Published date: 7 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: 5 November 2019

Contract summary

Industry

  • Financial consultancy services - 66171000

Location of contract

CW7 1AH

Value of contract

£600,000 to £1,000,000

Procurement reference

CEC0002

Published date

7 October 2019

Closing date

5 November 2019

Contract start date

10 December 2019

Contract end date

9 December 2029

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

As part of a package of programmes to stimulate and drive growth, the LEP in conjunction with Cheshire East Borough Council as the accountable body, has secured £20m of European Regional Development Funds (ERDF) to establish an investment fund called the Cheshire and Warrington Development Fund (CWDF).

The proposed CWDF will be complementary to the Evergreen 1 fund established in 2011 and the Greater Manchester Evergreen 2 fund. The Evergreen 1(EG1) fund was very successful. Cheshire and Warrington received £37m (some of this is still in final assessment) from the fund which is now fully committed.

This tender process is for the procurement of fund management services to deliver the CWDF. As part of the contract, the successful service provider will be required to deliver the following services:

- Manage and market the fund and the entire investment cycle
- Launch the fund
- Market the fund
- Manage all enquires
- Generate applications to the fund
- Secure a minimum of £20m of match funding which can be at a fund or investee level
- Identify, monitor and report co-investment in accordance with Article 1 of the Commission Implementing Regulation (821/2014).
- Work with other funds, funders, and investees, most notably Evergreen 1 to assess the benefit of adding this funding to wider funding packages for projects
- Assess and develop the applications
- Invest the funds
- Carry out financial and commercial due diligence
- Ensure all investments made are state aid compliant
- Issue heads of terms
- Make investment recommendations to the CWDF board
- Issue contracts for investments
- Monitor the investments and ensure repayments are made on time, and if not work with the applicant to take remedial action
- Ensure outputs are achieved and recorded in compliance with ERDF guidelines.

TENDER TIMETABLE

Please see below for the estimated timetable for this tender, please note this is for information only and may be subject to change.

Invitation to tender issued: Friday 4th October 2019
Deadline for queries: 5:00pm, Friday 25th October 2019
Tender return deadline: 12:00 noon, Tuesday 5th November 2019
Interviews: W/C 11th November 2019
Notification of intent to award: November 2019
Contract award: December 2019

More information

Links

Additional text

https://in-tendhost.co.uk/cirruspurchasing/aspx/

Please apply via our In-tend portal https://www.in-tendhost.co.uk/cirruspurchasing/aspx/Home. Please see the tender documents available from this link for additional information on the services required and the tender evaluation criteria.

Funding Type (WEFO or EU) : EU

Funding Description

This tender process is for the procurement of fund management services for a £40 million investment fund. £20 million of this fund is made of funds secured from the European Regional Development Fund (ERDF), with the remaining £20 million anticipated to be made up through match funding


Is a Recurrent Procurement Type? : No

About the buyer

Contact name

Mike Munro

Address

Wyvern House
The Drumber
Winsford
CW7 1AH
United Kingdom

Telephone

07572108320

Email

mmunro@cirruspurchasing.co.uk