IW CAPITAL WINTER NEWSLETTER 2016

IW CAPITAL
WINTER
NEWSLETTER
2016
CEO COMMENT
2015 was a year of substantial growth and subsequent recognition for Britain’s businesses. Our private sector was labelled as the
hero of our recovering economy, and a vibrant SME market played a key role in this success. Assuming a colossal 99% of the UK’s
private sector, Britain’s diverse collection of SMEs boasts a combined turnover of £1.8 trillion and accounts for 60% of all private
sector employment.
The beauty of UK entrepreneurialism is not only its flare for exploring new territories, such as social lending and fintech, but also its
ability to stimulate traditional sectors such as manufacturing and construction. Sector-based employment in this area accelerated in
October to its fastest pace since November 2014.
2015 was also the year of a national agenda for regional business, with George Osborne developing plans to support his 2014
objectives for a Northern Powerhouse. In a bid to reinstate balance between the UK’s champion-cities, businesses across the nation
will be further supported by infrastructure improvements designed to heighten connectivity. In light of this, it was announced in 2015
that HS2 will receive additional stations to fortify links between the North and South.
October marked a pivotal moment for the Enterprise Investment Scheme (EIS), which has continued to support entrepreneurship in
Britain since its inception in the early 1990s. According to government calculations released in the final quarter of last year,
£12.3 billion in funds have been raised for the nation’s growing businesses. As one of the only remaining government-backed
tax incentive schemes, EIS is a cornerstone of support for British business, continuing to motivate investment into the nation’s
entrepreneurial spirit.
At IW Capital, our agenda for 2015 placed significant emphasis on the diversity of British entrepreneurship, supporting sectors that
range from fast-growing fintech to established manufacturing and construction. Reiterating our belief in the hotbed of investment
potential that is evolving across the UK, we fortified our investment team’s presence in Mayfair and in the North of England. We also
expanded our portfolio to more than 20 companies and delivered our largest investment to date.
This Winter Newsletter gives us the chance to showcase the fantastic, high-growth businesses that make up our portfolio and the
amazing work they have done in 2015. We have included the first of our bi-annual updates for you to review, including key company
highlights and leading media coverage.
Luke Davis
CEO, IW Capital
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CHANGES TO EIS – USING KNOWLEDGE TO NAVIGATE
Tariq Attia,
Head of Private Clients at IW Capital
In our last last bi-annual newsletter, Guy Rigby of Smith & Williamson discussed the
entrepreneurial revolution as a key factor in the recovery of our economy; sentiments
echoed by George Osborne in the latest Autumn Statement and Spending Review,
labelling the UK private sector as the catalyst for economic growth. True to form, the
nation’s entrepreneurs have continued to rally forward in the aftermath of the recession,
championing an infectious spirit and subsequent creation of around 600,000 new
businesses in 2015 alone. The figures defining Britain’s evolving business landscape are
nothing short of ground-breaking, ranging from a private sector consumed by a staggering
99% of SMEs and a business birth rate that is second only to China, according to figures
from UHY Hacker Young. In what can only be described as a perfect storm of distrust
towards institutional lenders, a nation of financially empowered consumers and a flurry of
brave self-starters, alternative finance is synonymous with the new, more confident face
of British business. The stats concur. As of 2015, it was estimated that £76 billion worth
of alternative finance is used each year to supply Britain’s army of rising companies with
much needed capital.
The Enterprise Investment Scheme (EIS) has proven to be a significant source of growth within the alternative finance ecosystem.
As we highlighted in the IW Capital Outlook for 2016 report, government data released in October indicated that £12.3 billion in
funds have been generated through the scheme since its inception in the early 1990s. The amount raised is testament to heightening
investor interest, which in part, is due to a sharp decline in credible opportunities outside of EIS that support an efficient, viable tax plan.
Serving as one of the last government-backed initiatives of its kind, 26,275 investors claimed Income Tax Relief through the scheme
in 2013-2014 – an increase of 21% on the previous year’s figures. As with any investment opportunity, stringent regulatory protection
is a must. In the last 12 months alone, tighter legislation has been introduced to adapt the UK EIS model into one more compliant
with EU laws surrounding state aid. The 2015 Summer Budget saw George Osborne announce revised legislation for the scheme, in
addition to the rules impacting the Seed Enterprise Investment Scheme (SEIS) and VCTs. Key regulatory shifts included restrictions
on investing in Management Buy-Outs (MBOs) or Management Buy-Ins (MBIs) and the lifetime limit of tax-efficient funding that a
company can raise has been lowered to £12 million or £20 million for knowledge intensive companies. Further changes also state
that existing VCTs cannot reinvest money raised from exits in a business that was previously eligible for relief (an MBO-backed deal
for example).
Towards the end of 2015, the Enterprise Investment Scheme Association (EISA) welcomed news that replacement capital may
now be considered within EIS and VCTs. Moving into 2016, further lobbying from the EISA, in partnership with The Association of
Investment Companies, the British Venture Capital Association and the UK Business Angels Association, aims to work alongside the
government to urge the European Commission to minimise the changes to EIS, SEIS and VCTs.
Effectively navigating the legal framework that protects investment opportunities such as EIS and SEIS could prove all-consuming
for an individual investor. IW Capital’s service proposition is heavily weighted around managing each opportunity in line with the
regulatory context it exists within, placing paramount focus on meticulous due diligence and overall return. This is only possible
with the intensive bedrock of knowledge that supports each and every decision we make, ranging from company selection and risk
evaluation to sector analysis and exit mapping. Over the course of 2016, we aim to share our knowledge with our stakeholders via
a new interactive website. In addition to market commentary and insights from our private equity team, we will also publish bitesize analysis and opinion on the matters that are relevant to efficient tax planning. Our new IW library will also feature research and
topical news surrounding the progression of British business, with a primary focus on EIS developments.
Looking ahead, it is vital for continued economic progression that entrepreneurial appetite and access to SME finance lies at the
heart of regulatory shifts imposed on EIS. The success of the scheme thus far is testament to a vibrant private sector and an
investment model that promotes fluid finance. In order for this trajectory to continue on an upward climb, a supportive body of
legislation that protects and promotes these very objectives is essential. With the support of the aforementioned trade bodies,
IW Capital intends to ensure the scheme remains a viable option for both SME progression and investor satisfaction - nationwide.
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Motivated by a firm belief in the diverse range of industries that build the nation’s benchmark business profile, 2016 will enable us
to further fortify our sector agnostic portfolio across the UK. Driven by an investment team whose presence will continue to grow
across the country, we will also invest further into our tech specialisms and subsequent portfolio acquisitions. Moreover, in the next
12 months, we will continue to review the highest calibre of opportunities for our client group, ensuring to maintain supportive and
transparent relationships by sharing expertise and relevant investment knowledge.
2015 was a year of continued success for IW Capital. Our EIS-eligible portfolio expanded, reinforcing the enduring importance of the
initiative for UK SMEs. The weight of the nation’s private sector was duly acknowledged by government; reaffirming our aspirations
at IW Capital, to encourage investment into homegrown enterprise. We have every faith in the long-term significance of EIS and the
determination of UK entrepreneurship.
I look forward to sharing our developments with you over the course of this next year.
Tariq Attia
Head of Private Clients
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Artemis Films Ltd
An independent British production company creating first-class,
globally-renowned films
Artemis Films Ltd was set up by Julia Taylor-Stanley in April 2008. The company’s vision
was to produce an array of high-quality films with commercial value and the ability to attract
international distribution. The company has had a very productive six months since the last
IW Capital update. Multi award-winning writer Paula Milne (The Politician’s Wife) has developed
a script for a new film about poet Elizabeth Barrett Browning, which has also attracted the
celebrated producer Kevin Loader to join Julia on production. Kevin has achieved great
success in the UK box office recently with Lady in the Van, starring Maggie Smith. The film took almost $7 million in just over a week.
Artemis and Kevin Loader are also producing The Racing Line, which tells the story of the Ferrari Formula One racing team in the
late 1950s. It came to Artemis’ attention that Michael Mann (Miami Vice, The Last of the Mohicans) planned to put his version of
the Ferrari film into production in early 2016, which he had been trying to make for 15 years. Although the project with Kevin Loader
plans to be very different, this film has been pushed back for 18 months so as not to compete with Michael Mann’s version. Instead,
Artemis is making a documentary alongside Michael’s production schedule. The budget for this project is considerably less, which
will enable Artemis to recover some of its development funding, proving to make the best commercial sense as a result. Negotiations
are underway with an award-winning director and, subject to finance closing, Artemis will begin the project next spring. The company
is also in talks with Shell to sponsor and promote the project.
Artemis’ Heart of a King project is almost ready to progress into the next stage and has received an offer of financing from
Embankment Films. The film echoes themes of Schindler’s List so Artemis has made contact with Steven Spielberg’s company with a
view to involving it in the project. The Creative Arts Agency is also supporting the project and Artemis is currently out to find directors.
Faithful, a film depicting the hedonistic period of the sixties and the destructive relationship between Marianne Faithfull and Mick
Jagger, has secured financing through Bankside and Headgear. Artemis is currently awaiting confirmation on the official attachment
of a director, which will enable the project to move forward. Rough Diamonds and Light Speed Dating also remain in development.
Julia at Artemis would like to thank everyone who invested and for their continued support.
COMPANY HIGHLIGHTS 2015
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Artemis worked with multi award-winning writer Paula Milne and celebrated producer Kevin Loader on a film about
Elizabeth Barrett Browning
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The company held discussions with an award-winning director for a film about the Ferrari Formula One racing team.
Subject to finance closing, this project will begin next spring
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Artemis made contact with Steven Spielberg’s company with a view to involving it in the Heart of a King project
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Billian
A utility company acquiring and commercialising a revolutionary new
recycled additive for road construction and maintenance - Paving Pellets
The last six months have been an exciting time for Billian. The company celebrated a key
development milestone, trialling a new volumetric process that enables utility and highway
maintenance contractors to make small quantities of hot-mix asphalt on site. By addressing
some of the core inefficiencies in small-volume street repairs, the Roadmender process is able
to deliver massive cost savings through the responsive, mobile and rapid delivery of asphalt.
Billian’s innovative approach to asphalt technologies received strong industry recognition throughout 2015. In November, the
Roadmender process was awarded the ‘Innovation Award’ at the annual award ceremony of the UK National Joint Utilities Group
(NJUG), a trade association representing utilities and their contractors on street work issues. Hosted by the Chair of the Transport
Select Committee, Louis Ellman MP, the NJUG awards recognise the leading utility-based technologies revolutionising the industry.
Following on from this success, the Roadmender process also won the award for ‘Excellence in Street Works’ as part of the 2015 Utility
Week Awards. Billian was also featured in two of the industry’s leading publications – Highways Magazine and Anglian Water News.
Since launching the product in June, Billian recently sold two machines to Clancy Docwra, a leading civil engineering contractor in
the UK. One of these new machines has been deployed as part of Clancy Docwra’s Anglian Water contract, and the other is being
used as part of the company’s Southern Water contract. A third machine has also been sold to Kier, a leading property, residential,
construction and services group, which is planning to use it as part of its construction process in Scotland.
Billian is currently in the process of gaining regulatory approval to expand its operations into motorway maintenance in 2016.
Once approved, Billian will continue to disrupt traditional utility processes by driving innovation in asphalt technologies.
Media Coverage
‘Innovating in the Utilities Industry’ - Highways Magazine, August/September 2015
Reinstatement teams are now able to make their own hot-mix asphalt directly at the job site, in just the quantity they need, thanks to
the invention of a mobile asphalt batch plant.
‘Roadmending Steams Ahead’ - Anglian Water News, September 2015
Anglian Water’s roadworks is set to become less disruptive thanks to a new machine that also promises to reduce time, waste and cost.
COMPANY HIGHLIGHTS 2015
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Billian’s Roadmending process won the National Joint Utilities Group annual ‘Innovation Award’
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Billian’s Roadmending process won the ‘Excellence in Street Works’ award as part of the Utility Week Awards
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Two Roadmending process machines were sold to Clancy Docwra
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Brewhouse and Kitchen
A collection of micro-breweries producing a range of cask ales and
complementary fresh food offerings across the UK
Brewhouse and Kitchen (B&K) has enjoyed a successful six months of growth and expansion.
The company’s offering of local, regional and international craft beers, complemented by food
matched menus, banquets and a new take on the traditional English pub décor has continued
to develop a strong customer base, ranging from beer connoisseurs to families. Over the
past six months, B&K has also refined its interactive service for customers seeking to learn
more about beer and food craft, including Beer Masterclasses, Brewing Experiences and Beer
Tastings. Highlights include a new arrangement with the Snaffling Pig Co to supply premium pork crackling products to B&K pubs.
This year saw B&K’s acquisition and refurbishment of new pubs across the UK. The company has successfully converted pubs in
Poole, Bristol, Highbury Corner and Gloucester Quays. In addition to this, two new B&K pubs are currently under development in
Bournemouth and Southbourne. Of these, B&K’s Southbourne pub will be the latest inclusion to the B&K network, due to open in late
February 2016. The company’s expansion does not stop there. Through its implementation of a refined franchise model, the team at
B&K has identified a number of target cities in the UK that are ideally suited to the company’s service proposition.
B&K has been fully committed in terms of capital since the early summer, but still enjoys a strong pipeline for acquisition. The
company’s growing relationship with Hot Copper Pub Company established in April this year has allowed B&K to grow the brand and
develop a new source of revenue through management and profit-based franchise fees.
As a result of changes introduced by the Finance Act, B&K is effectively closed for further EIS investment. Despite this, it is
continuing to field considerable interest from current investors who want to invest on an ordinary share basis. This option is currently
being investigated by the B&K head office. New equity coupled with a new bank facility would allow the company to buy more
freeholds this year, though this option is also still being reviewed.
In 2016, B&K will continue in its mission to deliver intriguing, authentic brewpubs where knowledgeable and attentive staff provide
exciting food and drinks. On path to become a leading brewpub operator in the UK, 2016 offers some exciting future prospects.
B&K’s head office will continue to implement a long-term business strategy to ensure the operational delivery of efficient and
expansive services. B&K will also take advantage of its growing brand reputation by developing a strong public presence through
available media channels. This year Chairman Kris Gumbrell was one of the judges for The Association of Licensed Multiple Retailers’
Operations Managers Awards.
Media Coverage
‘First Look Inside Brewhouse and Kitchen at Gloucester Quays’ - Gloucester Citizen, 21 August 2015
Beer lovers have been given a glimpse of how Brewhouse and Kitchen at Gloucester Quays will look ahead of its grand opening.
‘Premium Pork Crackling Finds New Market’ - Meatinfo.co.uk, 23 November 2015
The Snaffling Pig Co, a creator of premium pork crackling, is now supplying products to pub group Brewhouse and Kitchen
across the country.
‘Finalists Announced for ALMR Operations Managers Awards’ - Bar Magazine, 27 November 2015
Kris Gumbrell, chairman of Brewhouse and Kitchen, judges finalists announced for ALMR Operations Managers Awards.
COMPANY HIGHLIGHTS 2015
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Brewhouse and Kitchen has welcomed four new pubs to its expanding chain
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Brewhouse and Kitchen is anticipating the launch of two new pubs in 2016, one in Southbourne and one in
Bournemouth, with further plans for expansion across the UK
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Brewhouse and Kitchen’s new relationship with Hot Copper Pub Company has allowed the company to grow the brand
and develop a new source of revenue through management and profit-based franchise fees.
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Concrete Panel and Block Company
Based in Barlby, near Selby in North Yorkshire, the business manufactures
a range of concrete panels and concrete blocks for customers based in a
number of industries, including the industrial and agricultural shed-building
sectors
With the successful acquisition of the Concrete Panel Company in late June, the
amalgamated Concrete Panel and Block Company experienced a demanding Q3 and Q4 in
2015. With the barley harvest nearly surpassing 7.3 million tonnes, the agricultural cereal’s
sector placed significant upward pressure on storage facility demand.
During this busy period, the company transferred its operational management from the vendor’s team to the new management, all the
while running at record production levels. Panel manufacturing was at full capacity for July, August and September as parts of the
harvest were put back by wet weather.
As dairy and cattle farmers began housing their animals indoors, the company’s autumn sales in the agriculture sector saw a
seasonal swing to panels for livestock projects. Block sales were consistent with autumn projections, with the biggest order to date
being an order for over 500 Portawall Blocks for a major bulk handling project at a North East port.
2016 offers some exciting future prospects for the Concrete Panel and Block Company. Having successfully completed its merger
with the Concrete Panel Company, the newly formed business is looking to launch new winning methods while continuing to
establish new sales opportunities to both industrial and corporate customers.
COMPANY HIGHLIGHTS 2015
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The company successfully acquired Concrete Panel Company in July 2015.
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The company’s panel manufacturing capabilities were at full capacity in Q3 2015.
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The company sold over 500 Portawall Blocks for a major bulk handling order, setting a new record for the business
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Derby Street Films
Derby Street Films is a film-development business that finds stories and
develops them into commercially viable film proposals
Derby Street Films is a film-development business founded in 2012. The company is
currently composed of three vehicles – Derby Street Films, Derby Street Films II and Derby
Street Films III.
Derby Street Films II (DSF2) has been waiting to remove the director of The Englishman,
however Will Scully has decided to produce the film himself with Simon Brooks. DSF2 has
also received the rewritten first act for Land of the Living and is awaiting the rest of the script, however Olivier Megaton is still firmly
attached as director. The movie Cookie Jar will no longer have Jason Bateman as director, although he is still keen to star in it. The
movie still has an offer of finance from Darko.
The script for Herald is in a good position, with an excellent sizzle reel already produced. The movie’s director, Julius Onah is focused
on attaching a female lead, however the film will probably be sold at Cannes in May, with DSF2 aiming to begin production in H1
of 2016. Military Band has a writer lined up and they should begin work in a matter of weeks. Once directors Speck and Gordon are
happy with the script, they will commence casting with the aim of entering production in 2016. The script for 31 Dream Street has
been rewritten by Ben Elton and his director deal has been negotiated. The film is fully financed and, after Ben is happy with the
script, casting and production should begin this year.
Derby Street Films III (DSF3) is considering casting two YouTube stars for Parental Consent. This could prove very lucrative for DSF3,
as previous YouTube star movies have made many times their budget. DSF3 is looking to make Just My Imagination into an urban
film, and is in talks with a well-known urban producer, which could see the film go into production within the year. Adam Sandler has
read part of the script for Booze Buddies and has expressed an interest in starring in it. Financing is already in place for the film and
the aim is for production to begin by the middle of the year.
The producers of Second Born believe that the project could benefit from a new writer to take a second draft of the script to the ‘next
level.’ This is a large film with a likely budget of over $40 million and production is estimated to begin in 2017. The rewrite for Tiger’s
Curse should commence shortly. The writer has supplied a detailed treatment and the film should go into production in Q2.
Media Coverage
‘‘The One-Word Answer that Would Make Me Hire You’: City Superwoman Nicola Horlick Reveals the Secrets
to Start-Up Success’ - This is Money, 4 December 2015
In this interview, Nicola Horlick gives her tips to start and fund a successful startup. Derby Street Films is cited in her career timeline.
COMPANY HIGHLIGHTS 2015
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Actor Jason Bateman is interested to star in Cookie Jar, which still has an offer of finance from Darko
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Herald is likely to be sold at Cannes in May, with production set to begin in the first half of 2016
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Second Born is likely to have a budget of over $40 million and production is set to begin in 2017
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Ginx
The first international 24/7 channel that has turned video game content into
a channel themed around video games
2015 was a year that secured GINX’s leading reputation as an online channel dedicated
to video gaming. With access to 25 million homes across 41 territories, the channel has
extended its reach to 26 million individuals a month. Viewer ratings were also high, continuing
to rise by an average of 59% year on year. The company’s dedication to the video gaming
industry across all genres has created an audience ranging from hard-core gamers to families
and individuals interested in the latest industry trends.
At the close of 2015, GINX successfully received £540,000 from backers to help fund new apps for PS4 and Xbox One,
as well as growing the amount of global content it features. This funding will be used to help develop the GINX brand both in the
UK and internationally.
Looking to the year ahead, 2016 is set to be a year of expansion and growth for the team at GINX. As part of its efforts to increase
coverage, GINX will continue in its mission to launch its own dedicated channel on the Sky network in the UK. This represents part
of the company’s overall objective of increasing the amount of content broadcasted through television. One of GINX’s key clients,
Telekom Romania, has renewed the GINX channel carriage agreements, securing continued distribution to Telekom Romania’s one
million TV households for 2016. This sets an exciting precedent for the company’s future.
Media Coverage
‘Videogame Channel GINX Seeks £540,000 Through Crowdcube to Expand UK Distribution’
- Crowdfund Insider, 11 November 2015
GINX TV kicked off a campaign to raise £540,000 through crowdfunding platform, Crowdcube.
‘Tech Pitch: GINX TV’ - Startups.co.uk, 24 November 2015
Having been part of MTV Europe’s founding team, Michiel Bakker tells us about his new venture, GINX - a global video gaming
TV channel.
‘Video Game Channel GINX TV Nears £575,000 on Crowdcube’ - Crowdfund Insider, 30 December 2015
GINX TV has surpassed its initial £540,000 goal and is now nearing £575,000 thanks to 210 investors.
COMPANY HIGHLIGHTS 2015
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GINX remained the only international TV channel exclusively dedicated to all genres of video gaming, including eSports
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GINX exported its content to 41 countries including a mixture of cable and satellite platforms, and third-party
broadcasters
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GINX’s programmes are now available in 26 million homes globally, including almost four million households in the UK
via Virgin Media
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Globavista
The vessel and asset tracking products of choice, providing monitoring
systems and services to worldwide organisations
Founded in 2013 through an MBO, Globavista provides leading vessel tracking software and
hardware, selling into worldwide markets. Globavista has a strong presence in the marine,
fisheries and oil and gas exploration markets, supplying customers with systems to control
and monitor fleet and operating assets.
The Globavista software provides flexible and powerful web-based vessel tracking with intuitive tools to provide real time monitoring
and reporting. Its innovative features include an integrated weather zone and wave height forecast, multiple device support and
combined maritime and Google mapping. The tool also allows users to increase the transparency and accountability of a vessel fleet,
achieving greater control and ultimately reducing the operational costs of these assets. The hardware, Tracs-TDMA, is an intelligent
digital data peer-to-peer radio network that integrates advanced radio communications with GPS technology. It is a high accuracy
positioning and tracking product. The hardware technology is long established and was developed originally for military use.
Globavista’s maritime software business traditionally focused on delivering technology for government departments and medium
to large businesses. However, all vessels exceeding 300 gross tonnes are now required to carry an Automatic Identification System
(AIS). This means that vessel data has become far more readily available, which has subsequently broadened the market to include a
wider consumer base for vessel positioning and other associated information.
In response to this emerging opportunity Globavista is preparing to launch an e-commerce internet portal in February 2016. The
platform will enable an array of clients, ranging from individual enthusiasts to large corporations, to purchase vessel tracking and
management services online. AIS data will be incorporated with other sources of maritime-specific information, such as weather
conditions, sea-state, piracy incidents and cargo, to create a big data application for ship owners and operators, as well as port
management authorities. The development of the big data architecture that is required is currently in its final stages and has been
part-funded by UK government grants.
The entire Globavista web-presence will be replaced by all-new branding ‘Big Ocean Data,’ which will focus on positioning the
company as an industry leader in terms of product placing, pricing and capability span. The company will be targeting exciting new
sectors, with the new proposition including vessel management services for windfarm and offshore oil and gas installations.
To prepare for the February launch, two new salesmen were added to the Globavista team in September. The additional sales
resource will deal with the leads generated by the new portal that are not suitable for a direct e-commerce transaction or that require
bespoke software services. By combining the new e-commerce portal with the enhanced sales force, maritime software revenues are
expected to double by the end of 2016.
COMPANY HIGHLIGHTS 2015
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Globavista invested in product development, both in software (build of the portal) and hardware, set for strong
growth in 2016 and beyond
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The company hired two new salesmen in September 2015 to prepare it for an increase in lead generation in 2016
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The company has created a new e-commerce platform (SaaS), which is due to go live in February 2016. The web
presence and development will be under the new branding ‘Big Ocean Data’
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Halcyon Hotels and Resorts
A company that is busy assembling a new group of family-friendly luxury
hotels and resorts in the UK
Halcyon Hotels and Resorts plc acquires, develops, owns, and operates hotels. The company
was formerly known as Acraman (Halcyon) plc and changed its name to Halcyon Hotels and
Resorts plc in November 2010. Halcyon Hotels and Resorts plc was incorporated in 2010 and
is based in the UK.
Halcyon is busy assembling a new group of family-friendly luxury hotels and resorts in the UK.
Its first hotel acquisition is the Polurrian Bay Hotel, in Cornwall, which recently had a makeover.
The stunning Polurrian Bay is a luxury family hotel located on the cliffs of the Lizard Peninsula. The hotel’s classic Edwardian
style has been refurbished into a boutique seaside retreat, with sea-views from the lounges and restaurants, elegant rooms and
contemporary family rooms.
In August, Halcyon’s chairman, Martin Sherwood announced that trading in 2015 had ‘taken off’ and that the company’s growth
bodes well for the 18 new bedrooms that will be made available when the new villas hopefully come to fruition in the summer of
2016. The villas will be sold on a ‘sale and leaseback’ basis. Although smaller than originally planned due to planning restrictions, the
project is a very valuable one, both in terms of the development surplus it will yield and the high quality inventory available to the hotel.
Although achieving targeted growth at Polurrian Bay poses some challenges, the company has established direct relationships with
its guests and these should remain strong moving forward. The hotel’s general manager and the staff are determined to build an
improved customer experience, with a directed focus on growing the local food and drink side of the business as well as the Spa.
Against a backdrop of controlled wages, operating expenses and costs of sales margins, a great deal of attention has been placed
on developing a robust pipeline of future events, including corporate parties and exclusive-use weddings. This will help to support
occupancy rates during quieter periods.
This year marks the company’s five year anniversary. The company is now actively seeking to acquire other luxury hotels in the
south and west of England. 2016 promises to be another exciting year for Halcyon as it looks to expand its portfolio of luxury
hotels, building on the success of Polurrian Bay. Halcyon may have identified a very attractive luxury self-catering resort investment
opportunity, however the company will be in touch in due course to report on its progress.
Media Coverage
‘Seaside Making Waves’ - The Sunday Times, 11 October 2015
The Polurrian Bay Hotel was featured in a list of key hotels to visit on the south coast
‘Gorgeous Westcountry Getaways Dominate in The Sunday Times’ Ultimate 100 British Hotels’
- Western Morning News, 11 October 2015
The Western Morning News featured highlights from The Sunday Times’ Ultimate 100 British Hotels including the Polurrian Bay Hotel.
‘LIFESTYLE: Walk of the Week’ - West Briton, 17 October 2015
The Polurrian Bay Hotel was mentioned in this piece regarding potential walks in Mounts Bay and Mullion Cove.
COMPANY HIGHLIGHTS 2015
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The Polurrian Bay Hotel scored a 97% Trip Advisor Ranking
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The group developed a pipeline of bookings up to early 2017
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2016 marks the company’s five-year anniversary
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Highgate Tech Fund
A tax efficient fund issued under the EIS, which offers tax benefits to private
individuals making investments into qualifying British tech companies
In 2015, Highgate Tech Fund played a vital role in channelling much needed capital to techbased companies via the EIS. Through an innovative structure that waivers investor fund
charges, Highgate continues to assess prospective business opportunities in an industry
renowned for its dynamism, accelerated growth and collection of diverse service propositions.
Highgate’s portfolio companies continued to rely on investment capital to help overcome some of the initial challenges faced by
early-stage businesses. To help implement a revenue model that readily ensures profitability and self-sufficient outputs, Highgate
attempted to support these companies where possible, including the additional provision of funding directly from the fund
management. Overall, the performance of its portfolio companies delivered mixed results for 2015.
Ecometrica – a software company, providing services that encompass all elements of environment and sustainability accounting
as well as geospatial information management – has remained on a positive growth path. Its major new client wins over the year
included Ocado PLC, Dignity PLC, ETSY Inc (Nasdaq), Indivior PLC and UK Space Agency IPSP.
HG Apps Store, a smartphone app development business, has been unsuccessful in raising any additional capital for its second
round of financing since the beginning of 2014 other than further funds provided by fund management. The management team has
been speaking to its investors and potential partners to address some of the key problems experienced by business. As part of this
process, a business broker has been hired to try and sell the business and/or its assets. Similarly, Doing Something has had limited
success having struggled with increasing competition from app-based dating and freemium models. While the business continues to
survive, it is in need of further funding and has so far not managed to attract any new investment.
Highgate will continue to support early stage investee companies in 2016. Recognising the generous tax benefits on offer from this
form of investment, it will continue to implement a due diligence process that allows it to select a diverse collection of companies at
varied stages of progression.
Media Coverage
‘EIS Fund For Investors And UK Tech Start Ups’ - Business Report, 4 July 2015
Highgate Tech Fund invests in British Tech Sector Businesses at a fair cost to the companies whilst offering investors a no fees fund.
COMPANY HIGHLIGHTS 2015
³³
Ecometrica, a Highgate Tech Fund portfolio company, strengthened its R&D technical team with three new developers
appointed in Edinburgh and one analyst
³³
Ecometrica’s mapping modules secured the company its largest contract to date providing Earth Observation Labs to
the Brazilian and Mexican Space Agencies
³³
Highgate will continue to support early stage investee companies in 2016, while continuing to implement a due
diligence process that develops a diverse collection of companies
IWCAPITAL | 13
Incanthera
Focusing on the embryonic developments in oncology, Incanthera’s proposed
product has the ability to deliver highly specific targeting, delivering a solution
directly to the tumour source
Incanthera has maintained its leading role as a revolutionary oncology company, delivering
unique medical treatments that target tumours. The company continued to reach significant
milestones across all of its key clinical programmes.
The company’s leading treatments include: T01-2588, a novel vascular disrupting agent (VDA) and drug delivery platform that
reduces tumour blood flow and tumour shrinkages without significant toxicity; ICT03-Es5, a potent bioreductive anticancer agent; and
ICT04-CYP, which targets colorectal cancer. ICT04-CYP is in the late discovery stage and will enter preclinical development in 2016.
In September, Incanthera announced the much anticipated launch of its new website. Showcasing the company’s leading expertise
in cancer therapeutic technologies, the site provides an interactive platform for users to learn about Incanthera’s drug treatments,
future pipeline and investment opportunities. The new website also highlights both the quality and cutting edge technology at the
heart of Incanthera’s future growth trajectory.
Incanthera will continue to be a leading pioneer in the development, testing and clinical-trial of new oncology treatments and
medicines in 2016.
Media Coverage
‘Work Continues in Bradford to Develop Cancer ‘Smart Bomb’ Treatment’
- The Telegraph & Argus, 9 September 2015
The academics behind ground-breaking cancer fighting research at the University of Bradford have explained how it could
revolutionise the way that people with the disease are treated.
COMPANY HIGHLIGHTS 2015
³³
Incanthera successfully launched its new website in September 2015
³³
Incanthera presented at Bradford University’s 2015 Festival of Science
³³
The company’s ICT04-CYP treatment is in the late discovery stage and will enter preclinical development in 2016
IWCAPITAL | 14
Mayfair Brands
A company that produces luxury gin, rum and vodka through the sourcing of
high quality liquids and packaging
Mayfair Brands Ltd was established to reflect the elegance of its Central London location.
With a view to becoming a highly desirable product to the modern consumer, Mayfair Brands
has put particular emphasis on using the best liquids, packaging and processes to ensure
high quality across all of the beverages the company produces. The business was founded
by four partners with significant combined experience in the entrepreneurial world and a
successful track record of working with premium brands.
Mayfair Brands’ award-winning vodka and gin are produced by a Master Distiller, whose family business is still thriving after 300
years, at one of the few remaining distilleries in London. The company uses small batch stills to guarantee exceptional quality and it
only uses the finest ingredients to produce its multiple award-winning spirits.
In November 2015, it was announced that the company’s Mayfair London Dry Gin was awarded a Gold medal at The Fifty Best’s Best
Gin Awards 2015. This follows the product’s Double Gold and ‘Best in Show’ award at the prestigious annual WSWA (Wine and Spirits
Wholesalers of America) 2013 Convention in Orlando, Florida.
During 2015 the Mayfair team has been extremely engaged in all of its markets. This activity has included market visits and events by
one or more of the company’s founders in order to support its valued distribution partners across the US, Europe and Panama.
This work has confirmed the strength of the brand in numerous markets and provides a platform for continued growth and Mayfair’s
move into profit.
COMPANY HIGHLIGHTS 2015
³³
Throughout the year, Mayfair Brands Ltd was thoroughly engaged in all of the company’s key markets
³³
Activity during 2015 included market visits and events to support valued distribution partners across the US, Europe
and Panama
³³
Mayfair Brands Ltd was awarded a gold medal at The Fifty Best’s Best Gin Awards 2015
IWCAPITAL | 15
Metropolis Digital Media
Metropolis Digital Media is a Digital Out Of Home (DOOH) advertising media
owner, specialising in the taxi market
Metropolis Digital Media (MDM) is an innovative business in the growing digital out of home
advertising sector, which specialises in the taxi and transport market. The company has
been established to deliver remotely updated, location specific, digital advertising display
messages via branded pods mounted on the roofs of London’s Licensed Black Taxis. Back in
February 2015, the company received regulatory approval from Transport for London for its
TXi-Media Pod Evolution II.
As one of the newest editions to the IW portfolio, MDM was founded by CEO Danny Faughnan, the pioneer and entrepreneur who
introduced the concept of digital taxi tops to London back in 2010. Thanks to Danny’s vision and tenacity, a new digital media market
sector for taxi advertising has begun to evolve in London and for MDM this could soon develop in other global markets.
Its digital advertising display messages provide a dynamic, flexible platform that enables advertisers to reach target audiences and
achieve optimum exposure.
MDM has developed its own geo-targeting platform, and partnered with recognised out of home (OOH) market leader Broadsign –
which specialises in cloud-based software – in order to deliver the most adaptable DOOH advertising solutions.
By combining Broadsign’s player, administration and cloud-based campaign management software, MDM is able to operate targeted,
smart content creation, all of which is accountable through Broadsign’s reporting suite.
Media Coverage
‘Rollasole Christmas Campaign gets Plastered over London Taxis’ - The Drum, 17 December 2015
Metropolis Digital Media handled the Rollasole’s ‘Don’t Get Plastered’ message during the festive season.
COMPANY HIGHLIGHTS 2015
³³
MDM handled Rollasole’s ‘Don’t Get Plastered’ campaign during the festive season
³³
The Digital Out Of Home (DOOH) model is forecast to double its value within five years
³³
The outdoor advertising segment was worth over £1 billion last year
IWCAPITAL | 16
MONEY & cO
An online P2B marketplace that allows savers to lend money directly to small
and medium sized businesses
Money&Co. (www.moneyandco.com) is an online crowdlending platform that allows
individuals to lend money directly to SMEs. The company is a crowdfunding business that
connects lenders looking for a better rate of interest on their cash, with businesses seeking
finance. Money&Co. facilitates senior loans to established profitable businesses seeking
capital. The loans are put in place to support the growth plans of the business (either
organically or through acquisition). Money&Co. actively seeks transaction based lending
opportunities, including MBOs.
Money&Co. is run by a team of experienced business managers who have first-hand experience in both finance and developing
businesses. Operating in the crowdfunding and crowdlending sector, Money&Co. is well positioned in one of the fastest growing
markets in the UK.
During 2015, the first full year of operation, Money&Co. built the activity levels and, by the close of the year, the business had
facilitated a total of c. £7,000,000 of loans on the site. Lenders are currently receiving an attractive average gross yield of 9.2%
across the loan book. Further considerable growth is expected in 2016, with the business focussing on larger loans than other
crowdlending platforms.
The business has built a strong resource, set to manage the projected growth in volumes. Additional liquidity (for lending on the site)
is being secured to support the growth plans of the business.
Media Coverage
‘P2P ISAs: A Chance to Escape From the Zombie Accounts’ - The Independent, 10 July 2015
Nicola Horlick commented on the announcement of the Innovative Finance Isa and stated that this marks the ‘coming of age of P2P
loans as an investible asset class.’
‘Nicola Horlick: A Road Less Travelled in Finance’ - Crowdfund Insider, 20 October 2015
Nicola Horlick spoke to Crowdfund Insider about her career to date and the start of Money&Co. and Glentham Capital.
‘investUP Receives FCA Authorisation. Claims World’s First Crowdfunding Brokerage’
- Crowdfund Insider, 4 November 2015
On the back of news that investUP claimed the title of the ‘world’s first crowdfunding brokerage,’ Money&Co. is cited as an example of
a debt based platform, alongside Invest&Fund and Crowd2Fund.
COMPANY HIGHLIGHTS 2015
³³
2015 saw a number of successful auctions take place on Money&Co.’s platform
³³
The platform has now facilitated c. £7,000,000 of loans to SMEs (to 31 December 2015)
³³
Lenders are currently receiving an average gross interest rate of 9.2% on the portfolio of senior loans. Further liquidity
is being secured for the site to facilitate further growth in 2016 and beyond
IWCAPITAL | 17
Pink Lining
Pink Lining is an award-winning designer, wholesaler and retailer of family
lifestyle accessories and related products
Pink Lining achieved numerous business milestones in 2015. It continued to gain recognition
for the quality and popularity of its products, receiving the Brand of the Year Award at the
Little London Awards; the Best Baby Bag at the Maternity & Infant Awards in Ireland; and
securing Bronze in Prima Baby and Pregnancy.
The business also attended a major international trade show in Germany and is currently in
negotiations with a distribution partner.
Pink Lining has also been approached by the producers of a major movie launching in Q3 of 2016, which recently used a Pink Lining
product for filming in London. Another significant landmark for Pink Lining over the past year was the addition of a new stockist,
Shop Direct.
The year was a transitional one for Pink Lining, with the majority of 2014 being a year of mark down, which artificially inflated sales
for that year. As a result, management had to make hard decisions in 2015, such as holding off mark downs for the longer term
benefit of the brand. The company also had its first HR issue with an employee, which caused instability in its sales department.
Steps have been taken and Pink Lining’s activity is really looking up. The company has lots of exciting things in development and the
directors are hopeful they will be back on track this year.
In the UK, Pink Lining has continued to strengthen its relationship with Mothercare, with an exclusive print due to launch early this
year. The company is also making progress with international franchisees and new potential partners, which include major players in
the market such as Shop Direct, M&S and Next Directory.
In addition, Pink Lining launched with Amazon in Q3 and has already generated over £100,000, which puts the company in a strong
position for 2016. Pink Lining is also in discussions with a partner in the US, which works exclusively with Target, about the prospect
of including the brand in store. The company is also in talks with Anthropologie about the possible launch of gift items.
Media Coverage
‘Mummy Blog’ - Reveal, 9 July 2015
Reveal’s Deputy Web Editor, Natasha Rigler discusses maternity leave and comparing other Lady suitcase as a holiday essential.
‘Mummy Blog: Danielle Jonas has Serious Post-Baby Abs... Sadly, I Haven’t!’ - Reveal, 3 September 2015
Reveal’s Deputy Web Editor, Natasha Rigler blogs the highs and lows of being a first-time mum, and mentions her Pink Lining Little
Lady suitcase as a holiday essential.
COMPANY HIGHLIGHTS 2015
³³
Pink Lining received the Brand of the Year Award in the Little London Awards, Best Baby Bag at the Maternity & Infant
Awards in Ireland and achieved Bronze in Prima Baby and Pregnancy
³³
The company is in numerous talks with potential partners and stockists and has launched with Amazon in Q3, already
taking over £100,000
³³
Pink Lining was approached by the producers of a major movie launching in Q3 of 2016, which recently used a Pink
Lining product for filming in London
IWCAPITAL | 18
square pie
The UK’s leading fast casual restaurant, focused on gourmet pies and classic
British food
2015 saw Square Pie add impressive new venues – the O2 Arena, London and Grand Central
Station, Birmingham – to its existing portfolio. Since they opened, the new venues have
performed well and the successful launch of Square Pie’s first site outside of London has
been an exciting demonstration of the company’s nationwide potential. The new restaurants
are additional to the managed sites in London including Bluewater, Spitalfields Market and the
two Westfield shopping centres.
Square Pie has continued to generate revenue through the sale of its branded pies and mini ‘canapies’ and the company is currently
listed in Ocado, Tesco and Co-op, with advanced discussions underway for additional outlets in 2016. Its wholesale business is also
growing, with Square Pie supplying Twickenham RFU and Wimbledon Tennis.
Summer 2015 saw Square Pie complete a successful fundraising campaign via Crowdcube, raising more than £600,000 via the
launch of a bond. The fundraiser is a debt instrument, attracting a coupon of 8% which will mature in 2019. In addition to internally
generated cash, these funds will be used to further develop the business in 2016. Square Pie is frequently presented with potential
new locations, and it will be considering the most exciting opportunities in the year ahead.
In early 2016, Square Pie will be investing in and launching a web-based ordering platform in order to increase revenue for deliveries.
During that time the company will also be rolling out a new loyalty card scheme in order to boost revenue through repeat custom and
to enhance customer communication.
As well as focusing on revenue growth, Square Pie has continued to expand its management team by appointing a new full-time
Finance Director to lead the business’ emphasis on profitability and financial control.
Square Pie has developed a robust public profile, having featured in key national press with its recent ‘Pie World Cup’ competition in
conjunction with the Dallaglio Foundation. This was very well received during the 2015 Rugby World Cup.
Square Pie’s future strategy remains the same: to grow the restaurant business to close to 30 sites in four years and continue to
develop the complementary grocery and food service side of the business.
Media Coverage
‘Square Pie Announces the Launch of ‘Pie World Cup’’ - Eat Out Magazine, 16 September 2015
Square Pie announced the launch of its ‘Pie World Cup’ to coincide with the 2015 Rugby World Cup. From 18 September, pie and
rugby fans were able to purchase pies from a line-up of 20 special bakes, each representing a country participating in the World Cup.
‘Square Pie Smashes Crowdfunding Target’ - Big Hospitality, 13 October 2015
Big Hospitality’s sister publication M&C Allegra Foodservice reported that Square Pie has completed its fundraising round after
raising £681,500 through online crowdfunding platform Crowdcube.
‘Entrepreneurs: Square Pie - From Spitalfields Shop to Stores Nationwide and Rugby ‘Canapies’
- The Evening Standard, 19 October 2015
Square Pie Founder, Martin Dewey spoke to the Evening Standard about England’s performance, in the Rugby World Cup, its
successful ‘pie bonds’ campaign on Crowdcube and its association with Lawrence Dallaglio’s charitable foundation.
COMPANY HIGHLIGHTS 2015
³³
Square Pie opened two new venues: the O2 Arena, London and Grand Central Station, Birmingham
³³
Square Pie completed a successful fundraising campaign via Crowdcube in the summer of 2015, raising more than
£600,000 via the launch of a bond
³³
The company has been featured in key national press outlets with its ‘Pie World Cup’ competition in conjunction with
the Dallaglio Foundation
IWCAPITAL | 19
Unbound
Unbound puts the power of publishing in the hands of authors and
readers by allowing authors to pitch their ideas directly to the end user
via Unbound’s website
As new technologies change the manner in which individuals are able to access and read
books, Unbound’s exciting business proposition has continued to revolutionise traditional
publishing practices. With turnover and gross profit up 33% and 150% respectively, 2015 proved
to be an exhilarating year for the team at Unbound. Publishing between three and four books
a month during 2015, Unbound’s user base has now reached over 65,000, with the average transaction per user totalling £40. The
company has also relocated its offices to St James in London to accommodate its growing team.
In October, Unbound launched its biggest project to date, teaming up with Penguin Random House to release a limited fan edition
package of Steven Gerrard’s autobiography My Story. Publishing 2,005 copies, Unbound’s fan edition includes a signed copy of the
autobiography, a personalised letter from the footballer, a presentation box and exclusive prints. Most importantly, this project has
granted Unbound access to a global audience, allowing the company to strengthen its brand and coverage.
The team at Unbound has also started a new podcast series called Blacklisted. Released once a fortnight, the podcast features
Unbound’s John Mitchinson and author Andy Miller recommending previously released books. Unlike other book-related podcasts,
Blacklisted considers all published books instead of ones that are either exclusive to the Unbound label, or are recent publications.
Since its release in November 2015, the podcast has quickly climbed to number 15 in the Literature Podcast charts.
With 22 titles already scheduled for publication, 2016 is set to be a defining year for the team at Unbound.
Media Coverage
‘Unbound: A YouTube For Authors?’ - TenEighty, 29 October 2015
TenEighty spoke to Dan Kieran, CEO of Unbound, to discuss the current state of the publishing industry, what makes them different,
and how YouTubers of all sizes can get involved.
‘Unbound Launches Debut Novel from Andy Hamilton’ - The Bookseller, 17 November 2015
Unbound launched The Star Witness, the first novel from “legendary” comedy scriptwriter and performer, Andy Hamilton, on its
crowdfunding site.
‘JK Rowling Inspires Surge to Fund Book on Race and Immigration in Three Days’
- The Guardian, 3 December 2015
John Mitchinson, co-founder of Unbound, discussed the company’s role in publishing Nikesh Shukla’s latest novel; The Good
Immigrant, which received significant funding from J.K. Rowling.
COMPANY HIGHLIGHTS 2015
³³
Unbound’s gross profit increased by 150% in 2015
³³
Unbound’s September publication of Pure by Rose Bretecher was described as a publishing sensation by The Times
³³
Unbound’s user base expanded to over 65,000 – the average transaction per user totalling £40
IWCAPITAL | 20
WeSwap
WeSwap is a young and innovative company that operates a peer-to-peer
currency exchange, allowing people to swap currency with other users
In June 2015, WeSwap launched an active above the line marketing campaign and direct
advertising with Transport for London (TfL). To capture new users and build on an existing
consumer base, a series of vibrant adverts were displayed across the Underground network,
which continued through to August.
The summer marketing initiative proved to be very successful with impressive growth recorded in July and August. This was followed
by further growth between September and November; in total, the user base nearly tripled in the months between July and November,
rising from c. 28,000 users to c. 81,000 users over this period.
The substantial rise in the company’s user base was reflected by a steep increase in currency being swapped on the site. Between
July and November, WeSwap users loaded and swapped c. £7.8 million worth of currency, compared to a total of c. £2.8 million in the
previous eight months.
WeSwap’s user base has grown at a compound monthly rate of 27% over the past 12 months and by 31 December 2015 it is
anticipated that the company will have reached c. 90,000 users. The company has continued to secure a number of new partnership
agreements with money and travel related businesses. During 2015, the company has been approached by a number of well-known
travel operators and retailers, including airlines, to develop test partnerships.
At the end of 2015, WeSwap launched its new iOS app and added Israeli Shekel and Turkish lira to the list of currencies available for
exchange, taking the total to 18. WeSwap will now have more currencies than any other multi-currency card.
For 2016, WeSwap plans to launch new marketing campaigns in a bid to expand its user base in the Eurozone, with initiatives
commencing in France.
Media Coverage
‘WeSwap: Save Money Swapping Currency with Foreign Strangers’ - The Mirror, 28 July 2015
WeSwap’s summer ad campaign caught the attention of the Mirror who gave the company a positive review and revealed how much
money holiday-makers could have saved using the platform.
‘Travel Money Swap Shop Seeks to Ride Peer-to-Peer Wave’ - FT, 7 August 2015
Jared Jesner spoke to the FT about WeSwap’s unique offer and how the traditional bureau de change could be the ‘next victim’ of the
sharing economy.
‘Be a ‘Disruptor’ - and Save Cash with High-Tech Upstart Brands: How to Cut Your Bills...from Hailing a Taxi to
Selling a Home’ - MailOnline, 17 August 2015
MailOnline cited WeSwap as a ‘top disruptor’ in the holiday market and highlighted how consumers are benefitting from the new
companies that are transforming traditional business.
COMPANY HIGHLIGHTS 2015
³³
WeSwap launched a successful ad and marketing campaign over the peak summer period. As a result, its user base
nearly tripled in this period, rising from c. 28,000 users to c. 81,000 between July and November
³³
Between July and November, WeSwap users loaded and swapped c. £7.8 million, compared to a total of
c. £2.8 million in the previous eight months
³³
At the end of 2015, WeSwap launched its new iOS app and added Israeli Shekel and Turkish lira to the list of the
currencies available for exchange, taking the total to 18 – more currencies than any other multi-currency card
IWCAPITAL | 21
OUTLOOK FOR 2016
2016 will undoubtedly be another transformative year for the UK’s SME community. Small to medium enterprises will continue to
propel Britain into new frontiers of business, championed by a diverse range of high-growth industries. Supporting this trend and
true to its unrivalled form, alternative finance will also continue on its phenomenal journey. This was reinforced by a recent study
of British SMEs, which discovered that 29% of firms used third party equity or alternative finance last year. Compared to the 6% that
secured finance in this way in 2014, and the 34% who would consider external equity, alternative finance has witnessed a dramatic
increase in popularity.
As the UK continues its successful transition into a vibrant economy driven by the technology, professional services and
construction-based industries, we strive to keep abreast of new business developments and offer directed strategy to the investors
and companies we support. In 2015, Britain’s thriving small business community once again proved invaluable for innovation, growth
and employment. As we look to 2016, we are motivated by a firm belief in the diverse range of industries that build the nation’s
business profile. Over the year ahead we will continue to work closely with our investor network and expanding portfolio of highgrowth companies, to develop a truly prosperous British business landscape in 2016 and beyond.
IWCAPITAL | 22
IW CAPITAL LTD
42 Bruton Place
London
W1J 6PA
Phone: +44(0)20 7015 2250
Email: [email protected]
IWCAPITAL | 23