Deep Sea World (A): April 1992

Marketing, Entrepreneurship, Accounting, Finance

1999

Norman Yarrow turned away from the plate of fish and chips on his desk to lookout of the window. In the distance, he could just about see the line of tourists snaking into Edinburgh castle. It was April 1992 and the Edinburgh office of his firm, Northern Venture Managers (NVM), was on the verge of making its biggest investment to date in Deep Sea World, an aquarium outside of Edinburgh. After more than a year's work, all the pieces seemed in place: a financial commitment had been secured from various public finding bodies; Phil Crane, a co-founder of the company, was willing to invest in the region of £650K and another venture capital company had expressed an interest on a syndicated basis. All that remained was for Norman to structure a deal suitable to all parties which would enable NVM to achieve an acceptable Internal Rate of Return (IRR).

Entrpreneurship, Venture Capital, Financing, Valuation, Opportunity Assessment

Tourism

1998

CS-98-007-02

Edinburgh - UK

Start-up

ESRC

Entrepreneurship

No