Client profile: Basemap
- Pension-led finance offered many advantages over traditional bank financing which is more restrictive and requires personal guarantees.'
- 'In addition, this option provided the opportunity for our pension scheme to receive a commercial return.'
Steve, Richard and Simon needed funding to accelerate the growth of their company, Basemap…
Established in 2000, Basemap is a specialist provider of digital mapping, travel time analysis and public transport data solutions. In 2013 its Visography range was launched, which includes TRACC, the leading travel time analysis solution. Used by the NHS, local authorities and transport planners to make informed decisions, it produces accurate road based travel time analysis. Basemap also provides training, consultancy and national datasets from leading data providers, such as Ordnance Survey.
Basemap were looking for £60,000 and contacted Clifton to find out more about a pension-led funding approach. The directors were keen to make use of their pension scheme for the benefit of both the future value of Basemap, and their overall retirement wealth. They also wanted to remove the requirement for personal guarantees that are often needed in other forms of finance.
The Basemap directors are using their funding for working capital purposes. They intend to accelerate the growth of the company after a significant period of product development. They would also like to focus their attention on potential new contracts that they have lined up.
In the future, Basemap are looking to increase the global presence they already have by recruiting an overseas sales manager. They hope this addition to their staff will enable them to replicate the success they have had in the UK in other countries.