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Tamar Science Park celebrates record year with 70 jobs in the pipeline
Tamar Science Park is on course to see 70 new jobs created in the next 12 months as it celebrates record occupancy and its most successful ever set of trading results.
Its recent performance represents a turnaround in the finances of the park which has long been recognised as a breeding ground for successful businesses - but which struggled in its early years to be profitable in its own right.
Figures just released show the park is on course to show a record £300,000 operating surplus in the year to March 2013, the third successive increase since it moved into profit in 2009.
Since then the park has built up reserves of more than £1 million, part of which is being used to launch a groundbreaking business advisory programme aimed at growing park businesses and set up in such a way as to become a long-term self-financing scheme.
For Park chairman Simon Chamberlain, who has been in post 18 months, the park's success has come through a combination of private sector discipline and increased commercial focus, and working closer with the park's two shareholders, Plymouth University and Plymouth City Council.
The park is also a founding partner in GAIN, the Growth, Acceleration and Investment Network, set up by the city council and the University to drive business growth and job creation in the region.
Simon, who is based on the park as chief executive of the Succession Group wealth management business, with more than £7 billion of assets under management, said: "Tamar Science Park has had a record year and part of my job is to make sure the park achieves the incremental growth that will enable us to deliver even more services, not just for park clients but to businesses further afield.
"Through our close working relationship with Plymouth University we are already supporting Cornwall's three innovation centres, and our role in GAIN puts the park at the centre of a growth and innovation network that is helping to drive the economy in Plymouth and the wider South West."
Tamar Science Park is currently home to 80 businesses employing 800 people and turning over £100 million per year. Clients come from a range of key sectors including creative and digital; health and life sciences; marine and environmental; and precision engineering. Occupancy is running at 82%, up from 78%, 69% and 66% respectively in previous years.
Simon added: "We need to be around 70% full to break even so we've only been building up a surplus in recent years, and that's no surprise. Evidence suggests that it can take anything from 10 to 15 years for science parks to move into profit and historically I think the park has been undercapitalised because it needed to reach a critical mass to wipe its face. But we're well past that point now and on a roll."
The park's commercial focus has included the appointment of Andy Burroughs to the newly created role of director of business development a year ago, and the recruitment of three new non-executive directors from the private sector. Most recently the park has appointed Christian Jenkins as director of operations, with more than 25 years' experience of working in the technology, media, science and digital sectors.
The park's newly-developed business advisory programme will see it provide up to 100 hours of first class business consultancy a year to park clients from a team of hand-picked advisers with the aim of fostering innovation, business growth and job creation.
Where the adviser plays an instrumental role in securing new funding for the business, or in a subsequent trade sale or flotation, the park will receive a percentage that will be reinvested into park services.
Simon said: "This is all geared towards moving the park away from being just a property offer to a true innovation hub with a sector focus. We want Tamar Science Park to be renowned as a place where businesses thrive and for the quality of the services it delivers, and that's more important than ever with the City Deal now taking shape.
"That's what's so exciting about our new advisory programme. We are investing in the growth potential of our own clients, and if they succeed in certain ways then we get a return, but that's not our primary aim. What we really want to see is consistent client growth to create jobs and drive the local economy, and if they grow then we grow."
The advisers have been chosen for their real business experience and different skills. Businesses can choose a range of advisers to meet their needs and the park will pay the costs of the advisers' time.
And Simon is optimistic about growth prospects: "Our research shows that 75% of our client companies have plans to grow and we're confident that will deliver in excess of 70 new jobs in the next 12 months. The advisory scheme will support that.
"Our pipeline is strong too. We've had around 30 enquiries from potential clients over the last quarter compared with 20 in the same period 12 months ago, which is a significant increase."
Professor Julian Beer, Pro Vice-Chancellor at Plymouth University which jointly owns the park with Plymouth City Council, said: "We always intended Tamar Science Park to be an engine for growth and job creation and are delighted with its success.
"In particular GAIN has facilitated an increased focus on the relationship between the park and the University which has seen an increasing number of staff and former students either starting their businesses at the park, or graduating to the park from the pre-incubation space at the University.
"This evolution, where good ideas grow into successful businesses, is exactly why we set up GAIN and its role in will become increasingly important as part of the City Deal's focus on the commercialisation of marine science and technology in particular."
Plymouth City Council leader Tudor Evans said: "The Tamar Science Park is a prime example of success that comes from close working between the public and the private sector for the good of the city.
"We specifically wanted to see high-calibre companies flourish in the right environment to create sustainable and skilled jobs and this is happening. The Growth Acceleration and Investment Network (GAIN), set up by Plymouth University, the Council and Tamar Science Park, is also working to connect fledgling business with investment opportunities, business support and space.
"Our Plan for Jobs specifically mentions combining city assets and business support expertise to create new jobs and help rebalance the Plymouth economy. I can't think of a better example."
Figures just released show the park is on course to show a record £300,000 operating surplus in the year to March 2013, the third successive increase since it moved into profit in 2009.
Since then the park has built up reserves of more than £1 million, part of which is being used to launch a groundbreaking business advisory programme aimed at growing park businesses and set up in such a way as to become a long-term self-financing scheme.
For Park chairman Simon Chamberlain, who has been in post 18 months, the park's success has come through a combination of private sector discipline and increased commercial focus, and working closer with the park's two shareholders, Plymouth University and Plymouth City Council.
The park is also a founding partner in GAIN, the Growth, Acceleration and Investment Network, set up by the city council and the University to drive business growth and job creation in the region.
Simon, who is based on the park as chief executive of the Succession Group wealth management business, with more than £7 billion of assets under management, said: "Tamar Science Park has had a record year and part of my job is to make sure the park achieves the incremental growth that will enable us to deliver even more services, not just for park clients but to businesses further afield.
"Through our close working relationship with Plymouth University we are already supporting Cornwall's three innovation centres, and our role in GAIN puts the park at the centre of a growth and innovation network that is helping to drive the economy in Plymouth and the wider South West."
Tamar Science Park is currently home to 80 businesses employing 800 people and turning over £100 million per year. Clients come from a range of key sectors including creative and digital; health and life sciences; marine and environmental; and precision engineering. Occupancy is running at 82%, up from 78%, 69% and 66% respectively in previous years.
Simon added: "We need to be around 70% full to break even so we've only been building up a surplus in recent years, and that's no surprise. Evidence suggests that it can take anything from 10 to 15 years for science parks to move into profit and historically I think the park has been undercapitalised because it needed to reach a critical mass to wipe its face. But we're well past that point now and on a roll."
The park's commercial focus has included the appointment of Andy Burroughs to the newly created role of director of business development a year ago, and the recruitment of three new non-executive directors from the private sector. Most recently the park has appointed Christian Jenkins as director of operations, with more than 25 years' experience of working in the technology, media, science and digital sectors.
The park's newly-developed business advisory programme will see it provide up to 100 hours of first class business consultancy a year to park clients from a team of hand-picked advisers with the aim of fostering innovation, business growth and job creation.
Where the adviser plays an instrumental role in securing new funding for the business, or in a subsequent trade sale or flotation, the park will receive a percentage that will be reinvested into park services.
Simon said: "This is all geared towards moving the park away from being just a property offer to a true innovation hub with a sector focus. We want Tamar Science Park to be renowned as a place where businesses thrive and for the quality of the services it delivers, and that's more important than ever with the City Deal now taking shape.
"That's what's so exciting about our new advisory programme. We are investing in the growth potential of our own clients, and if they succeed in certain ways then we get a return, but that's not our primary aim. What we really want to see is consistent client growth to create jobs and drive the local economy, and if they grow then we grow."
The advisers have been chosen for their real business experience and different skills. Businesses can choose a range of advisers to meet their needs and the park will pay the costs of the advisers' time.
And Simon is optimistic about growth prospects: "Our research shows that 75% of our client companies have plans to grow and we're confident that will deliver in excess of 70 new jobs in the next 12 months. The advisory scheme will support that.
"Our pipeline is strong too. We've had around 30 enquiries from potential clients over the last quarter compared with 20 in the same period 12 months ago, which is a significant increase."
Professor Julian Beer, Pro Vice-Chancellor at Plymouth University which jointly owns the park with Plymouth City Council, said: "We always intended Tamar Science Park to be an engine for growth and job creation and are delighted with its success.
"In particular GAIN has facilitated an increased focus on the relationship between the park and the University which has seen an increasing number of staff and former students either starting their businesses at the park, or graduating to the park from the pre-incubation space at the University.
"This evolution, where good ideas grow into successful businesses, is exactly why we set up GAIN and its role in will become increasingly important as part of the City Deal's focus on the commercialisation of marine science and technology in particular."
Plymouth City Council leader Tudor Evans said: "The Tamar Science Park is a prime example of success that comes from close working between the public and the private sector for the good of the city.
"We specifically wanted to see high-calibre companies flourish in the right environment to create sustainable and skilled jobs and this is happening. The Growth Acceleration and Investment Network (GAIN), set up by Plymouth University, the Council and Tamar Science Park, is also working to connect fledgling business with investment opportunities, business support and space.
"Our Plan for Jobs specifically mentions combining city assets and business support expertise to create new jobs and help rebalance the Plymouth economy. I can't think of a better example."
