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Investee Colleagues

2c Services Limited

2cservices.co.uk

2c Services is a fast-growing information technology service provider based in the South West of England, with its own state of the art private cloud hosting infrastructure. It offers flexible and customised hosting solutions for desktops and services with offsite backup and replication, and virtual disaster recovery.

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31st August 2016

C4C subscribed £50,000 for ‘A’ Ordinary Shares of £1 each. The ‘A’ Ordinary Shares have preferential rights regarding capital value if certain exit events occur. C4C has also subscribed for ordinary shares of £1 each, equivalent to 20 per cent of its issued ordinary share capital.

The proceeds of this investment were used in financing the acquisition of a customer base and for general working capital purposes.

Anthesis Consulting Group Limited

www.anthesisgroup.com

Anthesis Consulting Group is the largest group of sustainability experts globally, where the 500 experts offer a commercially-driven sustainability strategy, underpinned by technical experience and delivered by teams across the world. Besides the UK, they have business based in the USA, China, Spain and other Western European countries.

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7th October 2016

C4C invested £100,000 for additional ordinary shares as part of a larger fundraising completed by Anthesis in which new professional investors participated alongside employees of Anthesis and other existing investors.

The funds raised were used to support planned organic and acquisitive growth.

29 June 2016

C4C subscribed £350,000 for ordinary shares and also provided £150,000 for a long-term loan, due to mature in mid-2021.  This carries interest at a commercial rate.

Bright Ascension Limited

www.brightascension.com

Bright Ascension is engaged in research and development and provides consultancy services related to software and hardware for the space industry and in particular the small and nano-satellite market. They have developed a strong foundation to their business, with a number of high profile UK and European clients.

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2 April 2017

C4C subscribed for a further £100,000 of ‘A’ Ordinary Shares, Bright Ascension having achieved certain conditions set out at the initial investment.

29 September 2016

C4C subscribed £150,000 for 150,000 ‘A’ Ordinary Shares of £1 each in Bright Ascension. The ‘A’ Ordinary Shares have preferential rights regarding capital value should certain exit events materialise. This investment was used to enhance their current product development, business development, support and sales teams.

Civils Store Limited

www.civilsstore.co.uk

CSL is a UK specialist supplier of civil engineering and construction materials, with particular expertise in groundworks and drainage materials. It has depots at Penrith, Redruth, Sittingbourne, Evercreech and Lydney.

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5 January 2016

The £300,000 of ‘A’ Loan Notes and £100,000 of ‘B’ Loan Notes held by C4C were repaid in full and C4C re-invested the proceeds by subscribing for 400,000 ‘A’ Ordinary Shares of £1 each. The ‘A’ Ordinary Shares held by C4C have preferential rights with respect to ongoing dividends and to capital value on the occurrence of certain exit events.

This restructuring was designed to widen employee ownership at CSL whilst aligning C4C’s interest more directly with that of the companies’ employee owners.

30 June 2015

C4C re-structured and extended its loan to CSL and made a further loan to provide that company with additional working capital in connection with the opening of a new depot in Somerset. The existing loan of £300,000 to CSL, which had been due for repayment or conversion on 29 June 2015, was re-classified as “A” Loan Notes and the date for repayment or, at the Company’s option, conversion into participating preference equity, was deferred to 31 December 2015. The further loan made by C4C to CSL comprised £100,000 of “B” Loan Notes, which are repayable or, at the Company’s option, convertible into participating preference equity, by 29 June 2016. The “A” Loan Notes and the “B” Loan Notes bear interest at an appropriate commercial rate.

26 February 2015

C4C made a loan of £100,000 to a subsidiary of Civils Store, CSM Site Supplies Limited, which is 51% owned by CSL, with the remaining 49% held by an Employee Benefit Trust.  CSM, based in Stoke on Trent, supplies and distributes products to UK mainland construction sites. The CSM Loan bears interest at an appropriate commercial rate and is redeemable in 12 months or, at C4C’s option, convertible into participating preference shares in CSM, again at an appropriate commercial rate. C4C also subscribed for £50,000 of CSM Preference Shares and provided CSM with a working capital facility of up to £50,000 which when drawn down, bore an appropriate monthly interest rate.

CSM agreed to acquire the business and assets of Midland Construction Supplies Limited. C4C made a loan of £100,000 to MCS in April 2014 and this Loan was repaid to C4C in full, including accrued interest.

30 May 2014

C4C invested £300,000 through a loan to Civils Store.  The proceeds of the loan were used for working capital purposes; it was fixed for a 12 month term and bore interest at an appropriate commercial rate.  C4C had the right to convert the loan on or before its due date into participating preference equity, or into similar instruments issued by individual subsidiary companies of CSL which may be established in due course. In connection with the loan, CSL undertook to establish Employee Benefit Trusts with 20% interests in CSL and any of its subsidiaries in which Capital for Colleagues may become interested.

17 April 2014

C4C made an investment through a convertible loan of £100,000 to Midland Construction Supplies Limited. The loan was for a fixed term of 12 months and bore interest at an appropriate commercial rate.  At the end of the 12 month term, the loan notes would either be redeemed in full or converted into preference shares in MCS, at Capital for Colleagues’ option. In tandem with the transaction MCS reorganised its capital structure and committed to allocate 20% of its new share capital to an employee benefit trust.

Computer Application Services Limited

www.casltd.com

CAS, based in Edinburgh, is a developer of Workpro case management software. Applications include the management of regulated complaints, such as those handled by finance and insurance companies, and employee relations case work where complex elements must be routinely managed. CAS also offers IT support in niche areas, including a long-standing service to Ministry of Defence training sites.

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17 October 2018

C4C subscribed £100,000 for an additional 40,000 ‘A’ ordinary shares of £2.50 each, which also carry preferential rights with regard to dividends.

27 July 2017

C4C subscribed £150,000 for an additional 150,000 ‘A’ ordinary shares of £1 each, which have preferential rights with regard to dividends.

19 January 2016

C4C subscribed £150,000 for 150,000 ‘A’ ordinary shares of £1 each, which have preferential rights with regard to dividends. In addition, CAS has been granted an option to acquire the ‘A’ Ordinary Shares from C4C on a future specified date, at a price based on the prevailing value of CAS, subject to an agreed minimum holding period return. C4C has also made available a loan facility of up to £100,000. This loan bears interest at an appropriate commercial rate, is repayable within 36 months and is secured on the assets of CAS. The proceeds of the equity investment and the CAS Loan were used for general working capital purposes.

Ecomerchant Natural Building Materials Limited

www.ecomerchant.co.uk

Ecomerchant is a specialist supplier of natural and environmentally sustainable building materials to the UK residential construction market.

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31 August 2015

C4C subscribed £100,000 for 100,000 redeemable, non-voting A Ordinary shares in Ecomerchant, which have preferential rights with respect to dividends and to capital value in the event of certain exit events. The proceeds of the subscription were used to repay the existing C4C £75,000 loan and for additional working capital.

Ecomerchant acquired Eco Systems Distribution Limited. Eco Systems manufactures and distributes recycled plastic roof slates, principally in the UK and Europe. In order to acquire Eco Systems, C4C subscribed for £150,000 of loan notes, which are secured on Ecomerchant’s assets by way of mortgage debenture, are cross-guaranteed by Eco Systems, and bear interest at an appropriate commercial rate, being repayable in 2020.

2 June 2014

C4C announced that it invested £75,000 in Ecomerchant through a convertible loan that is secured on the assets of Ecomerchant for a fixed term of 12 months and bears interest at an appropriate commercial rate.  Following completion of the loan, an Employee Benefit Trust was established as a 25% shareholder. C4C had the option to convert the loan on or before its due date into participating preference equity in Ecomerchant.

Employee Owners Group Limited (Trading as Carpenter Oak)

carpenteroak.com

Carpenter Oak has been designing and building timber framed buildings since 1987. The project managers, frame designers and carpenters work closely with a range of industry-leading architects and specialists to deliver a wide variety of bespoke projects across the UK, Europe and beyond.

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12 May 2017

Capital for Colleagues invested £400,000 and subscribed for 4,286 B Ordinary Shares of £0.01 each in Employee Owners Group, representing an interest of approximately 30 per cent of the issued equity of the Group. The remaining equity is held by an Employee Ownership Trust (10% gifted by shareholders) and directly by employees (60%). This investment was used primarily for business development.

Flow Control Limited

flowcontrol.co.uk

Flow Control Company Limited are an independent valve stockist and distributor based in the UK, but active internationally.

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29 June 2018

C4C provided an additional loan for £81,000 loan to the company, repayable monthly and carrying an appropriate commercial rate of interest.

22 January 2018

C4C provided a £300,000 loan to the company, repayable monthly and carrying an appropriate commercial rate of interest.

Hire and Supplies Limited

www.hireandsupplies.com

Hire and Supplies provides large plant hire as well as small tool hire and sales from two branches in the west of Scotland.

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30 November 2016

C4C converted its existing preference shares and loan into ‘A’ shares, which carry preferential rights in relation to any dividend declared.

22 September 2014

C4C announced that it restructured its £600,000 loan following strong trading at the company.  By September 2014, C4C had received approximately £440,000 in capital and interest payments and transaction fees pursuant to the Loan. As a result, C4C agreed to restructure the loan, which would have been payable by March 2015, as follows:

  • £100,000 was converted into redeemable preference shares, with a term of 5 years at an appropriate commercial rate;
  • £200,000 was converted into a 5 year loan with interest at an appropriate commercial rate.

19 March 2014

C4C made its first transaction since admission to the ISDX Growth Market (now Aquis Growth Market).  It made a loan of £600,000 to Hire and Supplies, a company formed to acquire the business and assets of Tools and Equipment Limited (T&E). The loan carried interest at an appropriate commercial rate and was repayable within one year, in four tranches. The proceeds of the loan were used to create an Employee Benefit Trust owning 20 percent of the issued share capital.

Merkko Group Limited

www.merkko.com

Merkko is a builder’s merchant with branches in Reading and Oxford, which supplies a broad range of materials and equipment, primarily to the construction sector.

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6 July 2020

C4C sold its investment (200,000 redeemable, non-voting ‘A’ Ordinary shares) for consideration of £400,000, a profit on the original investment of 100%.

C4C has used £150,000 of the proceeds to subscribe for ordinary shares in Merkko representing approximately 10% of that company’s equity capital.

30 September 2015

As part of a restructuring, Merkko Builders Merchants became a subsidiary of a newly formed company, Merkko Group Limited. Concurrently, Merkko Enterprises Limited and Merkko LED Lighting Limited became part of the group.

C4C subscribed £200,000 for 200,000 redeemable, non-voting A Ordinary shares in Merkko, which have preferential rights with respect to ongoing dividends and to capital value on the occurrence of certain exit events. The proceeds of the subscription were used by Merkko to repay loans totalling £190,000.

Office for Public Management Limited (Trading as Traverse)

traverse.ltd

Traverse is an independent research and consultancy organisation, which supports and champions the delivery of social impact. Traverse works with public, private and third sector organisations to help navigate complexity and controversy in the changing world of public services.

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28th September 2016

C4C subscribed £250,000 for 5,295 A Ordinary Shares of £1 each.

The A Ordinary Shares have preferential rights regarding capital value should certain exit events materialise. In addition C4C made a loan of £50,000 for a 5 year term, which has now been repaid in full.

This investment was used for capital investment in infrastructure and for general working capital purposes.

Place 2 Place Logistics Limited

p2plogistics.co.uk

P2P is an established logistics company, operating in the Midlands. P2P’s core business is as a member of the Pallex distribution network and the company also operates a specialist medical logistics business alongside general haulage activities. P2P has a broad customer base, which includes a number of C4C’s existing investee companies.

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30 June 2020

C4C consolidated three short-term loans totalling £150,000, bearing a commercial interest rate and repayable on demand. These are secured by directors’ personal guarantees and assets of the company.

30 June 2016

On repayment of the loan, C4C subscribed for £150,000 of ‘A’ ordinary shares at £1.00.  These shares carry preferential rights with regard to declared dividends. As part of this capital restructuring, P2P set up an Employee Ownership Trust, which hold 30% of the ordinary equity.

11 September 2015

C4C made a loan of £150,000 to P2P.  The Loan was for a fixed term of six months and carried interest at an appropriate commercial rate; the proceeds of the Loan were used by P2P to satisfy certain short term working capital requirements.

South Cerney Outdoor Limited

www.southcerneyoutdoor.co.uk

South Cerney Outdoor is a Royal Yachting Association and British Canoeing training centre offering a range of water based activities on its 47-acre lake. It is also an area is a Site of Special Scientific Interest.

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12 July 2019

C4C has provided a long-term loan for £250,000 to South Cerney Outdoor. This carries an appropriate rate of interest.  C4C’s intention is to restructure this loan and take a shareholding alongside an EOT and other employee direct shareholders.

The Homebuilding Centre (Holdings) Limited (Trading as the National Self Build and Renovation Centre.)

www.nsbrc.co.uk

HBC owns the trade and certain assets of the National Self Build and Renovation Centre (NSBRC), which comprises a substantial permanent exhibition centre and trading hub, based at Swindon, which promotes awareness of the opportunities available to consumers seeking to build or renovate their own home and, increasingly, to local authorities and housing associations seeking to provide affordable housing. Importantly, NSBRC also generates trade with suppliers to the construction industry.

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31 August 2016

C4C exercised its option to convert the original loan into ‘A’ ordinary shares. These carry preferential dividend rights.

It became apparent that the 75% shareholding in the EOT did not best serve the long-term interests of the company or employees, so the structure was changed to a hybrid model with 37.5% of the shares allotted for direct ownership by employees, and 37.5% being held in the EOT.

4 November 2015

C4C announced that it made a further loan of £97,000 to HBC. This Loan bears interest at an appropriate commercial rate and is repayable on demand. The proceeds of the HBC Loan will be used by HBC to assist in the final stage of its move to a sustainable employee ownership model.

4 December 2014

C4C announced that it made a loan of £250,000 to HBC. The proceeds of the Loan were be used by HBC for general working capital purposes. In conjunction with the Loan, C4C was allotted shares representing 25% of HBC’s issued equity capital. A new Employee Ownership Trust holds the remaining 75% interest. The Loan is secured on the assets of HBC and is for a fixed term of 12 months, bearing interest at an appropriate commercial rate.  At the end of the 12-month term, the Loan is repayable, renewable or convertible into participating preference equity in HBC, at C4C’s option.

The Security Awareness Group Limited (Trading as The Security Company)

www.thesecuritycompany.com

The Security Company (TSC) has been delivering security awareness programmes for many of the world’s biggest companies through bespoke communications campaigns, on-line learning and face to face training events since 1997. The cyber security threat has never been greater and TSC’s bespoke solutions boost employees’ security awareness at work and home and inspire changes in behaviour that protect organisations from inadvertent human error.

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C4C subscribed £300,000 for 300,000 ‘A’ ordinary shares, which also entitled it to 34% of the issued ordinary equity. The balance of the ordinary shares are held by employees and an Employee Ownership Trust (EOT) on behalf of current and future employees.

C4C also provided a loan of £105,000. This loan bears interest at an appropriate commercial rate, is repayable within 12 months and is secured on the assets of company. The proceeds of the equity investment and the Loan were used to support the long term growth of the business.

TPS Investment Holdings Limited

www.total-pipeline.com

TPS sources, markets and distributes a specialist range of pipes, valves, fittings and other associated products for the public utility markets throughout the Republic of Ireland and Northern Ireland, with particular focus on the water market.

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21 December 2015

As part of a restructuring of TPS’ share capital, C4C re-designated preference shares as 200,000 ‘A’ Ordinary Shares of £1 each, which have preferential rights with regard to dividends. In addition, TPS was granted an option to acquire the ‘A’ Ordinary Shares on future specified dates, based on the value of TPS at the time, subject to an agreed minimum holding period for C4C.

C4C also received Ordinary Shares of £1 each in TPS representing approximately 15.6% of the Ordinary Shares capital. C4C also agreed that approximately £40,000 due to the Company in respect of accrued income on the former Preference Shares was converted to a fixed term loan, repayable in equal monthly instalments. This loan has been repaid.