Specific Investee Summary Sheets

Julian Todd made this Freedom of Information request to Capital for Enterprise Limited

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

The request was successful.

Dear Capital for Enterprise Limited,

This is a considerable narrowing of the FOI request I made to Capital for Enterprise on 6 December 2009 for a copy of all "Investee Summary Sheets" as well as a copy of the master spreadsheet or database into which the information is keyed for the purpose of analysis.[1]

My request was turned down, as was my complaint to the ICO,[2] on the grounds that:
(a) disclosure of an application could disadvantage the commercial interests of companies,(paragraph 27 of the Notice) and
(b) there was no such database.

I was referred to an Equity Fund information sheet containing headline data for just the successful companies,[3] which did not include any information derived from the set of Investee Summary Sheets.

In light of the lack of such a database, it is very difficult to see to what purpose the Investee Summary Sheets could be put in terms of the government acting on its interest in the impact of ECFs upon equity gap investments into SMEs.[4]

In light of the reasons accepted by the Information Commissioner, the case for a Section 43 (Commercial interest) exemption would not logically apply to Investee Summary Sheets relating to companies that have disclosed the existence of such an application.

Please can I be sent:

1) A copy of the Investee Summary Sheet for Vero Software plc, as disclosed in its loan agreement press release 2009-12-04.[5]

2) A copy of the Investee Summary Sheet for Documentric, as disclosed in an article dated 2009-09-29.[6]

3) A copy of the Investee Summary Sheet for Qire, as disclosed in a press release on 2010-06-01.[7]

4) A copy of the Investee Summary Sheet for Monumental Games, as disclosed in a press release dated 2009-12-16.[8]

5) The number of Investee Summary Sheets that have been received by ECF in 2009 (the year of establishment), 2010 and 2011.

6) The name of Capital for Enterprise Fund portfolio company described in Paragraph 33 of the Notice, which suffered adverse publicity resulting in a noticeable aversion by investee companies.[9]

[1] http://www.whatdotheyknow.com/request/cf...

[2] http://www.ico.gov.uk/~/media/documents/...

[3] http://www.capitalforenterprise.gov.uk/f...

[4] Part 3(x) (page 23) of the document "Enterprise Capital Funds, Guidance for Prospective Managers, March 2009"


[5] http://www.vero-software.com/group-news-...

[6] http://www.growthbusiness.co.uk/news/fun...

[7] http://www.speechtechmag.com/PressReleas...

[8] http://www.privateequitywire.co.uk/2009/...

[9] http://scraperwiki.com/cropper/u/page_8/...

Yours faithfully,

Julian Todd

Info, Capital for Enterprise Limited

2 Attachments

Thank you for your e-mail dated 17 July 2011 containing a Freedom of
Information Request for Specific Investee Summary Sheets.

Having read this latest FOI request it is clear that you have been under a
fundamental misapprehension with regard to the Capital for Enterprise
Fund, which is only now apparent. Your initial request of 6th December
2009 was in relation to Enterprise Capital Funds and your request in
relation to these funds was for:

. copies of all the "Investee Summary Sheets" received by the
government and its wholly owned subsidiary CfEL so far, and:

. a copy of the master spread sheet or database into which
information from these sheets is keyed in.

Our responses to the original request were made on that basis. However
your latest request is for information in respect of Capital for
Enterprise Fund portfolio company data. For the avoidance of doubt the
Capital for Enterprise Fund is NOT an Enterprise Capital Fund. As the
names are similar it is understandable that you may have thought that it
is, but it is distinct and separate and the Enterprise Capital Fund
Guidance for Prospective Managers to which you refer (
are not applicable to that Fund.

It is important to make you aware of this matter before responding to your
latest request.

Please see below for the full response to your request of 17 July 2011.

1-4) Copies of the Investee Summary Sheets for Vero Software,
Documetric, Qire and Monumental Games are contained in the attached

5) A total of 38 Investee Summary Sheets were received by the
Capital for Enterprise Fund in 2009 and 2010. The fund closed to new
investments in 2010 and therefore no Investee Summary Sheets have been
received in 2011.

6) The Capital for Enterprise Company referred to was KeTech
Group Ltd


Capital for Enterprise Ltd

1 Broadfield Close

Broadfield Business Park


S8 0XN

Tel: 0114 206 2131

Fax: 0114 206 2146

Email: [2][CfEL request email]

Web: [3]http://www.capitalforenterprise.gov.uk

[4]Description: cid:image002.jpg@01C953CC.5DCF24A0

Capital for Enterprise Ltd is regulated by the Financial Services
Authority Ref No. 496977

Registered in England and Wales No. 06826072

This message contains information from Capital for Enterprise Ltd that may
be sensitive, privileged and/or confidential. The information is intended
to be solely for the use of the individual(s) or entity to whom it is
addressed or was intended to have been addressed. If you are not the
intended recipient, be aware that any disclosure, copying, distribution or
use of the contents of this information is prohibited. If you have
received this electronic message in error, please notify us by telephone
or e-mail immediately

P please don't print this e-mail unless you really need to.


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