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Member in the spotlight Richard Fifield of Realise Capital Partners on helping entrepreneurs grow and exit
Raising growth capital What to focus on to successfully raise finance for your business
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I n f o r m e r Issue 17
June 2018
theclubhouselondon.com
WELCOME TO HOLBORN The Clubhouse opens in Midtown this month
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Meet. Work. Grow.
MBA FUNDING FOR SMEs SMEs have an opportunity to access government funding for degree apprenticeship training (including the Executive Apprenticeship MBA), helping you to accelerate productivity and growth at a fraction of the usual cost. If your UK wage bill is under £3 million per year, the government could pay up to 100 per cent of the training costs. Designed to fill skills gaps in business and industry, degree apprenticeships can be used for existing staff in your organisation or to help bring in new talent that will bring fresh ideas to your business. Aston University’s degree apprenticeships give you the opportunity to upskill employees with a formal qualification and practical learning that can be implemented in the business straight away.
As a member of The Clubhouse you can access free specialist advice from Aston University’s degree apprenticeship experts by emailing: apprenticeships@aston.ac.uk
INTRODUCTION
ADAM BLASKEY FOUNDER & CEO The Clubhouse
W e l come The Clubhouse, Holborn is taking shape and we are looking forward to opening our doors later this month! Everything we do at The Clubhouse is designed around the needs of our members: fast-growing SMEs and large corporates who are looking for a smarter, more flexible alternative to a London office, and a better way to do business. Continuing our tradition at The Clubhouse of paying homage to notable people who have had a major influence on our surrounding areas, we have named our largest presentation rooms at The Clubhouse, Holborn after William Haywood and Sir Christopher Wren. Nearby Holborn Circus, a junction of five highways on the boundary between Holborn, Hatton Garden and Smithfield, was designed
by the engineer William Haywood and opposite is St Andrew’s church, which Sir Christopher Wren rebuilt following the Great Fire of London. (We honour Wedgwood and Lutyens at The Clubhouse, St James’s and Soane and Baker at The Clubhouse, Bank.) For those who weren’t able to make our Members’ Breakfast last month, on page 7, Nadim Meer from Mishcon de Reya shares some great tips on how to successfully raise growth capital. There are now more sources of finance available than ever before, but which ever route you go down, to ensure the process is a smooth as possible and to secure the best possible outcome for your business, proper preparation is vital. Our Member in the Spotlight this month is Richard Fifield of
Realise Capital Partners, a corporate finance advisory business focused on supporting growing, entrepreneurial businesses. June is often a busy month for many people, but for me there are going to be two major highlights: the opening of The Clubhouse, Holborn and cycling 300km to Paris in 24 hours in aid of Duchenne UK and the incredible work this small charity is doing to fund and accelerate treatments for Duchenne Muscular Dystrophy. Currently 100% fatal, Duchenne UK is aiming to find a cure and eradicate this disease within 10 years. Please sponsor me by visiting uk.virginmoneygiving.com/AdamBlaskey I hope to see you at the launch of The Clubhouse, Holborn on Tuesday 26 June – please keep a look out for your invitation.
THE CLUBHOUSE P R O D U C T I V I T Y T I P #1 7
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How to avoid making bad decisions When stressed, it’s hard to think clearly: your heart rate rises, cortisol and adrenaline flows: it’s fight or flight. Notice your physical or emotional reactions to avoid reacting rashly to that annoying email. DESIGN & ART DIRECTION
Christian Gilliham_christian@cgcreate.co.uk_07951 722265
To partner with The Clubhouse or promote your business in The Informer please email adam@theclubhouselondon.com Copyright. The Clubhouse London Ltd
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LAUNCH
T H E C L U B H O U S E O P E N S I N H O L B O R N Following the opening of The Clubhouse, Bank we are expanding to Holborn Circus, opening at 20 St Andrew Street
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ust minutes from Chancery Lane, Blackfriars and Farringdon stations (where Crossrail opens at the end of the year), St Andrew Street is just off Holborn Circus. Now frequently referred to as Midtown, Holborn is an area where creativity and commerce meet, and an increasingly dynamic and diverse destination for both work and play. The building we’re taking has been re-imagined to the highest standards and The Clubhouse, Holborn will occupy the eighth and ninth floors, offering flexible meeting areas, meeting rooms, presentation rooms and hot desk space flooded with natural light, as well as stunning city views from our roof terrace. With Deloitte, Goldman Sachs, Amazon and Sainsbury’s as our neighbours, we’re in good company. Holborn is the heart of London’s legal land, with Clerkenwell and the City close by and New Street Square with it’s vibrant shops and restaurants is only a stone’s throw away.
As is now tradition at The Clubhouse, we have named our largest presentation rooms after notable people whose legacies have had a major impact on the local the area. Combined together, Haywood and Wren can comfortably seat up to 60 people. Nearby Holborn Circus, a junction of five highways on the boundary between Holborn, Hatton Garden and Smithfield, was designed by the engineer William Haywood and opened in 1867. It was described in Charles Dickens’ Dictionary of London (1879) as “perhaps the finest piece of street architecture in the City”. On one side lies the church of St Andrew, which Sir Christopher Wren rebuilt following the Great Fire of London. Although the nave was destroyed in the Blitz, the reconstruction was faithful to Wren’s original. We look forward to welcoming you to Midtown, where members can enjoy all the benefits The Clubhouse, Holborn and discover this vibrant business district.
The building we’re taking has been re-imagined to the highest standards
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MEMBER STRAPLINE IN THE SPOTLIGHT
RICHARD FIFIELD PARTNER Realise Capital Partners
Gettin g the sma rt stu f f d on e Tell us about your company. Realise Capital Partners helps ambitious entrepreneurs to grow and sell their business. We offer a combination of growth and corporate finance advice, sometimes taking small equity positions. We are an experienced team of five and work closely with an inner circle of advisors (financial, tax, legal, sales, IT etc) to deliver on client plans and we match the advisor to the stage and circumstance of the client. Our mission is to go on the journey with an entrepreneur and support technically and emotionally and, to put it simply, just get smart stuff done. We are sector agnostic but are biased towards tech, marketing, creative and professional services sectors. We are well connected and have a strong ethos of authenticity, transparency, and win win. Typically at any one time we work with around five clients in startup (prepare for investment, find money and get business savvy), five in growth (challenge and unstick strategy, corporate development) and three in exit (prepare for exit, find a buyer and execute the transaction).
build sales models, improve operational efficiency etc). We’re proud of starting and exiting a portfolio business for $15m in 36 months for 17 times the money and huge IRR – this gets corporate finance people excited! We’ve also grown two startup businesses within three years to valuations greater than £15m.
What has been your biggest success? We have been successful in proving that you can provide an integrated growth proposition based on trust to smart and ambitious people. We have built a small, interesting and valuable investment portfolio. We’re successful at getting stuck in (and get smart stuff done) with the entrepreneurs to push through growth barriers (attract, retain talent, raise multi funding rounds,
realisecapitalpartners.com
What project are you most excited about right now? Building a business accelerator for SMBs (including smart business innovation tools). How has being a member of The Clubhouse contributed to the success of your business? The Clubhouse feels like home and clients really like coming to the different locations. The atmosphere is professional but without stuffy rules. The team are always helpful and friendly and look after our clients. It’s excellent value for money. Where can members find you? At The Clubhouse, St James’s, by the cakes!
The Clubhouse feels like home and clients really like coming to the different locations.
theclubhouselondon.com
QUICK-FIRE ROUND
Favourite place to go in London? The Sports Bar on the mezzanine floor at Waterloo station (don’t ask!). Who inspires you and why? All those people who do tough jobs, under massive pressure, with little or no appreciation or safety net e.g. paramedics, nurses etc. I’m always humbled by these guys! Best bit of advice you’ve been given? Be honest with yourself and do something positive with that honesty. If you were on a desert island, what would you bring? A light aircraft to leave in! Which super power would you like to have? Super legs and lungs to help me get up the Surrey Hills on my mountain bike. What is the worst business ‘faux-pas’ you’ve committed? Simple – sent a confidential and comprehensive business sale document to that client’s main competitor …. never doing that again!
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FUTURE EVENTS
T H E O P ENING The Clubhouse, Holborn 26 JUNE 6pm - 9pm 20 ST ANDREW STREET BY INVITATION ONLY. RSVP REQUIRED
We look forward to welcoming members and selected guests to our newest location, The Clubhouse, Holborn. Located on the eighth and ninth floors of this striking, newly developed building, the latest addition to our expanding network of innovative, design-led, flexible meeting and work spaces, The Clubhouse, Holborn at 20 St Andrew Street also offers a roof terrace with great views towards
the City, as well as all the usual services you’ve come to expect from The Clubhouse. Located in Midtown in the heart of London’s legal land, and close to key stations, including Chancery Lane, Blackfriars and Farringdon, The Clubhouse, Holborn is the ideal place to meet, work and grow. Please join us on 26 June for our opening party or contact our membership team to arrange a private tour.
HOW TO BOOK: VISIT THECLUBHOUSELONDON.COM OR ASK AT THE FRONT DESK
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POTENTIAL PROJECT
HOWARD HODGKIN:
EKTE
Being a leader in today’s fast-paced, ‘always on’ corporate world means the ability to maintain awareness of self and others is constantly under siege. ‘The Mind of The Leader’ reveals ground-breaking research on the powerful mind-training practices and strategies you can develop to sustain high levels of awareness and clarity. Louise Chester, managing director of Potential Project UK, and Daniel Stane, renowned mindful leadership expert and consultant to many FTSE250 organisations, will deliver this workshop.
One of Britain’s most celebrated contemporary painters, Hodgkin composed powerful, expressive works that, while nominally abstract, bring representation, gesture, and affect into urgent relation. Last Paintings, presented at the Grosvenor Hill gallery in accordance with the late artist’s wishes, includes the final six paintings that he completed in India prior to his death, in March 2017, five of which will be exhibited for the first time. The exhibition includes over 20 other paintings, never before exhibited in Europe.
For a Nordic lunchtime stop, Ekte is hard to beat. The house speciality is smørrebrød – the famously known Danish open sandwich on their house rye bread. Toppings include herring – either curried, or with onions, or tomatoes, or fried pickled herring (a personal favourite with a sprinkling of dill). Meat-lovers can enjoy rare roast beef with horseradish or roast pork with crackling and lingonberries, while seafood enthusiasts will find their Smoked Var salmon hard to beat.
14 JUNE, 8.30AM-12.30PM THE CLUBHOUSE, BANK
1 JUNE-28 JULY GAGOSIAN GROSVENOR HILL
DEVELOPING THE MIND OF THE LEADER
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LAST PAINTINGS
Meet. Work. Grow.
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2-8 BLOOMBERG ARCADE, EC4N 8AR 020 3814 8330
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GROWTH CAPITAL
Raising growth capital: how to succeed
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requently we are asked by entrepreneurs – particularly founders of fast-growing firms – about the best ways to access finance. The good news is that nowadays, between traditional banks, alternative debt providers, friends and family, venture capital and private equity funds as well as crowdfunding, the sources of finance are greater than they have ever been. In terms of accelerating growth, for businesses of a certain size our view is that the most effective source of finance will often come from a provider of growth capital, generally in the form of an equity investor. The combination of finance, allied with the know-how and connections that can help scale a growing business, will always beat cash on its own – provided that you pick the right partner. Time and again, our entrepreneurial clients get the most value out of investors who have knowledge, experience and success in a particular industry. However, not all entrepreneurs raise finance as efficiently or effectively as possible. Some will focus too much on saving pennies. For example, we often see entrepreneurs balk at the cost of employing a proficient finance director, even though they would save the business a multiple of their salary, and make the investment process much more likely to succeed. Others refuse to acknowledge weaknesses in their business which, if they subsequently are unearthed during due diligence can cause havoc with the process. When launching a fundraising process, preparation is vital. Spending some time upfront, taking a critical look at your business and anticipating what an investor will be looking for will pay dividends later. For example: how robust is the management team? How does your business benchmark
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Nadim Meer of law firm Mishcon de Reya explains the best ways to successfully raise finance
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against its peers? How predictable is revenue and cash flow? What is the (realistic!) growth potential of your business? Finally, what is the exit strategy? You should be able to pre-empt 90% of the questions a growth capital investor will ask you prior to any meeting with them and make sure you are fully prepared. To make the process as smooth as possible, preparation in terms of efficient record keeping and document management will be vital. You will have to pull together a data room of information in a relatively short space of time. If, before the event, you put in place a system to store crucial records electronically in a way that can be easily turned into a data room, you will save huge amounts of time and effort. Getting into good habits well in advance will free up time during the process that would otherwise be spent dealing with mundane requests. This will allow you to focus on the value-add elements of the deal – as well as freeing up more time to run the business.
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One final, but crucial piece of advice: taking on an equity investor is like a marriage, albeit without the fun parts. Having the right chemistry with your investor is essential. Make sure that they can be a fulfilling and worthwhile partner who will be supportive in the good times and the bad. Getting divorced is painful and expensive. ●
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Billion dollar company. Est. 2018 This is the age of explosive growth where ideas, technology and burning ambition can turn a start-up in a garage into a global powerhouse. To help plan the meteoric rise of your business, go to theleap.mishcon.com Business | Dispute Resolution | Real Estate | Mishcon Private
It’s business. But it’s personal.