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Holme & Hadfield creates display-worthy cases for luxury accessories. Realizing that the market was filled with uninspired, flimsy designs, founders Ian Holme and Phil Hadfield set out to innovate with premium products that showcase treasured items like watches and coins as meaningful works of art.
By enthusiastically tapping into a passionate community of collectors, Holme & Hadfield laid the foundation for a successful crowd raise. To expand their pool of potential investors, Holme & Hadfield turned to the UK’s Enterprise Investment Scheme (EIS), unlocking a powerful tax incentive that’s vital for attracting UK investors.
SeedLegals helped Holme & Hadfield…
✅satisfy HMRC’s (the UK tax authority) requirements for foreign companies
🗽successfully navigate two fundraising regulatory environments
💰save money and stress by working on a fixed fee basis
🧑🤝🧑expand their pool of potential investors
We caught up with Ian to chat transatlantic fundraising, untangling the UK HMRC requirements for EIS and the joys of paying a fixed fee for complex consultancy services.
Work with the SEIS/EIS team to satisfy all HMRC requirements
Ian HolmeSeedLegals are the leaders in the EIS/SEIS space for a reason. They have extensive technical knowledge and went above and beyond to get our application over the line.
I had never dealt with EIS applications before and quickly realized how complex the process is. It definitely pays to have the right advisor on board. SeedLegals guided us through the intricate legislation, helping us navigate a complicated and non-standard case to successfully secure EIS approval. SeedLegals brought invaluable technical knowledge and experience to the table.
Co-founder,
Even Ian – who was a tax consultant himself in his previous life – was relieved to get help from EIS specialists. It’s one thing to understand the legislation, but knowing how to interpret it and effectively navigate HMRC’s process requires specific expertise.
SeedLegals’ practical experience with EIS applications made all the difference in successfully addressing HMRC’s requirements, including providing the needed evidence for the permanent establishment test.
Read more about SEIS/EIS on our UK blog 🫖
• EIS explained: the complete guide
• SEIS/EIS guide for non-UK companies
• SEIS/EIS SAFE for US companies raising from UK investors
• EIS explained: the complete guide
• SEIS/EIS guide for non-UK companies
• SEIS/EIS SAFE for US companies raising from UK investors
Juggle the complexities of raising in both the US and the UK
The complexity of the EIS application didn’t end with the need to prove a UK base. Holme & Hadfield had the extra challenge of satisfying both the UK HMRC and the US SEC (Securities and Exchange Commission).
Ian HolmeRaising in the US under SEC regulations, through a platform like Republic, introduced complications due to the differences in how equity is structured compared to the UK.
The challenge lay in ensuring the US crowd SAFE model aligned with UK requirements, so UK EIS investors could still secure ordinary share capital. Balancing the needs of Republic, the SEC, US lawyers, HMRC and all stakeholders was no small feat. SeedLegals played a key role in helping us navigate this process and ultimately satisfy HMRC’s requirements.
Co-founder,
Raising via SAFE (Simple Agreement for Future Equity) is standard practice in the US, but the terms of the agreement can invalidate EIS eligibility in the UK.
SeedLegals successfully made the case to HMRC that the investment was structured to comply with both SEC regulations and HMRC requirements, making sure we safeguarded EIS eligibility for the UK investors in the round.
Save significant money and stress by working on a fixed fee basis
Ian HolmeI much preferred working on a fixed fee basis rather than hourly because I always knew exactly what I was getting. I could work with the SeedLegals team with confidence that I wasn’t racking up huge bills. I really appreciate the transparency around the fee structure, as well as the responsiveness, knowledge and experience of the team.
Co-founder,
We don’t believe in billing by the hour. Our team is on hand to help from the beginning to the end of your SEIS or EIS application – no extra charges, no hidden fees.
Expand your pool of potential investors through EIS Advance Assurance
Ian HolmeHolme & Hadfield is now a much more appealing investment for UK investors given the tax relief available. Having the EIS Advance Assurance in place means we can look to bring in more UK-based investors or open up conversations with existing UK investors again to see if they want to increase their investment.
Co-founder,
Securing SEIS or EIS Advance Assurance can supercharge your fundraising efforts in the UK. Eligible investors are rewarded by HMRC with 30% Income Tax relief on their investment into an eligible company. It effectively de-risks that investment and makes supporting early-stage companies much more attractive.
Ian’s advice for fellow founders
Ian HolmeCreate products people care about, listen to the customer, understand what they want, and then find out where they hang out online and go there.
For us, it’s primarily Instagram and Facebook groups. Facebook groups are an absolute gold mine. There are hundreds and hundreds of these interest-specific groups that we joined. We’d post some pictures and say, “Hey, these are some products we’re launching. If you’re interested and want to find out more, join the Holme & Hadfield private group where you can hang out with like-minded collectors.” And that means that you can have direct conversations with people who are in your audience, whether they’re new to the brand, whether they’ve never heard about you before, or whether they’re existing customers of the brand. It’s just a place for those people to be in a private, exclusive group.
Co-founder,
The time, care and passion Holme & Hadfield have poured into community-building have resulted in a stellar raise of $800,000 so far through crowdfunding. They plan to re-invest this cash into creating new products, opening new markets and exploring new retail platforms.
Need help with SEIS/EIS or your raise?
Through fast and affordable access to top-quality legal documents and unlimited customer support, we make it simple to get SEIS/EIS Advance Assurance and all funding deal legals done.
We’ve helped startups close an incredible £2B+ ($2.5B) in investment deals. Want some support for your raise? Book a demo to find out how we can help you too.
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