Top 10 Investments

The top ten investments by current value at 30 September 2017 illustrate the diversity and size of investee companies within the portfolio.

This financial information is taken from publicly available information, which has been audited by the auditors of the investee companies.

 
1 STAFFLINE GROUP PLC Nottinghamshire
STAFFLINE GROUP PLCBaronsmead Venture Trust only

Original Cost: £174,000
Valuation: £7,813,000
Valuation basis: Last Traded Price
% of equity held: 2.40%

Year ended 31 December2016
2015

£ million£ million
Sales882.4702.2
Pre-tax profits36.7*28.3
Net Assets83.773.2
No. of Employees2,7933,768

(Source: Staffline Group plc, Annual Report, 31 December 2016)

*excludes non-underlying results

Staffline is a specialist blue-collar labour supplier. Instead of serving clients from its branches, Staffline operates from client premises, providing a full on-site outsourcing service. This approach transformed the business from a regional temporary staff provider into a national innovative business.

By the time of Staffline's flotation on AiM in 2004, its Onsite business was operating in 35 locations. Since IPO, sales have grown from £49.0m to £882.4m.

www.staffline.co.uk

2 CREW CLOTHING HOLDINGS LTD London
CREW CLOTHING HOLDINGS LtdBaronsmead Venture Trust only

Original Cost: £2,904,000
Valuation: £5,023,000
Valuation basis: Earnings Multiple
% of equity held: 15.10%

Year ended 30 October2016
2015

£ million£ million
Sales58.355.0
Pre-tax profits(2.8)(2.6)
Net Assets0.33.3
No. of Employees427411

(Source: Crew Clothing Holdings Ltd, Report and Financial Statements 30 October 2016)

* 53 week period ended 30 October 2016

** Year ended 25 October 2015

Crew Clothing Co. is an English clothing brand with a wide range of active, outdoor and casual wear for men and women. Since it was founded in 1993, the brand has evolved into the fast growing premium active and casual wear sectors, but retained its unique heritage and positioning. Today it is a well known and respected clothing brand in the UK.

The business is a multi-channel retailer with its own branded retail estate, wholesale accounts and e-commerce channels. Growth will come from a targeted store roll out and further e-commerce sales.

www.crewclothing.co.uk

3 NETCALL PLC Hertfordshire
Netcall PlcBaronsmead Venture Trust only

Original Cost: £1,738,000
Valuation: £4,754,000
Valuation basis: Bid Price
% of equity held: 6.90%

Year ended 30 June2017
2016

£ million£ million
Sales16.216.6
Pre-tax profits1.71.7
Net Assets21.022.6
No. of Employees169156

(Source: Netcall plc, Annual Report and Accounts, 30 June 2016)

Netcall is one of the UK’s leading providers of customer engagement solutions. They support organisations to deliver outstanding customer service and achieve a realistic return on their investment. Some of the challenges their solutions can help overcome include customer contact across multiple channels, resource utilisation, improving customer satisfaction ratings, process automation, unifying communications effectively and maximising available budget.

Currently over 700 organisations in the Public, Private and Healthcare markets use one or more of the Netcall solutions which include contact management, business process management, workforce optimisation and enterprise content management.

www.netcall.com

4 BIOVENTIX PLC Surrey
Create Health LtdBaronsmead Venture Trust only

Original Cost: £454,000
Valuation: £4,673,000
Valuation Basis: Bid Price
% of equity held: 3.40%

Year ended 30 June2016
2015

£ million£ million
Sales5.54.3
Pre-tax profits4.23.1
Net Assets8.26.6
No. of Employees1413

(Source: Bioventix plc, Annual Report and Accounts, 30 June 2016)

Bioventix manufactures and supplies high affinity sheep monoclonal antibodies for use in diagnostic applications such as clinical blood testing. The Company was founded in 2003 as a biotechnology company and their strategy is to identify new or existing commercial assays for which there is a need for improved antibodies. They supply antibodies to almost all of the global multinational immunodiagnostics companies. Since the Baronsmead VCTs first invested in 2013, the Company has tripled its revenues and profits.

www.bioventix.com

5 PHO HOLDINGS LTD London
PHO HOLDINGS LtdBaronsmead Venture Capital Trust only

Original Cost: £1,982,000
Valuation: £4,204,000
Valuation basis: Earnings Multiple
% of equity held: 11.10%

Year ended 28 February2016*
2015**

£ million£ million
Sales19.414.1
Pre-tax profits0.00.0
Net Assets4.54.7
No. of Employees399290

(Source: Pho 2012 Limited, Directors’ Report and Financial Statements, 28 February 2016)

*52 week period ended 28 February 2016

**53 week period ended 1 March 2015

Pho is a fast casual restaurant chain serving Vietnamese food. Pho – a noodle soup – is the national dish of Vietnam. Pho also offers an array of Vietnamese dishes, coffee, beer and fresh juices.

Pho was founded in 2005 and now operates from 25 sites in an array of channels: London High St sites (e.g. Soho, Clerkenwell); regional sites (e.g. Brighton, Leeds); and food courts in shopping centres (e.g. Westfield).

www.phocafe.co.uk

6 IDOX LTD Berkshire
idox PlcBaronsmead Venture Trust only

Original Cost: £614,000
Valuation: £4,147,000
Valuation Basis: Last Traded Price
% of equity held: 1.60%

Year ended 31 October2016
2015

£ million£ million
Sales76.762.2
Pre-tax profits13.09.8
Net Assets65.253.6
No. of Employees676572

(Source: IDOX Annual Report & Accounts 2016)

IDOX group is a leading software and information management solutions provider, providing local authorities with software and managed services. These deliver seamless integration and automation from consumer websites through to document storage. In the private sector, its engineering information management software combines McLaren and CTSpace, who are leaders in their markets.

The Baronsmead VCTs first invested in IDOX in 2002, approximately two years after the company floated on AIM. Over the last decade IDOX has shown strong growth through a combination of organic growth and acquisition, and is now seeking to diversify from its core local authority markets into the private sector to become a leading player in industries such as oil, gas and pharmaceuticals.

www.idoxgroup.com

7 HAPPY DAYS CONSULTANCY LTD Cornwall
Happy Days Consultancy LtdBaronsmead Venture Capital Trust only

Original Cost: £3,420,000
Valuation: £4,114,000
Valuation basis: Earnings Multiple
% of equity held: 25.70%

Year ended 31 December2016
2015

£ million£ million
Sales7.06.2
Pre-tax profits(1.8)(1.6)
Net Assets(4.2)(2.5)
No. of Employees309258

(Source: H. Days Holdings Ltd, Annual Report and Financial Statements 31 December 2016)

Happy Days is a leading child day care and early years education provider operating from 18 settings across the South West. The business focuses on delivering outstanding quality childcare in premium settings within its geographic markets.

The investment from the BVCTs has enabled Happy Days to continue its UK organic expansion strategy through the funding of new leasehold nursery settings in attractive markets.

www.happydaysnurseries.com

8 IDEAGEN PLC Nottinghamshire
Create Health LtdBaronsmead Venture Trust only

Original Cost: £1,350,000
Valuation: £4,012,000
Valuation Basis: Bid Price
% of equity held: 2.50%

Year ended 30 April2017
2016

£ million£ million
Sales27.121.9
Pre-tax profits0.71.0
Net Assets46.433.7
No. of Employees305248

(Source: Ideagen Plc, Annual Report and Accounts, 30 April 2017)

Ideagen is a governance, risk management and compliance ("GRC") software and solutions business operating predominantly in the healthcare, transport, aerospace & defence, manufacturing and financial services sectors. It provides content lifecycle solutions that enable organisations to meet their regulatory and compliance standards, helping them to reduce corporate risks and deliver operational excellence. Its solutions cover enterprise and incident risk management, operational safety and quality management, audit risk management, and also content and clinical solutions for the NHS. Since the Baronsmead VCTs invested the company has executed an active buy-and-build strategy in the GRC software market to add capability and build on its market position.

www.ideagen.com

9 CAROUSEL LOGISTICS Ltd Sittingbourne
Create Health LtdBaronsmead Venture Trust only

Original Cost: £1,910,000
Valuation: £3,823,000
Valuation Basis: Earnings Multiple
% of equity held: 12.00%

Year ended 31 December2016
2015

£ million£ million
Sales21.416.8
Pre-tax profits2.01.7
Net Assets4.12.4
No. of Employees9271

(Source: Carousel Logistics Limited Financial Statements, 31 December 2016)

Carousel Logistics based in Kent, designs and manages bespoke supply chain management solutions for clients with time critical, challenging or high touch customer care needs. Carousel has a wide range of international clients for whom it delivers a complete integrated service including e-fulfilment, procurement, warehousing, distribution, reverse logistics and international in-night services. Livingbridge will continue to support Carousel’s continued business expansion within the UK and Europe.

During the year Carousel acquired Munich based Fourth Party Logistics provider, LSi, to increase network reach across Europe, establish new overseas offices and create additional client wallet share opportunities. This purchase was funded by debt.

www.carousel.eu

10 CABLECOM II NETWORKING HOLDINGS Ltd Somerset
CABLECOM  II  NETWORKING  HOLDINGS  LtdBaronsmead Venture Capital Trust only

Original Cost: £2,500,000
Valuation: £3,779,000
Valuation basis: Earnings Multiple
% of equity held: 4.00%

Year ended 31 October2016
2015

£ million£ million
Sales27.617.5
Pre-tax profits7.0(6.6)
Net Assets(24.5)*(17.5)*
No. of Employees188104

(Source: Cablecom Bidco Limited Report and Financial Statements 31 October 2016)

*Negative net assets due to investment structure.

CableCom Networking is the market leader in providing managed communication services to high density accommodation throughout the UK serving the student, keyworker and residential markets. Under long term contracts, it manages the full range of communication services including broadband, telephony and TV. Since investment, the proposition has been transformed by adding additional services such as a fully interactive web portal offering a wide range of services to both the accommodation owner and user.

CableCom continues to broaden its service offer into new adjacent markets, through the recent acquisitions of utilities payment service provider, Glide, and business park broadband provider, WarwickNet.

www.cablecomnetworking.co.uk