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Please see our live tenders below. 

Local Growth Fund Financial Due Diligence 

Description: Local Growth Fund 2018 bidding round identified 10+ projects for further due diligence. All private or third sector led bids require financial due diligence to be completed prior to funding being approved

Procurement Process No: PR2006

Issue of Specification: 11 January 2019

Closing date: 8 February 2019


We are bound by our Assurance Framework which sets out how SEMLEP is governed and manages public funds. It ensures that we comply with the best practice of the public sector, in how SEMLEP makes decisions and manages its finances. The Assurance Framework sets the Open Tender PR2006 – SEMLEP Local Growth Fund Financial Due Diligence Page 2 of 8 requirements for our Local Growth Fund project management, appraisal, and prioritisation and approval process in 2 stages with independent advice.


a) We require consultants with the knowledge, experience and technical expertise of carrying out financial due diligence of private businesses and third sector organisations delivering capital projects.

b) We do not expect the consultants to meet with the private businesses and third sector organisations but teleconferences may be required as well as email contact to seek and question information provided. Open Tender PR2006 – SEMLEP Local Growth Fund Financial Due Diligence Page 3 of 8

c) We ask the consultants to work with reference to Hatch Regeneris who will be carrying out the wider project due diligence to ensure a coherent process. SEMLEP will make the introduction to Hatch Regeneris.

d) We require a final report on each case to be available by 23 April 2019 unless agreed with SEMLEP on a different timetable. A report will be made to the Growth Fund Task Group on 10 May. You may be required to present the report to the Growth Fund Task Group meeting or at the SEMLEP Board that will make the final decisions but we will confirm that in advance.

e) The requirements of the financial due diligence are as follows:

  1. Review of historical, current and future projections of the company
  2. Review of profitability, solvency and liquidity
  3. Understanding the working capital requirements of the company
  4. Establish if there is sufficient working capital to deliver the project and withstand issues if it did not go to plan, eg delays or changes to payment terms
  5. Review of current funding and loan arrangements, including inter-company, and renewal dates
  6. Review of existing covenants from lenders and check for breaches
  7. Review of company’s credit report, check for defaults, CCJ’s and overall credit worthiness within the market place , including calculation of a Z-score to assess risk of bankruptcy
  8. Review of any outstanding disputes with statutory bodies (e.g. HMRC) and of any significant pending litigation involving the company.

f) We do not expect consultants to explore the technical ability to deliver the project but to advise on the financial ability to fund the scheme over the proposed timeframe.

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