Published date: 15 October 2019

Last edited date: 15 October 2019

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Closing: 11 November 2019

Contract summary

Industry

  • Financial and insurance services - 66000000

Location of contract

North East

Value of contract

£500,000 to £2,000,000

Procurement reference

NEF 2019/002

Published date

15 October 2019

Closing date

11 November 2019

Contract start date

1 January 2020

Contract end date

1 January 2022

Contract type

Service contract

Procedure type

Open procedure (above threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements above the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

The Contracting Authority is the Holding Fund Manager for the Finance for Business North East Fund (FBNE) which is now fully invested. The investment programme was funded in part by a loan from the European Investment Bank (now fully repaid) and in part by European Structural funds and UK Government grants. It was delivered through 7 sub-funds, each with its own regulated fund manager. Investments were predominantly equity, with some debt and mezzanine, in a wide range of sectors, from micro-businesses to innovative technology firms and established manufacturers. This tender is concerned with three of the sub-funds, where current fund management is due to come to an end in Q1 2020. These portfolios are the Technology Fund, the Angel Fund and the Growth Plus Fund. Tenders are invited for a single provider to deliver an independent investment and corporate finance advisory service, to assist with oversight and realisations of the portfolio and to advise the Board on realisation strategies and opportunities. Bidder should have an understanding of the key business and technology sectors in the portfolio. The contract is for an initial 2 year term, extendable to 3 years on the same terms. Thereafter, depending on need and progress with realisations, there may be an option to extend by a further 1 to 2 years. This will be an advisory service and not a Limited Partnership structure, and decisions on disposals will be reserved to the Board, rather than a fund manager with full discretion. Some other residual assets may be added to the portfolio after the initial 2 years, subject to discussion. Full details are in the Invitation to Tender and the draft service agreement appended to it, together with the subsequent Clarification Notice.

More information

Links

Additional text

Bidders should note that there is a Clarification Notice which should be read alongside the Invitation to Tender.

About the buyer

Contact name

James Arkless

Address

Baltimore House
Abbots Hill
Gateshead
NE8 3DF
England

Telephone

0191 499 8552

Email

james.arkless@nea2f.co.uk