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Business bristolpost.co.uk
www.
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JUN
2014
TASTE FOR SUCCESS Chinese takeaway chain to create 100 new branches - p4
SPACE RACE Demand for new homes may leave office shortage - p6&7
LOOKING FOR A JOB? See our eight-page job section - inside
PENSIONS
BELT AND BRACES Are you ready for workplace pensions auto-enrolment? Read our special report on pages 8 & 9. PLUS Bristol needs a local shares index, says expert – p10
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www.bristolpost.co.uk/business
Wednesday, June 4, 2014
Advertisement feature
Increase your value and reduce manpower costs with ‘gap onsite’ managed solutions
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S SUPPLY chain deadlines tighten, reflecting the retailers’ ability (and need) to react rapidly to consumer spending patterns, traditional employment models are neither efficient nor cost effective to deal with the inevitable peaks and troughs in demand. Businesses from SMEs to Multinationals have responded to the challenge of meeting demand, without incurring unnecessary over-manning costs, in new and sometimes controversial ways. Zero hours contracts, increased part-time working, use of temporary staff, changing staff employment terms – these are all attempts to balance manpower resources and workflow. However, the drain on management time in trying to organise flexible staffing is considerable. ‘gap onsite’ a division of ‘gap personnel’ offer a service called Onsite Managed Solutions. This is a flexible onsite manpower management service for industry sectors with particular needs for variable, trained, manpower - such as manufacturing, warehousing and distribution, food production, waste and recycling.
Onsite Managed Solutions The margin of success in winning business can be measured in productivity gains and in creating the greatest possible synergy between demand and manpower availability. This requires a flexible and fast response and is best handled by an ‘onsite managed solution’ - placing recruitment and training specialists onsite, working alongside the client, not in some distant office remote from the problem. Suitable for companies with at least sixty staff, ‘gap onsite’ provides a dedicated recruitment specialist account team who work within a client’s workplace. This ‘embedding’ process enables the rapid sourcing and management of a temporary workforce, in response to changes in workflow and demand. They can address key performance areas such as wastage, core skill selection and multi-skilling to deliver quantifiable and sustainable improvements in cost efficiencies and productivity.
● ‘Gap onsite’ solutions are suitable for companies with at least 60 staff The key difference is that ‘gap onsite’ go beyond a general recruitment service. Our onsite teams are operationally focussed, chosen for their sector knowledge, with a background in our customer's business. That way you can be sure they speak your language, understand the challenges you face and the skill sets you need in candidate recruitment and training. With a 15-year history as one of the fastest growing industrial recruitment agencies in the UK, ‘gap onsite’ supports our clients by forming long-term partnerships to deliver best practice and tailor the service to individual need.
Productivity, Efficiencies and Risk Mitigation One factor holding some businesses
back is concern about loss of operational control. With ‘gap onsite’ the client retains control whilst we take full responsibility for all temporary workforce needs. Costs associated with the implementation, project management and TUPE are fully absorbed and a comprehensive ‘risk mitigation’ monitoring system is put in place. This includes tracking identifiable risks in employment, tax and security issues (both physical and data loss) when using temporary or short-term contract employees. A full worker benefits and training package is also provided, as part of the service. From in-depth screening, testing and selection criteria to comprehensive induction packages, ‘gap’ work in partnership with clients to performance-manage temporary workers. The secret is to install a robust and well-honed recruitment and management process to continually monitor and improve systems and processes to deliver the optimum service for clients and workers. The value proposition of properly managed ‘onsite managed solutions’ can be seen across the board, improving a company's time to hire, increasing the quality of the candidate pool, reducing costs and improving governmental compliance. Nothing can beat having a dedicated onsite team whose sole function is to create balance in the cycle of business demand and manpower availability.
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What sectors are in demand? ● Warehousing operations often need flexible, temporary staff
Unsurprisingly, the greatest demand is created by industries with unpredictable or ‘peaks and troughs’ workflow. Food and drink industries, ware-
housing and manufacturing all have a major need for flexible temporary staff and close onsite management. Specific industries require specialist skills and training. That means putting specialist teams in place with experience of specific business sectors.
Examples of Gains and Efficiencies ● One client set a KPI target of 240 units per hour, but we delivered 259 units per hour, which peaked at 262 in a given month; ● Our training achieved 89.6% multi-skilled staff across one site, reducing new starter recruits and saving £68,954 in training costs; ● By selecting, training and motivating the right people, staff retention improves – in one case training costs were reduced from 5% to 1.2% saving £78k; ● Effective deployment and retention of multi-skilled workers increases productivity. Increases of 11% have been achieved; ● By introducing ‘educational’ sessions, using video snapshots of correct worker procedure and non-conforming assembly practices, ‘gap onsite’ saved one client £250k a year.
Delivering results Integrating ourselves into a customer’s operation, and understanding how they work and the challenges that they face, gives us the knowledge to deliver a service to support their business goals and objectives. Gary Dewhurst, CEO and founder of gap personnel, said, “it is the delicate blending of fluctuation in volume and ‘gap’s’ ability to manage and supply resources proactively (whilst the client retains overall control) that makes this solution ideal for
● The food and drink industries have peaks and troughs in their workflow any business where fast, cost-effective response to demand is essential. ‘Onsite management solutions’ offers belt-and-braces security, allowing quick response to increased demand or downturn, with peace of mind.” With changing business models many more industries are likely to adopt onsite management solutions. They will do this not only as a cost saving strategy but, increasingly, as a way of matching employee skills and work availability as closely to the shop floor role as possible.
● To find out more about what ‘gap onsite’ could do for your business call 0800 999 5900 or visit http://www.gaponsite.com.
www.bristolpost.co.uk/business
Wednesday, June 4, 2014
Small business competition
‘Inspiring’ Robotic hand grips the imagination to net £10,000 prize Sammy Payne Business@b-nm.co.uk
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SMALL Bristol-based business has been rewarded £10,000 for an “outstanding” business pitch and concept. The Open Hand Project beat more than 1,000 businesses across the UK through Intuit’s Small Business Local Buzz competition. During the competition, which ran in April this year, more than 65,000 people voted for their favourite business ideas. The Open Hand Project proved most popular after gaining more than 300 votes in just over a week after the competition opening. Bjoern Uehss, Intuit’s social media marketing manager, said: “The Open Hand Project conveyed the most inspiring story. It was a prize well deserved.” The project aims to deliver robotic prostheses to amputees through 3D printing for under £600. Leading prosthetics cost up to £60,000. It was funded in 2013 by a crowd-funding campaign hosted on Indiegogo where the video attracted global attention and more than 88,000 views. Joel Gibbard, founder and sole operator of The Open Hand Project, said holding the giant cheque was “incredibly exciting” and a “real surprise”. When asked how he would use the money, he said: “In the future I want to hire a business partner to take care of the business bits while I take care of the development. “At the moment I’m doing everything by myself so the money gives longevity to the business and it gives me time to develop a plan.” Joel, who works out of the Bristol Robotics Laboratory, said he was nervous about expanding his business and hiring as reports show one in three businesses fail within the first three years. With limited funding available for start-ups, Joel said he wouldn’t consider taking out a loan. “It’s difficult at this stage because
● The competition winner, Joel Gibbard, at his desk at the Bristol Robotics Laboratory working on the latest version of his robotic hand for amputees
Digital Buffet
Find out how to get your news online ● BUSINESSES can get advice on how to get their news published online at an event later this month. The Digital Buffet is aimed at marketing and communications professionals and business owners to give tips and advice to improve online marketing. Among the speakers will be Bristol Post assistant editor (business) Gavin Thompson who will be talking about how to pitch your story to a journalist... and how to publish it yourself. Other speakers include Craig Pugsley of Microsoft giving cheap tips to improve your mobile site, and Jon Payne from event organisers Noisy Little Monkey talking about local search engine optimisation. Jon said: “The objective is to give you bite sized, actionable tips and tricks to improve your online marketing. “Hopefully, along the way, we’ll debunk some SEO/social media marketing myths and possibly gain a few customers. “But, if all we do is put a few shady practices under the spotlight and make Bristol’s creative and technology sectors a bit better, then we’ll see that as a pretty big win.” The free event takes place from 1pm on June 25 at the Arnolfini in Bristol’s Harbourside. Sign up using Eventbrite.
Get the bigger picture. Business news from Bristol, Bath, Gloucestershire and Somerset. Scan to sign up for news direct to your inbox
you have a really small amount of money but so many overheads. Taking someone on is such a huge investment in the early stages.” However, he said: “Before I started doing this I didn’t realise the amount of opportunity there is for start-ups and people with ideas to create businesses. “The help that’s available in the South West is amazing.” The 23-year-old said he has no interest in making money and only opened his business, Open Bionics, to make sure this technology was made available to amputees.
The robotic hand, named Dextrus, is nearing the end of its first developmental track and will be tested on an amputee in a few weeks. Joel said: “It won’t be smooth and I’m expecting that. “If the hand doesn’t help an amputee I won’t see it as a failure, I’d see it as incomplete. It just means that I’ve got more work to do.” The engineer said the perfect response from testing would be that an amputee tried the hand and found that day-to-day life became so much easier that they didn’t want to take it off.
The Bristolian said there was “tonnes of scope” for the prosthetics industry in the realms of 3D printing. Joel plans to work on a smaller hand for a child that is scalable to their age and size, and to incorporate 3D scanning into his work so that every hand is unique to the amputee. When asked if he had any innovative ideas for outside of the prosthetics industry, Joel hinted that he had big plans. He laughed and said: “I can’t really give it all away, I’m afraid.”
Commercial property
Surge in tech firms taking up offices in knowledge-based industries than Oxford and Cambridge combined (73,700). DTZ’s research suggests that 17,200 new jobs will be created in Bristol over the next five years, with the technology, media and telecommunication sector the biggest growth area up to 2017. Bristol is seen as a technological centre. Recently mobile solutions firm Somo announced it was setting up an engineering centre in the city and a microchip makers Maxim IP has committed to the city. Andy Heath, director in DTZ’s office agency team, says a large number of new start-up companies have acquired space of around 1,000 to 2,000 sq ft in the past two years in Bristol on flexible leases, which will hopefully
lead to them taking extra space over the next two-three years. Andy said: “Landlords are now recognising that there is significant demand from certain sectors, often technology, media and telecommunication focused, with occupiers looking for differently branded, flexible space, in older buildings, that others may have been perceived as obsolescent. “Rather than compete with traditional, institutional quality offices, which generally offer floor accommodation from circa 5,000 sq ft, buildings such as Temple Studios, adjacent to Bristol Meads rail station and The Paintworks, on Bath Road, provide a creative, funky, environment where small/start-up companies work alongside each other in space ranging
● Andy Heath from as little as 200 sq ft to around 10,000 sq ft, sometimes collaborating in a more collegiate atmosphere. “This different style of office/studio offer is proving a success, with full occupancy levels and occupiers waiting for available space. “Key to the success is the provision of short-term, flexible leases, with mutual or tenant break options a
regular feature.” Temple Studios is fully occupied and there is only 5,000 sq ft at Bath Road Studios remaining. Verve which owns The Paint Works is looking to develop the next phase of about 60,000 sq ft of office accommodation soon. Robert Parr-Head, who heads up the DTZ Bristol valuation team, says letting to start-ups poses more risk than more traditional businesses. He said: “The is a relatively new addition to the commercial property market. “The model is predicated on short-term income and a tenant profile dominated by new or start up companies. With this, comes risk.” Mr Parr-Head says to be successful in this market, buildings need to be out of the ordinary. He said: “Whilst location will always be key, so will the ability to identify a building that has the X factor, an ingredient that sets the building apart from the norm.”
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BRISTOL’S status as a hub for technology companies is growing and now the impact is being seen in the city’s office market too. The number of companies in the technology, media and telecommunication sector has been growing over the past two to three years, accounting for about 30 per cent of the take up in office space in 2012/2013, according to property firm DTZ. Bristol has the highest rate of employment growth of the eight core English cities and is considered one of the hot spots in the UK for education in both number and quality of graduates, with 35 per cent of the working population educated to degree level or above which is in excess of the national average. The city has more people employed
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PROPERTY MATTERS, PAGES 6&7
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www.bristolpost.co.uk/business
Wednesday, June 4, 2014
Catering
Fast food Hotcha takeaway chain to serve up 100 more branches Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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CHINESE takeaway chain launched in Bristol has revealed plans to open more than 100 franchise stores in the next five years. Hotcha, which serves freshly made Chinese food for delivery and collection, was founded by entrepreneur James Liang. James came to Bristol to set up the business after spotting a gap in the market for a firm to do for the popular Chinese takeaway market what Dominoes has done for pizza. There are nine owned Hotcha stores in the South West, six of them in Bristol, with three more set to be opened in the coming months. The company aims to open one owned store per month on average in future with the ultimate goal of listing within the next few years.
The chain’s target market is families, young professionals and students and it is looking for franchisees to take the model into other cities such as Manchester, Birmingham, Edinburgh, Leeds and London. It has appointed a new non-executive director, Andrew Emmerson, to advise on the franchise approach. Andrew’s experience includes a stint as business development director at Dominoes Pizza, as well as managing director at Millie’s Cookies and experience at other chains including Dunkin’ Donuts in the United States. On the appointment, James said: “We are delighted to welcome someone of Andrew’s calibre on board as we embark on the next stage in Hotcha’s development. “His knowledge and experience of the franchising model will be invaluable as we seek to create the UK’s first Chinese takeaway brand.” In order to make the franchise model work, Hotcha has introduced centralised systems. All core ingredi-
● James Liang, who founded the Hotcha Chinese takeaway chain in Bristol ents including meat, fish, marinades and sauces are freshly prepared by Hotcha’s central production facility in Bristol. They are used to prepare dishes in line with Hotcha’s set recipes and
presentation styles. A central call centre has been set up to streamline ordering and payments processes, so the local stores focus on fulfilling orders and customer service. The firm is also creating a training
academy as it prefers to teach people from scratch rather than hire experienced chefs. Last week the firm was listed as one of five Bristol food firms to watch on the BristolPost.co.uk website.
Bristol Post Careers Show
City agency hoping to hire recruits for range of jobs
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RECRUITMENT agency Mainline is hoping to find candidates to fill a wide range of vacancies at the Bristol Post Careers Show. Mainline has two offices, one in Bedminster specialising in industrial and driving jobs and the other in the city centre focused on office-based roles. Sonya Moseley, commercial manager at the city centre office, said they had a range of vacancies in both areas at all levels. She said: “We have seen a considerable increase in vacancies and we are hoping to come along to the show to find some excellent candidates. “It is getting harder to find candidates and if not enough people are coming into the office, this is a great way for us to go and find them.” Sonya said the format of bringing lots of employers together under one roof was one that had worked well in the past and now the economy was picking up, she was confident it would be successful again. The number of people claiming benefits and looking for work has fallen in recent weeks in the Bristol area. The official unemployment figure for the South West is down to 4.9 per cent but in our area, the number claiming jobseekers’ allowance is even lower. In Bristol 2.9 per cent of the working age population are claiming the out-of-work benefit, 1.4 per cent in South Gloucestershire and 1.7 in North Somerset. Hussain Bayoomi, media sales director at the Post’s publisher, Bristol News & Media, said: “This is about bringing all the best employers together with the best potential employees.” He added that it wasn’t simply about opportunities for people who are out of work, but for those wanting to move up the career
“ We have seen a considerable increase in vacancies and we are hoping to come along to the show to find some excellent candidates.” Sonya Moseley
ladder too. “This show will attract both those looking to get back into work and others looking for their dream new role,” he said. The Bristol Post Careers Show takes place at Future Inn, by Cabot Circus on Friday, June 27 from 10am to 8pm. Employers interested in joining Mainline at the event can contact Joanne Collins by calling 0117 934 3092 or by emailing joanne.collins@b-nm.co.uk.
www.bristolpost.co.uk/business
Wednesday, June 4, 2014
Business awards
Heating firm to take on new staff after securing major contract
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Sponsors
Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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BRISTOL heating company will be taking on more staff after winning a major contract which it hopes will open the door to more opportun-
ities. The Warmley company was founded in 1987 by Steve Gregor and has grown to employ 65 staff, including the office team along with installers and engineers. It has been a good few weeks for the company. It has just been named as a finalist in the Bristol Post Business Awards in the customer service category. And it has just won a big contract with Knightstone Housing Association, as reported in last week’s Business. But Steve says this is just the start. “This is a massive achievement for a small local company,” he said. “We won with our tender against a lot of national and regional companies.” The deal was a 10-year contract with Knightstone Housing Association for the installation, servicing and maintenance of boilers in its properties around Bristol and Somerset. Steve said the bid process took nine months and was a big undertaking for a smaller firm. “We are up against firms that have procurement teams specialising in answering all of the questions,” he said. “We are doing that and doing the work at the same time. “ He admits the process has been “stressful” but said the contract brings “longevity for job security” and gives the firm a great platform from which to grow. “This will create opportunities. Other housing associations and organisations will notice us.”
● Steve Gregor (centre) of Gregor Heating with members of staff from left, Kate Sirl, Deb Miles, Di Kinder, Sarah Picture: Dan Regan BRDR20140602B-001 Mahadevan, Jackie Granville, Kelly Walsh, Ann Williams and Helen Mills The business has an annual turnover of about £5.5 million, split between domestic customers and contracts for developers building new homes. It installs about 1,000 boilers a year in homes within 50 miles of Bristol. Steve believes a business needs to invest in the future through training and he does it through apprentices. “Even through bad times with the economy, we carried on with apprenticeships,” he said. “You have got to think of the bigger picture.” And long term deals such as the one with Knightstone make that investment easier. “We will be creating new jobs,” said Steve. “We have already taken on three or four engineers and we will need additional office staff too.”
Awards categories ● Business of the Year Bristol, sponsored by UWE Bristol ● Young Entrepreneur of the Year ● Lifetime Achievement Award, sponsored by Punter Southall ● Retailer of the Year, sponsored by Broadmead Bristol BID ● Customer Service Award, sponsored by Broadmead Bristol BID ● Family Business of the Year, sponsored by BOM Group ● Innovator of the Year ● Export Award, sponsored by Lloyds Banking Group ● Marketing Campaign of the Year ● Large Business of the Year, sponsored by Smith & Williamson ● Best Creative/Technological Award, sponsored by Ashfords Solicitors ● Leisure & Tourism Business of the Year, sponsored by QBE ● Small Business of the Year, sponsored by First Great Western ● Start Up Business of the Year, sponsored by Jordans ● Environmental Business Award ● Contribution to the Community Award, sponsored by Renishaw
Sponsor profile
It’s crucial to seize all opportunities to reach new markets
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tol and Bath Business Awards. There are many options that have been put in place to support growth for Bristol and Bath businesses, including the recent Budget announcement, which confirmed that export funding will double to £3 billion, Carbon Tax will be frozen and the annual investment allowance will increase to £500,000.
At Lloyds Bank Commercial Banking, we are also fully supportive of initiatives such as the Funding for Lending Scheme (FLS) where the bank provides a one per cent discount on the life of a business loan. This means firms are able to reinvest the money saved or start new projects. Whatever the situation, it is important for Bristol and Bath SMEs to explore all the funding opportunities available to them and be confident in the fact that there are support options out there to help them achieve their goals. By David Beaumont, left, area director, SME Banking Devon and Cornwall, Lloyds Bank Commercial Banking
● The strongest hopes for export growth lie in the Asia-Pacific region
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UR latest Business in Britain report found that SMEs’ strongest hopes for export growth lie in the Asia-Pacific region, with 36 per cent of firms expecting an increase in exports to these countries. At Lloyds Bank Commercial Banking, we are seeking to raise awareness amongst the region’s manufacturers and exporters of the value of seizing all the opportunities available to enable a move into new markets or even internationally. To encourage manufacturers and exporters with growth ambitions, we feel that it is important to celebrate SMEs’ achievements in the region, and we are proud to do this through the 2014 Export category at the Bris-
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www.bristolpost.co.uk/business
Know how James Petherick Associate GVA www.gva.co.uk Email: james.petherick@gva.co.uk Tel: 0117 988 5331
Builders’ search for housing sites is on
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T has been difficult to escape the recent news articles regarding rising house prices, buyers’ incentives and mortgage affordability. The resurgence in the UK economy is excellent news of course, so for land and property owners, now is the time to be capitalising on the strong housing market. Land values are increasing as a result of a very active housing market. This is caused both by rising house prices and high levels of competition for good residential development sites. At GVA we have seen encouraging levels of demand for development sites we are marketing. Demand is far outstripping supply, partly due to the economy, but also due to changes in planning policy stemming from the demise of Regional Spatial Strategies, which reduced housing requirements. Housebuilders large and small are searching for suitable sites in order to benefit from the rising market. However, given the changes in planning rules and the increased prevalence of the private rental sector, developers are searching for suitable conversion opportunities as well as land. The planning system now allows office buildings in some areas that conform to certain criteria to be converted for residential use without planning permission (although the Local Planning Authority must still be consulted). Residential values are far higher than an existing office use value, and therefore these properties offer a landlord an opportunity to maximise returns from what could otherwise be an underperforming asset. Owners of land should also consider whether now is the time to explore if development of their property is possible. The nationwide shortage of housing stock is placing pressure on Local Planning Authorities to provide land for residential uses. Those with land located within settlement boundaries, directly adjacent to existing development or owners of brownfield sites such as factories should be asking for professional advice on whether their land is suitable for residential development. GVA are specialists in providing tailored development and planning advice to clients, advising land owners who want to extract additional value from their property – be that disused office space, former factory or industrial buildings or open land.
Wednesday, June 4, 2014
Focus on start-ups | Sponsored by THEME SPONSOR’S NAME HERE.
Property matters
WILL DEMAND FOR HOMES LEA Last week North Somerset Council’s deputy leader admitted the authority will struggle to protect the greenbelt from thousands of new homes after a legal ruling “unravelled” it’s housing strategy. As all our local authorities face pressure to make room for more and more homes, Gavin Thompson looks at what that means for the commercial sector.
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RISTOL has a housing shortage. It’s not alone in that, Shelter estimates the UK needs 100,000 to 150,000 new homes a year to meet demand. As more people struggle to get on the property ladder – the average house price in Bristol is £211,527 and the average income £21,216 – housing is rising up the political agenda. But our city also has a recovering economy that will need the right kind of office space if it is to maintain the growth story of 2014. Is there a danger that demand for homes will leave us short of office space in future? Paul Williams, of commercial property specialist Bruton Knowles, based in Great George Street, Bristol, says it is already happening. “I had an architects’ practice with 40 people that wanted to buy office space in Bristol but there was nothing on the market,” he said. “A lot of businesses want freehold space to occupy for themselves and to provide investment. At the moment the city can’t offer this.” The obvious cause of the shortage is a combination of the recent trend of converting offices into flats and the lack of new building caused by the recession. But there have also been planned new office buildings that have been ditched in favour of options the developer thinks will be more profitable, such as housing. For example, the final plot in the Harbourside regeneration, 3a Canon’s Gate in Anchor Road, has just had planning consent to build 101 flats. Originally that plot was destined to be offices, but homes were seen as a better bet. Similarly part of the Finzel’s Reach development on the former Courage Brewery site across from Castle Park due to be a large office building has been changed to more flats and possibly a hotel. Peter Musgrove, director of office agency at LSH in Bristol, says this is
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not necessarily a bad thing. “Sites such as Canon’s Gate, Cabot Gate and Wapping Wharf should always have been earmarked for residential anyway because they are fringe locations in terms of offices,” said Peter, left. “What we have to be careful of now is making sure we protect the sites in the top business areas of the city, and retain them for office development.” Gordon Isgrove, below, director of land and development at GVA, says more residential property in the city centre is good for businesses because it helps create a livelier environment. “It creates that 24-hour city and makes things more vibrant, supporting more leisure and restaurant businesses,” he said. Colin Stratton partner and head of the transactional commercial property team at law firm Things, based in Victoria Street, however believes the drive for more homes is adversely affecting new office space. “There’s going to be a real squeeze on new build and grade A office space in the coming months as the economy continues to improve,” he said. There is of course the new developments at 2 Glass Wharf and 66 Queen Square, but there’s little else coming through. Colin says the current trend could “saturate” the market for city centre flats and drive up rents for commercial office space. The picture out of town is different, though there are still issues. There are large scale housing developments on Bristol’s Northern Fringe and more are likely to follow to the south following the recent ruling that North Somerset Council must accommodate 26,750 new homes instead of the 14,000 it had proposed by 2026. “There is room for both residential and commercial out of town,” said Colin. He says there has been little new office development but there remains capacity with the likes of Aztec
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● There is pressure for housing in areas such as Canon’s Gate, above, Finzel’s Re Somerset, right
West business park experiencing a regular turnover of tenants. But Colin, right, thinks there are questions to be asked over the lack of office space around many of the residential developments. “There’s mixed use with GP surgeries, contributions to schools and the like but little requirement for new build office space,” he said. “It does make you wonder in terms of the continued drive to get traffic out of the city whether that will
enquiries@brutonknowles.co.uk brutonknowles.co.uk
change at some stage.” Back in the city much of the professional community has migrated to the area around Victoria Street because they like to be central and well connected. Those same benefits can be found within the Temple Quarter Enterprise Zone, and that is the most likely place for new office development in the next few years, with new infrastructure on the way, such as an
Achieve more from your property
www.bristolpost.co.uk/business
Wednesday, June 4, 2014
Expert eye Angus Taylor
In association with
EAVE US SHORT OF OFFICES? A
Partner Bruton Knowles, 0117 287 2101 angus.taylor@ brutonknowles.co.uk
It pays to think ahead on dilapidation issues
“ I had an architects’ practice with 40 people that wanted to buy office space in Bristol but there was nothing on the market.”
Paul Williams, of commercial property specialist Bruton Knowles
Property of the month 0117 287 2101 brutonknowles.co.uk
To Let - 2 Barns for Conversion
’s Reach, below, and North
e s a t e d e e e w e n
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Uphill Manor Barns, Uphill, Weston Super Mare BS23 4SD
• Two former barns in a Courtyard setting • 690 and 1,030 sq ft (64.1 and 95.7 sq m) GIA • For business use - subject to consent Contact: paul.williams@brutonknowles.co.uk BK code:2475
“ There’s going to be a real squeeze on new build and grade A office space in the coming months as the economy continues to improve.” Colin Stratton
£11 million bridge to the arena site across the Avon. There will be housing here, too, but the West of England Local Enterprise Partnership has been tasked with creating 4,000 jobs here in the next five years, and more than 20,000 in the longer term. So planners will need to ensure the commercial market is catered for or the project will fail. Robert Parr-Head, right, who heads
up the DTZ Bristol valuation team, says that to be successful in his area, developers need to think a little differently. The Enterprise Zone is being marketed as a hub for creative and digital businesses, and Robert says they don’t want boring traditional offices but something a little funkier. He said: “Whilst location will always be key, so will the ability to identify a building that has the X factor, an ingredient that sets the building
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apart from the norm. The success of Temple Studios, Paint Works and Bath Road Studios is self evident. There is capacity for more.” But he warns the higher value for developers in residential projects could limit opportunities for such schemes. The key is in getting the balance right. Bristol needs more homes but places to work too. Mr Williams sums it up: “One of the factors in the prices of residential land or property is its proximity to suitable work locations. Similarly businesses need chimney pots nearby to provide a workforce.”
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LMOST every landlord and tenant will at some point come across the thorny issue of dilapidations when a lease on an office, shop or other commercial property comes to an end or has a break clause. Too often people do not think about the issue until it is close to the time for the lease discussions to take place. In fact the implications, including the practicalities, the potential costs and effect on a lease break, can be very significant and need to be fully considered in advance. The longer the decision is left, the narrower the options for resolution for both the landlord and the tenant. Firstly, many people do not understand the term dilapidations. The term does not necessarily mean that the building is in a dilapidated condition. By entering into a lease with a landlord, the tenant commits to do certain things, including paying rent and looking after the property. If the tenant fails to honour those commitments, the landlord can take action. One of the things tenants commit to do is to leave a premises in a certain condition when the lease ends and this is where dilapidations come in. They are the repairs, renewals and changes necessary to ensure the building is in the condition the two parties have agreed between them. The landlord may appoint a surveyor to inspect and prepare a list of items which are not in the condition stipulated in the lease and it is then the tenant’s responsibility to remedy them prior to lease end. The logistics, cost and timescale of doing those works are often underestimated. To be honest most tenants are not excited about spending money on a property that they are about to vacate and landlords are also not enamoured by tenants who leave a premises in a state that costs them money, so it can often be a contentious time. As a local property consultancy, Bruton Knowles can assist landlords and tenants. For landlords we might prepare the list of works required (a schedule of dilapidations), calculate costs and negotiate with the tenant to ensure they are carried out. Should the tenant not do so, they are liable to pay compensation and we can then manage the works for the landlord. Conversely, we can help tenants by assessing their potential liability in advance, argue their case with the landlord to mitigate the liability and oversee any works or agree a financial settlement in lieu. The key point for either side is to think about dilapidations long in advance (we recommend six months before lease end) and to get expert advice to ensure the liabilities are understood and dealt with professionally.
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Workplace pensions special report
YOUR TIME’S RUNNING OUT TO GET Small and medium-sized employers should be grasping the nettle of workplace pensions now, but many are simply ignoring the issue. Gavin Thompson finds out more
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F you run a small or medium sized business, you might hear a feint tick-tock, tick-tock in the background. That’s the sound of the pensions time bomb that could blow up in your face in the near future. Against a background of mounting concern that millions of us will not have enough savings for our retirement in future, and in the knowledge that the State pension – currently £113.10 a week – can’t take the strain, the Coalition Government introduced automatic enrolment for workplace pension schemes. That means everyone is automatically opted in to a workplace pension, though they can choose to opt out. It’s a great solution for the Government and, in many cases, the employee. But it’s tough on the employer who needs to have a workplace pension scheme and then administer it. It’s not just the set-up, but managing changes in circumstance such as pay rises or going part-time, people who opt out and are automatically opted back in three years later... and so on. Businesses, particularly smaller ones, need to call in outside help. And to give them time to manage this, the Government staggered the roll out, starting with bigger organisations first. But the clock is now ticking down the staging dates – that’s the date when the law comes into effect for your business – for small and medium sized firms. Your exact staging date depends on your PAYE number – you can check on the pensions regulator website – but what many firms are not taking into account is just how much work is involved, and how long it will take to sort out. Not only that, but will there be enough specialists out there to help? Anthony Carty is group financial planning director at one such firm, Clifton Asset Management, based in Ham Green. He said: “My main concern for the SME community is that a lack of preparation will see them sleep walk into a fine. “Even if the Pensions Regulator decides not to punish them finan-
Don’t leave yourself facing a crisis... ● 1. Take some time to understand your responsibilities Most people running an SME are time-poor, continually fighting fires and moving from one crisis to the next – but the longer you put off understanding what is required for auto-enrolment, the more difficult it could be to find a bespoke service designed especially to meet your needs. This could end up costing you valuable time and money in the long run. ● 2. Get some clarity As the NOW research shows, most SMEs want to comply, but at the lowest cost and with as little involvement as possible. This may well limit the providers that want your business. Invest some time in being able to simply and clearly articulate what you require, this will minimise the amount of time you spend interacting with providers that cannot help you. ● 3. One size does not fit all Providers can be overly evangelical about their proposition. One size does not fit all and you need to be able to quickly and efficiently assess how their proposition will interact
cially, the reputational damage of getting this wrong could be severe. “It is difficult to understate the amount of heavy lifting that is required for this project – it is not something that can be covered off in days or hours. The Pensions Regulator says you should be planning for at least 18 months.” Due to lack of resources, many smaller firms leave things late then try and throw everything at a problem. But, Anthony says, that won’t work in this case. “Having your best and brightest employees locked in a room trying to sort this out at the last possible moment will surely have an impact on a SME’s bottom line,” he said. “Pensions are rarely, if ever, at the top of an employee’s to-do list. This is equally the case with employers. However, they now have a legal obligation to provide them.
into your existing processes. This will cover areas key such as integration with payroll, employee communication, investment decisions and how they will / won’t interact with your workforce. ● 4. Assume nothing Never assume that your existing solutions/process are fit for purpose. How you currently deal with your workplace pension and payroll may not be sufficient for auto-enrolment. Ensure that your key stakeholders understand their responsibilities, before during and after your staging date. ● 5. Networking Finally of course there is the simple matter of getting out there, chatting with like-minded business owners and different providers and seeing what there is on offer. We know you may have more pressing matters to attend to than a regulatory compliance taking place almost 12 months away. But, if you spend the time now finding out more about what some of the experts and fellow businesses are saying, you can get it sorted and ready to go without any last-minute scrimmage.
“Whilst I empathise with their concerns about the additional costs, auto-enrolment has to be viewed as health and safety for pensions – doing nothing is simply not an option.” Another specialist firm, Now: Pensions carried out a survey among 450 SMEs recently. In the South West, a shocking 58 per cent of respondents have not yet given any thought to how they will find a provider. Despite that, bosses realise the right pension is important. 48 per cent say the choice of the right provider is important or very important; 31 per cent feel offering a good quality pension will help hang onto good employees and 40 per cent think it will make the company more attractive to new employees. Morten Nilsson, pictured, chief executive of NOW: Pensions, said: “Auto-enrolment is looming large on the horizon for thousands of small and medium sized companies but
Auto enrolment doesn’t have to be a trade-off between benefiting your business and benefiting your employees.
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Danish pensions. Believe the hype. NOW: Pensions is a UK occupational pension plan. Membership is only available through an employer.
0 333 33 222 22 nowpensions.com
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Wednesday, June 4, 2014
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Expert eye Anthony Carty
SET FOR AUTO-ENROLMENT Pension numbers The NOW: Pensions survey of South West SMEs found: ● 58% haven’t given any thought to how they’ll find a provider ● 48% think choice of pension provider is important or very important ● 2% intend to pay more than the minimum contribution ● 52% intend to pay the minimum ● 42% don’t intend to contribute more because they want to keep it simple ● 35% expect to Government to increase the minimum contribution over time Auto-enrolment applies to workers earning more than £10,000 a year in the UK who are under the State pension age, though some workers earning less can still opt in. Employers must contribute a sum of a least one per cent of the employee’s salary, rising to two per cent in 2017 and three per cent in 2018.
many firms are taking a gamble by leaving it late to find a pension provider.” He believes this could be dangerous, and it is especially so for smaller firms who might not appear to be such juicy clients for some providers. “The reality is not all providers are happy to accept all companies and all employers on equal terms,” said Morten. “The upshot of this is day after day we hear of firms who’ve been let down at the last minute. “Planning well ahead and spending time to select the right scheme will go a long way to keeping stress levels to a minimum.” That tick-tock you can hear is getting louder. Time to start planning.
Group financial planning director Clifton Asset Management www.clifton-wealth. com 0800 054 2555 AE@clifton-asset. co.uk
Don’t underestimate what’s involved...
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S A business owner you know that you will have to automatically enrol certain workers into a pension scheme and make contributions on their behalf. Thousands of UK businesses have already started doing this, but what does all this actually mean for you? The main thing is don’t under-estimate what’s involved. There’s a lot for you to think about: ● Does your current pension arrangement qualify as an auto-enrolment scheme? ● How will you communicate with your workers and ensure you get the right message across? ● Have you considered the additional administration and cost involved in meeting the new requirements? ● Will your existing payroll process need to be altered? ● Will you be able to cope with the additional administration burden? ● Will you be able to put new processes in place and comply with record keeping and reporting requirements in time? What can you do now? 1. Check with your current provider to find out where you stand. Lower average contributions under auto-enrolment and a cap on pension charges means some leading providers are changing their practices, charging employers or even saying they are not interested in running smaller schemes. 2. The Pensions Regulator (TPR) says that planning at least six-12 months ahead of your Staging Date is essential. The sooner you get started the more chance you have of finding a service that works best for your company. 3. TPR has produced hundreds of pages of guidance about what to do and which of your employees may need to be included – but that doesn’t mean it’s straightforward. Take time now to find out exactly who to include. 4. You can’t use ‘postponement’ to delay doing something now. You may be able to push back the date at which your workforce joins your scheme automatically, but you still have to have a scheme in place. 5. Providers will all offer different degrees of service. If your workforce is relatively small and you have no-one dedicated to dealing with HR you need to work out if your staffing levels will allow you to deal with auto-enrolment in-house, or if you need a higher level of support.
● Bristol Connected: Auto-enrolment – Are You Ready, in association with Clifton Asset Management takes place tonight at Bristol Zoo from 5.30pm.
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Wednesday, June 4, 2014
The Big Interview
WE SHOULD INVEST IN LOCAL FIRMS Investment guru Justin Urquhart Stewart tells Gavin Thompson how Bristol’s pioneering spirit could be channelled to help local enterprises grow.
Vital statistics Name: Justin Urquhart Stewart Age: 59 Sector: Investment Size of company: £6.2billion in assets managed Born: West Sussex Educated: Bryanston and Southampton University First job: Vineyard worker
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RISTOLIANS would jump at the chance to invest in local businesses, according to Justin Urquhart Stewart. And he’s a man who knows a thing or two about investments. A regular expert on our airwaves on shows such as Working Lunch, Wake Up To Money and the Today programme, Justin also helps runs his own successful investment management firm. He believes Bristolians would make the best investors for local businesses because they would be in it for the long haul. So he would like to see someone create a marketplace to make it possible. “I would like to see Bristol taking a lead,” he said. “In 1945 we had 45 stock exchanges in Britain including the Bristol Stock Exchange, which didn’t close until the mid-1980s. “The London Stock Exchange is very good at enabling Russians to invest their money outside Russia but it doesn’t do anything for small businesses and certainly not for small local businesses.” Justin isn’t suggesting recreating the Bristol Stock Exchange as such, but believes a more modern platform could do the same job. “I’m not suggesting we bring back the Bristol Stock Exchange but I would love to see Greater Bristol set up its own crowd funding structure where local businesses can seek investors and people who want to invest in local businesses can find them. “If you had 5,000 people in Greater Bristol each with £5-10,000 to invest locally that’s an awful lot of money and if it was pooled it would attract more.” The market place would give potential investors a starting point, as someone wanting to invest in a Bristol firm looking to the London Stock Exchange would struggle to find the right firms. But, says Justin, local investors are more likely to be long-term investors who can give businesses the stability they need to prosper. “We know on local stock exchanges most investors invest for five to seven years,” he said. “That’s what companies want. They don’t want private equity firms in it for three years, they want longer term commitment from investors who are proud to invest in a Bristol company.” Such a marketplace could lead to the creation of a Bristol list of companies, which could be used to compare performance but also to market them and promote local businesses to potential investors. The Bristol Pound was set up to support local businesses, but, Justin says, “doesn’t really cut it” from an investment perspective. One of the reasons Justin believes Bristol is the right place to lead such an initiative is that the economy is strong and vibrant. “The West Country and Greater Bristol is very well placed in terms of the balance of industry,” he said. “When you go through the business parks in Greater Bristol, there is a
dissatisfaction with the industry. “When I looked around the investment world I found it was beautifully designed... for the benefit of the investment world and not the client,” he said. Justin believes it is vital the companies which manage individual’s investments such as pensions make things as clear as possible to engage people. “For example we have been working with a software games company to develop a tool,” he said, “where people can see their investments and how the money moves around the world and how they performing against targets they or their fund manager set.” He admits he made mistakes of his
“ I’m not suggesting we bring back the Bristol Stock Exchange but I would love to see Greater Bristol set up its own crowd funding structure where local businesses can seek investors and people who want to invest in local businesses can find them.
Who inspires me... Influences and inspirations: Lord Shaftesbury the reformer, Disraeli the politician (pictured), and Thucydides as historian of the Peloponnesian war in ancient Greece. Irritations: Lazy people wasting their lives. Hobbies: Numismatics and motorcycling. What first inspired you to become involved in business? The prospect of poverty! And then the chance that maybe you could make a difference. Looking back is there anything you would have done differently
common theme... you can’t park! So there is something going on.” He says he is “amazed” to see the rise in entrepreneurial spirit despite what he describes as a lack of busi-
in the course of your career? Stayed at home one night in Kampala. (When he was shot while working for Barclays Bank in 1978!) What part of your job do you enjoy the most? Seeing businesses, people and valuations grow. What piece of advice would you give to anyone considering setting up their own company? Be brave, you don’t have to do it on your own. Gather round a team of enthusiastic experts in their field – make sure that they all have the same goal and just go and do it!
ness experience both in the politicians and civil servants running the country. He said: “But if you look at Greater Bristol we are finding record num-
bers of new businesses starting up. “Something has changed in the past 20 years. More than 6,000 businesses set up in Greater Bristol last year. Half are likely to fail within three years and that’s quite normal but entrepreneurial levels are very high. “Cynics will say it is people who have lost their jobs or it’s ‘corporate rationalisation’ and they are working as subcontractors for the same people they did before, and there is an element of that. “But also we have come to the stage where more people think ‘I want to work for myself, I’m fed up working for someone else’. Nationally 20 years ago there were 150,000 to 200,000 new businesses a year, last year there were 520,000. That’s quite remarkable. “I’m quite encouraged by the pattern over the past two or three years. There are a number of hot spots in the economy and Bristol is one of them.” While Justin is better known as a media pundit, he is a businessman too. He founded Seven Investment Management in 2002 largely due to
own with debts and credit cards when he started out as a young adult and believes that finance should be taught in the classroom, something he follows up by visiting schools regularly to talk about money. “We teach economics in school but not finance,” he said. “As if we need more economists!” He supports auto-enrolment for workplace pensions, an issue many businesses are facing up to right now as their staging dates start to roll around, and would go further with compulsory savings. “I would like to see pensions and ISAs rolled together into one savings scheme used for mortgage guarantees, pensions and the care in old age,” he said. “It would feel like a tax for the first five years but after that people would start to see their savings. It’s not like national insurance because it would be your money that you can manage.” And who knows, perhaps some people would chose to invest those savings in local businesses, say through a Bristol index or crowd funding scheme.
● Justin Urqhart Stewart is guest speaker at tonight’s Bristol Connected - Auto-enrolment: Are You Ready? event, in association with Clifton Asset Management at Bristol Zoo.
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Auto-enrolment A & E Our award-winning process has helped more than 100 employers meet their regulatory duties. Choose the level of support to suit your needs. Assist
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• Initial kick-off telephone call • Automatic enrolment guide and checklists • Contribution options report • Competitive pension terms obtained • Provider recommendation report • Telephone call to review report • Set up pathway to deal directly with provider.
• Everything included in Assist
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• A full automatic enrolment workshop • Access to a technical helpline until two months after your staging date.
Impressive SME offering with a transparent fee structure. A robust, scalable proposition that should lead to excellent outcomes for thousands of SME employees.
Contact us for help with pensions auto-enrolment:
Call 0117 20 20 450 or email vivien.howells@puntersouthall.com or visit www.psdcc.com/ae
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© Punter Southall DC Consulting 2014. Punter Southall DC Consulting is a trading name of Punter Southall Defined Contribution Consulting Limited. Punter Southall Defined Contribution Consulting Limited is authorised and regulated by the Financial Conduct Authority. FCA registration No. 121328. Registered office: 11 Strand, London WC2N 5HR. Registered in England and Wales No. 873463. VAT registration No. 782601821. This communication should not be relied upon for detailed advice or taken as an authoritative statement of the law. A Punter Southall Group company 1403057
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The back page
Your digest of the week in business
People ● A TEAM of 13 staff from KPMG’s Bristol office faced their fears, abseiling down the Avon Gorge as part of the firm’s nationwide Big Blue Abseil event to raise money for charities Action for Literacy and Shelter. Led by Phil Cotton, senior partner for KPMG’s Bristol office, the team completed the abseil and raised £2,800 for charity. Phil said: “I have to say a huge congratulations to all of our brave volunteers, who like me probably failed to realise just how exciting and terrifying abseiling down the Avon Gorge would be when we signed up for this challenge. “As a result of everyone’s efforts we have raised a large amount of money which will help both Shelter and Action for Literacy with the invaluable work that they are doing across the UK in improving literacy and promoting social inclusion. Increasing literacy skills and preventing homelessness are fundamental to rebuilding the UK economy, supporting routes to social mobility and increasing opportunities for all.” ● Business and financial adviser Grant Thornton has appointed Paul Rodwell as the new head of financial services advisory for the South West. Paul joined the firm as part of its acquisition of Navigant Financial Services UK in 2013. He will be managing the financial services advisory team based in Bristol, with a focus on the further development of Grant Thornton’s presence in the South West. Peter Allen, who leads the financial services group, said: “Paul is already well known to many of our clients in the South West. He brings a broad range of consulting skills which complement our existing regulatory and transactions expertise in the region.” ● Tim Everitt from accountancy and business advisory firm BDO LLP in Bristol has been named one of the accountancy profession’s best and brightest talents in the UK. At the age of 24 Tim, right, is one of the youngest rising stars named in Accountancy Age’s ‘35 under 35’, which showcases a wide variety of achievements and skills held by the next generation of managing
grow our team and expertise in response to client demand. Daniel brings a wealth of experience and expertise that will further boost the support we can offer our clients across the UK.” ● Queen Square-based No5 Chambers has been shortlisted for The Lawyer Chambers of the Year award. It is the only chambers not headquartered in London to make the shortlist. Tony McDaid, No5 Chambers’ practice director, says: “I am very proud and excited that No5 has been shortlisted for this prestigious award.”
Deals ● One of the KPMG team abseiling at Avon Gorge
● Tony McDaid
● Paul Rodwell
partners, CFOs and entrepreneurs. He joined BDO at the age of 18 on the firm’s award winning school leaver programme and has risen through the ranks to become an audit manager, building a “reputation for excellent leadership and strong commercial understanding.”
practical advice. She said: “I am thrilled. Small businesses are the backbone of our economy and we need to do all we can to help support them and enable them to survive and thrive.”
● Bristol marketing expert Bryony Thomas has won an award for her book on the subject, Watertight Marketing. The National Indie Excellence Awards exists to help establish self-publishing as a strong proud facet of the publishing industry. Bryony’s book aims to help business owners cut through marketing jargon and pick up
● Law firm TLT has appointed new development partner Daniel Halstead to its real estate group. Daniel joins from Foot Anstey, where he was one of the four founding partners recruited to set up their Bristol office. Daniel’s specialism is commercial and residential development, with particular experience acting for developers and funders on student accommodation projects. The firm’s head of real estate Andrew Glynn said: “We continue to
● Property consultancy Alder King, which has acted as property manager to Bristol-based Unite Student’s commercial property portfolio since 2009, has had its role expanded to include asset management services. Alder King now provides the student accommodation provider with a full asset management service including property management, lettings, rent reviews and lease renewals, building consultancy and service charge consultancy. Partner Andrew Watson, said: “We will be working to maximise the income streams and capital values of its commercial assets through a programme of proactive asset management.”
Places ● Employment and training specialist Seetec has taken a new lease on part of the first floor at the Quorum, a prominent office buildings owned by Aviva Investors. The five-storey office building on Bond Street in the heart of the city’s commercial district has been recently refurbished. Colliers International negotiated the five-year deal. The firm’s director James Preece said: “The faster than anticipated recovery has triggered a rush of moves since the beginning of the year and we have a number of deals under offer.” Formerly occupied by several departments from Bristol City Council, Quorum is home to several major players including Echo Managed Services, Hogg Robinson, Clarity OSS, Camcode and Planglow.
The op-ed column
Where commuters enjoy dream trip to work
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MAGINE a morning commute that starts with the train arriving exactly on the platform spot where your ticket says it will. You hop on, take your first class seat to London for £16 then plug into the free WiFi. You travel at up to 186 miles an hour and arrive in 55 minutes while overhead monitors give you updates on connections, news and the weather. On arrival, you use your UK-wide Oyster card to get on the underground with free WiFi and 4G. You arrive at work relaxed and up to date. And if you miss this train, that’s not a problem. They depart every 10 minutes and are never late. Sound too good to be true? Well, the only incorrect information is the ref-
Jeremy Richards Head of the Bristol office JLL
erence to London and the UK. I have recently returned from a trip to South Korea to visit my son and the contrast between our infrastructure and theirs is marked. I was travelling between Daejeon, a city of 1 million people, and the capital Seoul which is about the same distance from Bristol to London. I understand we are hampered by Victorian stations and ageing infrastructure but the underinvestment in our network is plain to see. Over recent years this is starting to change and the proposed electri-
fication of the line and the arrival of superfast broadband is a start. But it is only a start. We tend to compare ourselves with other UK or European cities but perhaps we should be looking further afield for inspiration. The way South Korea has embraced technology and applied it to everyday life is quite remarkable. Seoul has one of the world’s largest underground systems that is clean, fast, efficient and connected, making it a pleasure to travel on. It is easy to see why it has become Asia’s fourth largest economy and an economic power house with brands such as Samsung, LG and Hyundai leading the way. So what are we to do? As the UK invests in cross rail and other major projects, we also spend years
wringing our hands about the impact of HS2 before any work starts. Meanwhile the rest of the world pushes ahead. Bristol is starting to make good progress but it must be bolder in its ambitions. Look beyond the next innovation and we might just stay in touch with the rest of the world. Two days after my rail trip across South Korea I stood on the platform at Temple Meads awaiting the 7am train to London. The usual scrum ensued. I got one train earlier to make sure I made my meeting. The 3G network came and went, we encountered a slow moving train ahead of us but made up the time and arrived just five minutes late. The cost was £96 standard class – sound familiar?
In numbers Inflation (CPI)
1.8 2.5 1.6 0.5 3.99
Inflation (RPI)
Weekly earnings
Base interest rate
% % %
%
Ave mortgage rate % Corporation tax % Main rate
21
Small profits rate – below £300,000
20
%
Business current accounts
1.01% State Bank £10,000 deposit of India 0.25% £1 deposit
Business savings accounts 1.85% Secure Trust £1,000 deposit Bank National 1.36% Counties BS £1,000 deposit Source:
Petrol prices .29p
130 136 139 71
Unleaded
.32p Diesel
.22p Super unleaded
.24p LPG
Source: PetrolPrices.com