Proposed Decision: That the Cabinet Member for Economic Development and Coastal Regeneration:
(a) AGREE to end the current DPTIF Partnership and transfer the existing shares into the beneficial ownership of Kent County Council
(b) DELEGATE authority to the Director of Growth and Communities to take relevant actions to transfer the shares and cease the operation of the DPTIF, including but not limited to entering into contracts or other legal agreements, as necessary to implement this decision.
Reason for the decision
Kent County Council is proposing to end the current Partnership for the management of the Discovery Park Technology Investment Fund (DPTIF), an equity scheme established in 2015 using Regional Growth Fund monies.
The end of this Partnership will allow KCC to transfer the shares of the six remaining companies within the DPTIF investment portfolio into KCC’s beneficial ownership. The purpose of this action is to ensure financial savings to KCC and allow KCC to retain the shares for future growth potential or exit strategy
Background
DPTIF focused on innovative early stage, high-growth companies initially based in Discovery Park. Managed by NCL under a 10-year partnership arrangement, this ends on the 14 December 2025.
The DPTIF to date has invested £5,202,500 of equity investment into nine companies within the DPTIF portfolio. DPTIF provided equity investments to companies predominantly in the life science sector to support those companies’ growth, five of the companies are still active (see Table 1):
|
Active Discovery Park Technology Investment Fund (DPTIF) Companies (Table 1) |
|
|
Companies |
Original Investment £ |
|
Centauri Therapeutics Limited |
£734,000 |
|
Coomtech Ltd |
£1,452,500 |
|
Emoquo Limited |
£350,000 |
|
Revolo Biotherapeutics Limited |
£500,000 |
|
Viramal Limited |
£500,000 |
|
TOTAL |
£3,536,500 |
All proceeds from the future sale of shares from companies currently within the former DPTIF portfolio will be returned to KCC, ring fenced as per RGF requirements and re-invested in local companies via the KMBF.
Options (other options considered but not recommended):
The following options were considered:
· Continue the DPTIF Partnership (not recommended because the sums expended on the Partnership management fees would not result in a significant increase in the value of KCC’s investment portfolio)
· Closing the DPTIF Partnership and selling the shares held by the Partnership (not recommended as the prevailing economic conditions selling the shares at this time could result in a significant reduction in the value of KCC’s investment portfolio).
How the proposed decision meets the challenges in the Interim Strategic Plan
This proposed decision is consistent with the current strategic plan priority; Levelling Up and is aligned with the strategic direction of travel in the planned new Strategic Statement; particularly the ambition to ‘support local businesses to attract investment’. Decision making will continue to progress in line with the new Strategic Statement once enacted
Decision type: Key
Decision status: For Determination
Notice of proposed decision first published: 11/11/2025
Anticipated restriction: Part exempt - View reasons
Decision due: Not before 10th Dec 2025 by Cabinet Member for Economic Development and Coastal Regeneration
Reason: To allow 28 day notice period required under Executive Decision regulations
Lead member: Cabinet Member for Economic Development and Coastal Regeneration
Lead director: Stephanie Holt-Castle
Department: Growth, Environment & Transport
Contact: Martyn Riley, Project Manager.
Consultees
The proposed decision will be considered at the Growth, Economic Development and Communities Cabinet Committee on 11th November 2025
Financial implications: This Decision does not commit KCC to further additional investment in the former DPTIF portfolio companies. The capital and revenue costs of the equity investments are sourced from current and future recycled loan and equity investments from the KMBF/RGF schemes so there is no direct cost to KCC. The current cost of management fees will be reduced by approximately by £90,000 per annum. By retaining the shares in the former DPTIF portfolio companies this will enable these investments to mature and increases the chances that KCC will be able to sell its shares in future for a higher amount and then be able to re-invest this income in local companies via the KMBF.
Legal implications: There is a requirement for KCC to confirm its decision to end the DPTIF Partnership. KCC has sought external legal advice on ending of the DPTIF Partnership and will engage independent advice on the valuation and transfer of the shares.
Equalities implications: Equalities implications An Equality Impact Assessment (EqIA) has been undertaken for the Kent & Medway Business Fund Data Protection implications The existing privacy notice covers the operation of the KMBF loan and equity investments, and no new data protection issues arise due to the contents of this paper.