000 Range to to (for expansion) £100,000 £40,000 Equity Typically 10% - 30% Usually Sought 26% - 33% Investment Service, Skilled Technology Preferences Manufacturing, Leisure innovation & Tourism, Franchising Investment Capital intensive Exclusions 'high-technology' -

Start-up and/or Rescue Capital Yes Yes also? Extent of Participation Active Directorship Seat on Yes Yes Board? Expected Period 5 Years 7 Years of Realisation Fees Negotiable, dependent None Charged upon financelequity

Loan Finance Yes - but only with No Available also? equity capital Appox. No. of Investments per Year - 4 ENGLAND - South East FUND Audley Hackney [or Source] Fund Management Fund Managers Audley Hackney Securities Ltd Enterprise Board Head Office London London

Geographical South East Borough of Preferences England Hacknev Investment £25,000 £5,000 Range to to (for expansion) £250,000 £50,000 Equity BY 10% - 30% Usually Sought negotiation Investment Leisure, Furniture Preferences Communications Food Investment Heavy Engineering, Exclusions Oil & Gas Clothing

Start-up andlor Rescue Capital Yes Yes also? Extent of Participation - - Seat on Yes Sometimes Board? Expected Period of Realisation 3 - 5 years 5 - 10 years Fees Minimum 2.5% 1% of sum Charged Maximum 5% invested

Loan Finance Yes - but only with Yes Available also? equity capital Approx. No. of 5 -10 12 Investments per Year ENGLAND - South East FUND Investors in JMI Seed [or Source] Industry plc Capital Limited Managers - JMI Advisory Services Ltd Head Office London London

Geographical None Within 1%-2 hours Preferences travelling time Investment Range Unlimited £1 to £150,000 (for expansion) Equity Minority 20% - 80% Usually Sought Investment Information Technology, Preferences None Bio-technology , Health Care Investment Businesses without Exclusions None significant growth ~otential

Start-up and/or Rescue Capital Yes Yes also? Extent of Dependent upon Very major, 'hands-on' Participation circumstances 1 daylweek, help with business plan Seat on No Yes Board? Expected Period Depends upon of Realisation transaction 5 - 7 Years Fees Dependent upon None on investment, Charged transaction but with later funding

Loan Finance Yes Yes Available also?

Approx. No. of Approximately 1000 6 Investments per Year ENGLAND - South East FUND Bexley Venture Thompson Clive [or Source] Capital Limited Ventures Managers - Thompson Clive & Partners Ltd Head Office London London

Geographical Operating mainly Preferences within the London UK Borough of Bexley Investment Range £5,000 to £25,000 Up to £3m (for expansion) no minimum Equity Minority Minority Usually Sought stake Investment Any type of business; Systems, Instrumentation, Preferences especially interested Electronics, Eng. Services, in maufacturing Healthcare & Life Sciences Investment Exclusions - Property

Start-up andor Yes - but rescue Rescue Capital Yes only exceptionally also? Extent of Monthly accounts, reserve Industrial experience Participation right to appoint available non-executive director Seat on Board? Sometimes Usually Expected Period Approximately Not fured, has varied of Realisation 5 Years from 2 - 15 vears Fees Application fee plus Not Charged 1% Facility Fee usually

Loaa Finance Yes - but only with Yes - but only with Available also? eauitv capital eauitv cavital Approx. No. of 5 6-8 Investments per Year ENGLAND - South East FUND Kent Berkshire [or Source] Investments Ltd Venture Fund Managers Kent Economic Berkshire Development Board Enterprise Agency Head Office Maidstone Reading

Geographical Kent - within Berkshire Preferences County Council boundary investment Range £20,000 to £100,000 Up to £50,000 (for expansion) Equity Up to 10% to 49% Usually sought 30% investment - None Preferences Investment Agriculture. None W Exclusions Retail, Transport

Start-up andor Yes No Rescue Capital also? Extent of - Regular monitoring, Participation assistance offered Seat on Sometimes Sometimes board? Expected period 5 - 7 Years Typically of Realisation 5 - 7 years Fees Legal and None Charged arrangement fees

Loan Finance No No Available also? Approx. No. of 10 Unspecified Investments per year ENGLAND - South East FUND Metrogroup Oxford [or Source] Seed Capital Fund Seed Capital Ltd. Managers Metrogroup plc (above) Head Office London Oxford

Geographical South East, Midlands Within 2 hours' Preferences travelling of Oxford Investment Range £5,000 to £50,000 £10,000 to £100,000 (for expansion) Equity 20% - 40% 10% - 49% Usually Sought Leisure, Entertainment, Investment Health & Beauty Care, Science and Preferences Medical-related, technology-based Advertising & PR, Publishing & Printing, Media Communications Investment Construction, - Exclusions Heavy Engineering

Start-up andlor Rescue Capital Yes Start-up only also? Extent of Invariably 'Hands-on' management Participation 'hands-on' assistance via non-executive director Seat on Yes Usually Board? Expected Period Typically of Realisation 2 - 5 years 5 years Fees Charged By negotiation Negotiable

Loan Finance yes - but only with No Available also? equity capital Approx. No. of 10 10 Investments per Year ENGLAND - South East FUND Southampton Economic [or Source] Development Corporation Ltd Managers - Head Office Southamvton

Geographical Southampton and Preferences its business area Investment Range £15,000 to £50,000 (for ex~ansion) Equity Minority Usually sought Investment Manufacturing Preferences High-technology, Marine En~ineerinp. Investment Exclusions

Start-up andlor Rescue Capital Yes also? Extent of Participation Seat on Non-executive board? director appointed Expected period Average of Realisation 5 years Fees Charged 3% and approx. 1%leeal

Loan Finance Yes Available also? Approx. No. of New fund - yet to Investments er vear be established ENGLAND - South West FUND - [or Source] Managers Capital Ventures Ltd Head Office Cheltenham

Geographical Preferences Investment Range £25,000 (for expansion) upwards Equity Varies - but Usually sought usually BES Investment Preferences None Investment Exclusions None

Start-up andtor Start-up Rescue Capital only also?

p- P Extent of "Hand-on" involvement Participation through board revresentation Seat on Yes Board? Expected Period Usually 5 years of Realisation because of BES Fees Charned Varv

Loan Finance Available also? Approx. No. of 12 Investments per year NORTHERN IRELAND FUND Ulster Local Enterprise [or Source] Venture Capital Ltd Development Unit (LEDU) Managers - LEDU Head Office Belfast Belfast

Geographical Northern Northern Preferences Ireland Ireland Investment Range Minimum Up to (for expansion) £5,000 &0.5m Equity Varies Up to Usually Sought 66% Investment Services and Small industry and Preferences Manufacturing - services employing export growth up to 50 potential Investment Businesses serving Agriculture, Retail, Exclusions only local markets Wholesale, Road Transport

Start-up andlor Yes Yes Rescue Capital also? Extent of 'Hands-on' support Participation in early stages - Seat on Yes Sometimes Board? Expected Period 5 - 10 years 5 years of Realisation Fees Charged Yes No

Loan Finance No Yes Available also? Approx. No. of 1 - 3 750 companies assisted Investments per Year during 1985186 NORTHERN IRELAND FUND Northern Ireland [or Source] Venture Capital Ltd Managers (above) Head Office Belfast

Geographical Northern Preferences Ireland Investment Range £25,000 to £200,000 (for expansion) Equity Minority Usually sought Investment None Preferences Investment - Exclusions

Start-up andtor Rescue Capital Yes also? Extent of 'Hands-on' Participation as required Seat on Usually board? Expected period 5 - 7 years of Realisation Fees Charged 3%

Loan Finance No Available also? Approx. No. of 5-6 Investment per year SCOTLAND FUND Scottish Development Highlands & Islands [or Source] Agency Development Board Managers Regional Offices:- (As above) Aberdeen/Dumfries/Dundee GalashieldGlasgow/ Edinburgh/Kirkaldyl

Stirlingc, Head Office Inverness

Geographical BorderslCentrali Highlands Preferences DumfriesIFifel & Islands GrampianILothian Strathclyde (SE)/Tayside Investment Up to £50,000 £10,000 Range (under scheme 36) to (for exvansion) £250,000 Equity 10% to 30% 10% to 30% Usually Sought Investment Help job savinglcreation General Manufacturing Preferences contribution to exports, and Processing, reduction of im~orts Fish Farmina. Tourism Investment Exclusions None None

Start-up andlor Rescue Capital Yes Yes also? Extent of MonthlyIQuarterly Participation reporting as appropriate, 'hands-off sarticivation Seat on Usually - or right reserved Board? to appoint nominee director Sometimes Expected Period of Realisation 5 - 7 Years 5 - 10 Years Fees Charged None None

Loan Finance Available also? Yes Yes Approx. No. of Investments er Year 1501200 SCOTLAND FUND Tayside Lothian [or Source] Enterprise Board Ltd Enterprise Fund Managers (above) Lothian Enterprise Ltd. Head Office Dundee Edinburgh

Geographical Tayside Region Region administered by Preferences Lothian Regional Council Investment Range £25,000 to £150,000 £30,000 to £250,000 (for expansion) Equity Up to 25% 20% - 40% Usually Sought Investment None Manufacturing Preferences Investment Financial Services Retail Exclusions

Start up andlor Rescue Capital Yes Yes also? Extent of 'Hands-off, but Advice and assistance Participation reserve right to via a non-executive appoint director director Seat on Sometimes Usually Board? Expected Period 5 - 10 years 5 years and upwards of Realisation Fees Legal costs, p!us 3% Negotiation, plus Charged external appraisal legal charges costs (where used)

Loan Finance Yes - but preferred Yes - but only with Available also? with eauitv ca~ital eauitv capital Approx. No. of 10 5 Investments per Year SCOTLAND FUND Highland Aberdeen [or Source] Opportunity Ltd. Fund Managers Managers (as above) (as above) Head Office Inverness Aberdeen

- Geographical Highland Region Scotland Preferences Investment £1,000 to £30,000 £30,000 Range (upper limit subject to (for expansion) to possible increase) £500,000 Equity Minority Up to 49% Usuallv sought Investment None None - but prefer Preferences companies with a track record Investment Normal Farming None Exclusions

Start-up andor Yes No start-ups, but Rescue Capital rescues possible also? Extent of On-going monitoring, Prefer 'hands-off Participation management training, control (tight and advice financial control essential) Seat on No Usually board? Expected period Medium Term 3 - 7Years of Realisation Fees Charged None Variable

Loan Finance Yes Yes - but only Available also? with eauitv ca~ital Approx. No. of 60 (overall) 8 Investment per Year WALES FUND Welsh Development First Welsh General [or Source] Agency Investment Trust Ltd Managers Cardiff Head Office &:- Subsidiary of the BangorIBridgendl Bank of Wales plc CarmarthedHirwaud Newport/Newtownl SwansedTreforestl Wrexharn Head Office - Cardiff

Geographical Wales, Border Preferences Wales Counties, M4 corridor South West England Investment Usually £5,000 Range less than to (for expansion) £250,000 £50,000 Equity Under 10% to 30% Usually Sought 30% Investment None Most types of Preferences business Investment Media, firms meeting 'High-technology' Exclusions purely local need not normally favoured

Start-up andor Yes - but rescue Rescue Capital Yes only exceptionally also? Extent of 'Arms-length' Participation monitoring - Seat on Right to appoint Board? reserved, but not No always exercised Expected Period 3 - 10 Years Optimum 5 years of Realisation maximum 10 years

Fees Charged . Legal fees Exit payment

Loan Finance Yes yes - but only Available also? with equity capital Approx. No. of 150 No data Investments Per Year presently available REFERENCES - GUIDEBOOK CHAPTER l Commerce Made Simple Whitehead G. W. H. Allen 1979 How to form a Private Company Goldstein B. Jordan & Sons 1985 Business Advisory Service 'Directors' Duties VI.3' Peat Marwick December 1985 The Shareholdeu's Rights and Responsibilities Wider Share Ownership Council November 1980 Finance for Business -Part 2: Private Sector Finance Finance for Business (Publishing) & ICAEWIICAS October 1985 Money for Business Bank of England1 City Communications Centre May 1985 'Venture Capital: how to get it and who to go to' What ToBuy For Business November 1986 Guidelines for Directors Institute of Directors October 1985 The Law and Procedure of Meetings Moore M. Sweet & Maxwell1979 Annual Report 1987 Scottish Development Association

CHAPTER 2 'Fast-growing companies can slip and fall' Warnes B. Accountancy November 1985 (pp. 80-8 1) Synopsis of a talk on the funding problems of growing companies Warnes B. Business Dynamics Ltd. (circa 1987) CHAPTER 3 A Study of businesses financed under the Small Business Loan Guarantee Scheme Robson Rhodes Department of Trade & Industry 1984 Annual Report 1984 Schlumberger 'Why Poole's little fish are not bigger' Marsh P. Financial Times 11/6/86 The Peat Marwick Report on the Business Expansion Scheme Peat Marwick Inland Revenue 1986 Role of the Non-Executive Director PRO NED February 1982 The Natural History of the Company Director Topics Number 1 Unilever 1979 Finance for Growth Committee on Finance for Industry and the Electronics EDCs NEDO September 1986

CHAPTER 4 Venture Capital Today Lorenz T. Woodhead-Faulkner 1985 'Lifespan analysis of businesses in the UK 1973-82' British Business pp838-845 12 August 1983 Department of Trade & Industry The Venture Capital Report Guide to Venture Capital in the UK Cary L. Venture Capital Report 1985 Review 1985-86 British Technology Group Finance for Innovation British Technology Group (undated) Annual Report 1986 6.' Annual Report 1987 Scottish Development Agency Report and Accounts 1985-86 6.' Report and Accounts 1986-87 Welsh Development Agency 20th Annual Report 1985& 21st Annual Report 1986 Highlands and Islands Development Board 'Venture Capital' Economic Progress Report ppl-3 No.180 September-October 1985 H.M. Treasury Business Expansion Scheme Inland Revenue Statistics 1986& Inland Revenue Statistics 1987 BES LEDIS Report Planning Exchange (1414186 unpublished) 'West Yorkshire Enterprise Board' LEDIS A281 September 1986 Planning Exchange 'Nottinghamshire County Council's Financial Support Schemes For Business' LEDIS A287 October 1986 Planning Exchange Annual Report 1984185 Nottinghamshire County Council External Capital for Small Firms NEDO 1986 BES Press Release 27/3/86 Inland Revenue BES Press Release 13/11/85 Inland Revenue UK Venture Capital Journal MayIJune 1986 Venture Economics 'BES tax relief goes mainly to south-east companies' Financial Times 23/9/86 'Trying to fire the imagination' Financial Times 1012187 Corporate Venturing NEDO 1987 The End of Year Review 86-87 LEDU 1987 Annual Review 85/86 NCB Enterprise (now British Coal Enterprise) Agencies in Regional and Local Development Mawson J. & Miller D. Centre for Urban & Regional Studies (University of Birmingham) March 1983 'Portfolio Summary' Prelude Technology Fund 1987 'Help for small business promised by Commission' William Dawkins Financial Times 15/7/86 Operations of the European Community concerning small and medium-sized enterprises H. Malosse Commission of European Communities June 1986 Investing in the Local Economy Collinge C. Community Projects Foundation 1983 We Invest One Million Pounds Every Day Investors in Industry Undated (circa 1987)

CHAPTER 5 'The risk capital market can be rough and thorny' Accountancy December 1985 pp77-80 Venture Capital and The Growing Business Peat Marwick McLintock 1985 Venture Capital Today Lorenz T. Woodhead-Faulkner 1985 Checklist for raising venture capital Business in the Community/Arthur Young undated (c. 1985) 'A capitalist puts money where he feels it will grow' Davison A. Accountancy February 1986 The Small Business Action Kit Rosthorn J. & Dicken A. Kogan Page 1986 A Study of businesses financed under the Small Business Loan Guarantee Scheme Robson Rhodes DTI 1984 Venturespeak Investors in Industry undated (c. 1986) Capital from outside investors Voller P. Small Business Bureau September 1985 Special Report 5 - Licensing Dore J. B. Centre for Innovation in Industry June 1984 'Venture capital: a guideline for the smaller firm' Wood I. Accountancy July 1985 The Peat Marwick Report on the Business Expansion Scheme Peat Marwick Inland Revenue 1986 The VCRGuide to Venture Capital in the UK Cary L. Venture Capital Report 1985 Business plans and financing proposals Arthur AndersenIBritish Venture Capital Association 1985 Enterprise Boards - their contribution to economic development and investment Centre For Local Economic Strategies 1987

CHAPTER 6 How to make your business grow ! HMSO/DTI/COI 1985 Guide to Enterprise Department of Employment/COI 1987 Annual Report 1985-86 Department of Employment 1986 A Big Help To A Small Business DoEmpICOI June 1987 Thinking of Starting a Small Business Derby & Derbyshire Business Venture (undated c. 1986) Small Businesses in London -A Guide to Local Authority Assistance London Research Centre 1987 Practical assistance for Small Rural Businesses CoSIRA 1986 Facts & Figures British Library Document Supply Centre April 1986 Rapid expansion in Business Innovation Centres Press Release - European Business and Innovation Centre Network l l11 1/86 Leaflet Birmingham Innovation and Development Centre (undated c. 1986) User demand in the UKfor business information Internal British Library Report (? undated c. 1985) Initial Information To Support An Application For Finance London Enterprise Agency (undated c. 1987) Basic Market Assessment London Enterprise Agency May 1986 The Peat Matwick Report on the Business Expansion Scheme Peat Marwick Inland Revenue 1986 Report of the Working Party on Loan CapitallEquity Support for Small Businesses Business in the Community May 1986 The Enterprise Initiative Department of Trade & Industry/COI 1988

CHAPTER 7 Enterprise Agencies as Marriage Bureaux Love11 P. London Enterprise Agency March 1985 'Painless way to raise capital' Drummond M. The Times 27/8/83 External capital for small firms NEDO March 1986 Inland Revenue Statistics l986 & Inland Revenue Statistics l987 Inland Revenue 1986187 'Lifespan analysis of businesses in the UK 1973-82' Ganguly P. British Business 12/8/83

CHAPTER 8 Money for Business Bank of England 1985 Unlisted Securities Market Moores & Rowland March 1986 'Criticism as expenses increase' Kellaway L. Unlisted Securities Market Financial Times Survey 27/1/86 Unlisted Securities Market Financial Times Survey 20/1/87 Going Public: The Markets in Unlisted Securities Bannock G.; Doran A Harper & Row 1987 What is the Third Market? The Stock Exchange December 1986 The Third Market: An introductionfor growing companies Touche Ross undated (c. 1986) London Share Service 'Financial Times' 17/6/87 'Third Market may pose threat to USM' Rawsthorn A. Financial Times 241 lO/86 Peat Marwick's OTC Market Survey Peat Marwick September 1986 Lloyds Bank Small Business Guide Williams S. Penguin 1987

APPENDICES 5) The Business Expansion Scheme Business Expansion Scheme Small Business Bureau September 1986 Business Expansion Scheme - A two-way benefit for the investor and for small businesses Department of Employment September 1985 Notes prepared for the Planning Exchange Purdy D. April 1986 (ultimately published in shortened form as: - LEDIS Overview 'Business Expansion Scheme' B39 August 1986) Business Expansion Scheme Government Assistance Information Service Bank of Scotland 26/6/87 'Business Expansion Scheme.' Press Office Inland Revenue 27th March 1986 7) Key Ratios Predicting Corporate Failure Argenti J. ICAEW Series - Accountants Digest 1983 Predicting Corporate Failure Argenti J. ICAEW Series - Notes for Businessmen 1984 The Economist Pocket Style Book Economist Publications 1987 The Small Business Action Kit Rosthorn J. & Dicken A. Kogan Page 1986 The Genghis Khan Guide to Business Warnes B. Osmosis Publications 1984 A Study of businesses financed under the Small Business Loan Guarantee Scheme Wobson Rhodes DTI 1984

12) 'A' Scores Predicting Corporate Failure Argenti J. ICAEW Series - Notes for Businessmen 1984

13) Lending Criteria Lending to Small Firms Committee on Finance for Industry NEDO 1986 The Small Business Action Kit Rosthorn J. & Dicken A. Kogan Page 1986

15) Practical Glossary A share in the action CBI November 1984 International Dictionary of Management Johannsen J. & Page G. T. Kogan Page 1980 Venturespeak Investors in Industry undated (c. 1986) A Study of businesses financed under the Small Business Loan Guarantee Scheme Robson Rhodes Department of Trade & Industry 1984 'Venture capital in the United Kingdom' Shilson D. Bank of England Quarterly Bulletin pp207-211 June 1984 Going Public: The Markets in Unlisted Securities Bannock G.; Doran A. Harper & Row 1987 How to form a Private Company Goldstein B. Jordan & Sons 1985 The Economist Pocket Style Book Economist Publications 1987 The Economist Pocket Accountant Economist Publications 1985

References used during revision September 1988 Report on Investment Activity l987 British Venture Capital Association undated (c. 1988) 3i Group plc Annual Review 1988 3i Group plc undated (c. 1988) 'The Budget: The Chancellor's Speech' The Financial Times 16/3/88

REFERENCES - DIRECTORY

Business in the Community Newsletter - August 1985 Business in the Community The impact of local enterprise agencies in Great Britain Centre for Employment Initiatives Centre for Employment Initiatives/Business in the Community February 1985 'Local Enterprise Agencies - How Can Your Partnership Benefit?' Purdy D. Partnership Management September 1986 1987 Directory Business in the Community 1987 A Guide to Scottish Local Enterprise Trusts Scottish Business in the CommunityISDA undated (c. 1986) Business Plan Department of Employment (Small Firms Service) 1986 Small Firms Service No sourceldate (probably SFS E. Midlands c. 1986) Small Firms Service Annual Report 1985-86 Department of Employment 1986 At Your Service: A Guide to Approaching LED U LEDU undated (c. 1986) Scottish Development Agency Annual Report 1986 Scottish Development Agency October 1986 Financial Aid Guide to Grants, Loans and Incentives in Scotland Kennedy D. Scottish Development Agency March 1986 Finance for new and established businesses - Information Pack Welsh Development Agency undated (c. 1986) Report and Accounts 1985-86 Welsh Development Agency November 1986 A guide to technology acquisition through licensing agreements WINtech undated (c. 1986) Practical assistance for Small Rural Businesses CoSIRA November 1986 Rural Industry Clark H. CoSIRA September 1986 (Notes for presentation) Information Pack Rural Development Commission, undated (c. June 1988) Rapid expansion in Business Innovation Centres EBN News (European Business and Innovation Centre Network) l l11 1/86 EBN European Business and Innovation Centre Network European Business and Innovation Centre Network September 1985 EBN List of Members European Business and Innovation Centre Network May 1987 'A Euro-network for nurturing enterprise' Batchelor C. Financial Times 23/6/87 Britain's New Products: The AICE Report - 2nd Edition The Association of Innovation Centre Executives February 1986 How to make your business grow: A practical guide to government advice and schemes Department of Trade & Industry August 1985 Loan Guarantee Scheme Department of Employment August 1986 Financial Incentives and Assistance for Industy: A Comprehensive Guide Arthur Young August 1985 Bank of Scotland Government Assistance Information Service (GAINS) Bank of Scotland undated (c. 1984) 'LINC - Local Investment Networking Company Service Launched' 1/4/87 'Four More Enterprise Agencies Join LINC' 24/12/87 Press Releases LINC Leaflet 'ANational Business Introduction Service' LINC undated (c. June 1988) Bulletin No. 114 LINC June 1988 Various sales literature for VCR, Business Link-up, VCN Finance from Europe Commission of the European Communities (London Office) May 1986 Operations of the European Community concerning small and medium-sized enterprises Malosse H. Commission of the European Communities May 1986 'Help for small business promised by Commission' Dawkins W. Financial Times 15/7/86 A Businessman's Guide to Grants & Incentives in the Midlands Peat Marwick McLintock December 1986 1987 Directoy of Members British Venture Capital Association December 1986 Report on Investment Activity I987 British Venture Capital Association undated (c. April 1988) Business plans and financing proposals Arthur AndersenIBVCA August 1985 A big help to a small business Department of Employment June 1987 Leaflet 'Equity Finance For Small Businesses' Leicestershire Enterprise (undated c. 1987) The Enterprise Initiative Department of Trade & Industry 1988 Application and guidance notes for consultancy (The Enterprise Initiative) Department of Trade & Industry 1988 The Research and Technology Initiative (The Enterprise Initiative) Department of Trade & Industry 1988 Leaflet 'The Grants Adviso y Service' Barclays Bank plc January 1988 Leaflet 'Business Information Bureau' National Westminster Bank plc February 1988

SURVEY REFERENCES/SOURCES Peat Manvick Venture Capital Database Search February 1987 Standard Enquiry Letter to LEDIS Subscribers February 1987 Local Economic Development Information Service, Planning Exchange 1987 Directoy of Members British Venture Capital Association December 1986 'AGuide to Business Growth' Touche Ross October 1986 [reproduced from Investors Chronicle 14/3/86] The VCRGuide to Venture Capital in the UK Venture Capital Report July 1985 Finance for Business Part 2: Private Sector Finance I.C.A.E.W. Guide October 1985 Sources of Venture and Development Capital in the United Kingdom 1987 Stoy Hayward Financial Resources for Economic Development Chartered Institute of Public Finance & Accountancy October 1982 (latest updated material 22110186) Regional Finance for Industy & Commerce Blay's Guide 1983 (latest updated material 23/12/86) '3i Takes New Inner City Initiative' 4110187 Press Release Investors in Industry SUGGESTIONS FOR IMPROVEMENTS

The Small Business Research Trust would be pleased to receive any suggestions for improvements to this edition - especially from people subsequently having encountered difficulties in raising risk capital not covered in this guide. Please note any comments below, detaching these pages afterwards and posting them to:- The Small Business Research Trust, School of Management, Open University, 1 Cofferidge Close, Stony Stratford, Milton Keynes MKl l IBY Tel: 0908 261 122 Should you wish to keep the guide intact, then any constructive suggestions or observations received via letter would be equally welcome. All responses will be acknowledged. Please note that the Trust is unable to enter into correspondence regarding any personal business problems; any such difficulties would be best directed towards your professional adviser or business counselling service (see the directory for details). (1) Would any chapters in the guidebook warrant the inclusion of any supplementary information? If so, please outline, with any reasons, below.

(2) Would any parts of the directory or the appendices warrant the inclusion of any supplementary information? If so, please outline, with any reasons, below. Which points raised in the guidebook were found to be of special value? a) In the chapters.. .. .

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FOR OFFICE USE INFORMATION DESPATCHED: ...... DATE: ...... INDEX Terminology: 'risk', 'equity' and 'share' are seeking of (strongly recommended), v, xiii intended to be synonymous (see p.iv for further adviser,,professional qualification). as an mtermediary, 36,82 Thus 'risk' and 'equity' are ofien used in a problems as a linkage between a business and general fashion, whereas 'share' -which can also investor, 79-81 be used in a similar manw -finds wider usage amortisation, see depreciation when technical aspects are being discussed. annual report, 192 Accordingly, when further inf-tion relating to a appendices, contents listing, 91 technical or perhaps of a more detailed nature is appraisal, investment, see investment appraisal being sought,it may be helpful to look first under a approved investment fund (Business Expansion heading commencing with 'share .. .' (e.g. by Scheme), 192, see also Business Expansion looking under 'shareholders' rights' in the instance Scheme.. . of the rights of shareholders). articles of association, 1,5,168,192 Bold page numbers - e.g. 192, or 54-60 - asset, 193 indicate where information in greater depth, such as net, (value) a section about the topic, or a glossary definition, other expressions for, 7 can be found. not necessarily the value of a company, 164 Association of Innovation Centre Executives A (AICE), 217-18 A scores, qualitative company assessment auditor's report, 193 using, 182-83 acid test, see quick ratio B advertising, see raising risk (equitylshare) balance sheet, 193, see also business plan capital, problems which may be bank, merchant, 155,202 encountered when, , bank managers advice, business (principally low-cost), 50, 54- aide memoire for, 184 60 attitudes towards additional (unforeseen) availability of, the, xiii cash requirements, 108,114-15 case study examples, 105,134 discretionary lending (limits), 7, 114-15 Directoty section: suppliers of advice and banks, clearing ("High Street Banks"), 81,195 information, lending criteria, 183-84 contact details, local, England, 234-86 raising finance from, amounts of greater than Northern Ireland, 287-89 &100,000,88; matching applications, types Scotland, 28%98 and sources (tables), 154-56 Wales, 299-303 suggestions for further reading, 185-91 directory contents listing, 206-7 banks, other, raising finance from overview of suppliers, 208-20 amounts of greater than &100,000,88 see also Department of Trade and Industry matching applications, types and sources and government, central and government, (tables), 154-56 local and innovation centres and local Bexley Venture Capital (profile of the board of a enterprise agencies and Rural local governmentlpublic sector source of Develo~mentcommission and Small risk/equity/sharecapital), 141-43, see also Firms Service the Directory section advice, professional business, 50,54,75,87, borrowing, see ba nk... and loan ... and 100,105,165 lending.. . break-even point:sales margin, key ratio St. Helens BES Syndicate, see St. Helens definition of, 158 BES Syndicate break-even point, 178 syndicates, 28, 127, see also St. Helens BES key ratio definition of, 158 Syndicate break-even sensitivity, see business plan synopsis of the, 146-50 British Coal Enterprise, 227, as a source of tax relief under the, X, 24, see also advantages share capital (public sector), 30 and disadvantages of the BES and synopsis British Steel (Industd. 228. as a source of of the BES

share capital, 30. " ' Business in the Community (BE), 210 British Technolom Grou~(BTGL 23 Business Information Bureau, 221 as a source of &ity capital, 30- business plan raising finance from: matching applications, appraisal of, see investment appraisal types and sources (tables) 15456 assistance with the development of, see British Venture Capital Association, i, 23,75, advice, business and information, business 82,231 balance sheet, examples of a, budget forecast, see business plan outline for monthly operating statement (in building societies, raising finance from: a case study), 117 matching applications, types and sources spanning several years (in a case study), (tables), 15456 100 business development, general: suggestions for specimen year-end (in business plan further reading, 185-91 guidelines), 72 Business Expansion Scheme (BES), 24-26,48- break-even sensitivity (exam~le),43-44 49,80,134,155,194 budget forecast, detailed (eiHn;;le), 68,69, 'abuses' of the, 26 70,74,174-81 advantages and disadvantages of the, 19,136, cash-flow forecast, 150-53 detailed (example), 68-69,71,74,174-81 Approved Investment Funds, 24, (table) 25, testing of a, see investment appraisal (table) 84,105,152,192 circulating a, see raising risk (equitylshare) case study investment examples, (B: private capital: problems which may be individuaYprivate sector fund; encountered when hypothetical example) 98-103; (C: BES detailed guidelines, examples of, syndicate) 104-19; (E: BES syndicate) general, 60-74 126-30 for a fund, 172-81 costs of raising finance under the, 76,106 need for a, the (when raking risklequityl debate concerning the, X share capital), xiz-xiii, 34,36,50, 105, 131 direct investors, (table) 25, (table) 84 need for assistance with the development assessment of investment risk, (table) 49 with a, the, xiii, 50,52,105 see also investor(s), private individuals: outline, example, 35,37 case study examples Business Expansion Scheme (BES) directors, non-executive, 16-17, see also syndicate (case study example), 107 director(s), non-executive, local government source (case study investment in the U.K., by amount, t, X, (by industrial sector/-regions, table) 25, (table) example), 123-24 84 profit and loss account investor preferences, (BES direct investors: example of a, (case study) 99, 132-33, investment risk assessment, table) 49; BES (example) 179 funds (table) 76; BES syndicate (example) outline for monthly operating statement of l06 a, an (case study example), 116 problems with the, 84-85, see also advantages time taken to develop a, the xiii, 51; and disadvantages of the BES examples of, 97,105,109,123 qualifying trades, 25, see also synopsis of the Business Start-up Scheme, 24 ---RES business start-ups, see starting-up a business reasons for raising equity finance, 19 business valuation, see share valuation and restrictions asset, net, (value) placed on companies, 17,25,26 businesses, small, the extent of, i placed on investors, 17,24,49, 118-19 see also synopsis of the BES C contract hire, raising finance by: matching Cambridge Venture Management, 226 applications, types and sources (tables), capital, 194 154-56-- employed, return on (ROCE), key ratio 159; control (idof a business), retaining, (example) 203 4445,100 equity, see equity capital and share capital fear of a loss of, xi, (exaggerated ?) 19 gearing, see gearing, capital via corporate venturing, 27, see also corporate loan, see also loan capital and lending venturing resources (net), see asset, net via a majority shareholding, xi, see also venture, see venture capital shareholders' rights, (voting) working, 7 see also case studies: examples of firms having net current assets: 7; reducing, 13; 177 successfully raised external risk/equity/ case study examples, in, 93, 126, 130 share capital for a typical manufacturing company, ix, 9 control, releasing total, xiv, key ratio delinitions of, 159-60 to introduce finance and management skills, capital gains tax (CGT), 194 14; 27, see also skills (in smaller capitalisation, market, 201 businesses), management case studies: examples of 6rms having control (of a company), strategic, (vested in the board of directors) 1 successfully raised external risk/-equity/ corporate venturing, 2627,196 share capital benefits of, the A: from private investors, 93-97 for the large company, 27 B: from a private sector fund and a private for the small company, 27 investor (hypothetical example), 98-103 definition, 26,230 C: from a Business Expansion Scheme (BES) via venture capital funds, 26,27 syndicate, 104-19 Corporate Venturing Register (National D: from a pubLic sector fund, 11%26 Economic Development Office), 230 E: from a BES syndicate, 126-30 counselling, business, see advice, business and F: from private investors, 130-37 information, business cash-flow forecast, see business plan and creditor, 196, priority of claims at liquidation investment appraisal (for different types of creditor) 5 central government, see government, central current assets, net, see capital, working certificate of incorporation, see incorporation, current ratio, key ratio definition of, 159 certificate of chairman, non-executive, (Business Expansion Scheme syndicate, case study example) D 106,111 dealer, licensed, 200, see also Department of benefits of a, the, l l8 Trade and Industry see also director(s), non-executive, debenture(s), 196-97, see also loan stock Cheshire Contacts, 226-27 constraints on the sale of, 77 clearing bank, 195, see also bank.. . shown in cash-flow forecast, 181 collection period, key ratio definition of, 159 debtlequity ratio, see gearing, capital companies, other, raising finance from: debt finance, 197, see also borrowing.. ., amounts of greater than £100,000, see also lending.. ., loan.. . corporate venturing, 88 debtor, 197 Companies Act 1980, The, 77 Department of Trade and Industry Companies Act 1981, The, 24 ("department for Enterprise"), 55,218-19 Companies Acts, The, 77,89 licensing by the, 77,200 company, 195 Regional Development Grants (case study limited liability, iv example), 113-14 benefit of the, ix depreciation, 197 forming a, suggestion for further reading, director(s), 197 185, see also incorporation, certificate of board of, strategic control vested in the, 1 shareholders' rights, see shareholders' liability, (personal) 5 rights loans from, see loans, directors' contents of guidebook and Directory, ii-iii non-executive, 15-17 (directors, non-executive continued) enterprise initiative, the, see Department of Trade and Industry benefits of, the xi, 17,105 equity contacts via, new, 16, (case study example; base non-executive chairman) 114 growth of, as a limitation on growth, 7,12 costs, 46,76, (example) 83 (net), see asset, net detached stand~oint. ~ossible. . a more. 15 capital, (e.-finance, risklshare), 198, see also involvement with companies under the share capital Business Ex~ansionScheme (BES),. ,, 16- comparison with loan capital, 6-13,18 17,105,llf description of, 1,2 vroblems with (under the BES), 17,75, mixing with loan capital (example), 8 case study example 118 raising, see raising risk (equitylshare) special skills, 15 capital, see also chairman, non-executive, reasons for raising (Business Ex~ansion responsibilities of, the, 15, suggestion for Scheme exampie$), 19 further reading, 185 investment, the benefits of, director-shareholderrelationship, 1-2, see also absence of a running yield, the potential shareholders' agreement and shareholders' for an, 18 rights (voting) provision of a 'breathing space', (examples) Directoty section: suppliers of advice, --18-19 - information and suppliers of risk/equity/ participation, 28 share capital, 206-332 relinquishing a proportion of (in return for diversification, 197, see also portfolio the prospect of sharing in a much larger dividend, see shareholders' dividend cake), xiv European Business and Innovation Centre Network, 217-18 E European Venture Capital Association (EVCA), earnings, 101,198 212 valuation of, 164 exit rze(s), 33,44,76,109,152 earnings per share, 198 created by the development of junior share economic development board, 31, see also Kent markets, 24 Economic Development Board and via a full listing, 89 enterprise board expansion, risks associated with, see turnover, EEC, 32,57,156,217 increasing addresses, 232-33 Business Improvement Services, 32,106 innovation centres, support for, 57 F stimulation of the supply of and demand for factoring risk capital by the, 32 I raising finance via, 13, matching Venture Consort scheme, 32,232 applications, types and sources (tables), England (Directory section) 154-56 suppliers of general advice and information: shown in cash-flow forecast, 181 overview, 20612,215-21 finance, raising, see raising finance and gearing, contact details, 234-86 capital suppliers of risk/equity/sharecapital, and Finance Acts 1983, The, 149 linkages to, Financial Services Act, The, 77,78, (1986) 79; contact details, 234-86 90,199 investment criteria of various suppliers, financial structure, of a business, 92 3067,308-26 case study examples, 9%103,136 overview (principally linkages to), 222-33 key ratio definitions of, 160 enterprise agency, local, 198, see also local see also business plan, detailed guidelines, enterprise agency examples of, enterprise board, examples of, (Yorkshire Financial Times, The, 82,230,233 Enterprise, and Lancashire Enterprises) findiv investors, see linking investors to 3 1, (Greater London Enterprise) 134, see investees also government, local full listing, 88-89, see also Stock Exchange, The funds, shareholders', see shareholders' funds growth, equity base growth as a limitation on further reading, suggestions for, 185-91 business, 7, 12 G H gearing, 182,199 heads of agreement ("heads of terms"), 40,46, different formulae possible, 157 53 capital, 6,l Highlands & Islands Development Board bank manager's discretion (regarding share capital, source of, public sector lending limits), 7 (Scotland), 30 examples of, (ratios) 8, (case study) 101 source of advice and information, as a, 212- generally accepted U.K. maximum ratio 13 (by banks), 6 hire purchase key ratio, 160 raising finance: matching applications, types restricting flexibility by increasing, 18 and sources (tables), 154-56 income, 9 shown in cash-flow forecast, 181 key ratio, 160 HMSO (Her Majesty's Stationery Office), 232 glossary, 192-205 government, central financial support for industry, I see Department of Trade and Industry income gearing, see gearing, income and Loan Guarantee Scheme incorporated business, 199 raising finance: matching applications, types incorporation, certificate of, 195, see also and sources (tables), 154-56 company, forming a, source of business assistance, as a, 59 see also Industrial and Commercial Finance Rural Development Commission and Small Corporation (ICFC), see Investors in Firms Service Industry suppliers of information on (government information, business, 58-59, see also advice, assistance), 219-21 business.. . sources of share capital, 29-30, see also share information, further capital, sources of, guidebook and directory references, 33344 government, local suggestions for further reading, 185-91 preferences as investors, see investors' information, release of sensitive, (during preferences negotiations), 39, see also non-disclosure profile of the board of a public sector source agreement (Bexley Venture Capital), 141-43 information on suppliers of risk (equitylshare) raising finance: matching applications, types capital, see raising risk (equitylshare) and sources (tables), 154-56 capital: information on suppliers of source of business assistance, as a, 55, (table) (examples of) 56-57,59,120 inheritance tax, 199 source of share capital, as a, 31, examples innovation, assistance with: suggestions for (Kent Economic Development Board) further reading, 188-89 119-26; (Nottinghamshire County innovation centres: suppliers of low-cost Council) 31; overview (Yorkshire business advice (scope), 55,57-58, 59, Enterprise) 138-41, see also enterprise 217-18 board(s insurance companies, raising finance from Government Assistance Information Service amounts of greater than £100,000,88 (GAINS), 220 matching applications, types and sources grants, as a means of raising finance, 13 (tables), 154-56 information on suppliers of, 220-21 interest cover, see income gearing matching applications, types and sources inventions, help with, see innovation.. . (tables), 154-56 investment, 200 Grants Advisory Service, 220 investment appraisal Greater London Enterprise, 134 cash-flow forecast testing, 42, case study growing businesses, the need for additional example 107,108 management skills in, 14-15,1617, see costs of, liability for the, (when appraised by also skills, management a fund), 40-41,46,75,83; (for a BES (investment appraisal, costs of, continued) when raising finance at a later stage, problems (associated with the BES), 151 amounts over £100,000,87 syndicate; case study) 106; (for a local case study examples, 96-97,119,126,136 government source; case study) 122, see see also heads of agreement and investment also raising risk (equitylshare) capital, monitoring and non-executive directors generalised sequence of events (funds), 36; and shareholders' agreement Business Expansion Scheme (BES) syndicate (case study example) 109-10 investor(s), the preferences of, 33-49,60 key areas for investigation (by a fund), the, BES syndicate (case study example) 106 41 central government sources, 2%30,34 of the management personnel in a business Directory entries (investment criteria), 304-32 (by a fund), 37,38-39,40,47, (general EEC schemes, 31 share valuation) 165 general, X, risk assessment (including "what-if' or control, regarding, xi sensitivity testing, especially by a fund), positivelnegative factors, (under the BES; 42,4243,75,85, see also cash-flow table), 76 forecast testing local government sources, 31,34,47, (case risk assessment by individuals (BES direct study example) 122, (Yorkshire investors, table), 49 Entemrise) 13940 view of one venture capital fund, the, 36-41 private ihdividuals (BES and non-BES), 48- see also 'A' scores and venture capital funds 49, (business plan widelines) 60, 136-37 appraisal: general acceptancelrejection private sector v;. pu6iic sector vs. private rauos individuals, 33 investment appraisal and monitoring, the cost venture capital funds, xii, 21,34-47,60 of, see also case studies: examples of firms having the view of a local enterprise agency, 105 successfully raised external risk/equity/ investment conditions, see investment offer, share capital sample letter containing an, investor(s), private (individual), 27-28, investment levels in the U.K. (smaller (business plan guidelines) 60, businesses), equitylshare capital, see case study examples: (A) 93-97, (B: plus a Business Expansion Scheme: investment in private sector fund - hypothetical example) the U.K. and venture capital funds: 98-103, (C: via a BES syndicate) 104-19, investment in the U.K. (E: via a BES syndicate) 126-30, (F) 13& investment monitoring, 34, 174,178, see also 37 investment offer, sample letter containing problems when trying to raise risk capital an, from, 77 cost of, liability for the, (with funds) 76, syndicates, see syndicates (example) 83 investor@), misleading or deceiving, example of, an (BES syndicate), 115-17 deterrents from, 77 investment offer, sample letter containing an, preventing proposals from, 78 168-71--.- investment trusts, raising finance from investorlsmall business compatibility, 81-82 amounts of greater than £100,000, 88 investors' club (i.-meeting) see marriage bureau matching applications: types and sources investors' criteria, see investor(s), the (tables), 154-56 preferences of investment, return on (ROI), 203 Inve$ors in Industry ("3i"), 23,95,226,228, shareholders', (example) 8 306, raising finance: venture capital, 21 matching applications, types and sources investor(s), the involvement of (tables) 154-56, invoice discounting, Business Expansion Scheme (BES) fund raising finance via, matching applications, managers: (via non-executive directors), types and sources (tables) 154-56 17; vs. venture capital, 24 issuing houses, raising finance from, amounts of equity participation, 28 greater than £100,000,88 'hands-on' vs. 'hands-off, 4546 influenced by distance, 46,49 private individuals (case study), 96-97, 135- 37 K problems when, see adviser, professional, as Kent Economic Development Board: as a an intermediary public sector/local government source of see also Local Investment Networking share capital (case study example), 119-26, Company and marriage bureau and see also the Directory section Venture Capital Report key ratio, selected definitions 157-60; 200 linking organisations: when raising finance, amounts of greater than £100,000,88 liquidation, 44, winding-up, 163; 200 L priority of claims on a business's assets, 4 Lancashire Enterprises, 34 shareholders' rights at, see shareholders' leasing, raising finance via, matching rights applications, types and sources (tables), liquidity, 200 154-56 key ratio definitions of, 159 legislation, see Prevention of Fraud loan capital (Investments) Act 1958, The and comparison with equity capital, 6, 18 Companies Acts, The and Finance Acts 'last resort', of, 13 1983, The and Financial Services Act, The mixing with equity (example), 8 Leicestershire Enter~rise..,227-28 unsecured, 5, see also security lending see also debt finance application, the rejection of a, by a (clearing) Loan Guarantee Scheme, 13,97,201 bank, 81 raising finance: matching applications, types increased, borrower's: the risk to and sources (tablesy154-56, shareholders and lenders, 8 study of the, (by Robson Rhodes), tx, 183 risk, the elimination of, 8 loan stock, 21 security, the need for, 6, see also security convertible, (case study example) 136 see also capital, loan see also debenture leverage, private sector, 29, 140 loans, directors' liability, (directors') personal, 5 capitalisation of, (case study example) 102 licensed dealer, see dealer, licensed case study example, 100, 101 limited liability company, see company, limited local enterprise agencies, see also marriage liability bureau and Local Investment Networking linking investors to investees, 28-29,78-81,82 Company case study examples (investee business. .): sources of low-cost business advice, as, 54- A: ..to private investors, via a local 55,56, 58,60,95, 143, ('enterprise enterprise agency marriage bureau, 93- agency') 198,209-10,307 97 case study example, 104-19 C: ..to a Business Expansion Scheme database, 221 (BES) syndicate, via a local enterprise Local Enterprise Development Unit agency, 104-19 share capital, source of, public sector D: ..to a public sector fund, via a local (Northern Ireland), 30 information source, 119-30 source of advice and information, as a, 214- E: ..to a BES syndicate, via a personal --1s business contact, l2630 local government, see government, local F: ..to private investors, via a specialist Local Government Act 1972, The, 31 publication, 13lL37 Local Investment Networking Company costs of, examples of the, 79, see also Dtrectory (LINC), 28,78-79,82,223-24 section London Enterprise Agency (LEntA) marriage Directory section: linking services bureau, 28,60,78,82,93,95,97,134, contact details, local and national 143-45 England, 234-86 losses, early, see starting-up a business Northern Ireland, 287-89 Scotland, 289-98 Wales, 299-303 M directory contents listing, 206-7 management skills, see skills, management overview of suppliers, 222-33 margin (gross), 201 improving the chances of, (examples) 82 marginal rate of tax, see tax, marginal rate of, market caoitalisation, 201 ordinarv shares. see shares, ordinaw marriage bureau, local enterprise agency, 28, 60,78,93,95,97,134,201,223-24 investors' club (L-meeting), 28 Business Expansion Scheme, 147 LEntA, 93,95,134,143-45 suggestion for further reading, 186 see also corporate venturing and Local Investment Networking Company (LINC) P and London Enterprise Agency (LEntA) partnership, 202 member (of a company), 201 incorporated, iv memorandum of association, 1, 168,201 pension funds, raising finance from merchant bank, 155,202 amounts of greater than &100,000,88 matching applications, types and sources (tables), 154-56 N placing (under Stock Exchange rules), 89 National Economic Development Office, 230 portfolio, 202 National Enterprise Board, see British portfolio investment Technology Group Business Expansion Scheme (BES) Approved National Research and Development Investment Funds, 24 Corporation, see British Technology Group BES syndicate, 105 negotiation, 163,165, see also heads of government, local (example), 140 agreement and non-disclosure agreement venture capital funds, 2 1, (example) 2 1-23, and investment offer, sample letter 85 containing an, preference shares, see shares, preference net asset base, see asset, net pre-emption, 89 net asset value, see asset, net premium, 202, see also share premium net capital resources, see asset, net Prevention of Fraud (Investments)Act 1958, net current assets ('working capital'), see The, 77.78 capital, working pricelearnings ratio (PIE), (case study example) net equity base, see asset, net 101; 202 net shareholders' funds, see asset, net principal, 203 net tangible assets, see asset, net problems, potential non-disclosure agreement, (sample) 166-67 see adviser, professional, as an intermediary non-executive chairman, see chairman, non- (problems as a linkage between a business executive, and an investor) non-executive directors, see directors, non- see Business Expansion Scheme (BES), executive problems with the Northern Ireland (Directory section) see investor(s), the involvement of - when suppliers of general advice and information: raising finance at a later stage, problems overview, 20642,21415 (associated with the BES) contact details, 28689 see investor, private (individual), problems suppliers of risklequitylshare capital, and when trying to raise risk capital from, linkages to, see non-executive directors, problems with contact details, 28689 (under the BES), investment criteria of various suppliers, see raising risk (equitylshare) capital, 3047,327-28 problems which may be encountered overview (principally linkages to), 222-33 when, Nottinghamshire County Council: as a public see starting-up a business, problems with sectorllocal government source of share profit, 203 capital, 31, see also the Directory section profit and loss account, see business plan profit margin, gross, 174 key ratio definition of, 157-58 profitablity, key ratio definitions of, 157-58 objectives, guidebook and Directory, v prospectus, 203 offer for sale (under Stock Exchange rules), 89 issue (under Stock Exchange rules), 89 official list (stock Exchange), 89, g0 public sector, see government, central and option, 202 government, local, (public sector, continued) guidance regarding a generalised sequence of agencies, raising finance: amounts of greater events, (flow-chart) 52-54 than &100,000,88 information on suppliers of, (examples of) 82, see also share capital problems which may be encountered when, Q 77-86- - quick ratio, key ratio definition of, 159 advertising, 78 circulating business proposals, 78 reasons for (BES examples), 19 R timescale, (typical) 51, 140; case study raising finance (of any type): for amounts of example, 136 greater than &100,000,87-90 see also Business Expansion Scheme (BES) clearing banks, 88 and case studies: examples of firms having insurance companies, 88 successfully raised external investment trusts, 88 risWequity1share capital and investor(s), issuing houses, 88 the preferences of, linking organisations, 88 ratios, key, see key ratios other banks, 88 registered business, see also incorporation, other companies, 88, see also corporate certificate of, venturing report, auditor's, see auditor's report pension funds, 88 report, annual, see annual report public sector agencies, 88 research & development, raising finance: research & development, 88 amounts of greater than &100,000,88 share markets, 88-90 reserves, 203 venture capital funds, 88 return on capital employed (ROCE), see capital, raising finance return on, alternative suggestions for, (examples) 12-13 return on investment (ROI), see investment, by raising prices, (example) 12-13 return on, by selling shares, see raising risk rights issue (under Stock Exchange rules), 89 (equitylshare) capital risk demonstrating expertise when, xii-xizi assessment matching applications, types and sources BES direct investors, (table) 49, (tables), 154-56 see also investment appraisal next or second stage, for the, 87-90 associated with expansion, see turnover, suggestions for further reading, 185-91 increasing see also investor(s), the involvement of: when capital, ix, 4, see also equity (riskkhare) raising finance at a later stage (amounts of capital and share capital greater than f 100,000) lending, raising risk (equitylshare) capital, 50-76 to shareholders and lenders, (resulting business types (legal status) suited to, iv from increased borrowing), 8 by selling shares, 5 the elimination of, 8 costs (and workload) when, the, 50-54, ROCE, see capital employed, return on, 75-76 ROI, see investment, return on, Directory section: suppliers of Rural Development Commission: source of risklequitylsharecapital low-cost business advice, 54,56,59,60, contact details, local and national 215-17 England, 234-86 Northern Ireland, 287-89 Scotland, 289-98 Wales, 299-303 S directory contents listing, 206-7 sale and leaseback, raising finance via: matching investment criteria of various suppliers applications, types and sources (tables), England, 308-26 15456 Northern Ireland, 327-28 Scotland (Directmy section) Scotland, 329-31 suppliers of general advice and information: Wales, 332 overview, 20&13,217-21 (Scotland, suppliers of general advice and see also share and shares, ordinary and shares, information, continued) preference shareholder-director relationship, 1-2, see also contact details, 289-98 shareholders' agreement suppliers of risklequity/share capital, and shareholders' agreement, 46 linkages to, shareholders' funds, 204 contact details, 289-98 (net), see asset, net, (value) investment criteria, 3047,329-31 overview (principally linkages to), 222-33 shareholders' liabilities, iv Scottish Business in the Community (ScotBIC), extent of, the, ix 210 shareholders' return on investment, ix, Scottish Development Agency (example), 8 objectives and priorities, 29 shareholders' rights, 1,4, (example) 171 private sector leverage, 29 benefits of, potential, ix raising finance: (amounts of greater than discrimination against minority &100,000), 88 shareholdings, 2 share capital, source of, public sector dividend, 1,21,46,198 (Scotland), 29,30 absence of a (running yield), the, 18, 106, source of advice and information, as a, 150 212-13 case study example 102; 125 searching for investors, see linking investors to see also investment offer, sample letter investees containing an securities, 203 entitlements, specific, 161, (example of) 171, dealing in, 77 see also articles of association and security, 6,203 memorandum of association share capital, tx, see also equity capital , liquidation, at, X, 1,4, 162-63, (example of) share capital, sources of, 171 general, IX, 20-32 pre-emption, 89 public sector, 29-32 suggestions for further reading, 185-91 central government, see government, voting, 1, 162-63 central multiple voting, 47, 140 EEC, see EEC when holding greater than 75%, 1 England, see England see also shares, ordinary and shares, local government, see also government, preference and investment offer, sample local and enterprise board(s) letter containing an, Northern Ireland, see Northern Ireland voting and profit relationship, 2 and Local Enterprise Development Unit see also share valuation Scotland, see Scotland and Highlands & shareholding, investment via a minority, xi, Islands Development Board and Scottish 4445,111,162-63 Development Agency see also case studies: examples of firms having Wales, see Wales and Welsh Development successfully raised external Agency see also British Coal Enterprise risklequityfshare capital and corporate and British Technology Group venturmg venture capital funds, XI-xtt, 21-24 shares, 203 see also British Steel (Industry) different types of, see share classes share buying-back of, the, (ordinary, redeemable) classes, 24 2; 24,109 main types of, comparison of the, (table), 3 sale of, the, 5, (examples) 12 markets, raising finance: amounts of greater problems with the, 77-86; than £100,000,88-90 unmarketability, 24; lack of an premium, (example) 12,202 established market, 79 valuation, 4647, 50, see also asset, net, see also exit routes and Stock Exchange, (value) The case study example, 101-3 shares, ordinary, 24,3,12,21,125 overview, 160-65 'A' non-voting, 2 suggestion for further reading, 187 comparison with other types (table), 3, value, face ('par' or 'nominal'), 1, (case study cumulative participating preferred, 168, example) 98, 103; 161 (example) 171 (shares, ordinary, continued) Stock Exchange, The, 24,88-90,141,147,151, 204, see also Third Market, The and deferred ("founders"), 3 Unlisted Securities Market, The preferred, 3,21 stock turn, key ratio definition of, 160 raising finance via, see raising risk stockbroker, 204 (equitylshare) capital stocks, 204 redeemable, 2 Strathclyde Venture Capital Club, 228-29 voting rights, 2,140 supply of and demand for risk capital, shares, preference, 2,12,21,4, stimulation of the, see EEC comparison with other types (table), 3 syndicates (Business Expansion Scheme), 28, convertible, 4,21, (case study example) 102 127, see also Business Expansion Scheme: cumulative, 4, 18,21 case study investment examples participating, 4,21, (case study example) 125 syndication, venture capital, (EEC), 32 raising finance via, see raising risk (equitylshare) capital redeemable, 4,21, 141 T voting rights, 4 tangible assets, net, see asset, net skills (in smaller businesses), management tax the need for additional, xi, 15,16,85,96,97, capital gains (CGT), 194 105,118,126,137,182 corporation, 171 supplied by investors, (via corporate implications regarding share disposal, 165 venturing) 27; (case study examples), inheritance, 199 marginal rate of, 201 96, 118, 126, 137, see also director(s), relief for investors under the Business non-executive, Expansion Scheme (BES), see Business see also control, retaining, and control, Expansion Scheme: (tax relief under the; releasing total, synopsis of the; advantages and Small Firms Service (Department of disadvantages,) Employment): source of low-cost business Stamp duty, see Stamp Duty advice (scope), 54,55-56,59,60,134,209, suggestions for further reading, 185-91 210-12 terminology, general guidebook, iv sources of finance, see linking investors to glossary, 192-205 investees and raising finance and raising Third Market, The, 24,90,137,151,205, see risk (equitylshare) capital and share also Stock Exchange, The capital, sources of, trade creditor days, key ratio definition of, 160 spreadsheet, (micro-computer), 75,204 turnover, increasing, the risks associated with, Stamp Duty, 75,204 (example) l l St. Helens BES Syndicate (and The Community of St. Helens Trust) Business Improvement Services, support via EEC, 32 Unlisted Securities Market (USM), The, 24, case study C, 104-19 89,96,100,109,137,141,147.151,205. starting-up a business (suggestio; for further reading) 186; see ' case study example, 104-19 also Stock Exchange, The development beyond the initial phase, 87, 105 early losses, 9-10 v "Death Valley" curve, 10 venture capital initial costs, 9 database (of suppliers), 233 failure rates, 86, 126 definitions of, xi-xii, 21,205 perceived risks regarding the investment in, growth of, reasons for the, 24 80 venture ca~italfunds, xi-xii, 21-24 problems with, 81-86 apprais& general &cept&e/rejection ratios, case study example 111-15; 137; xii, 50, see also investment ao~raisal lack of internal sources of finance 154 captive (including examples), 23 see also company formation corporate venturing, 26 (venture capital funds, continued) Y Yorkshire Enterprise, 31 example of business plan guidelines, an overview of, (as West Yorkshire 172-81 Enterprise Board) - as a local independent, (including sources of capital for government/-public sector source of share the private,) 23 capital, 138-41, see also the Directoy investment section appraisal and monitoring costs (example), 83 L criteria, see investor(s), the preferences of, examples of, 23; case study example (hypothetical example) 98-103 falures, 83,86 in the U.K., overall level r, 23; analysis by amount (table) 83; suggestions for further reading 185-91 portfolio investment by, see portfolio investment raising finance from: matching applications, types and sources (tables), 15456; amounts of greater than f 100,000,88 syndication of (via the EEC), 32 Venture Capital Network, 229 Venture Capital Report (VCR), 28,78-79,82, 134-35, (suggestion for further reading) , 190; 225 venture capital sponsor (linking organisations): raising finance (amounts of greater than &100,000), 88 voting rights, see shareholders' rights and shares

W Wales (Directoy section) suppliers of general advice and information: overview, 20642,213-14 contact details, 29%303 suppliers of risklequitylsharecapital, and linkages to, contact details, 29%303 investment criteria of various suppliers, 3047,332 overview (principally linkages to), 222-33 warranties, 46 Welsh Development Agency share capital, source of, public sector (Wales), 30 source of advice and information, as a, 213-14 "what-if' testing, see investment appraisal winding-up (of a business), see liquidation working capital, see capital, working worth (business), see net asset value