Brief for appointment of a recruitment firm to manage
the appointment of new Chief Financial Officer
April 2013
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Contents
1.
2.
3.
4.
5.
6.
7.
8.
Background .................................................................................................................... 3
Requirement ................................................................................................................... 4
Proposed timetable ...................................................................................................... 5
Content of Submission ............................................................................................... 6
Form of submission ..................................................................................................... 6
Clarification .................................................................................................................... 7
Assessment of Tenders .............................................................................................. 7
Criteria for Assessment .............................................................................................. 8
Appendices
Seven Principles underlying Public Office ............................................................ 8
Draft Job Description and Person Specification ................................................... 9
Terms and Conditions ........................................................................................... 13
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1. Background
The North West Fund is a £155m evergreen investment fund established
to provide debt and equity funding (from £50,000 to £2 million) to small
and medium sized enterprises based in, or relocating to, the North West
of England. The North West Fund addresses an identified gap in the
lending, venture capital and private equity markets. It is one of the
largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development
Fund (ERDF) and the European Investment Bank (EIB) under the
European Commission's Joint European Resources for Micro to Medium
Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the six funds that are
available to businesses in the form of debt, equity and quasi-equity.
These funds are managed by five fund managers under contract with
North West Business Finance Limited (NWBF), which has been established
to oversee the delivery of The North West Fund.
Initially, £150m has
been allocated to the fund managers, as outlined below, with a further
£5m to be allocated in due course:
Fund manager
Name of fund
Fund committed
Enterprise Ventures Ltd
Mezzanine
£15m
FW Capital Ltd
Loans Plus
£45m
Enterprise Ventures Ltd
Venture Capital
£30m
Spark Impact Ltd
Biomedical
£25m
CT Investment Partners
Energy & Environmental
£20m
Digital & Creative
£15m
LLP
AXM Venture Capital Ltd
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Funding to be allocated in due course
£5m
Total
£155m
Each fund manager has a mandate to invest their allocation into the
specific product or sector they manage, until 31st December 2015.
NWBF is a private, not for profit company, established to oversee the
delivery of The North West Fund.
2. Requirement
We require a recruitment firm to oversee and managed the appointment
of a new Chief financial officer.
This post is part funded by European
Regional Development Fund and as such the recruitment process has to
be entirely open and transparent. This will require a rigid structure too all
interviews and comprehensive records to be kept detailing the whole
recruitment process including the rationale for long-listing, shortlisting
and appointment decisions were made.
Any adverts will also have to
make reference to the ERDF funding and include the ERDF logo.
Organisation diagram for NWBF:
Statutory Board
Malcolm Edge
(Chairman)
Michael Prince
Clive Brook
Rod Holmes
DBIS
Rory Earley
(CfEL)
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NWBF team
Cliff Maylor
CEO
Christine Jones
Office Assistant
Vacant
CFO
Rachel Laver
Programme
Manager
Lizzie Johnson
Marketing & Comms
Executive
Catherine Melling
Marketing & Events
Executive
The recruitment firm will be required to complete the following:
 Review the person specification and job description,
 Arrange the advertising of the post
 Handle all enquiries in relation to the vacancy
 Long-list candidates
 Carry out initial interviews
 Short-list candidates, to be agreed by NWBF
 Arrange final interviews with NWBF
 Manage all correspondence with successful and unsuccessful candidates.
We are looking for someone full-time. The salary will be £50k -£60k plus a contributory
pension. The holidays will be 30 days per year plus statutory bank holidays. There is
flexibility to buy more holidays to cover school holidays if desired. There is also a
discretionary bonus paid to staff at the end of every calendar year, dependent on
performance.
The role will be subject to The Seven Principles Underpinning Public Life as set out in 1995
by the Committee on Standards in Public Life. (Please see appendix a).
Please see draft person specification and job description attached.
3. Proposed timetable
Opportunity advertised on The North West Fund Website
Submission of proposals deadline
Score proposals and moderate
Appoint recruitment firm
Inception Meeting with recruitment firm
Agree Person Specification and Salary range
Agree advertising arrangements
Issue advert in paper/s NWBF website+ online recruitment sites
Closing Date for applications
Recruitment firm to long-list
Nominated Board members to meet to agree long-list
Recruitment firm to carry out preliminary interviews
23rd April – 7th May
7th May
10th May
10th May
13th May
20th May
20th May
27th May
14th June
28th June
1st July
By 12th July
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Recruitment firm to produce short-list
Nominated Board members to meet to agree short-list
Questions will need to be drafted and agreed in advance of the interviews
Nominated Board members to interview shortlisted candidates
Appointment made
15th July
16th July
By 17th July
19th July
22nd July
All dates are subject to change.
4. Content of Submission
You are invited to submit a proposal to provide the services detailed above. Your proposal
should contain:
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Understanding of the nature of this role
Details of experience of recruiting similar roles
Proposed approach and methodology, including timeline;
Details of the staff you will be using to deliver this service, with brief details of their
relevant experience;
Fee breakdown
All bidders will be notified in writing as to the outcome of the bidding process. Owing to the
nature of the selection process, the decision of NWBF is final. No subsequent
correspondence will be entered into – condition of entry is agreement to this requirement.
5. Form of submission
Two signed hard copy proposals should be submitted no later than noon on the 7th May
2013. An electronic copy should be submitted to: tenders@thenorthwestfund.co.uk
Proposals should be sent to:
Cliff Maylor
CEO
North West Business Finance Limited
The Maltings
98 Wilderspool Causeway
Warrington
WA4 6PU
Late submissions will not be accepted.
Please direct any queries to the email address below:
tenders@thenorthwestfund.co.uk
Proposals shall remain open and valid for acceptance for a period of 6 months from the
proposal return date.
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6. Clarification
Should you have any queries in relation to this tender opportunity, please email them to:
tenders@thenorthwestfund.co.uk Any questions and answers will be posted on TNWF
website.
7. Assessment of Tenders
The proposal will be assessed as follows:
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Understanding
Experience
Proposed staffing
Proposed approach and timeline
Fee breakdown
15%
15%
15%
15%
40%
8. Criteria for Assessment
Criteria for assessing responses submitted are detailed in the table below:
Score
0
2
5
8
10
Scoring Principles
Unacceptable/Unaddressed – the response is unacceptable or has not
addressed the specific question(s) asked and hence is therefore considered
unacceptable.
Significant Reservations – does not fully meet the requirements and therefore
leads to significant reservations.
Minor Reservations – The response meets the requirements with some minor
reservations.
Fully Meets – The response fully meets the requirements.
Exceeds – The response meets and usefully exceeds requirements.
9. Terms and Conditions
The successful bidder will be required to accept NWBFs standard Terms and conditions.
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Appendix A
The Seven Principles Underpinning Public Life
In 1995, the Committee on Standards in Public Life defined seven principles, which
should underpin the actions of all who serve the public in any way. These are:
Selflessness
Holders of Public Office should take decisions solely in terms of
the public interest. They should not do so in order to gain
financial or other material benefits for themselves, their family,
or other friends.
Integrity
Holders of public office should not place themselves under any
financial or other obligation to outside individuals or
organisations that might influence them in the performance of
their official duties.
Objectivity
In carrying out public business, including making public
appointments, awarding contracts, or recommending individuals
for rewards and benefits, holders of public office should make
choices on merit.
Accountability
Holders of public office are accountable for their decisions and
actions to the public and must submit themselves to whatever
scrutiny is appropriate to their office.
Openness
Holders of public office should be as open as possible about all
the decisions and actions that they take. They should give
reasons for their decisions and restrict information only when
the wider public interest clearly demands.
Honesty
Holders of public office have a duty to declare any private
interests relating to their public duties and to take steps to
resolve any conflicts arising in a way that protects the public
interest.
Leadership
Holders of public office should promote and support these
principles by leadership and example.
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Draft Job description/Person Specification
NORTH WEST BUSINESS FINANCE LIMITED – CHIEF FINANCIAL
OFFICER – Part time
Background
North West Business Finance Limited operates with significant cash balances
(c£150m) which are used to finance Fund Manager investments and operational
costs. In addition to the usual CFO functions, this role will require a sound
understanding of Treasury management, Investment Accounting and an ability to
operate with significant debt based stakeholders.
Despite the significant amount of capital at its disposal, North West Business
Finance Limited employs only a small number of people. Consequently, all
employees will need to be capable of, and motivated by, working in a small team.
1. Position
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Full time appointment;
This is a key appointment to a small team; and
Reporting to and working closely with the CEO.
2. Cash and risk management
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Oversee the treasury management activities of North West Business Finance.
Given that North West Business Finance will be operating with significant cash
and debt facilities, optimising treasury management whilst operating within
specific permissible criteria, is very important.
Control funds through an appropriate Treasury Management Policy.
Manage on-going banking relationships for maximum efficiency and monitoring
performance (actual and forecast) against financial covenants
Develop cash flow forecasting and maintain a long term cash forecast.
Responsible for the management of North West Business Finance’s insurance
and risk management program.
Oversee the annual insurance renewal process and ensure appropriate coverage
is maintained at all times.
Ensure appropriate legal review of contracts and solicit external legal advice as
required.
3. Accounting and financial controls
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Knowledge and application of Investment Accounting policies, procedures and
best practice.
Manage the financial system, ensuring maximum productivity and that it meets
the needs of the business today and the future.
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Manage the payroll function ensuring efficient systems, process and controls
Oversee the continuous improvement of accounting and financial processes and
the development of the team with the goal to achieve best practices and optimal
output.
Develop and oversee accounting policies and procedures to meet both current
and future business needs.
Oversee the external audit, review and analyse results and recommend the
audited financial statements for approval.
Ensure that North West Business Finance is in compliance with all internal
policies and relevant regulations and ensure filings are completed in a timely
manner.
Oversee the internal control function to ensure that finance and operations
controls and policies are complied with in the provincial and field offices. Ensure
effective follow up processes are in place.
Ensure compliance with the terms of North West Business Finance’s funding and
grant agreements.
4. Leadership
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Ensure that the finance team delivers the highest standard of outputs, and are
both accurate and timely.
Ensure optimal deployment of resources to achieve business goals.
Develop finance and accounting team goals that are fully aligned with the North
West Business Finance’s goals.
5. Management reporting
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Responsible for financial management reporting for North West Business
Finance.
Present monthly and year-to-date financials with accompanying analysis of
results to the Board on a timely basis.
Develop regular reporting and analysis, including key metrics reports, and
conduct ad hoc financial analysis as required.
Ensure financial management reporting and processes are in place to support
the on-going and future needs of the business.
Develop and prepare a monthly management reporting package.
6. Budgeting and strategy
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Lead the annual business plan assessment and budgeting process.
Provide on-going financial modelling and analysis to support the forecasting
processes in North West Business Finance.
Lead the financial modelling and analysis to support the development of long
term strategic initiatives and business plans.
Lead the quarterly review process.
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Assist the CEO and Board in the preparation, and regular review, of a strategic
medium term plan for North West Business Finance.
7. Stakeholder management
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Review financial information provided by fund managers in their quarterly and
annual reports prior to combination and inclusion in reports provided by North
West Business Finance to its key funders and stakeholders.
Attend monitoring visits at fund manager’s premises to review systems and files.
8. Corporate Governance
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To act as the custodian of Corporate Governance for North West Business
Finance, ensuring compliance with all corporate legislation and best practice.
To act as North West Business Finance’s Company Secretary and ensure that all
required regulatory filings are made on time.
Provide an efficient secretarial service to NWBFs statutory and advisory boards,
liaising with their Chairmen and the Chief Executive to create agendas, drafting
and collating papers, circulating these to board members and observers in good
time prior to meetings and promptly drafting and circulating board minutes.
9. Other
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Oversee procurement and ensure compliance with relevant procurement
regulations.
Oversee IT capabilities of North West Business Finance and ensure that service
and maintenance contracts are appropriate and that IT capabilities are fit for
purpose and upgraded on a regular basis to reflect market trends and corporate
needs.
Suggestions for Minimum Requirements
 Chartered Accountant, ACA or higher.
 Previous experience at CFO or FD level or as a senior member of a large
dynamic finance function.
 A good understanding of Investment Accounting and the principles of fund
management.
 Excellent verbal and written communication skills and the ability to interpret
synthesise and summarise complex information.
 Expertise in managing external stakeholders, including both shareholders and
lenders.
 Experience of managing a leveraged business and a good understanding of the
intricacies and complexities of managing a large debt facility and compliance with
lenders obligations and covenants.
 Strong treasury management skills.
 Experience of preparing strategic plans and budgets.
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 Strong interpersonal skills and a hands-on practical approach.
 A resilient, determined approach and an ability to work independently or as part
of an internal and external team.
 Excellent IT skills in particular demonstrable of accounting systems and Microsoft
Office, especially Excel.
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Terms and Conditions
NORTH WEST BUSINESS FINANCE LIMITED
Terms and conditions of supply
1. Invoices
A separate priced invoice, indicating the Order Number or detailing the quote
reference accepted by NWBF to be rendered promptly for each order and each
delivery, unless otherwise agreed by us in writing.
2. Prices
No alteration to be made in the price given on the accepted quote or tender, unless
we receive advice and accept same in writing. On receipt of any notification of price
increase or variation to the agreed specification NWBF shall have the option of
cancelling the order without liability for any costs incurred.
3. Quantity
No alteration to be made in the quantity or particulars specified on the accepted
quote or tender without obtaining sanction in writing.
4. Official orders
NWBF will not be liable for payment of Goods supplied, work done or services
rendered unless agreement in writing for NWBF to commence the work, can be
produced.
5. Deliveries
We reserve the right to cancel the whole or part of an order in the event of nondelivery or non-completion within the period specified, in the event of which the
Supplier will be liable for the whole of the costs incurred.
6. Quality
Material found to be inferior in quality or not up to sample may be rejected and will
be held at sender’s risk and expenses. The sender will be liable for the replacement
of goods or work of the proper quality.
7. Packages, etc.
No charge will be accepted for packing crates or others containers unless
specifically mentioned on the quotations and accepted by us in writing at the time of
confirming the order.
8. Carriage
All goods must be supplied carriage paid and delivered to site. No responsibility will
be accepted for third party delivery charges of plant or materials.
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9. Responsibility
(a) No responsibility will be accepted for any goods until the actual delivery of the
job, nor until it is reasonably possible to check the particulars and examine the
conditions, or until 5 working days has elapsed. (b) No responsibility will be accepted
for the increased cost of re-delivery of goods supplied in cases where carriers or
their agent fail to deliver the goods to the proper site in normal working hours.
10. Consequential damage
In the event of any article supplied proving to be defective the full cost involved in
carrying out any remedial work will be the responsibility of the supplier.
11. Conditions
These conditions supersede any conditions that may be shown on the supplier’s
quotation. No other conditions will be accepted unless agreed by us in writing.
12. Acknowledgement of orders
Acknowledgement of this order is only acceptable if unconditional and does not seek
to introduce or re-impose the supplier’s conditions.
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