Jerome Misso

Few would disagree that our NHS is on its knees and needs fundamental reform.   What’s important now, is how we get to the crux of the challenge and identify potential solutions. As Rt Hon Wes Streeting MP eloquently puts it – diagnosing the problem before we write the prescription. Lord Darzi's 2018 report, "Better Health and Care for All: A 10-Point Plan for the 2020s", highlights his expertise and visionary approach to healthcare reform. Known for his impactful 2008 report, Lord Darzi demonstrates his ability to address the critical challenges facing the NHS. His emphasis on radical simplification, a shift from a "diagnose and treat" model to a "predict and prevent" one, increased funding, and adopting technological innovation, resonates with Evergreen Life's mission to empower individuals with their health data to live healthy happy lives. By collaborating, we can drive the transformation necessary to secure a sustainable and person-centric future for the NHS. #Healthcare #NHS #Innovation #DigitalHealth #EvergreenLife #LordDarz https://lnkd.in/egjaA_nJ

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The Plan for Happy Podcast Episode 02: Nimesh Shah on Labour’s tax policy predictions. For the second episode of my new series, I spoke to Nimesh Shah, CEO of Blick Rothenberg, about the prospect of a Labour Government in the UK and what it means for taxation policy. We dig into the announcements, rumours and reports on what we can potentially expect in a few months time, including: ·     The situation for non-doms and how recent announcements have already caused a stir; ·     How being a Landlord cannot get much worse; ·     The potential for small businesses to benefit.   And make sure you listen to the end where we talk about the opportunities a new Labour government would have. I hope you enjoy this episode! To listen, follow the links to Apple Podcasts and Spotify in the comments below and please SUBSCRIBE for more fascinating conversations with financial professionals on planning for your future. #planforhappy #financialplanning #peaceofmind

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Well worth reading the latest annual ‘Equity Investments into Spinouts’ report from our award-winning EIS fund manager, Parkwalk Advisors. The report highlights the opportunities and some of the issues facing industries across the university spinout sector in the UK. It is extremely encouraging to see evidence of an investment recovery and further projected growth for spinouts. Government support for this vital growth engine must continue – helping to build a thriving ecosystem to create more billion-pound spinouts here in the UK, delivering investment returns, a strong economy and positive impact.

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Julie Palmer, Partner at Begbies Traynor, quoted in The Independent: “Despite some optimism as we entered the new year, 2024 has so far been characterised by a continuation of the same pressures that plagued companies in the UK throughout 2023. “Since the pandemic, hundreds of thousands of UK businesses depleted their financial reserves and loaded their balance sheets with increasingly unaffordable debt which for many may simply be too great to bear" The statistics unfortunately bear this out with 2023 seeing 25k CVLs's, 64k IVA's and 31k DROs (as per Insolvency Sevrice at Insolvency Practitioners Association (IPA) conference last week) as records for these activities (although tempered by the the fact that there are significantly more businesses - so the rate of insolvency is actually flat to down). Dean Beale at the Insolvency Service highlighted the need for the removal of manual work and the digitisation of processes, whilst naming Microsoft Dynamics implementation for the The Insolvency Service as well as other technologies, the point of bringing efficiencies to these processes is more pressing than ever - Armalytix... Bonus point for getting this far - where is this photo?

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There has been lots written about the impact of the budget, and some names are dominating the headlines. At the smaller end of the market where YFM Equity Partners invests we can already see Entrepreneurs and Business Leaders adapting to the new normal, and most positively where there will be opportunities to grow faster. One of the things we did not expect to see so quickly is a surge in Entrepreneurs looking to do some sort of ownership change transaction, The Business Magazine - South West & West Midlands / The Business Magazine - South East covers the 300% increase in enquiries below. These enquiries are Management Teams looking to buy the businesses they run from their owners, or owners looking to de-risk themselves with some cash out now and support from a Private Equity investor.

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Mark Advani and I have delved into the ins and outs of our Enterprise Fund, watch our latest video to learn more about our flexible approach to investing.

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It was fantastic to have been a panellist at today’s EntreConf and EntreConf Awards, a vibrant two-day conference for entrepreneurs and advisers. I was joined on the ‘Funding Routes’ panel by Richard Spilsbury of Link Stone Advisory, David Goodall of FW Capital and Paul Duggan of Blake Morgan LLP. Key takeaways from our discussion, which was moderated by Greg Ingham, formerly of Future Publishing LLC, included: 💰 The market is much more positive than headline figures suggest. There are lots of options out there for those seeking funding. 💰From VC and CVC (Corporate Venture Capital), to off balance sheet investments by the big strategics, as well as family offices, HNWs, debt, grants and invoice discounting, there are plenty of routes depending on what stage you are at. 💰A VC will look at your business differently to a CVC. A VC will be assessing your business plan, the expertise of the team and whether they can deliver and scale the business, as well as whether the problem/solution you are addressing is big enough to lead to scalability. They will also look at your routes to market, financial performance and quality of earnings, with recurring revenue being the nirvana. 💰 A CVC wants to see all of the above - but also where your business fits within their strategic roadmap to use their investment to accelerate their innovation. 💰Although there is a cost of raising capital to a business, the benefits of having the right investors on board is vast and a driver for turbo-charging growth. 💰When you're looking to create your target list from the universe of investors, ensure you include sector focus funds who will be targeting businesses within your industry to find the best fit. #fundingroutes #entreconf #investment #capitalraise

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FD I didn’t know that… Our Foreign Direct Investment (FDI) group have written the first article of a two-part series exploring the key areas of which investors, and those active in M&A, need to be aware. In this first article, we consider topics relevant to the initial considerations when assessing the need to make FDI filings. Click here to read: https://bit.ly/47nkOJc #ForeignDirectInvestment #MergersAndAcquisitions #JointVentures

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I’ve seen lots of posts like this over recent weeks arguing that because the UK has world-class universities that this should lead to world-class startups. My initial reaction to this is that very few of the leading VC-backed companies globally seem to come from academic spinouts. Instead they are much more likely to come from founders leaving big tech companies. It also feels like the qualities needed to be successful as an academic are quite different to those required to build a world-class company. I’m not saying that it’s impossible for university spinouts to be very successful. Just that I don’t see many examples of it happening. I don’t have any strong data to back this up at this stage, but will do some digging. It’s more an initial hypothesis at the minute. Would love to hear other people’s thoughts and views on this subject.

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🤝 Meet the Funder 🤝 🔹 Is Debt or Equity the best choice for my business? 🔹 How do I fund growth? 🔹 What is debt funding? If you need answers to these questions, book a slot with one of our investment experts today. We are one of the UK's most active investors, passionate about powering growth, and have 7️⃣ new hosts available and ready to take your booking ⏬ #MeetTheFunder #Investment #Debt #Equity #Scale #QuestionTime

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PE, VC Funds can't believe their luck - we're staying... Capital gains tax rates on carried interest will be increased to 32% from April 2025. From April 2026, carry will be taxed within the income tax framework but, critically, with “bespoke rules to reflect its unique characteristics” This is a lobbying triumph for the British Venture Capital Association, which was warning darkly that funds would skip off to the EU if the manifesto pledge was implemented. The chancellor has instead settled for a rate that, on the OBR’s numbers, is similar to that in France and the Netherlands. The threat of a mass exodus may indeed have been real, rather than standard posturing, it should be said. It’s not too much harder to run a private equity fund from Paris rather than London. The effect on tax receipts will be considerably lower than projected but, in the end, finding the right balance was more important.

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I am quoted in this great FT article by Emma Dunkley about the The Investment Association executive pay guidelines https://lnkd.in/eMVjNRiW Some of the other commentators featured sensationalise the IA position a bit, imo: the IA statement is here: https://lnkd.in/etKv74vt It recommends that the arguments for CEO pay increases should be judged on a case by case basis - there aren't a large number of UK companies analogous to US global giants, so it remains to be seen whether this is a green light for massive US style top pay awards. It also says that UK asset managers' voting positions are shaped by the expectations of pension fund clients. I read this as a diplomatic way of noting that the UK has a different economic culture to the US. We value economic equality differently and are maybe more concerned about the long-term socio-economic risks of widening divisions. Boards wanting to pay their CEOs hundreds of time their other workers should work with this reality.

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📚 In case you missed it, UKGrantmaking.org was launched last week by 360Giving! The platform consolidates and analyses data on funding across all sectors in the UK. It is interactive and accessible, offering valuable insights into grantmaking activities. Key insights: ⭕ Over 13,000 UK grantmakers distributed more than £20bn in grants during 2022-23. ⭕ The majority of grantmakers are small-scale, distributing less than £1m annually. However, 207 grantmakers distributed over £10m. ⭕ Small charities, with incomes under £1m, received the majority of grants. ⭕ Charities registered and operating solely in London received one-third of the amount given to all charities registered in London. This launch marks a significant step for the sector. We fully support the use of data in the sector, and this a great example of how data sharing enables learning, collaboration, and positive changes in funding. Visit UKGrantmaking.org to explore the data more thoroughly 📊 Happy 9th Anniversary to the 360Giving family!

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Very exciting news for Wales. We have the opportunity to build a brilliant future (the foundations are here!). There is a lot of low hanging fruit that with the will, can turn into prosperity. https://lnkd.in/enifREZ6 #capitalraising #startups #fundraising #founders #venturecapital #investors #vc #vcfunding #technology #startup #tech

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No loss. The Greens have shown themselves to be effective campaigners and relentless disruptors but inflexible, ineffective in government. The Green agenda and decarbonisation is too important to be owned by a deeply ragged coalition of agendas ranging from gender identity, puberty blocking, to land reform and de-growth economic anarchists. Good work on decarbonisation is being done and more needs doing, but by effective and competent ministers with a well advised and informed civil service. No place , then, for Harvie and Slater.

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The next instalment of “A Word in Private” is out. Watch our latest vodcast to hear from our panel on exit readiness: - Identify and evidence your equity story - Collection of data should prove the equity story beyond the last 12 months - Start early. Preparation is key to a successful exit. Use KPMG’s proprietary Exit Readiness tool 18-24 months pre-exit to make sure you’re ready. - Maintain business as usual. Create an effective process that gives management enough bandwidth to run the business and deliver on the deal by getting advisors involved early. Watch the latest instalment of A Word in Private, now! Chris Stott, Claire Elcock Matthew Linehan Naveen Sharma #KPMGdealadvisory; #privateequity; #exitreadiness #valuecreation #deals #data

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Yet more evidence of the exciting dynamics, and changing landscape of the UK legal sector. Investor appetite is growing, and the move towards consolidation is gathering pace. If you are a Law Firm owner wanting to understand how your firm compares to others, or an investor who wants to understand the exact shape of the market in any area (geograpically, by Practice Area, by size of firm, firm growth or structure) please do get in touch. We can help you to drill down into these or other metrics to aid positioning and clearer decision making.

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This should be required reading for investors. Kudos to Caroline Escott and Chris Hodge. Audit underpins market integrity, yet there is strong evidence that it is failing. The US regulator’s latest inspections bring this to life (https://lnkd.in/eVxwrhkZ): 34% of reviewed audits by six global firms lacked evidence to support their opinions. High rates of audit deficiencies are repeated globally (International Forum of Independent Audit Regulators (IFIAR). Two points I’d highlight on the back of this report: 1. Investors should use their votes Of the steps that Railpen points to, one that investors can immediately action is their vote. Despite audit failings, investors keep reappointing auditors and audit committees. Auditors in the UK received an average 99% support in 2023. In the US, the figure was 98%. Investor indifference permits poor audit quality. Please see my article on the need for robust voting: https://lnkd.in/epsep6WK 2. Poor audit quality is a risk to capital protection One insidious consequence of audit weakness is not getting the attention it should. Auditors appear to be failing to check company compliance with capital maintenance rules, opening the door to over-distribution, weaker capital buffers and heightened risk of failure. Auditors generally have a role in policing capital maintenance rules (not the same as accounting standards – https://lnkd.in/eWzBy3_7). Critically, companies generally mustn’t distribute (i.e. pay dividends / share buybacks) out of unrealised (e.g. mark-to-market) gains. It is not clear, however, that this is being enforced. This was a key conclusion of the UK’s BEIS Select Committee 2019 inquiry into audit (https://lnkd.in/e8vqGGBd), chaired by Rt Hon Rachel Reeves, now Chancellor. The Committee called for urgent action to enforce capital maintenance rules. Recent research by Andy Haldane (https://lnkd.in/ecqct3Tj) and Adam Leaver (https://lnkd.in/ev43tNP6) underlines ongoing problems of overdistribution. As the UK advances its Audit and Corporate Governance Reform Bill, it should return to the Select Committee’s original proposals. Companies should publish in full their distributable reserves and a breakdown of their unrealised and realised profits, taking away the veil which can enable over-distribution. Auditors should be held accountable for ensuring this is done. Of the options on the table to boost growth, this has the advantage of being fiscally neutral. For their part, investors should start holding auditors and audit committees accountable for capital maintenance.

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Great webinar with FT Live on the Global M&A Outlook in the EMEA Region. There is a feel of the optimism in EMEA’s M&A landscape, with private equity leading the charge and valuations on the rise. Geopolitical certaintly, growth agenda, and interest rates certainly will provide confidence in the market, therefore, the future is looking really good. #wheredealsaremade #privateequity #mergers

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