CREATING
VALUE
03/
Maven exits Crawford
Scientific for 4.7x total return
04/ VCT investment in Contego
08/ New VCT Top-up Offers
11/ hedgehog lab set to increase its
global footprint
12/ Feature: VCT investment finally
joins the digital age
Issue
17
Welcome to Issue 17 of Creating Value. On behalf of the team at Maven, I'd like to
wish all of our client investors a healthy and prosperous year ahead.
2017 saw a significant period of growth for Maven. During the year we added five new
regional offices around the UK and a number of valuable new colleagues joined our
investment and support team. As many of our investors will be aware, we are firm believers
in the merits of having a regional business, taking the view that in order to get access to
some of brightest companies outside of London and the South-East it is important to have
local people on the ground across the whole of the UK, developing relationships with local
businesses and the intermediaries who advise them.
Since I last wrote there have been several notable realisations. These exits included the
sale of Crawford Scientific and SPS, which achieved respective MoM (multiple of money)
returns of 4.7x cost and 3x cost over the life of the investment, on sums invested in 2014.
Crawford is based in Strathaven, near Glasgow, and SPS is located in Blackpool, lending
further credence to the attraction of investing across the regions and finding value in
markets which may have a lower competitive presence. The funds realised from these
sales will allow us to continue to expand the Maven VCT portfolios and support a progressive
dividend programme for investors.
There was also significant progress in portfolio construction during 2017. Our regional
teams completed eight new investments for the Maven VCTs across a wide range of
sectors. We are targeting in the main those businesses which can already demonstrate
measurable revenue traction, and crucially, are seeking to support proven executives with
a track record of delivering results or shareholder value in a previous business or role.
Being able to support 'second time entrepreneurs' is a core attraction for our team when
evaluating a new investment.
In the budget which was held last November some changes to the VCT scheme were
announced, although pleasingly there was no change to the product fundamentals,
including 30% income tax relief when subscribing for new shares, and tax free dividends.
We were particularly encouraged to note that the timescale to approve new transactions
with HMRC under the Advance Assurance process is going to be shortened significantly,
which is welcome news for all VCT managers. A number of transactions have historically
been lost due to slow response times and this is an important step forward in improving
the conversion rate of potential new VCT investments.
At the time of writing the offers for Maven VCT 3 and VCT 4 for the tax year 17/18 and 18/19
remain open, and just over 15 million has been raised from around 900 investors. These
new offers will enable each of those VCTs to expand in size, and take advantage of the
strong pipeline of new transactions in process across our UK network. In tandem with an
improved Advance Assurance process, we are optimistic that those prevailing factors will
allow us to make further significant progress in building our VCT portfolios during 2018.
I hope you enjoy this issue of Creating Value.
Bill Nixon
Managing Partner at Maven
FOREWORD
02
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A POSITIVE
RESULT
Maven generates a 4.7x total return for
investors on the sale of Crawford Scientific
to Limerston Capital Partners.
VCT Realisation
03
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"It was obvious during our very first meeting
that Crawford had something special in
terms of its technical know-how, customer
service and strong culture and it has been
a real pleasure working with this talented
and dynamic management team over
the past three years. This investment has
of course also been a huge success for
Maven, delivering a 4.7x money multiple
return and 70% IRR for our clients."
David Milroy
Investment Director, Maven
Maven has exited its investment in Crawford Scientific, a leading supplier of chromatography
products and analytical services to the laboratory research and testing sectors, following
its sale to Limerston Capital Partners. The sale realised a return for Maven clients of
4.7x the initial investment in just over three years, with an IRR of 70%.
Maven's Edinburgh-based team of David Milroy and Alan Robertson led both the
investment and exit from Crawford. Since investing in August 2014, Maven has worked
collaboratively with the business to execute a number of strategic initiatives, including
the acquisition of Hall Analytical Laboratories which Maven's clients also funded.
Following the acquisition, Crawford was able to increase its global reach by entering
new markets in the US, China and Europe, leveraging Hall's reputation for
pharmaceutical, agrochemical, and environmental analysis and more recently
e-cigarette testing.
During the past three years Crawford's turnover and headcount have doubled and
profitability has almost trebled, as a result of both the successful acquisition of Hall and
the robust organic growth achieved across its distribution and knowledge transfer
divisions.
The investment by Limerston will enable Crawford to enter its next phase of expansion
and capitalise on the continued trend towards outsourced analytical services in
chromatography, most notably within the pharmaceuticals industry. The business will
continue to be led by the senior management team of Sam Crawford, Scott Fletcher and
Anthony Taylor, together with the support of the Limerston operating partner team.
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BLACKPOOL
ROCK
Maven makes successful exit after US giant
acquires Blackpool-based SPS, delivering a
3x return for investors.
VCT Realisation
"Maven believed in our vision for the business
and has been a hugely supportive financial
partner and adviser. Ryan Bevington and
the wider Maven team played an important
role in helping transform SPS through a
combination of small acquisitions,
international growth and operational
efficiencies, and we are very pleased to
have worked so effectively with them over
the past few years."
Phil Morgan
CEO, SPS
Maven has made a profitable exit from SPS (EU) Holdings Limited (SPS), delivering a
3x return on funds invested in 2014.
SPS is the UK's largest provider of promotional merchandise, supplying over 2,000
independent distributors in the UK and Europe, and employs over 300 staff. The Company
operates out of a 90,000 ft2 site in Blackpool with manufacturing and storage facilities.
The company has a strong focus on new product development and innovative product
sourcing, establishing key relationships with influential brands such as Moleskine and
Parker.
Maven led the management buy-out of SPS from 4imprint Group plc in February 2014
to support its strategy of growing the business organically and by acquisition. Following
Maven's investment SPS achieved impressive growth, through a commitment to innovation,
operational excellence and new product development. Maven also supported the SPS
management team in identifying and completing two synergistic bolt-on acquisitions,
High Profile in June 2015 and T.E.C. in November 2015, which consolidated the
enlarged business as the UK market leader in the promotional products industry.
SPS has been acquired by Polyconcept Group (PFC), a US multi-national backed
by Charlesbank Capital Partners, a North American mid-market private equity firm.
PFC is the largest promotional products supplier globally, selling into over 100 countries.
ESTABLISHING AN
IDENTITY
Funding package will enable Contego to drive
growth by expanding product development, adding
commercial resources and entering new markets.
New VCT Investment
05
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"Contego has a strong business model and
has already proven its reputation for
developing market leading products and
solutions, as well as its ability to successfully
grow its presence in new markets. We have
every confidence that the highly experienced
management team, led by Adrian Black,
will be able to deliver the growth that our
investors have come to expect from Maven."
Dr Melanie Goward
Investment Director, Maven
In July Maven led a 3.5 million investment in Contego Fraud Solutions, to support the
continued growth of the business through new product and market development. Contego
provides automated compliance solutions across a wide range of industries including
property, banking, financial services and the public sector. It enables organisations to
gain a full understanding of their customers and employees by automating onboarding,
monitoring and data enrichment processes, including providing complex, real-time
compliance and fraud checks.
Contego's comprehensive software platform enables customers to improve the operational
efficiency of their compliance processes, and minimise operational costs, helping to
reduce risk when dealing with people, companies and identity documents. Clients can
make timely and informed decisions on who they do business with, all contained within
a secure environment to ensure an efficient onboarding process.
Contego performs a wide range of screening, verification and vetting assessments including:
Know Your Customer (KYC); Anti Money Laundering (AML); Right to Work checks; Right
to Rent checks and Counter-Party Risk Management. The breadth and depth of the
procedures available through this platform, and able to be applied across multiple data
sources, gives Contego a competitive advantage, especially where clients have
significant compliance and regulatory requirements.
The company operates in an attractive niche of the Regulatory Technology market which
is estimated to be worth $2 billion globally and is expected to grow at over 14% per
annum. Demand is being driven by additional regulation that is creating increased
complexity and operational costs for businesses, as well as significantly raising the risk
of financial penalties and reputational damage.
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MOVING
ON UP
Funding will support the construction of a
dedicated pharmaceutical manufacturing
facility in North Wales, creating 50
new scientific jobs.
New VCT Investment
"ADC Bio is one of the pioneers in the
manufacturing of oncology therapeutics.
We are delighted to be leading the
consortium of investors to fund the
company's new innovative clinical facility in
Wales, as well as creating highly skilled new
jobs in the area. This is a hugely exciting
time for ADC Bio given the growing global
demand for anti-cancer drugs and we have
every confidence that the company will
benefit from the cost efficiencies of its
Lock-Release technology."
Dr Melanie Goward
Investment Director, Maven
In September Maven led an investment in ADC Biotechnology to help fund the development
of an 8 million pharmaceutical manufacturing facility at a site in Deeside, North Wales,
creating 50 skilled scientific jobs.
ADC Bio operates in the highest growth sector within oncology therapeutics and has
developed a unique patented Lock-Release technology for the development and
manufacture of the Antibody Drug Conjugates (ADC) group of cancer therapies. Known
as 'magic bullets', and designed to specifically target and kill tumour cells, ADCs are the
next generation of anti-cancer drugs which combine the unique targeting capabilities of
anti-bodies with the cancer-killing ability of cytotoxic drugs. The Lock-Release
technology facilitates greater production efficiencies and a substantial reduction in the
capital cost of manufacturing these drugs for commercial sale.
The move into clinical and commercial manufacturing is highly strategic and will enable
ADC Bio to convert its already strong customer base, which includes large pharmaceutical
companies, to higher value clinical development work.
Demand across the global market for ADC clinical trial materials is out-stripping supply
with the business increasingly being asked to supply large quantities of ADCs for use in
trials. As a result, ADC Bio anticipates strong demand for the manufacturing facilities
from pharmaceutical companies in the US and Europe keen to take advantage of the
production efficiencies the Lock-Release technology offers. The management team, led
by CEO Charlie Johnson, have extensive combined industry experience and are among
the global leaders in this specialist field, having already successfully established a
clinical drug manufacturing facility in Scotland.
MAPPING A
NEW COURSE
VCT Investment will enable Cognitive to develop
its pipeline of third generation petroleum
geoscience software modules
New VCT Investment
07
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"As geologists and technologists ourselves,
our mission is to take advantage of modern
software architectures to improve the
efficiency of our global peers by equipping
them with the best software possible for the
complex tasks they face daily. This
investment round will provide us the capital
to scale our Edinburgh headquarters and
position ourselves as innovators of third-
generation software solutions for the energy
services sector."
Luke Johnson
CEO, Cognitive Geology
In October Maven and specialist early-stage investor Enso Ventures invested 2 million in
Cognitive Geology, to support the continued growth of the business. The funding will
enable Cognitive to develop its suite of advanced petroleum geoscience software
modules, which are designed to help geologists find, appraise and develop conventional
and unconventional oil & gas reserves, both onshore and offshore.
The geoscience software market is worth an annual estimated $4.5 billion, and is expected
to double in size in the next few years, as out-dated software architectures are replaced
by next generation technology. With rising costs, falling exploration success rates, and a
low oil price, there is significant market demand for innovative software solutions.
Founded in 2014 by Geologist Luke Johnson, Edinburgh-based Cognitive recently
launched 'Hutton', its first advanced geological data analysis tool. Petroleum geologists
analysing the subsurface have to deal with significant uncertainty as they map an oil
reservoir, plan drilling and production, and ultimately look to maximise oil recovery. That
translates into significant uncertainty in terms of committing investment to a project.
Hutton plugs into the major software platforms used throughout the oil and gas industry,
including Petrel and JewelSuite, by extracting progressive trends from complex
geological datasets to enable geologists to make more informed decisions throughout the
life cycle of a reservoir.
The funding from Maven will also allow the company to accelerate the roll out of Hutton,
which uses patented Trendware technology to emulate the behaviour of an experienced
geologist. Its ability to rapidly build multiple reservoir scenarios and provide users with
superior visualisation capability is a significant advancement on existing solutions which
are based on legacy software.
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30M VCT TOP-UP
OFFERS OPEN FOR
INVESTMENT
Maven VCT 3 and VCT 4 are established VCTs which have achieved increases in NAV Total
Return per share for eight consecutive years, and together have paid 16 tax-free dividends
since April 2015. Each VCT portfolio features a blend of profitable, established companies
alongside dynamic younger businesses which are challenging traditional routes to market in
their sectors.
VCTs continue to offer an attractive growth funding option for British businesses and Maven
remains one of the most active and best resourced VCT managers, with a nationwide
investment team based across 11 regional offices which ensures full coverage of the UK
SME market. At a time when a number of managers are still adapting to the new VCT rules
introduced in 2015, our experienced team has demonstrated its ability to identify a diverse
range of VCT qualifying companies, and has now completed 14 new investments since
May 2016, providing growth finance to innovative businesses across a range of sectors.
Investors in the Offers can also benefit from an early investment incentive discount for
applications accepted by 2 February 2018. The discount is 1.5% of the application
amount for existing shareholders in any of the six Maven VCTs, and 1.25% for new
investors, and reduces the initial offer costs in order that the investor is allotted a higher
number of shares. As detailed on page 12, investors can also access the first dedicated
online application portal available from a VCT manager, which offers a quick and
convenient way to apply for the Maven Offers.
This is an advertisement issued by Maven Capital Partners UK LLP and is neither a prospectus nor an
invitation to invest. An investment in shares in the Offers referred to in this advertisement should be made
solely on the basis of information set out in the Securities Note, Summary and Registration Document
(together the 'Prospectus', and available at mavencp.com/vctoffer) issued on 22 September 2017 by
Maven Income and Growth VCT 3 PLC and Maven Income and Growth VCT 4 PLC.
In September Maven VCT 3 and VCT 4 announced joint
Offers to raise 15m each, providing investors with access
to two established VCTs with a record of rising shareholder
returns and mature, diverse private company portfolios.
The additional funds raised will allow the VCTs to make
further investments in entrepreneurial businesses, at a
time when Maven has a strong pipeline of investment
opportunities in high-growth private companies across
the UK.
Steve Marshall
Sales and Marketing Director
Maven Capital Partners
Further information can be found at
mavencp.com/vctoffer where the
Offer documents can be downloaded.
VCT Offers
09
THE OFFERS
IN NUMBERS
* The Early Investment Incentive is only available for applications received and accepted by 12.00 noon on 2 February 2018.
** Assumes that the investor benefits from initial income tax relief of up to 30%, as currently available to investors in new VCT shares.
30 million
Fundraising amount (with a 10 million over
allotment facility)
3 April 2018
Offers close for the 2017/18 tax year
20 April 2018
Offers close for the 2018/19 tax year
5,000
Minimum subscription per applicant
1.5%
Early Investment Incentive for existing
shareholders (in any Maven VCT)*
1.25%
Early Investment Incentive for new investors*
7.35p
Average annual dividend paid by Maven VCT 3
in the past five full financial years
6.52p
Average annual dividend paid by Maven VCT 4
in the past five full financial years
13.3%
Average tax-free annual yield for Maven VCT 3
over the past five full financial years**
10.43%
Average tax-free annual yield for Maven VCT 4
over the past five full financial years**
3.4x
Average exit multiple achieved across all Maven
VCT realisations since January 2014
mavencp.com
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BROKERING A
GOOD DEAL
Investment will fund the build out of a new multi-
line insurance broking business and enable the
expansion of the senior management team
Investor Partners
"We are excited to have secured Maven's
confidence and investment, an important
capital injection that will enable us to grow
at speed. As our industry changes and
innovates, we look forward to recruiting
talented individuals to our firm and working
with Maven to deliver our growth plans."
Alan Wallace
CEO, Altra Consultants
In October Maven's co-investment network, Investor Partners, invested 3 million in
Altra Consultants Limited to fund the growth of its Lloyds of London registered insurance
broking subsidiary Parker Norfolk & Partners Ltd (PNP), which Altra acquired in August
2017.
Altra was established in 2011 by Alan Wallace and Tracey Anderson with the aim of
developing a multi-line insurance broking business. Both are well regarded, seasoned
veterans within the sector and have a track record of previously starting and growing a
successful broking business, International Risk Consultants (IRC), before exiting to a
larger industry consolidator. IRC ultimately became the largest specialty trade credit
broking firm in the UK, and the second largest of its kind in Europe.
Altra has obtained all requisite FCA approvals for using PNP's Lloyds accreditation thereby
delivering significant advantage to Altra's service offering, enabling the firm to generate
revenues via a mixture of direct sales to corporate entities and wholesale insurance
through other insurance brokers.
Initially Altra will offer structured trade credit insurance broking services, an area where
the senior management team have significant experience, with a medium term plan to
further diversify and grow into a multi-line business through the recruitment of key
individuals from across a variety of insurance disciplines.
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SHARP AS
A TACK
Newcastle tech firm poised to enter the next stage
in its growth by investing in its sales & marketing
function and boosting its delivery capabilities.
Investor Partners
"The time is right for hedgehog lab to
take on external investment which will
substantially drive growth. It became
apparent very quickly that Maven was
the right investment partner to help take
the company to the next level, creating
jobs in the North East and further afield.
The local team led by Michael Vassallo
rapidly developed a solid understanding
of our business and we look forward to
working closely with them over the next
few years. We see this deal as a vote
of confidence in our business plan."
Sarat Pediredla
CEO, hedgehog lab
In September Maven Investor Partners completed an investment in hedgehog lab, a
mobile app designer and technology consultancy with a global footprint, which has
grown rapidly over the past 10 years.
hedgehog lab is capitalising on the increasing consumer use of apps, providing
cutting-edge solutions to its clients, and making use of the latest, most impactful
technologies. As one of only a handful of UK technology companies focused purely on
app development, and having already worked with blue chip brands including The
Financial Times, Channel 4, Mitsubishi and Microsoft HoloLens, hedgehog lab is well
placed to capitalise on a growing market where over a third of the world's population
owns a smartphone.
hedgehog lab currently has a sales presence in the UK, US, Denmark and India, as well
as delivery teams in the UK and India. Maven funding will support hedgehog's next
phase of growth, allowing the company to invest further in its sales & marketing
function, boost its delivery capabilities and broaden its presence overseas, while also
creating additional skilled jobs in the UK.
Founded in 2007 by CEO Sarat Pediredla and Mark Forster, who between them have
nearly 40 years' experience as software developers, hedgehog lab's revenues grew
130% last year while employee headcount more than doubled to 120.
The investment in hedgehog lab is the second Maven has made in the region since
opening offices in Newcastle and Durham during 2017.
Venture Capital Trusts invest in some of the UK's most
dynamic and fast-growing businesses, often positioned at
the cutting edge of new and innovative client solutions. In
fact, according to figures research by the Association of
Investment Companies digital, creative, and information
technology are amongst the sectors which most frequently
attract VCT investment.
Steven Ford
Marketing Manager
Maven Capital Partners
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VCT INVESTMENT
FINALLY JOINS THE
DIGITAL AGE
Managers within the VCT industry have however been slow off the mark when it comes to
adopting the latest new technologies or software systems for their own operations.
Indeed financial services in general has long been accused of being a late arrival to the
digital age. In their defence, businesses operating in the financial services sector are highly
regulated, and typically will have to meet and pass rigorous compliance requirements in
order to implement new ways of working, so simply cannot adapt to change as quickly as
other industries.
Clearly though there is scope to innovate, and being in the financial sector shouldn't limit
the use of new technology in striving to improve customer service. Before Compare the
Market (CTM) launched its award-winning 'Compare the Meerkat' campaign in 2009,
many believed it was impossible for financial services firms to connect on such a deep and
personal level with customers. However CTM's content was original, resonated with the
audience, and skilfully humanised the brand.
Many investors are already seasoned users of digital personal banking, with the ability to
make an array of online transactions at the touch of a button, yet every year investors ask
us why the VCT industry continues to cater only for paper applications and cheques for
new top-up Offers. So it is clear that there is increasing demand for a more straightforward
and innovative solution for making an application.
VCT News
13
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"Investors in the new Offers
are therefore the first to
benefit from the option to
submit their application
and payment online, by
using a new dedicated and
secure portal."
Late last year Maven set out to address this long-standing frustration, aiming to cater for
those who are digitally active by offering the opportunity to invest online. This may not
sound revolutionary to those of us familiar with completing online transactions through sites
such as Amazon, ASOS or eBay, but the opportunity to apply online for new VCT shares
has simply not existed until now.
Maven has worked alongside Link Asset Services (the Receiving Agent and Registrar for the
Maven VCTs, formerly known as Capita) to design a new system which provides a quick
and convenient way of subscribing to the Maven VCT Offers. Investors in the new Offers
launched in September 2017, are therefore the first to benefit from the option to submit
their application and payment online, by using a new dedicated and secure portal at
www.mavencpoffer.com.
The investment portal has now been up and running since the end of September for this
year's Offers and we are pleased to see that it has already been well used, with applicants
benefiting from a submission process that is both faster and easier to complete.
This is a positive new addition to Maven's VCT offering, though of course it will take time
to change the habits of individuals developed over two decades of VCT investing. However
in the coming years we fully expect Maven's peers to implement similar online systems,
and for more investors to benefit from this more convenient way of subscribing for new
VCT shares.
14
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A LEAP
FORWARD
Maven investee Chic Retreats launches new
brand, travel lifestyle website, and improved
digital solution for independent hotels.
Portfolio News
Chic Retreats is offering Creating Value
readers a 10% discount off their first
booking. The saving will be refunded to
the customer post-stay. To find out more
about the terms and conditions, or to
take advantage of the offer, call Chic's
reservation team on 0203 131 5411 or
email reservations@chicretreats.com,
quoting 'Maven'.
To view the range of properties and
special breaks available please visit:
www.chicretreats.com
Portfolio company Chic Retreats, which the Maven VCTs backed in November 2016
to support development of its core web and mobile technology platform, has launched
its new website and visual identity. Chic provides a dedicated platform for luxury
boutique hotels and villas to optimise the distribution and availability of their rooms,
as well as offering online exclusive deals on independent luxury hotels and holidays
around the world.
Since Maven's investment the team at Chic has further developed its core platform,
improving both user experience and navigation for website users. The travel lifestyle
brand has also evolved from a request site to cater for live bookings, with the plan to
have 95% of its inventory being instantly live bookable by the end of March 2018.
Chic differentiates itself through a more personal approach than other generic online
travel agencies and the typically impersonal hotel booking engines operating in the same
market. Chic's portfolio has been meticulously curated to only include accommodation
where its hosts are passionate about delivering a unique experience to each and every
guest. The new website reflects this core value by providing a richer and more content-
led digital solution which enables more discerning customers to research the best-fit for
their requirements, rather than being purely led by price.
Matchmaking is at the heart of its new identity, bringing together hosts, properties and
travellers with shared interests. The new website categorises properties with descriptive
tags called 'Inspirations', allowing travellers to tailor their experience to reflect their
specific preferences and link to a diverse range of over 70 special interests, including
organic food, yoga, ancient ruins and history, and sport-fishing.
To explore the new website please visit www.chicretreats.com.
10% OFF YOUR
FIRST BOOKING
Readership Offer
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OUR LOCATIONS
STAY CONNECTED
VCT SHAREHOLDER ENQUIRIES
For any enquiries about a VCT shareholding or valuation, please contact the registrar
Link Assets Services. Link operates a dedicated non-premium rate VCT shareholder
helpline on behalf of the Maven VCTs, on 0333 300 1566*, or can be emailed at
vcts@linkgroup.co.uk. Shareholders can also register on the Link share portal at
www.signalshares.com in order to easily access and maintain a shareholding online,
including changes of address.
Please note that Link can only provide information directly to a shareholder, or to a
professional adviser who has provided a valid, signed letter of authority to obtain
information on the shareholder's behalf.
* Lines are open 0900 to 1700, Monday to Friday (excluding public holidays in England
and Wales). Calls are charged at the standard geographic rate, and will vary by provider.
Calls from outside the UK will be charged at the applicable international rate.
15
mavencp.com
Maven Capital Partners UK LLP
Kintyre House
205 West George Street
Glasgow G2 2LW
Tel 0141 306 7400
Authorised and Regulated by
The Financial Conduct Authority
mavencp.com
Important Information
Please note that Maven cannot give any investment, legal or taxation advice in respect of any fund or product featured in this document.
This document is not an invitation or a recommendation to invest, and is for information purposes only. Past performance is not a guide to
future performance. Prospective investors should regard an investment in either a VCT or in an unlisted company as a long term investment.
The underlying investments of VCTs are predominantly shares of unlisted companies; such investments are not publicly traded and are
therefore likely to be illiquid and difficult to realise. Such investments also carry a substantially higher degree of risk than other types of
investment. The value of shares in a VCT or in an unlisted company and the level of income derived from them may fall as well as rise and
investors may not get back all or any of the money originally invested. Certain Maven investments are not suitable for, or made available
to, retail investors. If you have any doubt about the suitability for you of any fund or investment referred to in this document, we
recommend that you seek professional advice from an authorised financial adviser.
MAVEN CAPITAL and MAVEN logo are the registered trademarks of Maven Capital Partners UK LLP, registered office 1-2 Royal Exchange
Buildings, London, EC3V 3LF.