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The challenge.
BCS needed to access extra finance to drive growth and meet increasing demand. Like many SMEs, its main problem was its lack of tangible assets, like vehicles or warehouses. That made traditional funding routes, which usually require physical assets as collateral, either too difficult or too expensive.
The solution.
HSBC suggested to BCS that its IP and intangibles, including internally generated software, databases and processes, could be used as collateral, and recommended they use Inngot’s Sollomon IP valuation tool.
Peter Howarth, BCS Technical and Marketing Director, says the Inngot tools were “all straightforward – they took an hour or two to complete. We were pleasantly surprised by the valuation, which was higher than we thought it might be. It gave us an important understanding of what IP and intangibles we actually have and made us think about how we can leverage these assets further.”
It also flagged up intangibles the company never realised had value, such as how it could leverage its online reach via its website and customer e-mail newsletters to create a valuable media property which brands and distributors would pay to use.
Peter Howarth says: “The IP valuation process helped us identify, understand and commercialise intangible assets which, properly used, are adding extra value to our business.”
The result.
British Corner Shop was able to get a package of financing facilities worth £2.73m, supported by the Sollomon valuation.
We’re a business with no fixed assets, but a lot of IP in our database and other intangibles, like supplier relationships. The idea of using IP-based finance was new to us – it wasn’t on our radar until HSBC suggested it, but we very quickly switched on to it when they brought it up.
