Top 10 Investments
The top ten investments by current value at 31 December 2010 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 REED & MACKAY HOLDINGS LIMITED London
High quality business travelBaronsmead VCT 3
Cost: £1,211,000
Valuation: £4,779,000
Valuation basis: Earnings Multiple
% of equity held: 9.49%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 16.0 | 16.0 |
| EBITA | 3.5 | 2.7 |
| Profit before tax | 2.4 | 1.6 |
| Net Assets | 3.9 | 2.3 |
| No. of Employees | 218 | 221 |
(Source: Reed & Mackay Holdings Limited, Report and Financial Statements 2010)
Reed & Mackay provides specialist business travel management services to professional services firms and corporates.Its high touch service has been developed to deliver the complex travel requirements demanded by high performing clients from the legal, financial, insurance and entertainment sectors.
2 NEXUS VEHICLE HOLDINGS LIMITED Leeds
Vehicle rental supplierBaronsmead VCT 3
Cost: £2,368,000
Valuation: £4,182,000
Valuation basis: Earnings Multiple
% of equity held: 12.62%
| Year ended 30 September | 2009 |
2008* |
|---|---|---|
| £ million | £ million | |
| Sales | 19.4 | 6.9 |
| EBITA | 2.2 | 0.4 |
| Loss before tax | (0.1) | (0.5) |
| Net Assets | 0.3 | 0.2 |
| No. of Employees | 32 | 22 |
(Source: Nexus Vehicle Holdings Limited, Financial Statements 2009)
* Accounts for a 9 month period.
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.
3 CREW CLOTHING HOLDINGS LIMITED London
Multi-channel clothing retailerBaronsmead VCT 3
Cost: £984,000
Valuation: £2,569,000
Valuation basis: Earnings Multiple
% of equity held: 5.72%
| Year ended 25 October | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 29.3 | 22.0 |
| EBITA | 0.8 | 1.4 |
| Profit before tax | 0.2 | 0.8 |
| Net Assets | 2.3 | 2.3 |
| No. of Employees | 273 | 209 |
(Source: Crew Clothing Holdings Limited, Consolidated Financial Statements 2009)
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 CABLECOM NETWORKING HOLDINGS LIMITED Clevedon
Internet access solutionsBaronsmead VCT 3
Cost: £1,381,000
Valuation: £2,490,000
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 accommodation 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.
5 KAFÉVEND GROUP LIMITED Crawley
SME drinks vendingBaronsmead VCT 3
Cost: £1,252,000
Valuation: £2,032,000
Valuation basis: Earnings Multiple
% of equity held: 15.79%
| Year ended 30 September | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 14.7 | 16.1 |
| EBITA | 1.0 | 1.1 |
| Profit before tax | 1.0 | 1.2 |
| Net Assets | 3.5 | 2.7 |
| No. of Employees | 98 | 107 |
(Source: Kafevend Group Limited, audited Annual Report and Accounts 2009)
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.
6 QUANTIX LIMITED Nottingham
(A trading name of Newincco 635 Limited) Oursourced database maintenance
Baronsmead VCT 3
Cost: £1,194,000
Valuation: £2,025,000
Valuation basis: Earnings Multiple
% of equity held: 11.40%
| Year ended 30 September | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 8.6 | 8.3 |
| EBITA | 1.6 | 1.2 |
| Profit/(Loss) before tax | 0.2 | (0.3) |
| Net Assets | 0.7 | 0.7 |
| No. of Employees | 46 | 42 |
(Source: Newincco 635 Limited, audited Annual Report and Accounts 2009)
Quantix operates in the growing field of IT outsourced services. It provides remote maintenance and support to corporates that use large databases, saving them the cost of employing specialist expertise in house. It also provides consultancy and product sales for database and IT security applications.
7 ILS GROUP LIMITED Alloa
Acute domiciliary careBaronsmead VCT 3
Cost: £1,161,000
Valuation: £1,849,000
Valuation basis: Earnings Multiple
% of equity held: 16.18%
| Year ended 30 September | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 16.5 | 12.7 |
| EBITA | 1.8 | 1.8 |
| Profit before tax | 0.1 | 0.6 |
| Net Assets | 0.9 | 0.9 |
| No. of Employees | 1,133 | 838 |
(Source: ILS Group Limited, Directors Report and Financial Statements 2009)
ILS is one of the leading providers of acute domiciliary care in Scotland. ILS trained carers provide services in the home for care users on behalf of its Local Authority customers. As well as growing from winning new contracts as LAs outsource more work, ISIS has supported four acquisitions to date.
8 FISHER OUTDOOR LEISURE HOLDINGS LIMITED St. Albans
Supplying the cycling industryBaronsmead VCT 3
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 CSC (WORLD) LIMITED Leeds
(A trading name of Cobco 867 Limited)Software for Structural Engineers
Baronsmead VCT 3
Cost: £1,606,000
Valuation: £1,687,000
Valuation basis: Earnings Multiple
% of equity held: 8.81%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 6.4 | 6.6 |
| EBITA | 1.9 | 1.9 |
| Loss before tax | (0.8) | (1.0) |
| Net (Liabilities)/Assets | (0.6) | 0.3 |
| No. of Employees | 55 | 51 |
(Source: Cobco 867 Limited, Directors Report and Consolidated Financial Statements 2010)
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.
10 IDOX PLC London
Local Authority IT ProviderBaronsmead VCT 3
Cost: £1,038,000
Valuation: £1,525,000
Valuation basis: Bid Price
% of equity held: 3.26%
| 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.