From a UK perspective, the storm around Silicon Valley Bank looks to have been calmed by HSBC (HSBA) buying the local operation. While there is no 'white knight' buyer in the US, the government has guaranteed all deposits.
The two to keep an eye on are Polarean Imaging (POLX), which has suspended its shares given SVB had $12.4mn (£10.3mn) of its cash, although it is slightly complicated given $9.8mn of this was in money market mutual fund accounts operated by other banks. Government support should mean it gets access to this cash before disaster strikes, however. Trustpilot (TRST), the online reviewing company, said it had transferred $18mn away from SVB UK but the funds had yet to land elsewhere.
Update 14 March: Polarean has now said it is operating as normal: “Following a press release by the US Federal Reserve and the US Federal Deposit Insurance Corporation (FDIC) stating that the FDIC transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated 'bridge bank' in an action designed to protect all depositors of Silicon Valley Bank, the company has verified its account balances and its ability to access its funds, and confirms it has full access to its previously outlined resources."
| Company | Exposure | Value | What now? |
| Moonpig | Debt | £13mn undrawn | "The group has significant liquidity headroom" |
| Naked Wines | Cash holdings, debt | £15mn cash, $30mn debt | Timeframe on access to cash holdings uncertain, but £17mn in cash readily available |
| Learning Technologies | Cash holdings, debt | £11.7mn (£9.4mn SBV, £2.3mn SVB UK) | £300,000 withdrawn, company reported another £100mn in cash and cash equiv held elsewhere |
| Polarean Imaging | Cash holdings | $12.4mn cash | Shares suspended – this was majority of its cash holdings – working capital needs covered until end of April |
| Auction Technology Group | Cash and debt | $500,000 cash, $33mn debt | No material impact |
| RWS Holdings | Cash and debt | $2.7mn drawn loan, cash under protected amount of $250,000 | "limited exposure to SVB" and no change to operations |
| Trustpilot | Cash holdings | $36mn SVB UK, $4.5mn SVB US | $18mn "currently in transfer out of SVB UK but pending confirmation" |
| Syncona | Cash and debt | "6% of NAV", no actual figure given | "Syncona has a strong capital base to support our companies operationally if required" |
| Future | Cash and debt | Less than £1mn cash, £50mn debt | Exposure is "immaterial to the group's liquidity position" |
| Access Intelligence | Cash | "Less than" £400,000 | Vast majority of deposits protected by government schemes |
| PCI-PAL | Cash | £3.2mn | This is the majority of PCI-PAL's cash - access unclear but company confident of trading position |
| musicMagpie | US banking services | – | "Unlikely to have an impact", UK business moved to other banks, transactions can move to other US banks |
