British Business Bank Plc: Agreement for the Cornwall and Isle of Scilly Investment Fund (CIOSIF) Fund Manager

UK-Sheffield: Financial and insurance services.
Section I: Contracting Authority
      I.1) Name and addresses
             British Business Financial Services Limited
             Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
             Email: Procurement@british-business-bank.co.uk
             Main Address: http://british-business-bank.co.uk
             NUTS Code: UK
      I.2) Joint procurement
      The contract involves joint procurement: No.
      In the case of joint procurement involving different countries, state applicable national procurement law: Not provided       
      The contract is awarded by a central purchasing body: Yes.
      I.3) Communication
      The procurement documents are available for unrestricted and full direct access, free of charge, at: http://www.delta-esourcing.com/tenders/UK-UK-Sheffield:-Financial-and-insurance-services./9A78N6N93N
      Additional information can be obtained from: the abovementioned address
      Tenders or requests to participate must be sent electronically via http://www.delta-esourcing.com/tenders/UK-title/9A78N6N93N to the abovementioned address       
      Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at: Not provided
      I.4) Type of the contracting authority
            Body governed by public law
      I.5) Main activity
            Economic and financial affairs

Section II: Object
II.1) Scope of the procurement
      II.1.1) Title: Agreement for the Cornwall and Isle of Scilly Investment Fund (CIOSIF) Fund Manager       
      Reference Number: Not provided
      II.1.2) Main CPV Code:
      66000000 - Financial and insurance services.

      II.1.3) Type of contract: SERVICES
      II.1.4) Short description: The British Business Bank is conducting this procurement to establish an agreement for a fund manager for the Cornwall and Isles of Scilly region for:

A combined debt and equity fund; value range of: £40m to £80m;

The estimated total value set-out in II.1.5) and repeated in II.2.6) is the maximum value of the Fund Manager fees that the Authority expects to pay under this agreement.       
      II.1.5) Estimated total value:
      Value excluding VAT: 10,000,000       
      Currency: GBP
      II.1.6) Information about lots:
      This contract is divided into lots: No       
   
II.2) Description
      
      II.2.2) Additional CPV codes:
      66000000 - Financial and insurance services.
      66100000 - Banking and investment services.
      66120000 - Investment banking services and related services.
      66122000 - Corporate finance and venture capital services.
      66190000 - Loan brokerage services.
      
      II.2.3) Place of performance:
      UKK3 Cornwall and Isles of Scilly
      
      II.2.4) Description of procurement: A Debt and Equity Fund where the authority is looking to commit between £40m and £80m of funds.

Each equity investment must satisfy the following conditions:

1) Be an investment in an SME in the CIOSIF Area

2) Be an investment in a range size from £25,000 up to £2,000,000. This figure may be exceeded in exceptional circumstances and with Investor Consent

3) All conditions in the IOGs, LPA and FMA of the Fund

Each debt loan must satisfy the following conditions:

1) Be a loan to an SME in the CIOSIF Area

2) Be a loan in a range size from £25,000 up to £1,000,000. This figure may be exceeded in exceptional circumstances and with Investor Consent

3) All conditions in the IOGs, LPA and FMA of the Fund

General Requirements (including without limit the following):

1.Operating one or more funds in accordance with the terms of the relevant fund management agreement;

2.Identifying SMEs which are eligible for investment and/or loans in accordance with the rules of the fund, conducting appropriate commercial and technical due diligence and structuring deals;

3.Generating deal flow and working with investee companies in the CIOSIF Area before and after concluding investments;

4.Concluding equity investments and debt loans (as appropriate to the Fund’s investment type), in eligible SMEs in the CIOSIF Area and in accordance with EC State aid law and all other laws;

5.Maximising, where appropriate, the additional investment made by private sector co-investors into investee companies;

6.Managing the investment portfolio to add value to investee companies and achieve profitable exits for the fund;

7.Managing the investment fund so as to maximise the returns to the investors while minimising the operational costs and the costs to investee companies and whilst delivering the Targets;

8.Monitoring the portfolio and providing regular reports on activity, fund performance and related outputs to the Authority (and where applicable, any relevant Other Contracting Authority); and

9. Marketing the investment fund to the appropriate market sectors and professional services intermediaries and developing, maintaining and exploiting networks in relevant communities and markets relevant to the investment funds.
      II.2.5) Award criteria:
            Price is not the only award criterion and all criteria are stated only in the procurement documents            
      II.2.6) Estimated value:
      Value excluding VAT: 10,000,000       
      Currency: GBP       
      II.2.7) Duration of the contract, framework agreement or dynamic purchasing system:
      Duration in months: 120       
      This contract is subject to renewal: Yes       
      Description of renewals: The duration of the Contract Services will be:

Five years for the Investment Phase; with the Authority able to extend the Investment Phase, at its sole discretion, by up to two years at any time during the Investment Phase; followed by

Five years for the Realisation Phase (which will include the ability of the CIoSIF to make follow-on investments in their portfolio businesses); with the Authority able to extend the Realisation Phase, at its sole discretion, by up to two years at any time during the Realisation Phase.
      
      II.2.10) Information about variants:
      Variants will be accepted: No
      II.2.11) Information about options:
      Options:       No             
      Description of options: Not provided
      II.2.12) Information about electronic catalogues:
      Tenders must be presented in the form of electronic catalogues or include an electronic catalogue: No
      II.2.13) Information about European Union funds:
      The procurement is related to a project and/or programme financed by European Union funds: Yes       
      Identification of the project: Funded by the European Regional Development Fund             
      II.2.14) Additional information: Not provided       


Section III: Legal, Economic, Financial And Technical Information
   III.1) Conditions for participation
      III.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
      List and brief description of conditions:          
      Tenderers must be authorised by the Financial Conduct Authority as a full scope UK AIFM or a small authorised UK AIFM; or be a full scope EEA AIFM (as each of those terms is defined in the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773). Please see the ITT (Document C: Qualification) for more information and in particular regarding relying on a regulatory hosting or umbrella organisation for the authorisation.    
      III.1.2) Economic and financial standing          
      Selection criteria as stated in the procurement documents       
      List and brief description of selection criteria:       
      Not Provided    
      Minimum level(s) of standards possibly required (if applicable) :       
      Not Provided    
      III.1.3) Technical and professional ability    
      Selection criteria as stated in the procurement documents
      List and brief description of selection criteria:       
      Not Provided      
      Minimum level(s) of standards possibly required (if applicable) :          
      Not Provided   
      III.1.5) Information about reserved contracts (if applicable)   
      The contract is reserved to sheltered workshops and economic operators aiming at the social and professional integration of disabled or disadvantaged persons: No       
      The execution of the contract is restricted to the framework of sheltered employment programmes: No    
      
   III.2) Conditions related to the contract
      III.2.1) Information about a particular profession    
      Reference to the relevant law, regulation or administrative provision:          
      Not Provided    
      III.2.2) Contract performance conditions       
      Please see the ITT for more information          
      III.2.3) Information about staff responsible for the performance of the contract
      Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract: Yes    

Section IV: Procedure
   IV.1) Description OPEN
      IV.1.1) Type of procedure: Open   
   
   IV.1.3) Information about a framework agreement or a dynamic purchasing system    
         The procurement involves the establishment of a framework agreement - NO    
         In the case of framework agreements justification for any duration exceeding 4 years: Not Provided    
   
   
   IV.1.6) Information about electronic auction:
      An electronic auction will be used: No
      Additional information about electronic auction: Not provided
   IV.1.8) Information about the Government Procurement Agreement (GPA)
      The procurement is covered by the Government Procurement Agreement: Yes       
   IV.2) Administrative information
      IV.2.1) Previous publication concerning this procedure:
         Notice number in the OJ S: Not provided       
      IV.2.2) Time limit for receipt of tenders or requests to participate
       Date: 29/03/2018 Time: 14:00
            
      IV.2.4) Languages in which tenders or requests to participate may be submitted: English,       
      IV.2.6) Minimum time frame during which the tenderer must maintain the tender:
         Duration in month(s): 6
      
      IV.2.7) Conditions for opening of tenders:
         Date: 29/03/2018
         Time: 14:01
      

Section VI: Complementary Information
   VI.1) Information about recurrence
   This is a recurrent procurement: No    
   Estimated timing for further notices to be published: Not provided
   VI.2) Information about electronic workflows
   Electronic ordering will be used No       
   Electronic invoicing will be accepted Yes       
   Electronic payment will be used Yes       
   VI.3) Additional Information: The contracting authority considers that this contract may be suitable for economic operators that are small or medium enterprises (SMEs). However, any selection of tenderers will be based solely on the criteria set out for the procurement.

The British Business Bank (“BBB”) is the United Kingdom’s government-owned economic development bank that makes finance markets work more effectively for smaller businesses, allowing those businesses to prosper, grow and build UK economic activity. The BBB group manages and invests in access to finance programmes for smaller businesses within a single commercially-minded institution. The Authority is a wholly owned subsidiary of BBB and its purpose is to manage certain schemes for the Sponsoring Authority, including CIOSIF.

The Authority are purchasing the fund management services on behalf of:

(a) itself;

(b) British Business Bank Plc and any members of its group (within the meaning of the Companies Act 2006)

(c) Cornwall and Isles of Scilly Investment(s) Limited; and

(d) Department of Business, Energy and Industrial Strategy, and any entity owned or controlled by it.

The Authority will hold a Supplier ITT Launch Event (the “Event”) on Thursday 8 March 2018 in Newquay, for the purposes of presenting the opportunity to potential Tenderers. Potential Tenderers are permitted to send up to two representatives to attend the Event. Please see the ITT for further information. The link to register for this event can be found here: https://www.eventbrite.co.uk/e/cornwall-and-isles-of-scilly-investment-fund-briefing-event-hold-the-date-tickets-43164507203

The Authority may terminate or suspend the award process at any time without incurring any cost or liability. The Authority does not bind itself to enter into any contract arising out of the procedures envisaged by this notice. No contractual rights expressed or implied arise out of this notice or the procedures envisaged by it. The Authority will not be liable in any way to any candidate or tenderer for any costs incurred in connection with this procurement process. The Authority reserves the right to disqualify any candidate who provides information or confirmations which later prove to be untrue or incorrect; does not supply the information required by this notice or by the procurement documents or as otherwise directed by the Authority during the procurement process; or fulfils any 1 or more of the criteria stated procurement documents (including Regulation 57 of the Public Contracts Regulations 2015)

A tenderer will be required to agree to be audited by the UK audit bodies, the European Commission and the European Court of Auditors along with the funders and their auditors.
For more information about this opportunity, please visit the Delta eSourcing portal at:
https://www.delta-esourcing.com/tenders/UK-UK-Sheffield:-Financial-and-insurance-services./9A78N6N93N

To respond to this opportunity, please click here:
https://www.delta-esourcing.com/respond/9A78N6N93N
   VI.4) Procedures for review
   VI.4.1) Review body:
             British Business Financial Services Limited
       Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
   VI.4.2) Body responsible for mediation procedures:
Not provided
   VI.4.3) Review procedure
   Precise information on deadline(s) for review procedures:    
    Any appeals should be promptly brought to the attention of the Head of Procurement at the address specified in Section I) above, and will be dealt with in accordance with the requirements of the Public Contracts Regulations 2015. Any appeals must be brought within the time-scales specified by the applicable law, including, without limitation, the Public Contracts Regulations 2015. In accordance with such Regulations, the contracting authority will incorporate a minimum 10 calendar day standstill period from the date information on award of contract is communicated to tenderers.    
   VI.4.4) Service from which information about the lodging of appeals may be obtained:
          British Business Financial Services Limited
       Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
   VI.5) Date Of Dispatch Of This Notice: 26/02/2018

Annex A