Top 10 Investments
The top ten investments by current value at 30 September 2011 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 NEXUS VEHICLE HOLDINGS LIMITED Leeds
Vehicle RentalBaronsmead VCT 2
Cost: £2,367,000
Valuation: £5,627,000
Valuation basis: Earnings Multiple
% of equity held: 12.62%
| Year ended 30 September | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 33.0 | 19.2 |
| EBITA | 4.0 | 2.0 |
| Profit/(Loss) before tax | 1.3 | (0.3) |
| Net Assets/(Liabilities) | 0.8 | (0.2) |
| No. of Employees | 73 | 32 |
(Source: Nexus Vehicle Holdings Limited, Financial Statements 2010)
Nexus is a supplier of car and van rental, providing a comprehensive procurement service for corporate users which delivers access to a huge range of rental suppliers and vehicle types from a single ordering point. The system is internet based and offers extensive capabilities at the same time as cost effective supply.
2 CABLECOM NETWORKING HOLDINGS LIMITED Clevedon
Internet access solutionsBaronsmead VCT 2
Cost: £1,381,000
Valuation: £3,686,000
Valuation basis: Earnings Multiple
% of equity held: 10.56%
| Year ended 30 September | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 8.2 | 8.1 |
| EBITA | 0.9 | 0.9 |
| Loss before tax | (0.5) | (0.4) |
| Net Assets | 0.5 | 0.9 |
| No. of Employees | 52 | 40 |
(Source: CableCom Networking Holdings Limited, Audited Annual Report and Accounts 2010)
CableCom's primary business is to deliver and manage wired and wireless broadband communication services to high density accomodation such as student halls of residences. These managed services are provided through long term contracts. In addition the business installs networked communication systems for corporate customers.
3 CREW CLOTHING HOLDINGS LIMITED London
Multi-channel clothing retailerBaronsmead VCT 2
Cost: £984,000
Valuation: £2,714,000
Valuation basis: Earnings Multiple
% of equity held: 5.41%
| Year ended 31 October | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 34.6 | 29.3 |
| EBITA | 2.7 | 0.8 |
| Profit before tax | 2.0 | 0.2 |
| Net Assets | 3.8 | 2.3 |
| No. of Employees | 284 | 273 |
(Source: Crew Clothing Holdings Limited, Consolidated Financial Statements 2010)
Crew is a British brand of men’s and women’s casual upmarket clothing and accessories. All products are designed in-house and its range is sold through its own estate of retail outlets and also through its own website and via various wholesale accounts.
4 IDOX PLC London
Local Authority IT ProviderBaronsmead VCT 2
Cost: £1,038,000
Valuation: £2,440,000
Valuation basis: Bid Price
% of equity held: 3.21%
| Year ended 31 October | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 31.3 | 32.2 |
| EBITA | 7.5 | 6.6 |
| Profit before tax | 4.9 | 4.5 |
| Net Assets | 31.0 | 28.2 |
| No. of Employees | 332 | 304 |
(Source: IDOX plc Annual Report and Accounts 2010)
IDOX provides software and IT Services to the UK local government market. The group has a dominant market position in Planning Department Systems and a growing penetration of other local government functions.
5 CSC (WORLD) LIMITED Pudsey, Leeds
(A trading name of Cobco 867 Limited)Structural engineering software
Baronsmead VCT 2
Cost: £1,606,000
Valuation: £2,148,000
Valuation basis: Earnings Multiple
% of equity held: 8.81%
| Year ended 31 March | 2011 |
2010 |
|---|---|---|
| £ million | £ million | |
| Sales | 7.3 | 6.4 |
| EBITA | 2.3 | 1.9 |
| Loss before tax | (0.4) | (0.8) |
| Net Liabilities | (1.3) | (0.6) |
| No. of Employees | 58 | 55 |
(Source: Cobco 867 Limited, Directors Report and Consolidated Financial Statements 2011)
CSC World Limited (CSC) is the UK market leading structural engineering software company based in Leeds. The Company supplies engineering calculation software, building design software and analysis packages including TEDDS, Fastrak and Orion to corporate businesses worldwide, with a substantial presence in South East Asia.
6 KAFEVEND HOLDINGS LIMITED Crawley
Drinks VendingBaronsmead VCT 2
Cost: £1,252,000
Valuation: £2,039,000
Valuation basis: Earnings Multiple
% of equity held: 15.79%
| Year ended 30 September | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 15.6 | 14.7 |
| EBITA | 2.0 | 1.9 |
| Profit before tax | 0.8 | 0.5 |
| Net Assets | 1.2 | 0.8 |
| No. of Employees | 95 | 98 |
(Source: Kafevend Holdings Limited, audited Annual Report and Accounts 2010)
Kafevend provides a comprehensive hot drinks vending service across the UK. It supplies corporate customers with a range of vending machines typically on rental or lease terms, and then supplies consumables and machine servicing.
7 STAFFLINE GROUP PLC Nottingham
Labour outsourcingBaronsmead VCT 2
Cost: £249,000
Valuation: £2,013,000
Valuation basis: Bid Price
% of equity held: 4.23%
| Year ended 31 December | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 206.2 | 115.0 |
| EBITA | 7.8 | 3.7 |
| Profit before tax | 7.0 | 3.5 |
| Net Assets | 30.5 | 26.1 |
| No. of Employees | 319 | 243 |
(Source: Staffline Group plc Financial Statements 2010)
Staffline Group is the leading provider of specialist blue-collar labour outsourcing solutions to the UK industry, with particular expertise in food processing.
8 FISHER OUTDOOR LEISURE HOLDINGS LIMITED St. Albans
Supplying the cycling industryBaronsmead VCT 2
Cost: £1,423,000
Valuation: £1,777,000
Valuation basis: Earnings Multiple
% of equity held: 10.45%
| Year ended 31 January | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 26.5 | 22.2 |
| EBITA | 2.3 | 1.8 |
| Profit before tax | 0.7 | 0.1 |
| Net Assets | 1.4 | 1.0 |
| No. of Employees | 96 | 83 |
(Source: Fisher Outdoor Leisure Holdings Limited, Directors Report and Financial Statements 2010)
Fisher is a key supplier of bicycle parts and accessories to chains, on-line retailers and independent shops. It has exclusive rights to promote and distribute some of the key international branded products within the UK and also has some own branded products.
9 VALLDATA GROUP LIMITED Wiltshire
Process outsourcer to the charity sectorBaronsmead VCT 2
Cost: £1,616,000
Valuation: £1,616,000
Valuation basis: Cost
% of equity held: 8.92%
| Year ended 31 March | 2011 |
2010** |
|---|---|---|
| £ million | £ million | |
| Sales | 6.3 | 5.4 |
| EBITA | 0.9 | 0.8 |
| Profit before tax | 0.8 | 0.7 |
| Net Assets | 0.6 | 0.4 |
| No. of Employees | 292 | 234 |
(Source: Valldata Services Limited, Directors Report and Financial Statements 2011)
** Restated
Wiltshire based Valldata is the UK's leading provider of outsourced donation processing and fulfilment services for the UK not-for-profit market, servicing over fifty of the largest UK charities. Every year Valldata manages over 8 million interactions with donors and efficiently process over £100 million of donated funds.
10 INSPIRED THINKING GROUP LIMITED Birmingham
Retail marketing servicesBaronsmead VCT 2
Cost: £796,000
Valuation: £1,275,000
Valuation basis: Earnings Multiple
% of equity held: 4.95%
| Year ended 31 August | 2010 |
|
|---|---|---|
| £ million | ||
| Sales | 12.9 | |
| EBITA | 0.5 | |
| Profit before tax | 0.4 | |
| Net Assets | 0.9 | |
| No. of Employees | 96 |
(Source: Insipred Thinking Group Holdings, Directors Report and Consolidated Financial Statements for year ended 31 August 2010)
Inspired Thinking Group (ITG) provides services that help large marketing departments operate more efficiently, including improved procurement of artwork and print management. The new funding was used to acquire Total Marketing Service, a provider of workflow management systems to marketing departments.