Members News

Brachers advises on

Beech Underwriting sale

Brachers’ corporate team has advised the owner of managing general agency (MGA) Beech Underwriting on the sale to Occam Underwriting subject to FCA approval.

Beech Underwriting was founded in 2001 by owner Geoff Stilwell and is a market leader in the placement of terrorism and other specialist related insurance, with agents throughout the UK. Occam, also an MGA, currently specialises in space and energy risk. Both companies are approved Lloyd’s coverholders. The acquisition of Beech is part of Occam’s strategy to diversify into additional lines of business. Beech brings with it an expertise in terrorism insurance and a wellestablished panel of underwriting partners. Working closely together, Beech and Occam will be able to deliver a broader service offering to their clients. The Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates from their Maidstone offices. Claire Williams, corporate partner, led the deal team at Brachers and was supported by corporate partner Matthew Simmonds, corporate solicitor Raul Hernandez and employment partner Antonio Fletcher. The team advised on all aspects of the transaction from initial heads of terms, through to due diligence and final documentation on the basis of a split exchange and completion (subject to FCA consent). All parties took a collaborative co-operative approach, which enabled a smooth and speedy transaction.

The Great Jaffa Cake Robbery of 2021: a simple

oversight or an act of gross misconduct?

The decision by a police force to fire a police constable who failed to pay full price for Jaffa Cakes reveals the range of factors that an employer can use in instances of alleged misconduct, warns law firm Furley Page.

PC Chris Dwyer was sacked after failing to pay the correct price for two packets of Jaffa Cakes at a charity stall at his place of work. The packets of cakes were priced at 50p each, but PC Chris Dwyer paid a total of just 10p. At his disciplinary hearing, the panel agreed that he was guilty of gross misconduct and he was dismissed with immediate effect.

Tom Swann, a Trainee Solicitor with Furley Page, said: “Gross misconduct is a potentially fair reason for dismissing an employee, provided the employer has reasonable grounds to believe that the employee in question was responsible for the alleged misconduct, and has carried out reasonable investigation.

“The decision to dismiss must also fall within the range of reasonable responses which an employer may take. Decisions that may be considered “harsh” or “lenient” can still fall within the range of reasonable responses: a tribunal judge will simply make a ruling as to whether it was reasonable for that employer to have reached the decision it did.”

As a police constable with the West Yorkshire Police, PC Dwyer’s job was to enforce the law. His actions regarding the Jaffa Cakes were described by the disciplinary panel chairman as “dishonest and of a criminal nature”, and although were recognised to be of low monetary value, could therefore bring his employer into disrepute. Jaffa Cakes, was one of gross misconduct entitling the police to dismiss with immediate effect.

Claire Williams said: “We’ve worked with Beech for many years and it’s fantastic to see how the company has gone from strength to strength and become the successful business that it is today. Now, as part of the Occam group, the business has the opportunity to continue to develop its service offering.”

Geoff Stilwell, managing director of Beech Underwriting, said: “The whole team here at Beech is really excited about going forward with Occam. This will enable Beech to continue to grow and firmly establish itself as the market leader in terrorism insurance.”

Mark Fisher, Occam CEO, said: “I’m very pleased to welcome Beech Underwriting to the Occam group as we continue with our planned expansion.”

b&m reveal new look

Tom continued: “Put simply, an individual, whose job was to enforce the law, broke the law himself. In addition, he was found to have breached West Yorkshire Police’s professional standards regarding integrity, honesty and discreditable conduct, and the panel found that he had given dishonest accounts when questioned, in an attempt to reduce his culpability.

“Although this decision may be viewed as harsh by some, it is a good reminder for both employers and employees of the factors that an employer can take into account when dealing with instances of alleged misconduct.”

Canterbury based construction consultants b&m, formerly known as Betteridge & Milsom, have recently revealed a fresh new look. This new branding aims to tell the story of 35 years of history and highlight their wide range of services that include not only Quantity Surveying but also Project Management, Clerk of Works and Principal Designer, to name a few.

The exciting new visual language within the brand focuses around the company’s values; people first, collaboration, growth, construction and partnership. The new logo also showcases the ‘&’ in the name, reinforcing their ability to do more than just quantity surveying, which historically has been their most popular service.

Director, Paul Gannaway, said “After 35 years in business, we’re excited to relaunch b&m with a modern and fresh take, whilst reflecting on the history of the business. We are growing and wanted a brand that also portrayed our culture and ability. We feel this new one does that and more”.

b&m are currently involved with a number of high-profile projects in Kent, London and the Home Counties.

Shaping your future: business optimism high despite challenging months ahead, finds Kreston Reeves research

Andrew Griggs, Senior Partner, Kreston Reeves

The business environment has never been so uncertain. The impact of the global pandemic and Brexit is likely to be felt for many years to come, bringing new challenges, opportunities and change. So too will the mitigation of climate change, the continuing impact of technology and changing working patterns. For many businesses, it is difficult to know what tomorrow might hold.

That is why we have conducted a nationwide research project where we explore the issues, constraints on growth, priorities and plans for the future of 652 business leaders across the UK. Businesses must continue to look ahead and shape their future.

Our research, published in a report called Shaping your future, suggests businesses are incredibly confident for their future but are facing significant challenges over the next two years, with reduced cash reserves, stressed supply chains, and a tough recruitment environment.

The headline findings from our Shaping your future report include: • 36% of businesses surveyed report lower cash reserves now than at the beginning of the COVID pandemic. • 20% of businesses that have borrowed from Government-backed loan schemes do not expect to repay that money. • Despite this, businesses are upbeat for their future – 39% expect to see turnover increase by up to 25% in the next 12 months, and 27% expect turnover to increase by between 26% and 50%. • 52% of businesses are experiencing supply chain delays of up to six months, with a third (32%) looking to reduce output and orders as a result. • 62% of businesses experiencing supply chain delays expect profitability to fall by up to 10%; 29% expect profitability to fall by 11-25%. • 23% of businesses are prioritising training and upskilling their workforce and 20% on staff retention to address recruitment challenges. • 27% of businesses offer no incentive programme to their employees at all. • A third of businesses surveyed expect to fund future growth through retained profits and organic company growth. • Over half (56%) say they are exploring merger and acquisition (M&A) opportunities over the next 12 months.

The current economic and business environment is incredibly tough for businesses: in some ways coming out of the pandemic feels harder than it did when COVID first began to bite. The shared common experiences of the first lockdown, where all businesses had to adapt to new working patterns, no longer exist as businesses return to whatever their ‘new normal’ might be.

It is encouraging, therefore, to see businesses so confident for their future – 87% of the businesses we spoke to are ‘confident’ or ‘very confident’ about the future of their business. There is much to celebrate.

This does not hide worrying signs on the horizon. Supply chains are causing serious problems for businesses and are predicted to do so for two or more years. That is, say businesses in our research, hitting bottom line profits. A fifth (20%) of businesses surveyed do not believe they will be able to repay COVID borrowing and then there is the threat of rising inflation having risen to a 10 year high of 4.2%.

Finding and retaining staff are also very real issues across many industry sectors and show no signs of abating. A key component of attracting and keeping staff are the incentive programmes offered over and above pay, and over a quarter (27%) of businesses surveyed offer no such programme leaving them at a disadvantage.

It is important, now more so than ever, that business leaders take stock, understand those pressures facing their business, identify and plan for future pinch points, and shape the future they want for their business.

You can download a full copy of the report by visiting

www.krestonreeves.com/shapingyourfuture