Product details

This is the first of a three-case series (399-066-1 to 399-068-1). Norman Yarrow turned away from the plate of fish and chips on his desk to look out 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 funding 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 in participating in the investment 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).