Terms of Sale for Digital Products

Last updated: 18 October 2026

1. Who and what these terms cover

These terms set out the basis on which Portcroft Ltd, company number 17383266, whose registered office is at Bartle House, 9 Oxford Court, Manchester M2 3WQ ("Portcroft", "we", "us", "our"), sells Digital Products. They apply to every purchase made on or after the date shown above, and by paying for your order you agree to them. Please read them before you buy.

2. What a Digital Product is

A Digital Product is a one-off item that we supply to you in digital form, such as a strategy paper (a "Paper"), another report or a publication. For legal purposes a Digital Product is "digital content", meaning data that is produced and supplied in digital form. Where a clause refers to a Paper, it applies to our strategy papers specifically.

3. Subscriptions and other future products

If we later offer a subscription or an online service, we will show you any additional terms that apply to it before you buy. Those additional terms will then apply alongside these terms.

4. Ordering and acceptance

When you pay, you are making an offer to buy the Digital Product, and we accept your order when we deliver the Digital Product, not when you pay. Our Digital Products are sold only for business purposes, and only to buyers with a billing address in the United Kingdom. We may decline an order, for example where the card was not issued in the United Kingdom, where the billing address is outside the United Kingdom, where we cannot complete our checks before payment, or where the law requires us to. Your card is authorised when you place your order but is charged only when we accept it. If we decline an order, we cancel the authorisation and take no payment. Your card issuer releases the authorised amount, which can take several working days to show in your balance. If you are buying as a consumer, nothing in these terms takes away any right you have by law.

5. Price

The price is the total shown at checkout, in pounds sterling. You pay by card through our payment provider at the time you place your order, and we do not see or store your card details. The price that applies to your order is the one in force at the time you pay.

6. Delivery

We deliver Digital Products electronically. Once we have confirmed your order, we send an email to the address you gave at checkout, containing a secure download link, usually straight away. Each download link is unique to your order. If the email has not arrived within one working day, or the link stops working, please let us know and we will send you a new one. Delivery is complete once we have sent you the link.

7. Licence: what you may do with a Digital Product

On payment, we grant the legal entity named on your order (the "Licensee") a non-exclusive, non-transferable licence to use the Digital Product for the Licensee's own business. This means the Licensee may read it, print it and use it in making its own business decisions. The Licensee's employees may use the Digital Product where they need it for that purpose, and the Licensee may show it to its professional advisers where they need it in order to advise the Licensee and are bound by a duty of confidence. The licence does not extend to anyone else. In particular, it does not cover the Licensee's parent company, subsidiaries or other group companies, or its auditors, lenders or customers, unless they buy their own licence.

Where we offer a group licence at the price shown, it extends the licence in this clause to the Licensee's parent and subsidiaries from time to time and their employees, on the same terms. A group licence is a separate purchase; the single licence does not include it.

The licence does not allow you to give, sell, lend, publish or otherwise distribute the Digital Product, or any substantial part of it, to anyone else. Nor does it allow you to use the Digital Product to produce a substitute or competing report, database or data set, or to use it, or any part of it, to train, fine-tune, test or feed any machine learning or artificial intelligence system for a commercial purpose. None of this prevents you from quoting from the Digital Product, with acknowledgement, for the purposes of criticism, review or reporting current events, or from carrying out any text and data analysis for non-commercial research that the law permits. We claim no more than the law gives us.

Every page of a Paper carries a licence reference that identifies your purchase. The reference contains no personal data, and we ask that you do not remove or alter it. We keep a record linking the reference to your order so that we can trace any unauthorised copies, and our Privacy Policy explains how we handle that information.

8. Ownership and sources

Each Digital Product is our original work, and the copyright in it belongs to Portcroft. The data it draws on remains its publishers', and each publisher is credited. If you use a figure from a Digital Product, please keep the publisher's credit alongside it, as the publishers' terms require this.

9. Your responsibilities

You remain responsible for the decisions you make using a Digital Product, including checking that it is suitable for your circumstances. Please keep your download link private, as anyone who has the link can open the Digital Product.

10. Cancellation and refunds

Access and cancellation. A Digital Product is delivered by email once your order is confirmed, usually straight away. Our Digital Products are sold only to buyers purchasing for business purposes, and at checkout you confirm that you are. The consumer cancellation rights in the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 therefore do not apply, and we are unable to offer a refund simply because you have changed your mind.

If something is wrong with your copy. If a Digital Product does not download, is corrupt or is not as described, please contact us within 30 days of payment and we will send you a working copy or refund you in full. This 30-day promise is our own, and it is in addition to your rights under the Consumer Rights Act 2015, which are not limited to 30 days.

Discretionary refunds. We may choose to refund a purchase in other cases too. Any such refund is at our discretion rather than something you are entitled to, and it does not affect your statutory rights.

How to claim. Please email us at contact@portcroft.com or call us on +44 333 090 4360, and we aim to reply within two working days. Any refund we make will be returned to the card you used to pay for your order.

11. Information, not advice

A Paper offers analysis, scenarios and Portcroft's own view of the figures it prints. It is general information for businesses, not advice on any buyer's circumstances, not investment advice, and not a recommendation to transact in any financial instrument. It reflects the information and analysis available on the date it was issued, and we do not represent that it remains accurate after that date.

12. Accuracy and our liability

We prepare each Digital Product with care, using the publishers' own data and our own analysis. Forecasts are estimates, however, and we do not warrant that the source data or the forecasts are complete or free from error.

Subject to the next paragraph, our total liability to you in connection with a Digital Product, whether in contract, tort (including negligence) or otherwise, is limited to the price you paid for it. Subject to the next paragraph, we are also not liable for loss of profit, loss of business, loss of anticipated savings or any indirect or consequential loss, or for decisions you make using the Digital Product.

Nothing in these terms limits or excludes our liability for death or personal injury caused by our negligence, for fraud or fraudulent misrepresentation, or for anything else that cannot lawfully be limited or excluded. Nothing in these terms affects your statutory rights as a consumer.

13. Personal data

We use your email address and company name to deliver your Digital Product and to keep the records the law requires us to hold, which we keep for at least six years. Further details, including your rights, are set out in our Privacy Policy.

14. General

Together with the notices shown at checkout and our Privacy Policy, these terms form the entire agreement between you and us for your purchase. If any part of these terms is found to be unenforceable, the remainder will continue to apply. Only you and Portcroft may enforce these terms, and no one else has any right to do so under the Contracts (Rights of Third Parties) Act 1999. We may revise these terms for future sales, and your purchase is governed by the version in force at the time you paid.

15. Governing law

These terms, and any dispute or claim arising out of or in connection with them, including non-contractual disputes or claims, are governed by the law of England and Wales. The courts of England and Wales have exclusive jurisdiction, save that this does not deprive a consumer of the protection of the mandatory rules of the law of their country of residence.

Portcroft Ltd, registered in England and Wales, company number 17383266. Registered office Bartle House, 9 Oxford Court, Manchester, M2 3WQ.