A UK INVESTMENT FIRM FOCUSED ON THE PROVISION AND MANAGEMENT OF FUNDS FOR BOTH EARLY AND GROWTH STAGE COMPANY INVESTMENTS USING:
• THE SEED ENTERPRISE INVESTMENT SCHEME (SEIS)
• THE ENTERPRISE INVESTMENT SCHEME (EIS)
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Amersham specialises principally in managing funds making investments qualifying for the Enterprise Investment Scheme (‘EIS’) and the Seed Enterprise Investment Scheme (‘SEIS’).
Amersham is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference 507460 as an Investment Manager and additionally as an Alternative Investment Fund Manager within the meaning of the Alternative Investment Fund Managers Directive. We offer sector specific opportunities within what is our generalist approach (rather than a focus for example on pure Technology).
Sectors of interest include Consumer Brands, Media, Services & infrastructure, Mobile & Interactive Games and also Business Relief (non-EIS) opportunities for investors who are not seeking EIS relief.
Amersham is an FCA-authorised & regulated investment management firm specialising in start-up funding and early stage venture capital having raised over £32 million in assets (prior to disposals) investing over £7million in SEIS qualifying companies alongside over £23 million in EIS qualifying companies and over £2 million in BPR/IHT assets (September 2019).
Typically, we structure our offerings so that eligible investors are provided opportunities to invest in companies with which we have, where appropriate through adviser partnerships, appropriate sector expertise available to originate deals, agree investment terms, specify conditions and contracts, conduct due diligence through to investment and post-investment monitoring services, exit assessment and transaction negotiation.
Themselves entrepreneurs of record, Amersham’s directors have a keen understanding through first-hand experience of the requirements and challenges that face early-stage and growth stage businesses.
Products are structured as Alternative Investment Funds (‘AIF’). There is no fund vehicle as such – the AIF structure provides for an Investor Agreement between the Investor and Amersham which becomes binding once an application to invest has been accepted in accordance with the terms of an Information Memorandum.
Due to the illiquid and risky nature of investing in unquoted shares in private companies, eligible investors must either be advised by a professional intermediary or be able to satisfy suitability requirements.
Subscription monies (and subsequently other fund assets) are received and held independently by an FCA regulated Receiving Agent and Custodian firm.
Once invested in a portfolio company, Investors should be prepared to hold their investment(s) for 5-7 years. Investors’ shares are held in the Custodian’s nominee account at least for the 3- year S/EIS qualifying period.
For legal and tax purposes the Investor is the beneficial holder of their shares.
As the funds are Alternative Investment Funds, it is the fund itself that is the client of Amersham as Manager.
Investors receive twice-yearly reports on the status of their holdings and the progress of the investee companies, which in later stages of a fund will include valuation assessments once appropriate data is available.
Although investors are dealt with in common by Amersham, they may not be treated on anidentical basis.
Given the timing of investments each investor may not hold shares in each investee company and individual investments may represent different proportions of different investors’ portfolios as Funds will close over time in tranches.
Please note that investment in Amersham-managed funds carries substantial risks and any such investment should be regarded as being medium to long term in nature, investment in unquoted companies carries high risk wherein your capital is at risk and you may not get back the amount invested, if at all. Past performance is not a guide to future performance.
Amersham has a strong pipeline of qualifying eligible investee companies across our interested sectors, either generated internally or through sector specific specialists. Candidate companies moving through the Investment Process are assessed through due diligence procedures with pre-investment money valuations achieved through negotiation. The Investment Process has been developed over four years of working with EIS and SEIS opportunities and seeks to reduce investor risk whilst giving candidate companies freedom to run and develop their businesses in line with agreed conditions and plans, some of which may inevitably change over the course of the investment cycle.
Once invested, we may use qualified specialists appointed to the board (or as an observer) of each portfolio company to provide monitoring and where applicable mentoring services for the investee company.
Although assessing general exit prospects forms part of the investment decision at the outset, Amersham will seek exits normally anytime from after the minimum three year ‘holding period’ for S/EIS. Exits may be achieved by any one of a variety of routes, including:
|• Further fund-raising for an investee company may permit S/EIS investors to exit|
|• Acquisition of an investee company by a third party (for example a trade sale for a successful business)|
|• S/EIS shares may be offered to other shareholders in the investee company|
|• S/EIS shares may be offered to other investment funds or groups of angel investors|
Amersham’s objective is that eligible investors will benefit from S/EIS tax relief on as near to 100% of their subscription as possible.
Wherever possible management & due diligence fees are charged to the investee companies which is tax efficient for investors. Details of Fees charged to the portfolio companies and to investors are given in the appropriate section of the relevant Information Memorandum.
Returns generated by liquidity events will be distributed on a deal by deal basis.
The Amersham Growth Fund offers investors access to selected investment opportunities across a number of sectors in the UK’s economy, opportunities which will benefit from either SEIS (Seed Enterprise Investment Scheme and/or EIS (Enterprise Investment Scheme) tax relief or BR (Business Relief). The Fund has been established to enable investors to invest in target opportunity companies. There are significant risks in investing.more details...
The Start-Up Series Fund invests in product & service start-ups in growth markets, showing innovation with the potential to create loved brands candidate investee businesses are selected by commercial entrepreneurs with deep brand, marketing, retail & innovation expertise – worth capital an exclusive source of deal flow.more details...
An investment in either the Amersham Growth Fund or the Start-Up Series Fund should be regarded as being medium to long term in nature.
Risks to understand about investing in either
• Tax legislation can change over time and tax relief eligibility depends on personal circumstances.
• Investment in unquoted companies carries high risk. Your capital is at risk and you may not get back the amount invested, if at all.
• Any stated target returns are illustrative only and no forecast is intended, implied or should be inferred.
• Availability of EIS & SEIS relief also depends on the investee company maintaining its qualifying status.
• It may be difficult to sell shares in the investee companies therefore either Fund would not be suitable if capital may be required in the near term.
• Past performance is not a guide to future performance.
This page constitutes a financial promotion pursuant to section 21 of the Financial Services and Markets Act (FSMA), and its contents have been approved by Amersham Investment Management Ltd (Manager) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom with FRN number 507460 and whose registered office is 25 Lexington Street, London W1F 9AH, tel: +44 (0)20 7734 7524, email: info@ amershaminvestment.co.uk.
Worth Capital Limited is a commercial adviser and not an FCA authorised from and will not be providing any investment services or undertaking any regulated activities in connection with the Start-Up Series Fund. Investors’ money subscribed to a Fund will be committed to investments which may be of a long term and illiquid nature. The companies in which the Fund invests will not be quoted on any regulated market and, accordingly, there will not be an established or ready market for any such shares.
This is not an offer to invest. An investment in any Fund managed by Amersham Investment Management may only be made on the basis of the relevant Fund’s Information Memorandum (including the risk factors expressed therein) and the Investor Agreement which forms part of the application, both of which are available to eligible investors upon request. Prospective Investors should not regard the contents of this document as constituting a recommendation or advice relating to any legal, taxation, regulatory or investment matters and are advised to consult their own professional advisers before contemplating any investment.
This document is only intended for release in the United Kingdom and does not constitute an offer, or the solicitation of an offer, in any jurisdiction in which such offer or solicitation is unlawful.
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Paul Barnes is a Fellow of the Association of Chartered Certified Accountants. In 2010 Paul also became a Member of the Chartered Institute for Securities & Investment. Since 1983, Paul has amassed considerable experience in venture development, financial management, corporate finance and M&A transactions. As a business builder, Paul has been a key member of the teams which developed and floated - by admission to the AIM market - both Tristel PLC (2005) – an Infection Control and Hygiene Products Company and Oxford Catalysts Group PLC now Velosys Group PLC(2006) – a leading Innovator in the synthetic fuels industry, raising substantial funds for both companies. Variously between 2005 and 2010 he served as the executive Finance Director of these two public companies in addition to having in 2003 established Beach Street Limited, an FSA regulated corporate advisory firm. Since 2005 he has continued to develop and maintain close links with business ventures as the part-time finance director for a range of companies: in healthcare and pharmaceuticals (2005 – current), biofuels (2010 – current) and since 2006 Etherstack PLC, a wireless software engineering company which in 2012 was admitted to listing on the Australian Stock Exchange.
John Forsyth has spent the last 20 years advising numerous SME clients across several different sectors on a broad range of financial, taxation and accounting matters including fund raising, project management, growth management and business disposal. After taking a degree in Modern History at Oxford University, John qualified as a Chartered Accountant with Price Waterhouse (now PwC) before joining the Corporate Finance department of Samuel Montagu & Co Ltd, part of the investment banking division of Midland Bank which was acquired by HSBC. In the latter role, he acquired extensive experience of a range of corporate transactions in both the publicly quoted and privately owned sectors in the UK and overseas. After becoming the group finance director of one of the bank’s clients, John spent a number of years in senior financial positions within the SME sector before establishing himself as an independent consultant. John continues to act as a part time finance director for certain companies which he has co-founded.
Michael Waller-Bridge is a personally Chartered Fellow of the Chartered Institute for Securities & Investment. He worked at the Advanced Systems Group and the Strategic Engineering Unit of the London Stock Exchange 1986-1991 prior to co-founding Tradepoint, Europe’s first official electronic equities Stock Exchange where he also served as CEO 1994-1997. Tradepoint was admitted to the AIM market in 1996 and in 2001 became, as Virt-x, part of the Swiss Stock Exchange. Michael was a Founder Member of the World Technology Network in 1998 and through to 2008 worked as an advisor with ventures including Interactive Investor PLC, an online stockbroker, Sturgeon Ventures LLP, a business incubator and regulatory consultancy, and Pre-X Capital Management, a fund management firm. Michael holds degrees in Theoretical Physics (University of Kent) and History of Science (Imperial College, London University). Michael is an elected Member of the Institute of Physics and an accredited Member of The Association of Photographers.
About Amersham Investment Management Ltd Amersham Investment Management Ltd (“Amersham”) was founded in 2009 by Paul Barnes and Michael Waller-Bridge for the purpose of developing specialised investment management services. After researching their identified market need, Amersham was subsequently authorised as an FSA regulated investment management firm and fund operator with FRN 507460 and organised to provide Corporate Advisory and Investment Management services. Amersham is also authorised by FCA as an Alternative Investment Fund Manager.
Amersham Investment Management Ltd,
Registered Office: 25 Lexington Street 1st Floor, London W1F 9AH
T: +44 (0)207 734 7524
Paul Barnes, Director
John Forsyth, Director
Michael Waller-Bridge, Director
For all enquiries regarding application forms or other administrative aspects of the Funds please contact:
Nicola Snelling, Administration