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Cheshire East ‘Helping your business grow’ lunch event
Alderley Park6 December 2016
Hilary CentelegheSenior Growth Manager – Growth team
Business Growth Hub
Agenda• 12.00pm – Welcome and agenda, Hilary Centeleghe, Senior Growth Manager, Business Growth Hub • 12.10pm – Welcome and introduction to the Business Support offering, Philip Kerr, Senior Investment Manager, The Skills and Growth
Company • 12.15pm – Guest speaker – Growth: Katie Bancroft, Managing Director, Talent HR
• 12.30pm – Guest speaker – A2F: Elizabeth Thomas, Co-Founder and CEO, Alderley Analytical • 12.45pm – Q&A
• 12.55pm – Closing remarks • 01.00pm – Lunch and networking
• 02.00pm – Event close
Our Support Services – Cheshire EastGrowth ServicesBusiness Strategy
MarketingRestructuring/change
managementNew premises & planning
Meet the buyer
Access to FinanceInvestment readiness
Introduction to specialist lenders
Innovation Support Access GM & Cheshire Life Sciences FundCollaboration with R&D facilities e.g. HEIs
Innovation coachingInnovate UK
EEN/Boost4Health
Cheshire Manufacturing Growth Service
• Grant fund for SME manufacturers.• Impartial manufacturing expertise to assess opportunities.• Recommendations to unlock growth and achieve improvements in
productivity and competitiveness. • Revenue grant for additional consultancy support. • £10K projects with 30% grant.• In-scope Projects: Innovation, sales strategies, business systems,
operational efficiencies and excellence.
Contact us to find out moreMARK RENSHAWAccess to Finance Advisor – Cheshire EastMobile: 07714 765998Email: [email protected]
Phone: 0161 359 3050
Email: [email protected]
www.businessgrowthhub.com
@bizgrowthhub +Businessgrowthhub Business Growth Hub
Contact us to find out moreCHRIS GUNNINGBusiness Growth Advisor – Cheshire EastMobile: 078315 543604Email: [email protected]
Phone: 0161 359 3050
Email: [email protected]
www.businessgrowthhub.com
@bizgrowthhub +Businessgrowthhub Business Growth Hub
Philip KerrSenior Investment Manager
The Skills and Growth Company
Performance Framework
Philip KerrSenior Investment ManagerThe Skills & Growth Company
Performance Framework
Everyone deserves the opportunityto succeed and every business the opportunity to thrive.
Performance
Skills & Employment
Innovation & Growth
Business Support& Investment
Business Functions
• Top 100• HGSMEs• Rural Business• Inward Investors
Performance Framework
Local Knowledge & ConnectionsDedicatedAccount Managers
• Single point of contact• Detailed analysis and Growth Plan• Fast-track access to support
Intro toCouncilServices
• Planning & Assets• Regulatory Services• Highways & Parking
CommercialPropertyService
• Property finding service• Bespoke research and analysis• Advice on business rate discounts
Performance Framework
Enabling Development
• Growing Places Fund• Enterprise Zones• Inward Investment
Providing Specialist SupportAccess toBusinessFinance
• Sourcing commercial finance• Support with funding applications• External funding providers
Innovation& GrowthExpertise
• Bespoke business planning advice• Identify challenges and opportunities• Access specialist programmes
MeetingYourNeeds
• Travel planning service• Energy and resource efficiency • Selling to the public sector
Skills &TrainingSupport
• Training Needs Analysis• Advice on Apprenticeship Levy• Engagement with local schools
Sector Specific SupportManufacturing
• Manufacturing Support Service• Product Development Expertise• Process Improvement
Creative &Digital
• Digital 20:20 • WEAVE ‘Sector Taskforce’• Digital Growth Fund
LifeSciences
• GM & Cheshire Life Science Fund• Science Corridor Enterprise Zone • BioHub – managed workspace
Rural &AgriTech
• Business planning• Identifying relevant funding streams• Help with application process
Case Studies
www.skillsandgrowth.co.ukTwitter: @SkillsandGrowth
Katie BancroftManaging Director
Talent HR
A Story of Growing Talent
Katie Bancroft, Managing
Director
A Single Idea…#hrwithpersonality
#notapushyrecruiter
Expectations…
The ‘Learning’ Points Identity, ideas and intelligence Marketing to the market Focus with absolute clarity
‘The Talent partner of choice’A Single Mission
Thank you
Elizabeth ThomasCo-Founder and CEOAlderley Analytical
ALDERLEY ANALYTICAL
Investment for growth
Elizabeth ThomasCEO
2014 Winner of the Cheshire East “Start up of the Year” award
About Us• Alderley Analytical is a strategically well placed, specialist, bioanalytical Contract Research
Organisation (CRO) offering value enhancing, differentiated services to a range of clients. The company has GLP/GCP (regulatory) accreditation
• A USP for the company is the ability to take in-depth bioanalytical knowledge of a drug from the discovery phase and, with GLP/GCP accreditation, into the development (clinical) phase ensuring early knowledge of the molecule is not lost. To date this has been the domain of larger, more generalist, less flexible CRO’s
• The company was set up (in Alderley Park) in Jan 2014 by 4 industry experts with over 100 years experience in tier 1 CRO’s and top ten Pharma who identified the above gaps in the CRO market, backed up by market research
2014 Winner of the Cheshire East “Start up of the Year” award
Technology – Investment from world largest instrument manufacturers
• We have access to industry leading instrumentation and “next generation” instruments providing us with a competitive edge.
• Two of the world’s largest Instrument manufacturers, Waters and Thermo Fisher Scientific have set up collaborations with us and have placed some of the ‘next generation’ instruments in our lab
2014 Winner of the Cheshire East “Start up of the Year” award
Why are our services needed?• Bioanalysis is the quantification of a drug in the body at a particular time. It is essential for the
pharmaceutical industry. It ultimately ensures that the right dose of medicine gets to the right patient, saving or enhancing lives.
• Increased level of outsourcing within the Pharmaceutical industry.
• Limited number of niche, specialist bioanalytical providers who also have GLP/GCP accreditationOur primary customers
• Pharmaceutical Companies• Biotechnology Companies• Clinical CRO’s• Hospitals• Academic Institutions
Human and Animal Health
New target customers• Agrochemical Companies• Cosmetic Industry• Veterinary Care• Personal Care
2014 Winner of the Cheshire East “Start up of the Year” award
Our Challenges• Cost of laboratory facilities and equipment
• Building a solid customer base
• Being viewed as ‘risky’ by customers as we were new, small, potentially financially unstable
• Being viewed as ‘risky’ by potential (institutional) investors as we were new, small, potentially financially unstable. Investors not willing to consider £600K investment at this early stage.
Example of customer feedback – ‘We really like you guys and you have fantastic skills and knowledge. We would like to work with you but you would need to have at least 3 instruments and about 9 people before we could seriously consider it’
2014 Winner of the Cheshire East “Start up of the Year” award
Reacting to our challenges
• Initially self-funded, short term only
• Basic Marketing, business cards, ‘flyers’
• Used our networks – calls, emails, visits
• Researched new companies/customers – calls, emails, visits
• Explored the possibility of securing £300K as a first investment
2014 Winner of the Cheshire East “Start up of the Year” award
Investment - First round
2014 Winner of the Cheshire East “Start up of the Year” award
• In July 2014 Alderley Analytical recognised that £600K investment would be required to create a viable bioanalytical CRO. However, we received feedback that we should look to secure a smaller amount to allow us to grow which would then provide some comfort for future investors.
• In Q4 2014 we engaged with A2F and some Institutional Investors. Pitched to Business Angels and Institutional Investors and had some interest from both groups. Speaking to colleagues in the BioHub and other life science companies it ‘felt’ that we should be looking to get investment from Institutional Investors, and look to them for follow in money.
• In May 2015, after many meetings and financial discussions, we secured £300K investment - £200K from APV (Alderley Park Venture Fund) and £100K from Spark (North West Fund for Biomedical). This was APV’s first investment.
Investment - Second Round
2014 Winner of the Cheshire East “Start up of the Year” award
• First round Investment allowed the company to grow – from 4 to 6 people, 2 instruments, increased revenues
• In January 2016 we started to think about second round investment of £300K. We had received indications of follow on support for up to 50% of the amount sought £150K) from APV but Spark did not have a suitable fund so they were unable to follow on.
• Pitched again to Institutional Investors early March 2016. Had some interest but it was really slow and felt obstructive at times. We didn’t feel that this was right for us
• Contacted A2F (John Moore) on 23 March 2016 to see if they could help.
Investment - Second Round
2014 Winner of the Cheshire East “Start up of the Year” award
• Several very useful coaching calls and meetings with A2F (John Moore)
• 6 minute presentation rehearsed and finalised
• Pitched to NWBA for £150K on 11 May 2016, Manchester
Outcome
2014 Winner of the Cheshire East “Start up of the Year” award
• Spoke to 4 Business Angels at the end of the pitching event on 11 May 2016
• Two additional Business Angels contacted me by email in the following week. Sent out business plan and financial information to all 6 Business Angels. Meetings, more questions, more financial information. More meetings, more questions, more financial information. More meetings….
• Received offers of £350K – we had only pitched for £150K
• Secured £300K from NWBA, did not take any further investment from Institutional Investors
• Deal Signed 18 Nov 2016
Lessons Learned
2014 Winner of the Cheshire East “Start up of the Year” award
• Securing investment can take a lot of time and effort
• Ask for help. There are a lot of people and sources out there, and some are here today
• Institutional Investors and Business Angels can be quite different. eg Institutional Investors may want preference shares or non dilution clauses but they might have a better understanding of your business sector. Business Angels may be more willing to get involved and help with ‘business’ experience eg sales, marketing etc
• Always consider what help you need and what help an investor can bring you
• Your requirements will probably change over time
Thank you for listening
2014 Winner of the Cheshire East “Start up of the Year” award
Elizabeth Thomas
Tel: 07710 658068Email: [email protected]: www.alderleyanalytical.com
Q&A
Hilary CentelegheSenior Growth Manager – Growth team
Business Growth Hub
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