ÐÏࡱá>þÿ ˆŠþÿÿÿ†‡ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á'` ð¿lgbjbjLULU .�.?.?l^ÿÿÿÿÿÿ¤¤¤¤¤¤¤¤¸ü!ü!ü!ü!LH"T¸�T2¨"¨"¨"¨"¨"ƒ#ƒ#ƒ#öSøSøSøSøSøSøS$ÁUh)XfT-¤;7ƒ#ƒ#;7;7T¤¤¨"¨"ÛIT<<<;7*¤¨"¤¨"öS<;7öS<<VžD@¤¤bE¨"œ" ÐÝî‚­Ëü!e8îÞD öS_T0�TêDx�XS9ª�XbE�X¤bE”ƒ#²5*È<ý.ÔÑ2jƒ#ƒ#ƒ#TTý; ƒ#ƒ#ƒ#�T;7;7;7;7¸¸¸Dü!¸¸¸ü!¸¸¸¤¤¤¤¤¤ÿÿÿÿ  DRAFT PROSPECTUS December 15, 2010 ACCELERATING ECONOMIC DEVELOPMENT IN CORNWALL AND THE ISLES OF SCILLY Much has been achieved in Cornwall and the Isles of Scilly in recent years. Apart from major capital developments such as the Combined Universities, Medical School, Eden Project and National Maritime Museum, there have been important infrastructure improvements as well – Newquay Airport, improvements to the A30 trunk road, super-fast Broadband internet access. As a result, there have been improvements in economic growth rates, employment rates, educational qualifications and opportunities and pay for women. However, the economy remains vulnerable with value-added per capita 37% below the national average and full-time weekly earnings still almost the lowest in the United Kingdom at £386 a week in 2008 – 19% below the average for Great Britain. So the challenge for the new Cornwall and Isles of Scilly Enterprise Partnership (the Partnership) is clear: economic development needs to accelerate at a time of substantial cutbacks in public spending. More, much more, needs to be achieved with far less support from UK taxpayers or from Brussels. Self-help must replace the dependency of the past. The answer to this challenge will be to attract private capital to invest in profitable enterprises in Cornwall, in which the people of Cornwall and local employees will own a significant stake, to drive economic development. This is precisely the strategy that has worked so well in Brittany in recent years, as any traveller on Brittany Ferries will attest. This Prospectus describes in turn the Partnership’s approach to accelerating economic growth: the strategy, the structure, the systems that will need to be put in place to engage all those groups with a stake in its success, and the skills that will be needed to deliver the results that local people have every right to expect. 2/ - 2 - STRATEGY The Partnership will be focusing on a limited number of priority initiatives, leaving the Cornwall Development Company (CDC) to continue in its present role which includes the development of the land around Newquay Airport as well as services to attract inward investors and the promotion of tourism. “If it ain’t broke, don’t waste time and money trying to fix it”. Rather, the Partnership will focus on six near-term priorities: affordable housing, green energy, the development of Falmouth, services to small businesses, a joint venture with British Telecom (BT) and the Post Office (PO) to create sustainable rural communities and to keep rural Post Offices open profitably, and enabling General Practitioners (GP) to take on their new commissioning responsibilities within the National Health Service (NHS) while helping frail elderly people avoid institutional care. Each of these projects addresses a problem that is not confined to Cornwall; they are all related to the challenge facing many parts of the EU, of maintaining sustainable communities in rural areas. Affordable Housing As the Government’s Local Growth White Paper makes clear, the key to recovery of employment in many regions will be the health of the new house-building sector: investment in housing output in the UK is amongst the lowest in the developed world – at only 3.5% of GDP compared with 5.5% in Germany and 6.25% in France. In Cornwall, the sector has been hard hit by the failures of Connaught and ROK. Moreover, there is a large and growing waiting list for affordable homes in Cornwall, with upwards of 10,000 families looking for somewhere to live that they can afford; and Housing Benefit is probably costing £200 million a year in Cornwall alone (the total nationwide is over £22 billion a year). The Partnership’s key priority will be to attract private capital to address this market failure. Small estates of attractive homes could be “bolted on” to existing villages where the Parish Council agrees that they are needed. Local landowners will be invited to invest their land in developments which will be financed and managed by an independent Cornwall Real Estate Investment Trust (REIT). The homes would be as energy efficient as current building technology and software will allow; and all the new developments would have access to distributed green energy that will cost significantly less than the current wholesale electricity price. Up to 49% (say) of the equity in each house would be for sale; the balance would be rented. Local builders should be able to build such homes for less than £100,000 each. 3/ - 3 - Green Energy As a related development, the Partnership would establish its own energy supply company (ESCOM) using low-cost green technology – eg anaerobic digestion, micro hydro harnessing power from Cornwall’s streams and rivers, tidal/wave power and fuel cell natural gas combined heat and power – which can produce electricity at around 4p/kW hour compared with a feed-in tariff for wind power of around 24p. The ESCOM would eventually supply all public buildings in Cornwall (NHS as well as local government) as well as the new eco-town to be built in the china clay country near St Austell and all the new affordable housing developments described above. To the extent that existing green energy generating capacity in Cornwall is insufficient, there would be the opportunity to attract inward investment of new technology (eg fuel cell CHP systems) or to expand existing local businesses such as anaerobic digestion and micro hydro. The latter two technologies are part of the research programme now under way at the CUC Campus at Tremough. Inward investment for green energy projects would be concentrated on an industrial park in Hayle. Falmouth Falmouth is one of the finest natural harbours in the world and 40% of all the shipping in the free world passes within 40 miles of Falmouth every year. It should be a natural destination for cruise ships as well as a centre for the fabrication and installation of off-shore wind turbines and tidal energy projects in the Western approaches and Bristol Channel, where large wind farms are already planned. [Rolls Royce have some very promising tidal energy technology, now under development]. The benefits to Falmouth and the surrounding area of developing the Port to be an attractive destination for large cruise ships are obvious; visitors would be able to come ashore to visit local attractions and take river trips up the River Fal. [A ‘D-Day Museum’, focused on the US troops who embarked from Cornwall, would be given a much-needed boost to the visitor numbers of the National Maritime Museum]. However, it would be necessary to dredge the Port area to enable large cruise ships to come alongside the quay and to provide a world-class visitor centre. The benefits of becoming a centre for offshore energy technology are apparent in the success of Aberdeen and Dundee in providing similar services for North Sea oil and gas exploration. 4/ - 4 - Support for Small Businesses Small businesses in Cornwall are not confined to farming, tourism or retailing. In addition to manufacturing and construction-related businesses, there are an estimated 15,000 people working in creative industries in Cornwall with total annual income estimated at around £500 million a year – a significant part of local value-added. The Partnership will need to provide a comprehensive package of support for small businesses (including farmers, arts and crafts practitioners and hoteliers) taking into account the views of all local small business organisations. The service could provide an online “meet the buyer” service where the local public service and national companies with operations in Cornwall could post details of the goods and services that they would like to source locally, because local sourcing would reduce their costs and/or improve the quality of their supplies. There would also be privileged access to mentors (perhaps through the Prince’s Trust), local business ‘angels’, private equity and bank loan finance, arranged by the Partnership. Advice for small businesses would be arranged by consultants attached to business studies’ faculties in the Cornish Colleges and the existing Combined Universities. Oxford Brookes University currently offers £4,000-worth of consultancy on a sustainability theme under the local RDA innovation voucher scheme. The grant is available to companies/organizations based in the region. Oxford Brookes claims to have research strengths in sustainability, including expertise in construction, urban policy and sustainable development and environmental assessment. Sustainable Villages The reality of rural life is often far from idyllic. Many people living in the country are on low incomes or rely on State benefits; the plight of many farming families was already desperate, even before the outbreak of foot-and-mouth disease. For the frail elderly there are special problems, particularly if they do not have the use of a car or a friendly neighbour to do the shopping for them (around one-third of households on the Lizard Peninsula do not have private transport). Village Stores, where they exist, cannot match the range and prices available in supermarkets. In any case, the weekly household shop is often a demanding physical challenge; while the potentialities of e-commerce seem irrelevant to people who often do not have bank accounts and find the technology daunting – the digitally excluded. This situation can only worsen as rural Post Offices and Bank branches are closed down. 5/ - 5 - The Post Office is often the key to sustainable village life. A joint venture with BT and PO in Cornwall could see information kiosks set up in every Post Office, with the space rented at a rate that would keep the Post Office open. The kiosks would provide ready access for residents to up-to-date local information about jobs, benefits, Council services and healthcare; the same information will need to be available online. [A recent Press report suggested that across the Westcountry £20 million of potential benefits for carers were unclaimed every year]. The joint venture would also be in a position to deliver online purchases “the last mile” from the Post Office to homes. At present, a Post Office van is calling daily on most homes in rural Cornwall, with absolutely nothing in the back of the van – this is a colossal lost economic opportunity. Such a home delivery service would also produce significant environmental benefits and would avoid the need for many people to make unnecessary trips into town. Bus services are not readily accessible for many people in remote areas. The NHS Revolution No one familiar with the NHS needs reminding that most GPs are not equipped to take on the responsibilities for commissioning care that the new Government has decided to delegate to them. As many as half of all visitors to GPs’ surgeries can be the “worried well”, taking up a disproportionate amount of the doctor’s time and attention, as well as of their prescription budgets. Meanwhile, the NHS is looking for an unprecedented 4% annual gain in efficiency for each of the next four years; and this will not be achievable if the frail elderly, in particular, are not helped to live in their own homes rather than being admitted to hospital for long stays. Cornwall faces a particularly acute demographic challenge, with one of the highest proportions of people over the age of 75 in Britain. But it also has some important advantages in addressing the challenge: a new medical school interested in practical issues facing doctors, a network of community hospitals and care homes and some very forward thinking local practices. A joint venture involving the Medical School, local GPs and a leading small business software developer (eg Sage) or existing provider of software to GP practices (eg Harmony) could develop a package of computer applications and training to enable practices across Britain rise to the challenge that is about to face them among the frail elderly in particular. Clearly, such a product would have a huge market, not just outside Cornwall but potentially across Europe. 6/ - 6 - * * * It will be important to ensure that each of these special-purpose vehicles take full advantage of the expertise and funds available in the Combined Universities, and that there is no unproductive overlap between the Partnership’s initiatives (above) and Cornwall Council’s current efforts – eg to realize Falmouth’s potential, bring unoccupied houses back into use, and to keep open POs threatened with closure. STRUCTURE The Partnership should be set up as a Limited Company, subject to exactly the same corporate governance rules as are set out in the Combined Code of the London Listing Authorities. The closest analogy would probably be publicly-quoted investment trusts, which do not have any corporate staff beyond a small secretariat that supports the entirely non-executive Board of Directors; all fund management activities are sub-contracted to an appointed fund management company. During the start-up phase, while the directors are being recruited and SPVs established, the Partnership would need to look to Cornwall Council for the necessary support. The Partnership would be structured to oversee a series of special purpose vehicles (SPV), as well as the work of the CDC. Each new SPV would have its own Board of Directors, management organization and shareholding structure/joint venture partners; management and employees would own up to 10% of the equity in each enterprise. The Chairman of each would sit as a Director of the Partnership; and the people of Cornwall would have a significant strategic shareholding in the vehicle which would be funded by Cornwall Council. The strategy discussion above identifies six new companies/SPVs in which Cornwall could be a major investor. In addition to CDC: Cornwall Real Estate Investment Trust; Cornwall Green Energy; Falmouth Marine Developments; Cornwall Small Business Services; Cornwall Village Life; GP Management Services. 7/ - 7 - The Chairman of each SPV would need £3-5 million of seed corn finance, perhaps from the Government’s new Regional Growth Fund, to establish the companies, recruit a Board and management and negotiate terms with potential joint venture partners and private and institutional investors. [This was the level of seed corn funding involved in setting up Westcountry Television, which turned out to be one of the most successful venture-backed, green-field, start-ups of the 1990s anywhere in the United Kingdom.] In addition, there would need to be a small economic development secretariat, working closely with Cornwall Council, to ensure that Government grants both to local government and the NHS locally are appropriate to the particular demographics and geography of the County. The scale of the public sector’s current involvement in the Cornish economy means that the Enterprise Partnership will want to do all in its power to ensure that Cornwall is getting a fair deal from London. Any shortfall in Government grants means a loss of local jobs as well as less demand in the local economy. Over the last decade, grants have been systematically diverted from sparsely-populated rural areas into Labour’s urban heartlands, with predictable consequences for local hospitals in particular. [A study carried out by South West Enterprise, before the establishment of the Regional Development Agencies, demonstrated that there was a very serious shortfall in funding for local hospitals compared with West Wales – where there was similar geography but much less demanding demographics]. With the united support of Cornwall’s MPs, a well-documented case for change supported by local business will have much greater prospect of success than the normal lobbying activities through the Local Government Association or the NHS Confederation, both of whom face challenges managing the conflicting interests they have to represent. In addition, following the demise of the RDAs, Cornwall will need to ensure that it is not losing out in terms of EU structural funds. A recent investigation by the Financial Times (November 30, 2010) showed huge variations in the allocation of funds for the period 2007-2013, from under ¬ 200/capita in the UK to over ¬ 2,000 in Portugal, the Czech Republic and Hungary, where GDP/capita must be close to that of Cornwall. ¬ 2,000/capita represents more than double the current allocation to Cornwall of EDRF funding for the period, at current exchange rates. The Economic Development Secretariat should keep this situation under very close review, given the potential for attracting matching funds from private sector investors. 8/ - 8 - SYSTEMS Once the SPVs are established, the Partnership would look to CDC for administrative support – legal and secretarial services and finance, accounting and internal audit, and human resources. It would function rather like a holding company, with a number of independent and profitable subsidiaries. The support of local stakeholder groups will be essential: the people of Cornwall need to take effective ownership of the Partnership; and they would need to be kept fully informed of progress on all fronts. To this end: The Cornwall Cabinet and the Council of the Isles of Scilly should have the opportunity to endorse the appointment of the Chairman, Vice Chairman and Partnership Board members and the Prospectus should be presented to a full Council meeting at public hearings in County Hall before the end of January 2011. The Board would be subject to annual re-election at the Annual General Meeting (see below); An expanded Cornwall Business Forum would be consulted, formally, every quarter by the Partnership Board, so that any problems and opportunities could be surfaced and addressed promptly. The Forum should include representatives of every sector of the small business community in Cornwall, including farming, leisure and tourism and creative industries, as well as manufacturing. The Forum might have 150 members, thus equalling the number of elected Councillors in Cornwall Council and the Council of the Isles of Scilly; A corporate Website would provide up-to-date information on progress in delivering on this Prospectus, as well as links to the Websites of all the SPVs once these are established – to facilitate contacts by potential local suppliers, as well as local recruitment; The Partnership Board should meet with Cornwall’s MPs and the local media at least every six months, to brief them on the results and any problems that have arisen – just as is the case with every major PLC, where senior management meets with major institutional investors at least twice a year. [The Western Morning News is likely to be particularly interested in this initiative, which embraces many of the causes the newspaper has championed in recent years; 9/ - 9 - An Annual General Meeting (AGM) should be held alternately in the Pavilion of the Royal Cornwall Agricultural Association at Wadebridge, and in the Hall for Cornwall in Truro. Every elected Councillor of the two Councils and every member of the expanded Cornwall Business Forum would be entitled to attend and each would have one vote; there would then be a 50/50 split between business and the local Councils representing the community. The agenda would closely follow that of a normal corporate AGM. The proceedings could be Webcast; however, only those attending the meeting in person would be entitled to vote on the various resolutions – which would include annual re-election of the Partnership’s entire Board of Directors, including the Chairman. To demonstrate the Partnership’s ownership by the people of Cornwall, there should not be a separate logo or corporate identity. Rather, the existing Cornwall Council Coat of Arms should be retained, with exactly the same typeface for the corporate and individual names and addresses on publications, Websites, advertisements and stationery. PEOPLE AND SKILLS As stated above, the Partnership would not have its own corporate staff. Rather, it would rely on CDC; and each SPV would recruit its own Board and executive management. In the early stages, SPV management could be provided by secondments from joint venture partners/corporate investors; The Partnership Board would comprise a Chairman and Vice Chairman nominated by Cornwall Council and the Chairs of all the SPVs mentioned above, as well as the Chair of the CDC; The Partnership’s Chairman, Vice Chairman and directors would not receive any cash remuneration, other than reimbursement of reasonable expenses necessarily incurred in the discharge of their duties. They could be remunerated with founders’ shares in the SPVs for which they will be responsible; All senior executive positions in SPVs should be advertised nationally; Cornwall is entitled to expect the very best management for enterprises vital to its economic future. In addition to relevant high-level experience, all non executive directors, either of the Partnership or SPVs, should have strong personal links to Cornwall and records of business success creating shareholder value on the national, if not international, stage. 10/ -10 - The role of the Partnership Chairman would be to deliver on this Prospectus, working with and through the Board. In addition to the normal duties of a major PLC Chairman, which include external representation of the Enterprise Partnership’s strategy and performance, the Chairman would nominate the Chairs of each SPV and work with them to ensure that the Company is launched successfully, agree the initial operating plans and budgets and monitor SPV performance. The overall structure of the Partnership and its relationship to existing organizations and initiatives is illustrated below: CORNWALL AND ISLES OF SCILLY ENTERPRISE PARTNERSHIP Board of Directors .. ... ... ... Business Forum Secretariat Special Purpose CDC Vehicles Chief Executive Corporate functions - Affordable Housing CDC - economic development Green energy Programmes - legal & secretarial Falmouth - finance & accounting Village Life - human resources Small Business - internal audit. - GP Management Services * * * The combination of the ongoing CDC programmes and the SPVs described above hold the potential to transform the Cornish economy by introducing private/institutional investment to deliver 10,000 affordable low-energy homes where they are needed, produce greener electricity for local consumption at a cost of under 5p/kW hour, transform the economic outlook for Falmouth and its hinterland, create a sustainable future for rural communities, help small businesses across the County realize their potential faster, and help GPs respond effectively to the new challenges that await them. 11/ - 11 - Each of these initiatives should be profitable; and Cornwall Council would receive worthwhile dividends from its strategic stake in each of them, which could in turn be re-invested in local economic developments. [The capital gain on 10,000 homes built at a cost of £100,000 in today’s housing market could well be over £25,000 a unit.]. If this Prospectus can be delivered, Cornwall would be among the leaders in Britain in terms of regional economic development, with attendant benefits in terms of inward investment and international commercial links – eg with the rest of the Celtic Fringe, whose economies are facing many of the same challenges. Cornwall could provide a model of how the Coalition’s Regional Economic Development policies can succeed in an era of austerity, showing how much more could be achieved with much less support from hard-pressed taxpayers. 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