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1 Public Document Pack BUSINESS INVESTMENT FUND PANEL Date: Tuesday 17 July 2018 Venue: SCR Executive Team, 11 Broad Street West, Sheffield Time: 4.00 pm 6.00 pm AGENDA No. Item Method Speaker Page 1 Welcome and Apologies Verbal Chair 2 Declarations of Interest Verbal All - In relation to any agenda item - In relation to any activity since the last formal meeting - In relation to any forthcoming activity 3 Notes of the Last Meeting and Matters Arising Paper Chair 1-4 For Discussion 4 BIF Approval - Company Ref 0024 Paper A McKenna BIF Approval - Company Ref 0071 Paper A McKenna BIF Approval - Company Ref 0069 Paper J Flanagan BIF Project Change Request Ref 0023 Paper L Wheatley BIF Programme Update Paper L Wheatley a) Programme Management Report (CA Approval of Investment over 2m to be included) b) BIF Pipeline 9 Any Other Business Verbal All
2 Item Subject Method Lead Time Page
3 Agenda Item 3 SCR BUSINESS INVESTMENT FUND PANEL 5 th JUNE pm till 6pm BROAD STREET WEST, SHEFFIELD No. Item Action 1 Welcome and Apologies Present: Board Members David Grey - Chair Diana Terris Chris Scholey Mary Broadhead Mike Thomas In Attendance Laura Wheatley Andy McKenna Mark Ross Steve Carroll Rachel Fletcher (by telephone) Craig Tyler, Joint Authorities Governance Unit - minutes Apologies Lee Manterfield Helen Lazarus 2 Declarations of Interest No specific declarations of interest in relation to the matters to be discussed on today s agenda were noted. 3 Minutes of the Previous Meeting The minutes of the previous meeting held on 24 th April were agreed to be an accurate record. The following matter was noted as arising: Page 1
4 An update was provided regarding the application for funding from Company The Board was informed the original funding package would consist of a 75k BIF loan and a 75k SCC loan. However, a subsequent offer of a 50k NPIF loan from the FFE means the BIF contribution requirement has been reduced to 50k. Members asked what could be done to reduce the size of the meeting agenda packs by the removal of public or standing information. It was confirmed a restricted information only supplementary pack could be produced. Action: Craig to present a restricted information only style supplementary pack to the next meeting for the Panel s consideration. 4 BIF Approval Company Ref CT A report was received to provide the information required to enable the Board to take a decision in respect of whether to support the proposal to provide a BIF (LGF) grant of 184,000 to Company It was noted Company 0018 has identified an opportunity to significantly increase its current productivity levels, through the creation of a new purpose-built factory which will allow it to bring together existing operational capabilities and expand its service offering and noted the new larger premises would allow Company 0018 to increase delivery, allowing them to take on new contracts to drive forward ambitious growth plans. An additional condition of award was determined in respect of the prior purchase of required land and the successful completion of all necessary planning conditions. Whilst not stipulated as an additional condition, the Panel requested further information in writing from the Company to provide an assurance that all potential future maintenance obligations have been factored into the investment model. The Panel RESOLVED to APPROVE a BIF (LGF) grant of 184,000 to Company 0018 on the conditions contained within the report, and the additional condition noted above. 5 BIF Approval Company Ref A report was received to provide the information required to enable the Board to take a decision in respect of whether to support the proposal to provide a BIF (LGF) grant of 119,654 to Page 2
5 Company 0019 to contribute towards a funding package to acquire and install machinery. It was noted other funding includes new external asset finance funding and the company s own working capital. The Panel gave careful consideration to the complexity of the Group structure and agreed the need to ascertain its collective solvency. Action: Steve to further investigate SC Subject to prior officer diligence in respect of the above matter, the Panel RESOLVED to APPROVE an award to Company 0019 and determined two options for Company 0019 s consideration: 1 To provide a BIF (LGF) grant of c 90k, to be matched by an additional contribution of c 40k from Company OR 2 To provide a BIF (LGF) grant of 119,654 subject to the provision of a guarantee from the other company within the Group or its Trust. 6 BIF Approval Company Ref A report was received to provide the information required to enable the Board to take a decision in respect of whether to support the proposal to provide a BIF (LGF) grant of 28,500 to Company 0020 to support the development of a recording artists royalties collection platform. Members asked whether the people on the Company s own advisory Board might be better placed to make an informed decision on whether to invest in this initiative. It was agreed it was difficult to ascertain the financial viability of the business and the robustness of the business model. The Panel RESOLVED to REJECT the making of an award to Company 0020 on the above grounds. 7 Potential BIF Case for Panel Feedback A report was received to provide the Panel with the information required to assess whether a potential grant case being reviewed by AFCOE for Company 0023 should proceed to full application. Page 3
6 In consideration of this matter, the Panel determined that whilst the safeguarding of jobs is not in itself a justifiable reason for BIF investment, under extenuating circumstances, cases with a jobs safeguarding element may be presented provided there are other significant benefits to investment to be considered, such as the creation of significant additional business productivity or the creation of significant new supply chain opportunities, however the BIF guidelines do state that some level of job creation is required and should be at the centre of consideration and there is no thought to change these guidelines and/ or policies. Action: David / Andy/ Laura/ Helen to consider this case in more detail and assess whether Company 0023 might be deemed to meet this alternate benchmark for further consideration by the Panel DG / AM 8.1 BIF Programme Management Report 8.2 BIF Pipeline A report was received to provide the Panel with an update on the overall programme position in relation to expenditure and employment impact of both the Business Investment Fund and Regional Growth Fund programmes, and to address queries or issues arising in relation to individual projects. A list of projects within the BIF pipeline was tabled for information. 9 Any Other Business None. 10 Date of Next Meeting Tuesday 17 th July, 4.00pm at Broad Street West, Sheffield. Page 4
7 Agenda Item 4 Business Investment Fund Panel Date Investment Proposal - Company 0024 Purpose of Report The purpose of this report is to provide the information required to support the proposal to provide a BIF (LGF) grant of 275,000 to Company Thematic Priority Ensure new businesses receive the support they need to flourish. Facilitate and proactively support growth amongst existing firms Freedom of Information This paper will be available under the Combined Authority Publication Scheme. Annex A of this paper is exempt under paragraph 3, part 1, section 12A of the Local Government Act Recommendations The BIF Panel are asked to consider and agree the proposed grant, to enable the Head of Paid Service (or his appointed delegate) to enact the decision under the delegation made by the MCA. 1. Introduction 1.1 The Business Investment Fund (BIF) strategy was approved by the MCA and LEP in 2015 with the purpose of enabling more companies within the City Region to access external finance to grow, modernise or sustain their activities. 1.2 To be eligible to make an application, businesses must: Be located in the Sheffield City Region and paying business rates to: Barnsley, Bassetlaw, Bolsover, Chesterfield, Derbyshire Dales, Doncaster, Rotherham or Sheffield. Applications for BIF are also considered from businesses looking to locate into the above areas; Be viable, demonstrating growth or potential to grow and operating from commercial premises; Be able to demonstrate that their project would not go ahead in the City Region, either as quickly or at the same scale without grant support i.e. a clear case for grant must be demonstrated and the applicant can evidence that they have exhausted the traditional funding markets; Page 5
8 Be a project that will create net new jobs in the region; Be planning expenditure, broadly in line with the following; o Capital equipment, machinery or tools; o Alterations to land and/or premises to meet the needs of the business Not use the award for working capital or research and development purposes. 1.3 All BIF applications are appraised using the Green Book methodology, following the agreed SCR Assurance Framework for use of Local Growth Fund (LGF) leading to a cost/benefit appraisal of each proposed investment. Further to unanimous agreement by the Panel the MCA has delegated authority to the Head of Paid Service (or his delegate in this case Mike Thomas the SCR MCA / LEP Senior Finance Manager) to approve grants and loans of up to 2m LGF. 1.4 For grants or loans of over 2m, the SCR Assurance Panel will recommend a decision for consideration by the BIF Panel prior to progressing to the MCA, who make the decision regarding financial approval and award of contract. The Statutory Officers may be given delegated authority by the MCA to agree the terms and conditions of any grant or loan award, within the parameters agreed by the MCA. 2. Proposal and justification 2.1 Company 0024 is a specialist company as a Host Broadcast production partner based in the SCR area. The team work alongside many sports bodies producing live event production, delayed highlights productions, host broadcasts and world feeds. They work regularly with UK broadcasters many leading production companies. 2.2 The company has requested BIF grant support because they have submitted a tender for a live TV Sports Events in the UK; the tender is for the period Currently the company do not have enough technical resources to cover all the events and would need to build another fully equipped unit to cover off the events that they cannot facilitate at the moment, capital spend is at a value of c 1.8m, with a BIF Grant requirement of 275k. 2.3 The company has prepared a Risk Assessment highlighting key risks associated with the project. 2.4 Investment in Company 0024 will generate 24 new jobs by March 2019 and significant income growth. This is a good exemplar of value for money for the region with new job creation. 3. Consideration of alternative approaches 3.1 Company 0024 have been unable to secure the full amount of investment they require from the marketplace. The absence of the grant would have a significant impact upon the growth and sustainability of the company and prevent the project from progressing in its current form. It is important that businesses across the UK can access the finance and management skills they need to grow. SCR in order to achieve their strategic objective are creating the right conditions for companies to invest for the long term. 4. Implications 4.1 Financial The total cost to the Business Investment Fund (LGF) for this project is: Total project costs: 1,800,000 Grant request: 275,000 Page 6
9 4.2 Legal 275,000 from the BIF (LGF) is sought to support this project. The BIF grant represents 15.3% of the total investment required which is within the GBER State Aid limit. All approvals will be subject to a standard funding agreement, to include any scheme specific conditions as appropriate. For schemes under 2m LGF value these will be issued and managed by the Managing Agent (SCC). Over 2m LGF value will be issued and managed by the SCR MCA in accordance with the approved terms and conditions. 4.3 Risk Management All grant recipients agreements have contractual milestones and performance reviews as standard clauses. These form the basis of robust project management and are reviewed on a monthly basis. Underperforming projects will be subject to clawback. 4.4 Equality, Diversity and Social Inclusion 5. Communications By increasing profitability, the organisation may safeguard current roles and is creating 24 new jobs which supports more opportunities for residents within the SCR area. 5.1 As BIF is funded utilising the LEP LGF allocation, publicity regarding the award will follow the standard protocols for the award of LGF with the applicant upon receipt and acceptance of the grant funding note. 6. Appendices/Annexes 6.1 Annex A exempt from publication under paragraph 3, part 1, section 12A of the Local Government Act REPORT AUTHOR Andy McKenna POST AFCoE Adviser Officer responsible Helen Lazarus Organisation Sheffield City Region Executive Helen.Lazarus@sheffieldcityregion.org.uk Telephone Background papers used in the preparation of this report are available for inspection at: 11 Broad Street West, Sheffield S1 2BQ Other sources and references: Page 7
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13 Agenda Item 5 Business Investment Fund Panel Date Investment Proposal - Company 0071 Purpose of Report The purpose of this report is to provide the information required to support the proposal to provide a BIF (LGF) grant of 35,000 to Company Thematic Priority Ensure new businesses receive the support they need to flourish Facilitate and proactively support growth amongst existing firms Freedom of Information This paper will be available under the Combined Authority Publication Scheme. Annex A of this paper is exempt under paragraph 3, part 1, section 12A of the Local Government Act Recommendations The BIF Panel are asked to consider and agree the proposed grant, to enable the Head of Paid Service (or his appointed delegate) to enact the decision under the delegation made by the MCA. 1. Introduction 1.1 The Business Investment Fund (BIF) strategy was approved by the MCA and LEP in 2015 with the purpose of enabling more companies within the City Region to access external finance to grow, modernise or sustain their activities. 1.2 To be eligible to make an application, businesses must: Be located in the Sheffield City Region and paying business rates to: Barnsley, Bassetlaw, Bolsover, Chesterfield, Derbyshire Dales, Doncaster, Rotherham or Sheffield. Applications for BIF are also considered from businesses looking to locate into the above areas; Be viable, demonstrating growth or potential to grow and operating from commercial premises; Be able to demonstrate that their project would not go ahead in the City Region, either as quickly or at the same scale without grant support i.e. a clear case for grant must be demonstrated and the applicant can evidence that they have exhausted the traditional funding markets; Page 21
14 Be a project that will create net new jobs in the region; Be planning expenditure, broadly in line with the following; o Capital equipment, machinery or tools; o Alterations to land and/or premises to meet the needs of the business Not use the award for working capital or research and development purposes. 1.3 All BIF applications are appraised using the Green Book methodology, following the agreed SCR Assurance Framework for use of Local Growth Fund (LGF) leading to a cost/benefit appraisal of each proposed investment. Further to unanimous agreement by the Panel the MCA has delegated authority to the Head of Paid Service (or his delegate in this case Mike Thomas the SCR MCA / LEP Senior Finance Manager) to approve grants and loans of up to 2m LGF. 1.4 For grants or loans of over 2m, the SCR Assurance Panel will recommend a decision for consideration by the BIF Panel prior to progressing to the MCA, who make the decision regarding financial approval and award of contract. The Statutory Officers may be given delegated authority by the MCA to agree the terms and conditions of any grant or loan award, within the parameters agreed by the MCA. 2. Proposal and justification 2.1 Company 0071 has over the last 12 months seen a significant increase in product enquiries but have been unable to secure all of the orders due to insufficient capacity to manufacture within acceptable times. Sales have increased over the last 12 months and they are experiencing an increased order book; they now need to upgrade some of their machinery to enable them to meet demand. In addition, the company plan to install new CAD software which will enable them to offer bespoke CAD drawings of customer requirements. 2.2 The company has requested grant support to enable it to invest in new machinery, this will include the purchase of a Laser Engraving Machine, Centreless Grinding Machine and a Speed Hone Machine. The three machines are on approximately 8-week delivery and the company will be introducing all items over a 3-4-month schedule. 2.3 The company has prepared a Risk Assessment highlighting key risks associated with the project. 2.4 Investment in Company 0071 will generate four new jobs which will be three machine operatives and a sales engineer. 3. Consideration of alternative approaches 3.1 Company 0071 has secured the following financial support: 100,000 loan/af via Victor Finance indicative approval provided, 15,000 from company cashflow. The business is taking on significant debt to fund the project and combined with the new asset finance leaves the business unable to secure further debt beyond where they are now. Without grant support the project would be downsized until the business could fund the gap, job creation would be delayed as the jobs are connected to the machines to be purchased. BIF (LGF) funding is supporting the SCR in creating the right conditions for companies to invest for the long term and achieve their strategic objectives of creating the right conditions for companies to invest for the long term. 4. Implications 4.1 Financial The total cost to the Business Investment Fund (LGF) for this project is: Total project costs: 150,000 Page 22
15 4.2 Legal Grant request: 35,000 35,000 from the BIF (LGF) is sought to support this project. The BIF grant represents 23% of the total investment required which is within the GBER State Aid limit - the maximum under GBER for this applicant would be 30%. All approvals will be subject to a standard funding agreement, to include any scheme specific conditions as appropriate. For schemes under 2m LGF value these will be issued and managed by the Managing Agent (SCC). Over 2m LGF value will be issued and managed by the SCR MCA in accordance with the approved terms and conditions. 4.3 Risk Management All grant recipients agreements have contractual milestones and performance reviews as standard clauses. These form the basis of robust project management and are reviewed on a monthly basis. Underperforming projects will be subject to clawback. 4.4 Equality, Diversity and Social Inclusion 5. Communications By increasing capabilities, the organisation is creating three new skilled machinist jobs and a sales engineer which supports more opportunities for residents within the SCR area. 5.1 As BIF is funded utilising the LEP LGF allocation, publicity regarding the award will follow the standard protocols for the award of LGF with the applicant upon receipt and acceptance of the grant funding note. 6. Appendices/Annexes 6.1 Annex A exempt from publication under paragraph 3, part 1, section 12A of the Local Government Act REPORT AUTHOR Andy McKenna POST AFCoE Adviser Officer responsible Helen Lazarus Organisation Sheffield City Region Executive Helen.Lazarus@sheffieldcityregion.org.uk Telephone Background papers used in the preparation of this report are available for inspection at: 11 Broad Street West, Sheffield S1 2BQ Other sources and references: Page 23
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19 Agenda Item 6 Business Investment Fund Panel Date Investment Proposal - Company 0069 Purpose of Report The purpose of this report is to provide the information required to support the proposal to provide a BIF (LGF) grant of 210,000 to Company Thematic Priority Ensure new businesses receive the support they need to flourish. Facilitate and proactively support growth amongst existing firms Freedom of Information This paper will be available under the Combined Authority Publication Scheme. Annex A of this paper is exempt under paragraph 3, part 1, section 12A of the Local Government Act Recommendations The BIF Panel are asked to consider and agree the proposed grant, to enable the Head of Paid Service (or his appointed delegate) to enact the decision under the delegation made by the MCA. 1. Introduction 1.1 The Business Investment Fund (BIF) strategy was approved by the MCA and LEP in 2015 with the purpose of enabling more companies within the City Region to access external finance to grow, modernise or sustain their activities. 1.2 To be eligible to make an application, businesses must: Be located in the Sheffield City Region and paying business rates to: Barnsley, Bassetlaw, Bolsover, Chesterfield, Derbyshire Dales, Doncaster, Rotherham or Sheffield. Applications for BIF are also considered from businesses looking to locate into the above areas; Be viable, demonstrating growth or potential to grow and operating from commercial premises; Be able to demonstrate that their project would not go ahead in the City Region, either as quickly or at the same scale without grant support i.e. a clear case for grant must be demonstrated and the applicant can evidence that they have exhausted the traditional funding markets; Be a project that will create net new jobs in the region; Page 45
20 Be planning expenditure, broadly in line with the following; o Capital equipment, machinery or tools; o Alterations to land and/or premises to meet the needs of the business Not use the award for working capital or research and development purposes. 1.3 All BIF applications are appraised using the Green Book methodology, following the agreed SCR Assurance Framework for use of Local Growth Fund (LGF) leading to a cost/benefit appraisal of each proposed investment. Further to unanimous agreement by the Panel the MCA has delegated authority to the Head of Paid Service (or his delegate in this case Mike Thomas the SCR MCA / LEP Senior Finance Manager) to approve grants and loans of up to 2m LGF. 1.4 For grants or loans of over 2m, the SCR Assurance Panel will recommend a decision for consideration by the BIF Panel prior to progressing to the MCA, who make the decision regarding financial approval and award of contract. The Statutory Officers may be given delegated authority by the MCA to agree the terms and conditions of any grant or loan award, within the parameters agreed by the MCA. 2. Proposal and justification 2.1 The proposed investment by Company 0069 is an inward investment project from a UK startup company. The business will be a research and development facility which undertakes some commercial 3D print work on a commercial basis to support the research activity. This new company will base itself in Rotherham which will include capital investment in a rented unit at the location. 2.2 The company has requested grant support for the first year as the most financially challenging because there is a significant set up cost of the facility in the City Region. The soft launch of the commercial operation is scheduled for December 2018 and the preferred site in SCR is due to the central location between academic institutions within the UK or internationally with access to world leaders in the field. 2.3 The company has prepared a Risk Assessment highlighting key risks associated with the project. 2.4 Investment in Company 0069 will generate 7.5 new job roles in the first 3 years for highly skilled scientists and engineers alongside a recruitment programme for PhD students. The company will buy 3D printers in years 2 and 3 as they will need to be able to trial precommercial materials and experimental processes. However, in year one it is intended to lease a machine (a proportion of the costs included as R&D) as it will be partly used to generate commercial sales. There is a suitable office/workshop space at the Rotherham site which can be fitted out to include the required climate control. The R&D spend includes personnel, materials and printer lease costs and overheads. 3. Consideration of alternative approaches 3.1 Company 0069 have been unable to secure the full amount of investment they require from the marketplace because R&D funding is a challenge to procure for a business of this kind. The company is willing to invest their own funds; however, the project does require BIF (LGF) support to allow the project to move forward. The absence of the grant would have a significant impact upon the project starting. Page 46
21 4. Implications A Do nothing approach would potentially prevent the organisation locating in the Sheffield City Region and SCR BIF (LGF) support will not only help the company come to the region but also establishes a highly innovative research and development organisation within SCR. It is important that businesses across the UK can access the finance and management skills they need to grow. BIF (LGF) funding is supporting the SCR in creating the right conditions for companies to invest for the long term. 4.1 Financial 4.2 Legal The total cost to the Business Investment Fund (LGF) for this project is: Total project costs: 1,829, Grant request: 210, ,000 from the BIF (LGF) is sought to support this project. The BIF grant represents 11.5% of the total investment required which is within the GBER State Aid limit. All approvals will be subject to a standard funding agreement, to include any scheme specific conditions as appropriate. For schemes under 2m LGF value these will be issued and managed by the Managing Agent (SCC). Over 2m LGF value will be issued and managed by the SCR MCA in accordance with the approved terms and conditions. 4.3 Risk Management All grant recipients agreements have contractual milestones and performance reviews as standard clauses. These form the basis of robust project management and are reviewed on a monthly basis. Underperforming projects will be subject to clawback. The main areas identified in the detailed risk analysis relate to technical challenges from competitors and legal risks around IP etc. The company has the expertise and experience to put in place processes to mitigate as much of this risk as possible. 4.4 Equality, Diversity and Social Inclusion The organisation will create up to 7.5 direct jobs and there will be additional jobs created over the project timeline across a range of disciplines which include researchers, CAD designers, production, marketing and administration. The company will also look to establish direct links with the universities and develop a PHD programme for further developing skills in this sector, subsequently creating more opportunities for residents within the SCR area. 5. Communications 5.1 As BIF is funded utilising the LEP LGF allocation, publicity regarding the award will follow the standard protocols for the award of LGF with the applicant upon receipt and acceptance of the grant funding note. 6. Appendices/Annexes 6.1 Annex A exempt from publication under paragraph 3, part 1, section 12A of the Local Government Act Page 47
22 REPORT AUTHOR Tim O Connell (consultant for RIDO - Joanne Flanagan) POST RIDO Officer responsible Helen Lazarus Organisation Sheffield City Region Executive Helen.Lazarus@sheffieldcityregion.org.uk Telephone Background papers used in the preparation of this report are available for inspection at: 11 Broad Street West, Sheffield S1 2BQ Other sources and references: Page 48
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25 Agenda Item 7 Business Investment Fund Panel Date BIF Project Change Request Ref 0023 Purpose of Report This report details a request by Company 0023 to extend the project completion deadline by 12 months. Thematic Priority Ensure new businesses receive the support they need to flourish. Facilitate and proactively support growth amongst existing firms Freedom of Information This paper will be available under the Mayoral Combined Authority Publication Scheme. Appendix 1 of this paper is exempt under paragraph 3, part 1, section 12A of the Local Government Act However, an anonymised version has been included in the public paper pack. Recommendations The BIF Panel are asked to review the change request and provide advice and recommendations to the Mayoral Combined Authority (MCA). 1. Introduction 1.1 The Business Investment Fund (BIF) strategy was approved by the MCA and LEP in 2015 with the purpose of enabling more companies within the City Region to access external finance to grow, modernise or sustain their activities. 1.2 The project for Company 0023 was approved in January 2017.Company 0023 was awarded 650,000 Grant to improve production efficiency. 1.3 The change request is only an extension to enable Company 0023 to complete spending. 2. Proposal and justification 2.1 Company 0023 is currently below expenditure target due to delays with completing groundworks required for new machines and changes to the machine specification; subsequently impacting on installation and commissioning timescales. Page 75
26 2.2 The last claim submission (Q ) provided expenditure forecasts which suggested a project extension would be adequate, with the Progress Report confirming that all groundworks were now complete and commissioning was underway. 3. Consideration of alternative approaches 3.1 The alternative is not to allow the project extension. On the basis that the Managing Agent is confident that the outstanding costs are committed and considering that Company 0023 have reportedly exceeded their contracted jobs target; a request to extend the contract duration by 12 months due to delays is common for this type of project. 4. Implications 4.1 Financial The project change request requires all spend by Company 0023 to be completed as contracted by 18/19. If the contract is not extended then Company 0023 will not be able to draw-down the remaining funds of 214, Legal All approvals are subject to a standard funding agreement, for schemes under 2m LGF value the agreement will be issued and managed by the Managing Agent (SCC), the project change request will require a letter to be sent to the applicant for a contract variation. 4.3 Risk Management A monitoring visit was undertaken on 9th May 2018 to audit the reported expenditure and jobs safeguarded, clarify the reasons for the project delays and determine the length of the required extension. 4.4 Equality, Diversity and Social Inclusion The organisation will safeguard 639 jobs subsequently protecting roles and enabling the company to complete its project. Company 0023 intend to enable more opportunities for residents within the SCR area. 5. Communications 5.1 As BIF is funded utilising the LEP LGF allocation, publicity regarding the award will follow the standard protocols for the award of LGF with the applicant upon receipt and acceptance of the grant funding note. 6. Appendices/Annexes 6.1 Annex A exempt from publication under paragraph 3, part 1, section 12A of the Local Government Act Page 76
27 REPORT AUTHOR Laura Wheatley POST Managing Agent Sheffield City Council Officer responsible Helen Lazarus Organisation Sheffield City Region Executive Telephone Background papers used in the preparation of this report are available for inspection at: 11 Broad Street West, Sheffield S1 2BQ Other sources and references: Page 77
28 Appendix 1 Company: 0023 Business Investment Fund BIF Project Change Request Location: Sheffield City Region Date: 17 th July 2018 The document sets out a request for a change to a previously approved project. BIF Panel Members are invited to provide advice and recommendations to the MCA where appropriate. For further information on the project, speak to Laura Wheatley on Table One Approved Project Metrics Total Project Cost 6,500, LGF Requested 650, Jobs Safeguarded 639 Cost Per Job 1,017 Intervention Rate 10% Delivery Deadline 31 st March 2018 Table Two Outturn at March 18 Total Project Cost 4,353,935 LGF Requested 435,394 Jobs Safeguarded 652 Cost Per Job 667 Intervention Rate 10% Background 0023 are one of the largest manufacturers and employers in Sheffield, and a global strategic supplier to a variety of sectoral and geographical markets. Performance to Date Expenditure outturn at March 18 was c30% below target due to delays with completing groundworks required for new machines, and changes to the machine specification; subsequently impacting on installation and commissioning timescales. A monitoring visit was undertaken on 9 th May 2018 to audit the reported expenditure and jobs safeguarded, clarify the reasons for the project delays and determine the length of the required extension. Completion of the audit remains outstanding as we await the requested evidence. Page 78
29 Recommendation To extend the project completion deadline by 12 months, on the proviso that the company commits to safeguarding the target 639 Jobs for a further 12 months to March 2020 and that they must spend what they have contracted to do in 18/19. BIF Panel Members are invited to provide advice and recommendations to the MCA with regards to the change request recommendation. BIF Programme Panel Comments: I agree/disagree with the above recommendation. If you disagree, please explain your reasons below. Also, if you agree, but would like to add further relevant comments, please do so below. Please then sign and return a scanned copy of the document. Additional Comments: Signature: Date: Page 79
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33 Agenda Item 8 Business Investment Fund Panel Date BIF Programme Management Report Purpose of Report This report provides an update on the overall programme position in relation to expenditure and employment impact of both the Business Investment Fund and Regional Growth Fund programmes, and addresses queries or issues arising in relation to individual projects. Thematic Priority Ensure new businesses receive the support they need to flourish. Facilitate and proactively support growth amongst existing firms Freedom of Information This paper will be available under the Mayoral Combined Authority Publication Scheme. Appendix 1 of this paper is exempt under paragraph 3, part 1, section 12A of the Local Government Act However, an anonymised version has been included in the public paper pack. Recommendations The BIF Panel are asked to review the performance monitoring report and identify any issues. Page 85
34 Business Investment Fund and Regional Growth Fund Programme Management Report July Introduction 1.1 This report provides an update on the overall programme position in relation to expenditure and employment impact of both the Business Investment Fund and Regional Growth Fund programmes, and addresses queries or issues arising in relation to individual projects. 2. Programme Update - BIF Page 86 BIF Allocation Total programme allocation for this FY of 16,565,365. The BIF profile summary table below provides analysis of the profiled expenditure against the annual BIF allocation. The table illustrates that the programme is under budget for the current and slightly over budget for next FY. The following notes apply: o The FY18/19 and 19/20 profiles include 763k and 6.4m respectively of pipeline projects that may not come to fruition. o The committed costs (approved / contracted) for FY18/19 are 10.4m and 5.3m respectively. The commitment of 10.4m for FY18/19 results in headroom of 6.1m against the allocation of 16.5m. This gap is largely due to inward investment schemes currently changing profile. The 3 projects being put forward for approval at this meeting are forecast to draw down 345,499 BIF this year.
35 BIF Profile: Total BIF awarded to date = 33,510,562 representing 64% of the total programme budget of 52m. Total active BIF pipeline to 2020/21 of c 6.4m ( 1.3m indigenous, 5.1m inward investment projects); equating to a programme commitment of c76%. Page BIF Updates The 31st March 2018 saw the end of the delivery period for a total of 11 projects; the following projects have underperformed: Company Reference Clawback Value Status 0015 N/A; 39,796 remaining grant left to draw Delays to machinery procurement; extension of 6 months approved subject to provision of Purchase Order Company Reference and Project Overview Clawback Value Status 0004; Office premises refurbishment 0009; Acquisition of company assets 12,750 in respect of shortfall against the jobs target 6,429 in respect of shortfall against the jobs targets Company has entered CVL; Managing Agent in the course or registering the SCR CA as a creditor. The beneficiary does not wish to challenge claw back and this is in the course of being recovered.
36 ; Investment in wholesale brewery operation 12,813 in respect of shortfall against the jobs target Managing Agent has formally communicated the claw back liability. We await confirmation as to whether they wish to pursue a Change Request or enter into the claw back process. 2.2 BIF Indigenous Strand Page 88 Current average cost per job 5,270 including safeguarded jobs (slightly up from 5,156 in the April report) Average Intervention Rate 15% (no change) Risk Monitoring: no further updates since last report. The next set of claim returns are due in mid-july Project Updates Company Ref 0064: At the June Board meeting, members approved a grant of 119,654 conditional on an associated company providing a guarantee; associated company has subsequently confirmed their willingness to act as guarantor. 2.3 BIF Inward Investment Strand
37 2.3.1 Project Updates Company Ref 0066: the project was approved at the CA board meeting in June; extract from the minutes of the meeting as follows: The Authority was presented with information supplementary to that presented at item 19. RESOLVED, that the Authority approves the award of 4.1m for the Inward Investor project for Business Investment Fund (BIF) funding noting that the agreed payment profile for the 50% repayable element will be formalised following this decision. 2.4 BIF - Other Investments Page Company Ref 0045, loan of 500,000: Further to the company entering administration in 2018, discussions are ongoing with respect to recovering the 175k in respect of the parent company guarantee. 3. Programme Update - RGF 3.1 RGF Programme Funding Contracted Proportionate Target Outturn RGF 32,000,000 28,250,136 28,250,136 Other Private Investment 129,579, ,551, ,622,899 Total 161,579, ,801, ,873,035 Employment Impact Contracted Proportionate Target Outturn New Jobs Created 1,986 1,753 2,158 Jobs Safeguarded Total 2,858 2,523 2,650 No change since previous report
38 MI Average Intervention Rate across the programme remains at 17%. Average Cost Per Job, Jobs Created and Jobs Safeguarded combined, of 10,646 (slight reduction from last report). 3.2 RGF Update Project Recommendation The previous report documented the final project recommendation, in respect of RGF Company reference Due to time constraints the matter was not discussed, it is therefore included in this report at Appendix 1 (Exempt). Page 90 For clarity, this recommendation sets out the approach which has been agreed by Sheffield City Council, acting in their capacity of Accountable Body for the RGF funds, with the objective of arriving at an alternative arrangement that gives them the opportunity to remedy the breach against the RGF Funding Agreement. However, the claw back of 1.5m against that contract absolutely still stands, and will be activated in the event the company does not satisfy the requirements of the new agreement. Observations / advisory comments from BIF board members are welcomed. RGF Accountable Body and BIF Managing Agent Delivery Team Author: Laura Wheatley
39 Appendix 1 RGF Claw Back Project Recommendation RGF Company reference 0016 Sheffield Potential Claw back Value: 1,595, in respect of job creation Project metrics This was an early RGF project with RGF Company ref The focus of the project was the installation of a hydraulic extrusion and description press at the company s Sheffield site. CONTRACTED TARGETS RGF: 2,000,000 TOTAL: 32,280,000 JOBS: 47 (by March 2016) OUTTURN RGF: 2,000,000 TOTAL: 36,309,961 JOBS: 0 Page 91 Background Opportunity for further delivery Recommendation Almost immediately after the investment, the client suspended all future orders for a 2 year period. More broadly, RGF Company ref 0016 experienced a 79% collapse in the mineral extraction market and a 60% drop in oil and gas. All of this coincided with RGF Company ref 0022 taking over RGF Company ref In doing so, their priorities were to stabilise the business including reductions in headcount; making key investments in areas such as health and safety; and to modernise key parts of the plant. RGF Company ref 0022 now has a clear growth strategy for the Sheffield/Rotherham sites. This runs through to 2022 and whilst it only demonstrates a modest increase in headcount, it does project capex of 30m plus in general factory improvements, hammer refurbishment, site links and testing and machining capacity. Clawback of 1.5m would not have a major financial impact on a company of this size. They are committed to the Sheffield site and the capability it brings to the group and it is important that we continue to build that relationship. Overall, the business invested more than originally envisaged in the press and that should be recognised. The business is absolutely clear about the situation it is in and understands that grant clawback is a reasonable and feasible action in the circumstances. They are committed to long term growth in Sheffield, although can t commit to significant headcount increases; that would not be consistent with their strategy for the next 5 years. The MA are proposing to suspend clawback action until 2021 and suggest that they monitor a range of indicators to track the growth in GVA delivered by RGF Company ref 0022 to the Sheffield/SCR economy. We will track on-going CAPEX, headcount costs and supply chain impact and so long as these remain on a positive trend, we would propose not to penalise them for the lack of job growth.
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