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FRESH THINKING
QUANTUM LEAP
PENSIONS ADVICE
Start-up develops pioneering indoor air quality monitor – p3
Bristol uni researchers develop game-changing encryption – p5
Ensure staff pensions are in good shape, firms urged – p6
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OCT
2015
PROPERTY
THINGS REALLY LOOKING UP... Boom times ahead for Bristol but we need buildings where businesses can grow, say experts – page 8
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www.southwestbusiness.co.uk
Catering
Manufacturing
Opening scene for Loungers cafe at cinema
Arts charity’s craft workspace receives award
● CAFE bar group Loungers is opening its latest site in Clevedon – the home of one of the company’s founders. Teatro Lounge will open at the Curzon Cinema today, creating 25 jobs in the town. Loungers has invested £600,000 transforming old offices and storage space at the rear of the cinema into a retro home from home where dramatic artwork will sit next to oversized vintage sofas and statement light fittings, in the eclectic style much loved by Lounge aficionados. Executive vice chairman Alex Reilley said: “As a Clevedon resident I’m delighted to be opening Teatro Lounge in my home town. “There’s already a thriving and vibrant community and we’re really looking forward to playing our part in the foodie scene here. “We do very well from the Impero Lounge in Portishead, and there have been lots of people bending my ear about why there wasn’t one in Clevedon.” Loungers will rent the space from the Curzon, providing the community-run cinema with an extra revenue stream. With its entrance on Great Western Road, the conversion will include an extension to the first floor section of the mews, adding an indoor dining area and a roof terrace. The two-storey cafe, which will overlook the Land Yeo river from its ground floor windows, will seat 150 with additional seating on the roof terrace. The Lounge model aims to keep the tills ticking over through the day, serving coffees, lunch drinks and dinner.
Construction
Students work out to get in shape for work
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Wednesday, October 21, 2015
● YOU have to be pretty fit to work in construction so students at City of Bristol College are working hard to get in shape. The college has introduced an 18-week programme into the construction curriculum for the new term, which will see students take part in weekly football sessions and regular fitness monitoring at the city’s Trojan Fitness gym. A group of 80 learners have just completed their initial assessments and introduction at the Bedminster-based gym. Co-owner Matt Hudd and strongmen Paul Todd and Matt Money tested students’ fitness levels on a rowing machine and introduced the groups to a range of weightlifting equipment and techniques. The programme continues with weekly football at St Pauls Leisure Centre. Gemma Parry, sport maker at City of Bristol College, said: “It’s an 18-week programme aimed at getting construction students fit. “The pilot scheme proved a success and received positive feedback from the students, and to have Trojan Fitness on board, it really adds a little extra.” Matt, who runs Trojan gym with mum Julie, added: “Sport and fitness have many benefits, and for us it was good to see the interest shown by the students.”
A NEW space for digital manufacturing in south Bristol has been recognised for its work at an awards ceremony celebrating young craftsmen and women at the Lord Mayor’s Mansion House. The Guild of Guardians presented its Alfred Telling Award to The Factory, run by arts charity Knowle West Media Centre (KWMC). The annual award provides a bursary of £1,500 for an entrepreneur starting their own business in a manual trade in the Bristol area. KWMC: The Factory was nominated by BRAVE, a not-for-profit business support organisation that has helped thousands of entrepreneurs start and run successful ventures. Located in Knowle West, where satisfaction with local jobs is very low – just 12 per cent in the last Bristol City Council Quality of Life survey in 2013 – The Factory aims to bring together artists, makers and local people and open up access to digital manufacturing technologies, such as CNC machines and laser cutters. From two units at the new Filwood Green Business Park, The Factory manufactures products from recycled and sustainable materials and provides in-demand skills training for volunteers, businesses and schools. The enterprise developed out of a pilot scheme run by KWMC and charity re:work from the empty Eagle House Youth Centre in Knowle West. Between October 2014 and May 2015
● From left, Vicky Beckwith (CEO of re:work), Tom Barnes (KWMC’s Digital Fabrication Technician), Justin Ricks (KWMC’s Business Development Manager), the Lord Mayor of Bristol Councillor Clare Campion-Smith, Liz Sands (of BRAVE), Carolyn Hassan (KWMC Director) and Nigel Hardy (The Master of the Guild of Guardians) their ‘pop up’ enterprise produced nearly 500 pieces of furniture to kit out Filwood Green Business Park, in a commission from building contractors MIDAS and Bristol City Council. Justin Ricks, business develop-
ment manager at Knowle West Media Centre, said: “Digital fabrication is fundamentally changing the way people make things – and we want to ensure that these technologies are available to the many, not just the few, and that they can be utilised to make
things that are sustainable, attractive and innovative. “The award from the Guild of Guardians will enable us to purchase more equipment for use by volunteer groups who come to us for training.”
Accommodation
Bright ideas Students’ lifestyle is improved by efficient lighting plan Oh}pu \ovtwzvu
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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RISTOL-based student accommodation provider Unite is becoming a leading light in the drive towards energy efficiency. The FTSE 250 company is carrying out a two-year project to upgrade all the lights in its properties. The firm houses 46,000 students in 132 properties across the UK, including 14 in Bristol. By the time the project finishes by the end of 2016, Unite will have installed 300,000 new light fittings. The scheme came about following a pilot study, which showed significant benefits both in terms of carbon reductions and cost savings, as well as improved living and studying environments for tenants. The firm’s effort has been recognised with a nomination for a national Energy Award. Estate director Steve Batley said: “It’s fantastic to be shortlisted for an Energy Award, which are highly regarded across business and industry. “As the longest established and leading private student accommodation provider in the UK, we’re constantly looking for ways to improve the service we provide. “Our core purpose is providing our students with a home for success.
● A Unite Students Study Room which has been upgraded as part of the project This means helping them achieve more from their time at university, whether that is academic success, personal growth or employability. “We are working closely with Philips to make a real change to the look and feel of our buildings which will help create the right environment to support our mission. “The energy efficient purpose-made LED light fittings optimise layouts, provide reliability and improve controls for students.
“The new lighting creates a more inviting space for students which they can personalise.” He said the project should deliver a 15 per cent energy saving, around a 6,000-9,000 tonnes reduction of CO2 per year. But there will be other benefits too. Maintenance staff who spend around 30 per cent of their time replacing lamps will be able to devote this time to other tasks. Steve added: “As well as being good for the environment and students this
is also good for us as a business.” Jeremy Palmer, sales manager public lighting at Philips Lighting, said switching to LED lighting had great potential for savings. He said: “The Unite project is a great example of where the key objectives of enhancing the living and learning environment of the students and driving forward their energy agenda is being achieved through a robust lighting and controls improvement strategy.”
www.southwestbusiness.co.uk
Wednesday, October 21, 2015
Entrepreneurs
Start-up Monitoring device could clean up air quality in our cities Oh}pu \ovtwzvu
“ We had all worked for start-ups and were inspired by our bosses to create our own business and develop our ‘Sensly’ product concept, an indoor air quality sensor.
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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LENTY of good ideas have been sparked in a conversation down the pub. Not so many have gone on to be successful businesses. Sam Nwanko hopes to achieve just that and at the same time, and somewhat more importantly, play a part in improving air quality in our cities. Sam and his friends founded Altitude Tech and developed air quality monitor Sensly, which they hope to put into production soon. The process has already been an “amazing learning experience” for the young entrepreneur. He said: “We had all worked for start-ups and were inspired by our bosses to create our own business and develop our ‘Sensly’ product concept, an indoor air quality sensor that uses onboard gas sensors to detect a wide range of harmful compounds.” The formula of the team is that they each have different backgrounds and skills, from engineering and design to business and marketing. “We all share a passion for technology and have a common goal to create products that people need,” he said. “We took a scientific approach to running a business to accomplish our goal, formulating assumptions that we could test in the real world, as we realised early on that we needed feedback from the general public to validate our ideas.” They started with the simple idea that the air we breathe is important. “While on average we can survive three weeks without food and three days without water,” Sam said, “we can only survive three minutes
● Sam Nwanko and his Sensly air quality device without air. “We also assumed that people care about their air quality. However, current air quality monitors aren’t very simple and are rather expensive.” The Sensly idea was born. Using the onboard sensor information, the device can give real-time notifica-
tions and visual alerts about surrounding air quality. It also enables people to share their data and use this information, which they hope will be used to improve their surrounding air quality. “On a global scale, Sensly can enable cities to dynamically plan their growth,” said Sam. No lack of ambition then. The start-up has got to this point in
no small part thanks to support from the Bristol Robotics Laboratory’s Technology Business Incubator, based at the University of the West of England. The team all worked for companies there and pitched their idea to its innovation manager Jill Burnett. “We were granted some desk space within the incubator,” said Sam. “We also obtained a grant from the University of UWE to help us set up our business. “Using the resources we obtained from UWE and BRL we developed our prototype. We then took the idea to Kickstarter the crowd-funding platform to validate our assumptions and test the market. “The response was amazing, we hit our funding goal within seven days and raised over £33,000 by the end of the campaign.” He added: “None of this would have been possible if it wasn’t for the assistance given by BRL and UWE, and the schemes and opportunities available within the South West. “The region exemplifies the nation’s drive to create a better, more connected tomorrow, striving to support and accelerate the efforts of those within the community that want to contribute to building a better future.” The team has developed a product, tested the market and is preparing for mass manufacture. “Our next step will be to ship our Sensly air quality product to all of our Kickstarter backers,” said Sam. “Then, hopefully, we start working with cities like Bristol to create a mesh network of Senslys that can inform us of the overall air quality in our communities, so we can begin the public debate on how best to improve our air quality together.”
Finance
Free deal nets pensions provider new clients ceive an annual fee for each SIPP administered, subject to agreed minimum aggregate annual amounts. The fees are front end loaded over the first two years of the contract to reflect the initial workload of taking on the book. In each of the first two years, the firm will be paid £1.25 million plus an additional initial payment of £750,000 in year one to cover transition costs. The Bristol-based firm will be a white label administrator and not required to provide client facing account management services. Bosses see the contract as vindication of the group’s strategy of being an administration-only consolidator in the pensions industry.
Chief executive Rupert Curtis, pictured, said: “We are delighted to have reached agreement to provide ad-
ministrative services for this large book of SIPPs. “This transaction fits well with Curtis Banks’ proven expansion strategy and enhances our position as the go to consolidator for financial services companies seeking a specialist SIPP administrator. “This book of SIPP’s further increases Curtis Banks’ position in the UK’s hierarchy of SIPP administrators.” It’s been a big year for the company, which employs 240 people in Bristol and also has offices in Dundee and Market Harborough. It listed on the Alternative Investment Market and has since seen its share price and profits rise.
Property
Top creatives secure exciting office space ● CREATIVE agency Studio Diva has secured a new prestigious city centre address in Queen Square, Bristol. The growing company, which has doubled its workforce over the last four years has taken the decision to buy about 2,000 sq ft of commercial premises at 62 Queen Square to secure its long term future and take advantage of the current competitive interest rates. Established in 2003 by husband and wife team, Andy and Suzy Barnes, Studio Diva operates in the entertainment and video games sector, with big clients including Sony PlayStation and Activision Blizzard. Suzy said: “We’re excited to be able to create a playful space that truly represents our company personality and both inspires and nurtures our teams.” Andy added: “The premises will give us the room to grow that we so desperately need, and is ideally located. As far as positive working environments in Bristol go - it really doesn’t get much better than this.” Studio Diva was the UK’s only creative agency to make it to the finals of a battle to win overall ‘agency of the year’ at this year’s video games industry ‘Oscars’, the MCV awards. Describing itself as a lifestyle specialist, the agency’s expertise also spans retail, entertainment, sport and leisure and the fast-moving consumer goods industry. The move was supported by an undisclosed six-figure sum funding package from Barclays. Howard Foley, Barclays business manager in Bristol, said: “Studio Diva is an exciting and valued customer and we are pleased to be supporting them in the completion of their new premises in the centre.”
Legal
Hat-trick of awards for top firm of lawyers ● LAW firm Osborne Clarke has completed an unprecedented awards hat-trick. The firm has been named Law Firm of the Year Award (over 15 partners) at the Bristol Law Society Awards. It is the firm’s third major accolade this year. In June it scooped one of the legal sector’s most prestigious titles – Law Firm of the Year at The Lawyer magazine’s annual awards and in March, it won Law Firm of the Year at the Legal Business Awards. The has around 400 staff in its Bristol office, located at Temple Quay. Head of office Peter Clough said: “Winning the legal sector’s two main national awards in the same year was a first in the UK legal profession - and now to cap it off we have been recognised by our peers in Bristol. “They have acknowledged the outstanding quality of the work being carried out by our lawyers. “We are the only legal adviser in the South West to offer a truly international service and a strong City offering. That puts us in a unique position.” Meanwhile Barcan + Kirby won the Law Firm of the Year award for firms of up to 15 partners at the Bristol Law Society Awards, held at the Bristol Marriott Hotel.
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AN AIM-listed pension provider has taken on a big new pensions book without having to pay a penny. Curtis Banks, now one of the UK’s leading self-invested personal pension providers, will earn £2 million in fees in the first year. The deal, which sounds too good to be true, follows an unnamed other company pulling out of the SIPPs market and needing to find a safe pair of hands to look after its customers. It helps that Curtis Banks isn’t in the asset management business so won’t be competing for the assets held within the pensions. The contract is for a minimum 10 year period. Curtis Banks will re-
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Property
Wednesday, October 21, 2015
Development
Trade
Office conversion restrictions removed
Business experts to encourage exports
● THE wave of conversions from empty offices into homes could continue in Bristol after the temporary rule which allows them was made permanent. First introduced in 2013, temporary permitted development rights have enabled offices to be converted to new homes without having to apply for planning permission. These rights were set to expire in May 2016. But Housing and Planning Minister Brandon Lewis, pictured, has swept away that restriction, a move aimed at making use of existing buildings to help meet the huge demand for new homes. “We’re determined that, both in Whitehall and in town halls, everything is done to get the homes we need built,” he said. “We can tap into the potential of underused buildings to offer new homes for first-time buyers and families long into the future, breathing new life into neighbourhoods and at the same time protecting our precious green belt.” He also announced that those who already have permission will have three years in which to complete the change of use, ending uncertainty for developers. In addition, new permitted development rights will enable the change of use of light industrial buildings and launderettes to new homes. Ian Willis, director at property consultants JLL in Bristol, said: , Ian Wills, director at JLL in Bristol, said: the news will be welcomed by developers. “It will provide certainty to those who have resisted applying for prior approval to convert offices to residential use due to the previous May 2016 deadline,” he said. But he said the scheme had a downside in Bristol where it had proved popular, adding: “However, the South West and particularly centres like Exeter, Cheltenham and Bristol have seen so much conversion that there is now has a shortfall of office space to meet future demand.”
● BRISTOL will be hosting an international delegation of business experts from more than 70 countries who are visiting the UK with business opportunities in their home markets. Organisers, UK Trade & Investment (UKTI) are urging business of all sizes with big ambitions to be the next Dyson, Aardman Animations, Yeo Valley or Trunki to attend. ExploreExport 2015 is a one-day event held at Ashton Gate Stadium on Wednesday November 11 aimed at all companies who are keen to expand overseas. The event will allow attendees to explore numerous business opportunities around the world in just one day without the travel costs or time investment involved in crossing continents. Attendees can create a programme of one-to-one meetings with in-market experts from British Embassies and Consulates as well as join a number of seminars on topical matters such as digital/ecommerce world, protecting Intellectual Property, becoming export savvy and exporting to high growth markets. Countries represented at the event are from all four corners of the globe and include high growth markets such as Brazil, Russia, India and China, mature markets such as US and Australia and new emerging economies such as Afghanistan and Cuba. Russell Jones, pictured, regional director, UKTI, said: “The South West has so much to offer the rest of the world. We have a fascinating array of interesting startups, small companies and growth businesses based here filling much-needed gaps in the international market. “UKTI’s agenda is to promote UK goods and services to all four corners of the globe. If you have a business you are ambitious about you need to be at this event. ” The event is part of Export Week. Details from www.exploreexport.ukti.gov.uk /Bristol.aspx.
● Land at Temple Gate which has been bought by Skanska to build an office on
Offices on track Skanska reveals plans for city site Oh}pu \ovtwzvu
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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NEW office building is on the cards next to Temple Meads railway station after developer Skanska bought the site. The company, which built and recently sold the 66 Queen Square office development, has bought the 0.75 acre Temple Gate site. Another developer TCN, which owns Temple Studios, a collection of funky officers converted from the red brick depot from which the mail vans used to set out, and Bristol and Exeter House, sold Skanska the plot. TCN has been regenerating the area since 2009 and has established it as a thriving campus for Bristol’s creative and digital companies. Chief executive Richard Pearce said: “Having acquired the site in
2009 we have built up a vibrant community of companies through regeneration of the old buildings. “The area is now recognised as a dynamic location and we are delighted that Skanska will bring their development skills to complete the final phase.” Details of Skanska’s plans are scant at this stage. Andreas Lindelof, the firm’s managing director of development, said: “Our vision is to provide the next generation of workplaces. “With all our developments, we like to work in partnership with the local stakeholders to realise the full potential of each site, providing future thinking and top-quality workplaces. “Our development at Temple Gate will continue to showcase this. The Swedish company is perhaps best known in Bristol for building and extending numerous schools over the years. More recently it built 66 Queen
Letting
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Civica outsourcing firm moves into Spectrum
AN OUTSOURCING company has moved into Bristol city centre in the biggest letting deal of the year so far. Civica has opened a new office at the Spectrum office building, close to Cabot Circus shopping centre. The deal, brokered by property consultants JLL, is the largest in Bristol city centre since the start of the year. Civica, which employs more than 2,500 people in more than 30 offices in UK and overseas, will be bringing together teams from three offices in the wider Bristol area into one central location with the potential to
expand over time. Initially, 180 people will be based at the new office. Group HR director Wendy Merry said: “As Civica continues to grow, so we continue to invest in our people and facilities in order to ensure the business remains a great place to work. “The new property will ensure we can create a flagship office in an excellent location.” The firm has agreed a lease for 15,000 sq ft of space in the building, which was recently bought by Maddox Property Partners.
● The Spectrum building
Square, one of the first speculative office developments in the city since the recession which is soon to be home to KPMG, and is a sponsor of the Bristol 2015 European Green Capital programme. “This transaction with TCN UK is the next logical chapter in our story in Bristol, said Andreas. “This is an exciting location for an office development in the heart of the enterprise zone and at the gateway to Bristol. “Like all of Skanska’s office projects, the Temple Gate development will have market leading, sustainable credentials which translate into great office environments for tenants.” Plans have also been mooted around Temple Meads for an Engine Shed 2, a second centre to build on the success of the first city council and Bristol University-backed Engine Shed which is home to many of Bristol’s fast growing digital and technology businesses.
Maddox is undertaking a comprehensive refurbishment of the property, improving existing facilities as well as providing additional ones such as a café and business lounge and meeting space. Civica was advised by property consultants Ian Culverhouse and Co while JLL and Knight Frank are joint letting agents for the landmark building. Steve Lane, associate director at JLL in Bristol, said: “The fact that Civica has chosen Spectrum is positive news for the building and the city. “This letting, combined with the fact a high specification refurbishment is being undertaken, highlights that demand for good quality offices in the city centre remains high against a backdrop of reducing supply.” The Spectrum building had been on the market for £16.6 million before it was snapped up by Maddox in June.
www.southwestbusiness.co.uk
Wednesday, October 21, 2015
Tech
Recruitment
Cracking code University research is a ‘game changer’ for encryption
New job plans put region ahead in UK
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Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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TEAM of researchers at Bristol University believe they have developed gamechanging technology to keep information safe. Dr Chris Erven, Dr Jake Kennard, Phil Sibson and Professor Mark Thompson founded KETS; a company which has developed ways to use quantum cryptography to improve data encryption. They believe it could be wide ranging applications, from bank transactions and critical infrastructure to online shopping. It is the culmination of over two years work by the team, who are based in the university’s world-
“ We’re the first of hopefully many spin-outs to come from the Centre for Quantum Photonics at the University of Bristol, focusing on building devices that real people will use. Dr Jake Kennard leading Centre for Quantum Photonics. They describe the technology as a “game changer” because it uses new quantum methods to ensure the most sophisticated and secure communications. Jake said: “It’s been a real team effort, building on all the excellent work which has been going on in Bristol for the last 10 years. “We’re the first of hopefully many spin-outs to come from the Centre for Quantum Photonics at the University of Bristol, focusing on building devices that real people will use.” The team has won the university’s own Dragon’s Den-style contest, beat-
● Dr Chris Erven and Dr Jake Kennard receiving the New Enterprise Award for KETS ing 103 entries to claim top prize in the New Enterprise Competition. Winning the contest, which was judged by a panel of experts, sees the team take a £10,000 cash prize plus £2,000 of support from the Bristol SETsquared business incubator. They will use that to develop the technology further, explore potential uses and how it can be licensed to industry. Chris said: “It’s fantastic to win and the judging panel were very receptive to our pitch. “It’s really starting to snowball
now and this extra investment and support will make a huge difference. KETS technology will provide for secure communications in a fundamentally new way.” Nine finalists had to submit a 20-page business plan and give a presentation pitch to a panel of judges, before hearing announcement of the winner at the Enterprise Dinner in the Wills Memorial Building. Second place and £7,000 went to Funeral Arrangements, a company founded by French graduate Tom
Harries, offering an online platform for funeral directors and the bereaved. And third place went to Imprint Clothing, a fashion social enterprise founded by History of Art student Lydia Cooper which aims to provide skills, flexible employment and empowerment to disadvantaged women in Bristol. She won £2,000 cash and £3,250 worth of marketing and business support. There were two honourable mentions, for Filthy Banana and No More Taboo, who will each receive £1,000.
Catering
Restaurants get a taste for success the greatest potential. Prime city centre locations are likely to benefit most from the expected growth, with owners citing these as the most favoured locations for new ventures. The picture for out of town shopping centres is gloomier, with only five per cent citing them as target locations for new sites. Finding a suitable site (71 per cent) and recruiting the staff to run it were the two biggest challenges to expansion in the region. And 38 per cent of South West owners were concerned about increasing wage costs. Julian Mant, real estate partner at law firm TLT, said: “Our mid year snapshot of restaurateurs’ views
shows a growing sector in a confident mood. This is good news given the sector’s status as a bellwether for the health of the wider economy. “The South West seems to be a target for restaurant owners according to our survey findings. And, this is borne out when you look at the high street with chains like Wahaca, CAU and Byron Hamburgers appearing in Bristol recently “However, there are some hurdles to jump for those looking to open new restaurants. Securing the site is, as ever, near the top of the list. Increasing competition for space in popular locations is pushing up rents, both for new lettings and those in situ whose rent is being reviewed.
● CAU on Clifton Triangle
● EMPLOYMENT levels in Bristol look set for a boost as more than two thirds of small and medium-sized enterprises in the region plan to take on new employees in the next 12 months. That puts the region ahead of any other UK region, according to a survey from HSBC Commercial Banking. The survey revealed SMEs in the South West are very optimistic about growth and a desire to recruit skilled, permanent staff to support increased activity. More than two thirds of SMEs in the South West – 68 per cent – expect to hire staff in the coming year, with 59 per cent of them believing that permanent, skilled staff will benefit the growth of their firm more than agency or casual staff. Of the South West businesses surveyed, 52 per cent expect turnover growth in the next 12 months, with more than a third expecting at least six per cent growth. Nigel Davis, pictured, HSBC’s head of business banking in the South West, said: “This survey shows that small and medium-sized businesses in the South West are not only positive about growth, they are more likely to hire full-time staff to help them grow than any other region. “Hiring and training skilled staff takes investment – which is why HSBC has committed £600 million to lend to SMEs in the South West this year and why we are running ‘Strategies for Growth’ workshops to help businesses realise their ambitions.” The survey found that finding customers was the most pressing concern for all SMEs in the UK, while one in six SMEs say they are concerned by competition. Maintaining staff pay rises is a pressing issue for smaller SMEs in the UK, while labour and/or production costs are greater concerns for medium-sized enterprises.
“In addition, for the first time in some years, landlords are securing significant tenant premiums in prime locations on the grant of new leases.” For those looking to expand, most expected to fund any expansion with bank loans (52 per cent). But a significant proportion will look to venture capital or private equity sources (38 per cent). Andrew Webber, corporate partner at TLT, added: “Venture capital and private equity investors remain active in this sector. “Tax incentives and access to increased board support mean that angel investors are often available to help early-stage ventures develop scale and brand.” Meanwhile, having a social media presence, positive feedback on online review sites and price promotion emails were cited as the three most effective ways to get diners through the door.
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BRISTOL’S thriving restaurant scene looks set for further growth in the next 12 months. Four out of five owners in the region think there will be more restaurants opening, according to a survey by TLT and industry magazine The Caterer, with 38 per cent planning to increase the number of sites they run over the next 12 months. Two thirds (67 per cent) of restaurant owners in the region said the South West still offered the most potential for further growth. Similarly, restaurant owners from across the UK see potential in the South West, citing it as the region after London and the South East with
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Wednesday, October 21, 2015
Finance
WHY FIRMS SHOULD TAKE INTEREST Are you doing enough to make sure your staff will have a happy retirement? Gavin Thompson reports on what is the role of the employer in pensions today and in the future...
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OU’VE just about got your head around automatic pension enrolment in the workplace. You have a scheme, defined who is and isn’t a worker, put everyone one ‘in’ and set up the hokey-cokey style payroll and administration systems to cope with those who want to come out and when you have to put them back in again. Great. Now you can put it all in a folder marked ‘job done’ and back away quietly. Well maybe not. Having a workplace pension scheme up and running is one thing, but have you considered whether it’s any good for the people who work for you? And whether any of them will have a decent retirement income when the time comes? You might think that’s not your problem. And you’d be right, after a fashion. But there are a number of reasons you might want to consider it.
“ We’re saying let’s get out there and engage with your staff to make sure that even if they can’t take the steps to put them on the right path they understand they might not get what they want. Steve Webb
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First, culture. What kind of employer do you want to be and what messages do you want to send to your staff ? Martin Parish, South West area director for Aon Employee Benefits, said firms can use good pension provision as a way of getting employees to buy in to the company and value what it gives them. It can also be a way of attracting and retaining staff, probably as part of a wider package of benefits. “If, like many firms in the South West, you’re paying in above the average employer contribution, you should make sure your staff understand and value that,” he said. Second is risk. Martin said: “What if an employee
There has been major change in a few years ● YOU might have been there. In a room with peers hearing about your company’s pension scheme. Looking around, you notice you’re all in the same age bracket. It used to be common to group workers based on age when it came to talking about pensions. It made sense to a point, everyone retired at the same time so proximity to that date was a key factor in whatever you needed to do. And things were pretty simple. You were in the scheme or you weren’t. But things have changed radically in the past few years. First automatic enrolment means most people are in the pension scheme, so the substance of the conversation changes. Second, the flexibility people now have over how they take their pension, how they save for their retirement and even when they retire means often age is not such a common cause anymore. So what should you if you want to talk to your staff about pensions? Martin Parish, of AON Employee Benefits, thinks it needs a different approach tailored to the company.
comes back to you in 10 years’ time and says I’m retiring now, I didn’t know I needed to put more money in to my pension to get a decent standard of living? “If you have engaged with your staff then at least the business can say, we reminded you in 2015 to log in to your pension or invited you to a seminar to explain things. “Risk is on everyone’s agenda, whether it’s property risk, cyber risk or in this case, people risk. Effective communication is a risk mitigation tool.” Employers don’t yet have legal responsibilities over how their employee pension schemes are managed, but yet is the key word. The Government has been gradually shifting the burden of responsibility to the private sector. “Governance is not yet a formal requirement,” said Martin. “It’s a nice-to-do not a have-to-do for automatic enrolment. But I don’t think it’s stretching the imagination to see that coming into contract-based workplace pension schemes.”
Case study “Age might work for some but not others,” said Martin. “A big law firm might say we don’t want partners and senior associate in the same seminar as office staff. The ability of those senior people take action will probably be much greater than someone in a support function. “It will depend what sort of business you are and what logistics do you face. Are you on split sites with lots of people in the field. It might be difficult to run seminars so what else can we do? Webinars? It’s about what works best for the business.” Once you’ve identified groups, you can prioritising them. Many over 50s will need advice soon as they can start to draw their pensions from 55. Then it might be your middle managers, who might not be saving enough to fund the retirement they want but have the potential to do something about it. The idea is that next time you or your staff are in a room talking about pensions, you have more in common with the people around you than just what was on Top of the Pops in the year you were born.
So what can employers do to stay on the right side of both those issues? While pensions seem fiendishly complicated, Martin believes the issues are straight forward. “How big a person’s pension fund is the single biggest factor that will determine when they can retire, how much flexibility they have and how much income they will have,” said Martin. “If you start with the premise they want to get the biggest pot possible, there are only four factors.” Those are: ● How much goes in ● How long it goes in for ● How well it performs ● And what is taken out in charges. This last point is a crucial one. As an employer, it’s the area on which you can have the biggest impact. The last government introduced a legal limit for charges to administer workplace pensions schemes of 0.75 per cent of the pension pot. But there’s still lots of room for variation. “Schemes for smaller firms will
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Wednesday, October 21, 2015
IN THEIR STAFF PENSIONS often have quite a high management charge,” said Martin. “We know that in the marketplace we can typically secure a reduction of maybe 40 per cent of their charges.” He said an employee dissatisfied with his or her pension pot who sees that the company has been paying the maximum administration charges simply because they didn’t do anything about it could ask legitimate questions. “As an employer time and to an extent performance are out of your control,” he said. “But charges is something the employer can control.” Automatic enrolment has changed the workplace pensions advice market. Whereas before firms would try to convince people to sign up, now much of that work is already done. Take up rates have shot up since auto-enrolment came in. But for employers, in many ways, the amount of advice they may need has grown. That’s why Aon and firms such as Punter Southall and Smith & Williamson are holding seminars and workshops aimed at employers. Steve Webb, right, the former Thornbury and Yate MP and pensions minister who drew up many of these changes, is filling up his diary as a guest speaker on the subject. “Auto-enrolment means there hasn’t been a need for people like us to go into companies and say why you need to join a pension, because they’re already in,” said Martin. “There is a need for education around what people are in and how much do they need to make when they are in it. “It’s great more people are in but if you are at one and one, you can’t expect a decent income at the end. “The pension landscape is quite muddled for employers. There’s legislation coming out, admin and financial pressures and now pressure from employees saying ‘tell us more’ or ‘I’m a high earner what are you going to do for me’. “We’re saying let’s get out there and engage with your staff to make sure that even if they can’t take the steps to put them on the right path they understand they might not get what they want. “The key message is if you have to spend money on pensions, at least make sure you are getting value for money and that your people understand what you are doing, what it means to them and how they can create a better outcome.”
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Partner Area Director South West & Wales Aon Employee Benefits martin.parish@aon.co.uk
Help your employees plan for their future ● PENSIONS are top of the agenda for many employers at the moment with government policies such as auto-enrolment, members not having to buy annuities at retirement and the changes to tax relief for high earners. As such, Aon Employee Benefits is experiencing a surge of interest in their workplace financial education service. The UK retirement landscape has been radically modified – access to your pension fund as cash, no compulsion to buy an annuity, flexibility to draw from your pension fund as required – and would seem to be to the advantage of employees and pension scheme members. As such, there is growing demand for employers to offer staff improved support. This is on top of employers pensions’ automatic enrolment duties which are proving a financial and administrative burden. Furthermore, many business owners and managers are struggling to comprehend how the new pension rules for high earners will affect them. Manage all your ‘Money’ in one place Aon believes there is an important role for engaging technology and tools to help members understand what their financial future may look like and access all of their finances in one place. Aon can provide employees with the ability to see their workplace benefits and personal savings together in one, secure online dashboard through their ‘Money’ module which has been designed to allow employees to view their entire financial universe, from workplace benefits to personal savings with real-time clarity. It is an unfortunate truth that many employees do not adequately understand their pension and employee benefit schemes and do not fully appreciate the value and significant investment made on their behalf. With the possibility of individuals living 30 years or more in retirement, improved benefits’ communication supported by a financial education programme provides the help and information an individual needs to ensure they make appropriate decisions. In turn, this will help many employers fulfil the Pension Regulator’s mantra – ‘delivering good outcomes for pension scheme members’ – which underpins effective workplace pensions’ governance/ management. Aon South West & Wales is hosting a regional seminar event at the new conferencing facilities at Ashton Gate on Thursday, November 12. The seminar will cover current and critical risk-related subjects and Aon would expect attendees to leave with an improved understanding of the risks companies face in terms of insurance, pensions and health management. Attendees will be provided with a copy of Aon’s research into ‘Multi-generation Workforces’ and ‘Pension Tax Reform’.
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www.southwestbusiness.co.uk
Wednesday, October 21, 2015
In pictures Property market breakfast seminar
Space to grow Business boom begins in city Oh}pu \ovtwzvu
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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RISTOL is at the beginning of a business boom – but needs to have the buildings in which companies can grow if it is to fulfil its po-
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tential. That was the message from a breakfast seminar on the future of the city’s property market. Nick Sturge, director of the Engine Shed centre for high growth businesses, which is hoping to expand, said: “I think we are at the beginning of the most exciting boom period of growth I have seen. “We need to ensure that the right location, style and flexibility of space is available as and when growing companies need it – be they home grown or relocating/investing in the city. He added: “We need to ensure the other pillars of the ecosystem are in place for businesses: funding, support and talent. At Engine Shed we are working on all those and are keen to work with the property industry on helping grow this great city-region.” The event, held at the M Shed museum in the city centre, was organised by property consultants GVA Bilfinger. Regional senior director Jo Davis said: “Bristol is one of the most important economic centres in the UK. A product of this success sees Bristol as the only city in the UK with a decreasing aging population, acting as a magnet for young professionals. “In response Bristol’s population is forecast to see strong growth, with a rise of circa 40,000 expected over the next decade, well above the rate projected for the South West region. “Bristol has outperformed both the South West and the UK as a whole in
● Jo Davis, Bilfinger GVA regional senior director terms of economic growth over the last decade. It is the only English core city where output per capita outperforms the national average.” Jo put the city’s success down to successful universities which support research, media, technology and knowledge based industries, a focus on the green economy, and a strengthening professional services sector.
● Gordon Isgrove and James Petherick of Bilfinger GVA
But she added a note of caution. “However,” she said. “To continue to prosper we must see development opportunities in the city move forward with demand. “We are at a tipping point where demand is outstripping supply which could restrict the city’s ability in the short term to capture this economic growth trajectory.”
● Nick Sturge, SetSquared
Director Paul Hobbs spoke about the industrial market. He said there was strong demand for warehouses from discount and online retailers. But he added: “The Bristol market has seen only limited development activity and the declining supply of high quality space over the last 12 months means there is virtually no
prime standing stock available, and only one significant speculative building scheme under way.” Bristol City Council service director for the economy Alistair Reid gave an update on the long-awaiting arena, describing the recent acquisition of Arena Island and the derelict former sorting office site by the council as a “game changer” for the city.
● Neil Baker and Chris Taylor from Clarke Willmott
● Ray Brown, UWE, and Lucy Carson, Taylor Wimpey
● Simon Richardson, Newline Homes, and Jonathan Galbraith, Paragon Land
● James Petherick, Development and Andy Capes, Restructuring and Recovery
● John Vowles, Bellway Homes, and Phil Stephens, Sovereign Housing
● Pete Stockall, Planning, and Tony Joyce, Business Development
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Wednesday, October 21, 2015
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In pictures Bristech, At-Bristol
â—? From left, Mark Withers, David Moody, Tom Wright, Omar Meija and Zia Grosvenor, all from Momentum Pictures: James Beck
â—? From left, Roy Weston, Marla Cristina Tarantino, both from Elsevier, and Mark Ferguson, from Shaw Gibbs
Sell-out event for tech experts to network proves ‘amazing’ AROUND 250 delegates from the technology sector gathered in Bristol to share ideas and hear from some of the industry’s leading lights. The one-day event staged at the At-Bristol centre was the first of its kind in the city. It was organised by a group of people from within the industry, including Nicholas Hemley, head of de-
velopment at Scott Logic, based in King Street. He said: “I am thrilled that the inaugural event was a sell-out and initial feedback from delegates and sponsors has been stellar. “Already there is talk of an #bristech2016 event so it seems we have hit on something here.� That feeling was echoed by those
who attended. Delegate Joe Jarlett, of eLearning247.com, said: “It was a truly fascinating day. The whole team loved it.� Speaker Mike Elsmore, of IBM, added his endorsement, saying the event had been “amazing�. Mike was one of 18 speakers at the event, which was sponsored by local
firms Scott Logic, ClusterHQ and Forgerock. Other speakers included Softwire’s technical lead, Tim Perry, and Just Eat’s head of technology, Roja Buck. The event was divided into three streams, web and mobile; techniques; and languages and platforms. Bristech started as a monthly meet-up for beer, pizza and sharing
ideas among the technology community. The aim was to provide a platform for local tech speakers and provide a quality low-cost community event for developers, from the simply tech-curious to seasoned veterans. And following the success, it looks set to become an annual fixture in the city’s events calendar.
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www.southwestbusiness.co.uk
Wednesday, October 21, 2015
In pictures Sunday Times Watercolour Exhibition
● David Hoyle, Dean of Bristol Cathedral, Mike Lea, Managing Partner at Smith & Williamson, Bristol, Maggie Telfer of Bristol Drugs Project and Andrew Gregg of Gregg Latchams Pics: Barbara Evripidou
● Jon Shaw of Careflow Connect and Emma Reinhold
Investing in Art Group supports prestigious show Oh}pu \ovtwzvu
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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HE Bristol office of accountancy and investment management group, Smith & Williamson, hosted an exhib-
● Belinda Biggam of Icon Films and Caroline Wellings
ition of art shortlisted for the 28th annual Sunday Times Watercolour Competition 2015 – the largest of its kind in the UK. This is the seventh year that the firm has hosted the event and invited clients and friends of the firm to attend a private viewing at its offices in Portwall Place, Bristol. More than 90 people came along to
view 90 original works of art by 80 artists, including seven based in the West of England. Mike Lea, managing partner at the Bristol office, said: “We are proud to support this important exhibition which celebrates the achievements of local and national artists using the medium of watercolour to create diverse and beautiful paintings. “The standard of entries was extremely high and we were pleased to be able to bring them to Bristol and share them with our clients and contacts.” The West-based artists whose work was exhibited included Leo Davey
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“ We’re proud to support this important exhibition which celebrates the achievements of local and national artists using watercolours to create diverse and beautiful paintings. ● Tom Hewitt of Burges Salmon and Robert Drewett of Bond Dickinson
● Kathryn, Isobel and Stephen Toole of Barton Willmore
● Jeni Pearse of BSPM and Alison Scott
● Eden Warren of Threesixty Services and Samantha Mant of Ecosoft Water
from Minehead, who won Smith & Williamson’s annual Cityscape Prize for his work entitled ‘Drip … Regents Canal – London’ as well as Lucy Austin from Bristol, Daphne Gradidge and Peter Matthews, both from Salisbury, Andrew Lansley from Bath, David A Parfitt of Radstock and Michael Williams of Stroud. The overall winner was Akash Bhatt for ‘Blue Room’ – one of a series of drawings and paintings of the artist’s mother. Second place was awarded to Michael Williams for ‘Land, Sea, Island.’ The judging panel included Sara Dudman, artist, Desmond Shawe-Taylor LVO, Surveyor of the Queen’s Pictures, Josh Spero, editor, art critic and author, Lucy Willis, watercolour artist and Louis Wise, critic and writer at The Sunday Times.
www.southwestbusiness.co.uk
Wednesday, October 21, 2015
In pictures Digital Buffet, Colston Hall
Simply beautiful Why great images are essential for social media use Oh}pu \ovtwzvu
Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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● Sharon Tanton, David Sloly, Joe Tuckwell and Natasha Baldwin
Pics: Barbara Evripidou
OMPANIES which want to attract an audience on social media need to use pictures which look beautiful and work on mobiles, 200 business people were told. The delegates at Digital Buffet, held at the Colston Hall in Bristol, heard that 71 per cent of us use Twitter and Facebook from our phone. So choosing good looking images and testing how they look is essential. Marketers had come from far and wide to learn how to do better online marketing from leaders in the field who ply their trade right here in Bristol. Natasha Baldwin, creative director of Bristol agency Noisy Little Monkey, was the stand out speaker delighting the delegates with tips to make their brand images get noticed on Facebook, Twitter and Instagram. “We’re competing with a lot of noise on social media and if we’re not evolving and evaluating what we do, we may as well not bother,” said Natasha. She gave some top tips for using images on social media: ● Make a good impression with clear and consistent imagery across your profile pages. ● Keep your images simple, don’t clutter them up with unnecessary text.
“ We’re competing with a lot of noise on social media and if we’re not evolving and evaluating what we do, we may as well not bother.
● Clockwise from above left, Natasha Baldwin, Joe Tuckwell, David Sloly and the audience at the Digital Buffet
Business diary Festival of Female Entrepreneurs: Hear from successful women including Nicola Horlick, pictured, who was once branded ‘superwoman’ by the media for juggling a high powered career in finance with bringing up six children, Alex Depledge, co-founder of online cleaner locator platform hassle.com and Julia Elliot Brown – the woman behind Upper Street, the online site that harnesses tech to allow women to design their own shoes. Colston Hall, Thursday, October 22, from 10am. Visit www.enterprisenation. com/festival. Bristol Connected: The Bristol Post’s regular business networking event, this time taking place in our offices in Temple Way. Post editor Mike Norton will talk about our changing audience while managing director Sarah Pullen will discuss the future of media. From 6pm, Thursday, October 29, please register via eventbrite. Global MSC - Technology and Innovation in the Security Industry: With speakers from chief constables to Big Brother Watch, Global MSC’s annual conference is a high profile industry event. November 9 and 10 at the Bristol Hotel. Email events@globalmsc.net. Bristol Post Green Capital Awards: Celebrating the achievements of businesses, communities and individuals in making the city a greener and better place. The gala ceremony takes place on November 12 at Bristol Marriott Hotel City Centre. To nominate or buy tickets, visit www.bristolpost. co.uk/greencapitalawards. Linking marketing to financial performance: If you aspire to run your own business or rise to a board level position within a larger organisation understanding the links of marketing to business performance is critical. Half-day CIM workshop at The Bristol Golf and Country Club, Almondsbury, on Thursday, November 12. Email cimevents@cim.co.uk. Employment law seminar: Discrimination, social media and managing workplace investigations seminar for business owners, managers and HR advisers. Leigh Court Business Centre, Abotts Leigh, Thursday, November 12. Email marketing@qsbdlaw.com. Workshop essentials: For people who give or would like to give workshops as part of their business. Three-hour session from 9.30am on Thursday, November 12 at Bristol Spaceworks, Easton Business Centre. Email helene.jewell facilitation@gmail.com. Post your events online at www.southwestbusiness.co.uk. Events are sometimes cancelled without us being notified so please check with organisers before travelling.
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● Stock imagery doesn’t help you stand out from the crowd, use your own. ● Test how your posts look on multiple devices. Don’t post for your desktop and hope it’ll be okay on mobiles, it probably won’t! Other local experts who shared their advice included David Sloly, from Bristol’s marketing automation specialists HarveyDavid. He gave great advice on how companies can to use journalistic story telling techniques in r marketing. From Bath web design company Moresoda, Joe Tuckwell shared thoughts on how evolve your current website rather than pay for a new one. Sharon Tanton of Valuable Content spoke on how to keep content relevant and valuable to your audience and Martin Warnes delivered an insightful talk on branding both online and off. Event host Jon Payne said: “Once again Bristol proved that it has world class talent in the digital marketing space. “Delegates came from all over the UK to learn from our experts who work with global clients. Attendance nearly doubled from 2014 so we’re expecting tickets for Digital Buffet in March 2016 to go like hot cakes.”
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Wednesday, October 21, 2015
The back page
Your digest of the week in business
People ● A well-known legal adviser has joined accountancy firm KPMG as an ambassador to help its teams make connections with law firms. Chris Bull founded Bath-based advisory firm Kingsmead Square and is chair of the professional and financial sector group on the West of England Local Enterprise Partnership. He is also a non executive director of Bristol-based DAS Law. In his latest consultancy role, Chris will work alongside KPMG’s professional practice solutions leadership team and with clients, developing further services and providing expert guidance to support growth. Paul Spicer, UK head of professional practice solutions at the firm, said: “Chris, in common with all of our ambassadors, is a highly experienced individual with deep market expertise who will add valuable insight, knowledge and a vital critical eye. “He is incredibly well networked in the legal and professional practices market here in the UK and beyond and is a great addition to our team.” Chris, right, added: “My years of industry experience have given me the knowledge to help legal and professional practice firms face and overcome a new set of challenges and identify new routes to growth, and I am looking forward to fusing that experience with the KPMG team to further develop the support the firm provides to what is now a fast-paced market.” ● Ed Rimmell, joins VWV as a commercial partner, having trained and qualified at Herbert Smith before moving to Bond Dickinson in 2004. Originally a corporate lawyer, in 2009 Ed’s focus changed to commercial, including high value contracts with a specialism in the energy sector. Ed has worked on projects including large-scale offshore wind, onshore wind and solar, energy from waste and bio-mass, as well as some traditional thermal generation projects. VWV managing partner Simon Heald said: “Our commercial team is
● Richard Roller, second from left, and Ken Walker, far right
● Ed Rimmell, left, and Simon Heald
key to our strategic growth, and much of the work from the team supports our core sectors. “We recognise that our clients’ needs are ever changing. Ed joins our existing team of 24 lawyers and brings a wealth of experience, particularly in the energy sector. He joins us after the arrival of intellectual property and data law specialist Serena Tierney, who joined us in September as a partner.” Ed added: “I am looking forward to adding my experience to the existing team at VWV, and to identifying fresh opportunities for existing and new clients. “I aim to support the firm’s commitment to the energy and utilities sector. It’s a tough environment for the sector, with the Conservative Government making swingeing cuts to the available subsidies. “However, opportunities remain, particularly in relation to smaller scale projects where there is support from local communities.”
Ken Walker to assume control of the day-to-day running of the firm as managing director. The company is based in Weston-super-Mare and manufactures cutting edge power products for various sectors and industries such as automotive, aviation and construction. Ken joined the company four years ago as commercial director to oversee the acquisition of Effekta UK, an emergency lighting specialist. Richard said: “The future is positive for Powervamp and we’ll build on our recent success, which has seen us win substantial contracts to provide airport ground power to UK airports such as such as London Heathrow and London City Airport. “Ken will now continue to make most all the important day to day decisions, together with the board, and I will support them to ensure Powervamp continues to go from strength to strength.”
● Blue Badge Company, a manufacturing business that produces stylish living aids, has grown its team. Yvonne Bowman has joined the team, helping make colourful Blue Badge display wallets, walking stick bags, lap trays and other products which have proved popular.
It brings the total number of staff at Blue Badge Company to 21, up from just one two years ago. It comes after a busy summer which saw a flood of two months of orders in just 24 hours after company director Ellen Green’s appearance on Dragons’ Den and a £30,000 investment from Funding Circle. Nearly half – 40 per cent – of Blue Badge Company’s staff are registered disabled or primary care givers and the business has committed to maintain this proportion as it grows. Yvonne, right, 47, is profoundly deaf and registered disabled after being struck by a rare auto-immune disease called Cogan’s syndrome in 1993. She said: “Working with Blue Badge has given me newfound confidence in working with people again after years of being out of touch, as well as providing my family home with extra income, meaning I can contribute towards things just as my husband, who has normal hearing, does.”
Places
● An advanced manufacturer that employs more than 60 staff and export its products to over 50 countries has appointed its original founder to the role of chairman. Richard Roller formed Powervamp 23 years ago. Now he takes over as chairman, stepping aside to allow
● A new neighbourhood development in Stoke Gifford, north Bristol, has its first shop. The Square was developed by Balfour Beatty in a joint venture with Havard Estates earlier this year to provide a community focus for the new 1,000 home development at
Cheswick Village, below, in the heart of a 77 acre residential development site near Filton. Acting on behalf of Havard Estates, Alder King secured a pre-let earlier this year to Southern Cooperative as the food anchor
store at the Cheswick Village site. The Co-op has taken Unit 5, a 1,647 sq ft store, on a 15-year lease. A second 4,313 sq ft pre-let was also agreed with expanding nursery chain Happy Days for its second Bristol nursery. The childcare provider agreed a 25 year lease on Unit 10. The new 82-place purpose-built nursery, next to Wallscourt Farm Academy, is now open. Two other lettings are in solicitors’ hands. Rebecca Harries of Alder King said: “This exciting new development is now acting as a vital hub for the local community. Demand has been strong from national and regional occupiers seeking good quality space.”
Opinion
It’s not romantic, but pre and post-nups are essential steps
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ERE is something most entrepreneurs don’t know, and which can have serious ramifications for their business: divorce courts trump the Chancery courts. So if precautions haven’t been taken, a business owned by several people could suddenly be at the centre of a matrimonial row. Few people who are in business together have even considered that they could be made to pay part of the value of their stake to their spouse in a divorce. Although the courts generally prefer a divorce settlement which avoids anyone selling their share of
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Head of Family Law Simpson Millar in Bristol
the business, it will make such an order if necessary. The scenarios are countless but prevention and planning is key across the board. Although far from romantic, pre and post-nuptial agreements are an essential consideration which, in my experience, far too few business people are taken. While all is well, before any signs of divorce, all business partners with a
stake in the company should agree to enter into a prenuptial or postnuptial agreement with their spouses. Such agreements are not 100 per cent legally binding, but they will be taken into consideration by the courts and could protect that person’s business share. Clear terms and acceptable time frames should also be set out for buying out one business partner’s share in the event that they have to quickly liquidise their interest in the business due to divorce. When the issue of divorce is already on the horizon, all you can do is prepare for the worst. Your first call should be to the company’s ac-
countant for an indication of the market value of everyone’s business shares. This will set out the potential scale of the problem. The accountant will also be able to suggest ways in which the business or the directors can raise cash to fund any divorce settlement if necessary. Assets used by the business, such as premises that are held within a Self-Invested Personal Pension could be problematic if a pension sharing order is made. The scheme trustees will need to raise cash to meet it fairly quickly, so warn the trustees about this possibility straight away. Some say never mix business with
pleasure. Many of us do and far too few consider the consequences should dreams turn to nightmares. So here is the reality: The value of a person’s share of a business will be taken into account in determining any divorce settlement. This is especially the case where there are limited other resources and let’s face it sometimes start-ups risk it all to get the business off the ground. If you are in business and about to marry, ask your future spouse to sign up to a pre-nup. If you are in business with others, suggest that everyone does the same. For a brief moment, allow good business sense to outplay romance.