Section one: Contracting authority
one.1) Name and addresses
Kent County Council
Sessions House
Maidstone
ME14 1XQ
Country
United Kingdom
NUTS code
UKJ4 - Kent
Internet address(es)
Main address
Buyer's address
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
SC21072 Equity Services
Reference number
DN598627
two.1.2) Main CPV code
- 66000000 - Financial and insurance services
two.1.3) Type of contract
Services
two.1.4) Short description
Kent County Council (the Council) is the largest local authority in England covering an area of 3,500 square kilometres. It has an annual expenditure of over £1bn on goods and services and a population of 1.6m. The Council provides a wide range of personal and strategic services on behalf of its residents, operating in partnership with the NHS Kent and Medway Clinical Commissioning Group, 12 district councils, and 289 parish/town councils.
The Council consists of four directorates:
-Adult Social Core and Health
-Children, Young People and Education
-Growth, Environment and Transport
-Strategic and Corporate Services
This service is being commissioned on behalf of the Growth, Environment and Transport directorate.
This activity supports Kent County Council’s Interim Strategic Plan by helping to deliver the Kent and Medway Economic Renewal and Resilience Plan, more specifically delivering essential support for local businesses.
KCC has taken equity stakes in a number of companies via investments from the former Regional Growth Fund (RGF) schemes (Expansion East Kent, Tiger and Escalate), the Kent and Medway Business Fund and the SELEP funded Innovation Investment Scheme, known as Bespoke Equity Fund (BEF) portfolio and is seeking to procure a delivery partner to support, advise and assist these companies, with a £70,000 excluding vat gross per annum budget funded by KCC for the financial period until March 2024. Procurement was undertaken in compliance with the Public Contract Regulations 2015.
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Lowest offer: £60,000 / Highest offer: £200,000 taken into consideration
two.2) Description
two.2.2) Additional CPV code(s)
- 66000000 - Financial and insurance services
two.2.3) Place of performance
NUTS codes
- UKJ4 - Kent
two.2.4) Description of the procurement
The council is looking to procure a delivery partner to work on behalf of KCC to support, advise and assist businesses in receipt of equity investments within the Bespoke Equity Fund (BEF) portfolio, to help them grow, increase productivity, create/protect jobs and maximise the value of the sale and/or transfer of Kent County Council owned shares. The BEF portfolio consists of equity investments from the former Regional Growth Fund schemes (Expansion East Kent, Tiger and Escalate), the Kent and Medway Business Fund and the SELEP funded Innovation Investment Scheme. This does not include investments made via the Discovery Park Technology Investment Fund and the Kent Life Science Fund.
Project Aim
•To ensure a high level of support to those in receipt of Kent County Council’s equity investment within the BEF portfolio.
•To provide monitoring information, advice, and support to Kent County Council to maximise the opportunity for the County Council to exit successfully from investments within the BEF portfolio.
•To ensure value for money and continuous improvement in service delivery so the contract delivers positive economic impact for Kent and Medway
Specific Objectives
•To maintain regular communication with businesses within the BEF portfolio and to act as the first point of contact in relation to any communication from those businesses.
•To act on behalf of Kent County Council in an advisory capacity liaising with businesses within the BEF portfolio which includes but is not limited to attending on Kent County Council’s behalf Board/Shareholder meetings.
•To provide regular monitoring information to Kent County Council on the performance of all businesses within the BEF portfolio which includes but is not limited to: Amount invested; Share price paid; percentage of the business owned of the business owned by KCC; Current value of shares & percentage of the business owned by Kent County Council; Information and monitoring rights held by Kent County Council; jobs created or safeguarded by these businesses, level of additional private/public sector investment. This also includes assisting in the delivery of an annual report to the Kent County Council Governance and Audit Committee.
•To hold detailed financial information for all businesses within the BEF portfolio including: Up to do date management accounts including profit and loss (P&L), balance sheet and cash flow; Up to date business plan; Human resource capability and gaps; Capital structure and shareholder base.
•To advise on the sale and/or transfer of Kent County Council owned shares for businesses to maximise the value to Kent County Council within the BEF portfolio
•To advise on any future Kent County Council investments related to businesses within the BEF portfolio.
•To advise on appropriate exit strategies for businesses within the BEF portfolio.
•To advise on dissolution/administration issues related to businesses within the BEF portfolio.
•To appraise and advise on future convertible loans added to the portfolio.
two.2.5) Award criteria
Quality criterion - Name: Lowest Total Contract Value (TCV) above the Minimum Quality Threshold (MQT) Evaluation Method / Weighting: 100
Price - Weighting: 100
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2022/S 000-004679
Section five. Award of contract
Contract No
SC21072 Equity Services
Lot No
1
Title
SC21072 Equity Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
14 April 2022
five.2.2) Information about tenders
Number of tenders received: 3
Number of tenders received from SMEs: 2
Number of tenders received from tenderers from other EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 3
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
Newable Ventures Limited
140 Aldersgate Street
London
EC1A 4HY
Country
United Kingdom
NUTS code
- UKJ4 - Kent
Internet address
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Initial estimated total value of the contract/lot: £200,000
Lowest offer: £60,000 / Highest offer: £200,000 taken into consideration
Section five. Award of contract
Contract No
SC21072 Equity Services
Lot No
1
Title
SC21072 Equity Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
14 April 2022
five.2.2) Information about tenders
Number of tenders received: 3
Number of tenders received from SMEs: 2
Number of tenders received from tenderers from other EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 3
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
Newable Ventures Limited
140 Aldersgate Street
London
EC1A 4HY
Country
United Kingdom
NUTS code
- UKJ4 - Kent
Internet address
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Lowest offer: £60,000 / Highest offer: £200,000 taken into consideration
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
Kent County Council
Invicta House, County Road
Maidstone
ME14 1XQ
Country
United Kingdom