Top 10 Investments

The top ten investments by current value at 30 September 2016 illustrate the diversity and size of investee companies within the portfolio.

This financial information is taken from publicly available audited accounts of the investee companies.

 

1 IDOX PLC Berkshire
idox Plc Baronsmead Venture Trust only

Original Cost: £1,028,000
Valuation: £7,555,000
Valuation Basis: Last Traded
% of equity held: 3.15%

Year ended 31 December2015
2014

£ million£ million
Sales62.660.7
EBITA17.415.6
Net Assets53.648.6
No. of Employees572554

(Source: IDOX Annual Report & Accounts 2015)

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 has diversified from its core local authority markets.

www.idoxgroup.com

2 NETCALL PLC Hertfordshire
Netcall Plc Baronsmead Venture Trust only

Original Cost: £1,738,000
Valuation: £5,249,000
Valuation basis: Bid Price
% of equity held: 7.15%

Year ended 30 June2016
2015

£ million£ million
Sales16.617.2
EBITA4.35.0
Net Assets22.622.7
No. of Employees156148

(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

3 CREW CLOTHING HOLDINGS LTD London
CREW CLOTHING HOLDINGS Ltd Baronsmead Venture Trust only

Original Cost: £2,904,000
Valuation: £5,023,000
Valuation basis: Earnings Multiple
% of equity held: 13.40%

Year ended 25 October2015
2014

£ million£ million
Sales55.059.2
EBITA2.01.1
Net Assets4.65.8
No. of Employees411401

(Source: Crew Clothing Holdings Ltd, Report and Financial Statements 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, respected and aspirational clothing brand in the UK.  The business is a multi-channel retailer with its own significant retail estate, online sales, wholesale accounts and direct mail order channels. It is growing by expanding all these routes to market as the brand grows in presence.

www.crewclothing.co.uk

4 CREATE HEALTH LTD London
Create Health Ltd Baronsmead Venture Trust only

Original Cost: £1,906,000
Valuation: £4,800,000
Valuation Basis: Earnings Multiple
% of equity held: 11.48%

Year ended 31 March2015
2014

£ million£ million
Sales7.64.9
EBITA1.41.1
Net Assets4.53.3
No. of Employees9058

(Source: Create Health Ltd Abbreviated Accounts  31 March 2015)

Create Health is a renowned fertility clinic specialising in Natural and Mild In Vitro Fertilisation (IVF) and In Vitro Maturation (IVM). Natural and Mild IVF uses lower levels of drugs making it cheaper, safer and healthier for the mother and baby.

Its leading edge fertility service has an international reputation through its research and development of advanced ultrasound techniques, IVM and the one stop fertility MOT.

www.createhealth.org

5 TASTY PLC London
Tasty Plc Baronsmead Venture Capital Trust only

Original Cost: £1,188,000
Valuation: £4,045,000
Valuation basis: Bid Price
% of equity held: 5.00%

Year ended 27 December2015
2014

£ million£ million
Sales35.829.7
EBITA3.32.8
Net Assets22.319.6
No. of Employees846642

(Source: Tasty Plc, Report and Financial Statements 27 December 2015)

Tasty plc is a branded restaurant operator in the UK casual dining market. Tasty’s two core trading brands are dim t and Wildwood restaurants. Wildwood serves pizza, pasta and grills and offers customers a warm, homely and rustic feeling and trades across 50 sites nationally. dim t serves pan Asian food with Dim Sum and offers customers a modern, ethnic and relaxed feel, trading from six units. It is primarily more London focused, positioned in high footfall areas. With both brands now established and the group having achieved critical mass Tasty is continuing its national roll-out. Tasty’s highly regarded management team have prior experience of opening over 20 restaurants a year and have critical knowledge of the UK property market, which underpin this strategy.

www.dimt.co.uk

6 HAPPY DAYS CONSULTANCY LTD Cornwall
Happy Days Consultancy Ltd Baronsmead Venture Capital Trust only

Original Cost: £3,420,000
Valuation: £4,005,000
Valuation basis: Earnings Multiple
% of equity held: 25.74%

Year ended 31 December2015
2014

£ million£ million
Sales6.25.7
EBITA(0.5)(0.4)
Net Assets8.85.5
No. of Employees258212

(Source: H. Days Holdings Ltd, Annual Report and Financial Statements 31 December 2015)

Happy Days is a leading child day care and early years education provider operating from 17 settings across the South West of England. The business focussed on delivering outstanding quality childcare in premium settings within its geographic markets.

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

www.happydaysnurseries.com

7 PHO HOLDINGS LTD London
PHO HOLDINGS Ltd Baronsmead Venture Capital Trust only

Original Cost: £1,982,000
Valuation: £3,851,000
Valuation basis: Earnings Multiple
% of equity held: 11.08%

Year ended 1 March2015*
2014

£ million£ million
Sales14.19.7
EBITA0.90.4
Net Assets2.01.3
No. of Employees290205

(Source: Pho Holdings Ltd, Directors’ Report and Financial Statements 1 March 2015)

*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 offers an array of Vietnamese dishes. Pho was founded in 2005 and now operates from 19 sites in an array of channels: London high street sites (e.g. Soho, Clerkenwell); regional sites (e.g. Brighton, Leeds); and food courts in malls (e.g. Westfield).

www.phocafe.co.uk

8 DODS (GROUP) PLC London
DODS (GROUP) plc Baronsmead Venture Capital Trust only

Original Cost: £2,210,000
Valuation: £3,777,000
Valuation basis: Bid Price
% of equity held: 8.23%

Year ended 31 December2016
2015

£ million£ million
Sales19.618.3
EBITA2.30.2
Net Assets25.724.6
No. of Employees210268

(Source: Dods (Group) plc, Annual Report & Accounts, 31 March 2016)

Dods (Group) Plc operates in the political communications market, delivering quality information and intelligent solutions across all media platforms to both the public and private sectors. Their aim is to drive personal and professional improvement to enable their customers to know more and perform better. Dods provides political information and public affairs communications in the UK and European Union and learning and training to the UK public sector.

The group currently employs over 200 people and operates at the forefront of its selected growth markets in the UK, France and Belgium, providing their customers, partners and the public with the skills, intelligence and platforms needed to engage effectively across the spheres of politics, public sector administration and public affairs.

www.dodsgroupplc.com

9 CABLECOM II NETWORKING HOLDINGS LTD Somerset
CABLECOM  II  NETWORKING  HOLDINGS  Ltd Baronsmead Venture Capital Trust only

Original Cost: £2,500,000
Valuation: £3,187,000
Valuation basis: Earnings Multiple
% of equity held: 4.92%

Year ended 31 October2015
2014

£ million£ million
Sales17.517.9
EBITA1.92.0
Net Assets(17.5)*(10.9)*
No. of Employees10483

(Source: Cablecom Bidco Limited Report and Financial Statements 31 October 2015)

*Negative net assets due to investment structure.

CableCom Networking are the market leaders 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.

In October 2013, BVT realised a multiple of 4.8x the cost of its initial phase of investment and continues to support CableCom having reinvested a proportion of these proceeds in a minority stake in the company

www.cablecomnetworking.co.uk

10 CAROUSEL LOGISTICS LTD Kent
CAROUSEL LOGISTICS Ltd Baronsmead Venture Capital Trust only

Original Cost: £1,912,000
Valuation: £3,062,000
Valuation Basis: Earnings Multiple
% of equity held: 12.04%

Year ended 31 December2015
2014

£ million£ million
Sales16.816.3
EBITA1.71.6
Net Assets2.42.2
No. of Employees7163

(Source:  Carousel Logistics Limited Financial Statement 31 December 2015)

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 support Carousel’s continued business expansion within the UK and continental Europe.

www.carousel.eu