Contract notice
Section I: Contracting
authority
I.1) Name and addresses
British Business Financial Services Limited
Steel City House, West Street
Sheffield
S1 2GQ
UK
E-mail: Procurement@british-business-bank.co.uk
NUTS: UK
Internet address(es)
Main address: http://british-business-bank.co.uk
I.2) Joint procurement
The contract is awarded by a central purchasing body
I.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge at:
http://www.delta-esourcing.com/tenders/UK-UK-Sheffield:-Financial-and-insurance-services./9A78N6N93N
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be sent electronically to:
http://www.delta-esourcing.com/tenders/UK-title/9A78N6N93N
Tenders or requests to participate must be sent to the abovementioned address
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Economic and financial affairs
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Agreement for the Cornwall and Isle of Scilly Investment Fund (CIOSIF) Fund Manager
II.1.2) Main CPV code
66000000
II.1.3) Type of contract
Services
II.1.4) Short description
The British Business Bank is conducting this procurement to establish an agreement for a fund manager for the Cornwall and Isles of Scilly region for:
A combined debt and equity fund; value range of: 40 000 000 GBP to 80 000 000 GBP;
The estimated total value set-out in II.1.5) and repeated in II.2.6) is the maximum value of the Fund Manager fees that the Authority expects to pay under this agreement.
II.1.5) Estimated total value
Value excluding VAT:
10 000 000.00
GBP
II.1.6) Information about lots
This contract is divided into lots:
No
II.2) Description
II.2.2) Additional CPV code(s)
66000000
66100000
66120000
66122000
66190000
II.2.3) Place of performance
NUTS code:
UKK3
Main site or place of performance:
Cornwall and Isles of Scilly.
II.2.4) Description of the procurement
A Debt and Equity Fund where the authority is looking to commit between 40 000 00 GBP and 80 000 000 GBP of funds.
Each equity investment must satisfy the following conditions:
1) Be an investment in an SME in the CIOSIF Area;
2) Be an investment in a range size from 25 000 GBP up to 2 000 000 GBP. This figure may be exceeded in exceptional circumstances and with Investor Consent;
3) All conditions in the IOGs, LPA and FMA of the Fund.
Each debt loan must satisfy the following conditions:
1) Be a loan to an SME in the CIOSIF Area;
2) Be a loan in a range size from 25 000 GBP up to 1 000 000 GBP. This figure may be exceeded in exceptional circumstances and with Investor Consent;
3) All conditions in the IOGs, LPA and FMA of the Fund.
General Requirements (including without limit the following):
1) Operating one or more funds in accordance with the terms of the relevant fund management agreement;
2) Identifying SMEs which are eligible for investment and/or loans in accordance with the rules of the fund, conducting appropriate commercial and technical due diligence and structuring deals;
3) Generating deal flow and working with Investee companies in the CIOSIF Area before and after concluding investments;
4) Concluding equity investments and debt loans (as appropriate to the Fund’s investment type), in eligible SMEs in the CIOSIF Area and in accordance with EC State aid law and all other laws;
5) Maximising, where appropriate, the additional investment made by private sector co-investors into Investee companies;
6) Managing the investment portfolio to add value to Investee companies and achieve profitable exits for the fund;
7) Managing the investment fund so as to maximise the returns to the investors while minimising the operational costs and the costs to Investee companies and whilst delivering the Targets;
8) Monitoring the portfolio and providing regular reports on activity, fund performance and related outputs to the Authority (and where applicable, any relevant Other Contracting Authority); and
9) Marketing the investment fund to the appropriate market sectors and professional services intermediaries and developing, maintaining and exploiting networks in relevant communities and markets relevant to the investment funds.
II.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6) Estimated value
Value excluding VAT:
10 000 000.00
GBP
II.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 120
This contract is subject to renewal: Yes
Description of renewals:
The duration of the Contract Services will be:
5 years for the Investment Phase; with the Authority able to extend the Investment Phase, at its sole discretion, by up to 2 years at any time during the Investment Phase; followed by 5 years for the Realisation Phase (which will include the ability of the CIoSIF to make follow-on investments in their portfolio businesses); with the Authority able to extend the Realisation Phase, at its sole discretion, by up to 2 years at any time during the Realisation Phase.
II.2.9) Information about the limits on the number of candidates to be invited
II.2.10) Information about variants
Variants will be accepted:
No
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
Yes
Identification of the project:
Funded by the European Regional Development Fund
Section III: Legal, economic, financial and technical information
III.1) Conditions for participation
III.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions:
Tenderers must be authorised by the Financial Conduct Authority as a full scope UK AIFM or a small authorised UK AIFM; or be a full scope EEA AIFM (as each of those terms is defined in the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773). Please see the ITT (Document C: Qualification) for more information and in particular regarding relying on a regulatory hosting or umbrella organisation for the authorisation.
III.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
III.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
III.2) Conditions related to the contract
III.2.2) Contract performance conditions
Please see the ITT for more information.
III.2.3) Information about staff responsible for the performance of the contract
Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
IV.2) Administrative information
IV.2.2) Time limit for receipt of tenders or requests to participate
Date:
29/03/2018
Local time: 14:00
IV.2.4) Languages in which tenders or requests to participate may be submitted
EN
IV.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 6 (from the date stated for receipt of tender)
IV.2.7) Conditions for opening of tenders
Date:
29/03/2018
Local time: 14:01
Section VI: Complementary information
VI.1) Information about recurrence
This is a recurrent procurement:
No
VI.2) Information about electronic workflows
Electronic invoicing will be accepted
Electronic payment will be used
VI.3) Additional information
The Contracting Authority considers that this contract may be suitable for economic operators that are Small or Medium Enterprises (SMEs). However, any selection of tenderers will be based solely on the criteria set out for the procurement.
The British Business Bank (“BBB”) is the United Kingdom’s government-owned economic development bank that makes finance markets work more effectively for smaller businesses, allowing those businesses to prosper, grow and build UK economic activity. The BBB group manages and invests in access to finance programmes for smaller businesses within a single commercially-minded institution. The Authority is a wholly owned subsidiary of BBB and its purpose is to manage certain schemes for the Sponsoring Authority, including CIOSIF.
The Authority are purchasing the fund management services on behalf of:
(a) itself;
(b) British Business Bank Plc and any members of its group (within the meaning of the Companies Act 2006)
(c) Cornwall and Isles of Scilly Investment(s) Limited; and
(d) Department of Business, Energy and Industrial Strategy, and any entity owned or controlled by it.
The Authority will hold a Supplier ITT Launch Event (the “Event”) on 8.3.2018 in Newquay, for the purposes of presenting the opportunity to potential Tenderers. Potential Tenderers are permitted to send up to 2 representatives to attend the Event. Please see the ITT for further information. The link to register for this event can be found here: https://www.eventbrite.co.uk/e/cornwall-and-isles-of-scilly-investment-fund-briefing-event-hold-the-date-tickets-43164507203
The Authority may terminate or suspend the award process at any time without incurring any cost or liability. The Authority does not bind itself to enter into any contract arising out of the procedures envisaged by this notice. No contractual rights expressed or implied arise out of this notice or the procedures envisaged by it. The Authority will not be liable in any way to any candidate or tenderer for any costs incurred in connection with this procurement process. The Authority reserves the right to disqualify any candidate who provides information or confirmations which later prove to be untrue or incorrect; does not supply the information required by this notice or by the procurement documents or as otherwise directed by the Authority during the procurement process; or fulfils any 1 or more of the criteria stated procurement documents (including Regulation 57 of the Public Contracts Regulations 2015).
A tenderer will be required to agree to be audited by the UK audit bodies, the European Commission and the European Court of Auditors along with the funders and their auditors.
For more information about this opportunity, please visit the Delta eSourcing portal at:
https://www.delta-esourcing.com/tenders/UK-UK-Sheffield:-Financial-and-insurance-services./9A78N6N93N
To respond to this opportunity, please click here:
https://www.delta-esourcing.com/respond/9A78N6N93N
GO Reference: GO-2018226-PRO-11972946.
VI.4) Procedures for review
VI.4.1) Review body
British Business Financial Services Limited
Steel City House, West Street
Sheffield
S1 2GQ
UK
VI.4.3) Review procedure
Precise information on deadline(s) for review procedures:
Any appeals should be promptly brought to the attention of the Head of Procurement at the address specified in Section I) above, and will be dealt with in accordance with the requirements of the Public Contracts Regulations 2015. Any appeals must be brought within the time-scales specified by the applicable law, including, without limitation, the Public Contracts Regulations 2015. In accordance with such Regulations, the contracting authority will incorporate a minimum 10 calendar days standstill period from the date information on award of contract is communicated to tenderers.
VI.4.4) Service from which information about the review procedure may be obtained
British Business Financial Services Limited
Steel City House, West Street
Sheffield
S1 2GQ
UK
VI.5) Date of dispatch of this notice
26/02/2018