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International Ambulances Ltd

Gold Due Diligence for GrowthInvest – EIS Report

09 May 2017 / Tax enhanced research

International Ambulances is designing and building a new ambulance which will be the first that is designed specifically for this application.

Why Invest?


  • Strategy: The ambulance is designed to have several advantages relative to existing designs, some of which will be hard for competitors to match.


  • Early stage: The company is currently producing its first prototype. There are further development risks.


The Management


  • Team: An experienced management team has been brought in to progress the company further.


  • Company size: There are no staff other than the senior management. Further recruitment will be required, including senior operating staff.


Nuts & Bolts

  • Share Issue: Open offer issue for 11,765 shares (12% of enlarged equity) at £85 per share i.e. raising £1.0m.
  • Offer: Offer is currently ongoing.
  • Exit Strategy: No specific timeline, but if the management is successful then there will be several options.


Specific Issues

  • Design targets: The aim is for the new ambulance to have much lower operating costs than existing products. These cannot be evidenced yet. The pricing strategy depends on achieving most of these savings.
  • Related party licensing: The engineering technology is owned by related companies, which will receive license payments on each vehicle.



  • Timing: There is some inevitable uncertainty about the timing of the first production vehicles. The timescale set by the company is feasible but still ambitious. Delays may affect sales and cash flows.
  • Finance: The company intends to have two further fund raisings after the current round, after which they expect to be self financing. There is some slack in their forecasts and the company could achieve this with much lower sales than planned.

This report is available on request.

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