The Opportunity

The Teacher Booker platform (built and operated by Vesca Ltd) provides schools with a powerful tool that enables them to manage all staff administration, but particularly the urgent need for contracting supply teachers at very short notice, which is currently provided inefficiently and expensively by recruitment agencies.

The platform is nearing 5,000 teacher registrations with c.100 schools using or implementing Teacher Booker.  This has been achieved with minimal promotion. In addition, Teacher Booker has secured a contract with a major regional education services provider that will provide direct access to a large number of schools.

This equity instrument is expected to be EIS-qualifying, giving qualifying investors 30% initial income tax relief and potentially tax-free gains on an exit. It is available in units of £5,000. Tax reliefs are not guaranteed. They depend on the venture maintaining its qualifying status and may be withdrawn at any time by HM Revenue & Customs. In addition, the tax treatment of EIS and SEIS schemes depends on the individual circumstances of each investor and may be subject to change in the future.

Management are targeting exit valuations significantly in excess of the £57m modelled for 2023. This is dependent on achieving both earnings projections and assumed exit multiples. If this exit is achieved, it could deliver investors a 9.8x money return - increasing to 14x for those who qualify for EIS income tax relief. Note: these returns are calculated after a performance-based ratchet which provides that once a return of 33.33% p.a. has been achieved for Growthdeck investors, management qualify for an additional 10% share of returns above this hurdle rate.