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CONSTRUCTION CRISIS
GROWTH FUNDING
VAT MAN STRIKES BACK
Skills shortage could hold back jobs creation boost – page 2
How to find the right finance for you to expand – pages 8&9
Meet the tax adviser dedicated to helping smaller firms – p6&7
bristolpost.co.uk
www.
28 JAN
2015
TECH
IT’S MUSIC TO OUR EARS... New deal opens up exciting future for firm that creates apps tailored to your favourite sounds – see page 3
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www.bristolpost.co.uk/business
Economy
Wednesday, January 28, 2015
Labour
Year ended on whimper, says West expert ● THE West economy slowed down “to a whimper” at the end of last year. UK GDP statistics for the fourth quarter were published yesterday, showing growth slowed to 0.5 per cent from 0.7 the previous quarter. And that was echoed in local feeling from companies, according to Business West. Managing director Phil Smith, pictured, said: “The latest figures reveal a slowdown in GDP in the last quarter of 2014, reaffirming what we saw in our local business survey during the same period. “The overall message is still that of a recovery but one that reinforces the economy’s fundamental weaknesses which still need to be addressed. “Last year had the hallmarks of an historic year in which the UK finally pulled out of a crippling recession. However, our survey showed that our local economy closed out on a whimper, with decreases in most major indicators including sales, recruitment and confidence.” But Phil added: “The UK economy can regain its dynamism and achieve sustained growth.” BUSINESS WEST MANIFESTO - PAGE 10
Finances
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Legal firms warned to keep eye on costs BRISTOL’S legal firms have been warned to keep costs under control at a cash-critical time of year. The lead-up to January 31 is a critical time with firms facing invoices for quarterly rent, VAT and professional indemnity insurance as well as tax deadlines, while their revenues are often at their lowest point. Ian Cooper, pictured, head of professional practices at Smith & Williamson’s Bristol office, said the drive to expand as the economy recovers is an additional threat “In our recent survey of law fir ms, three quarters reported increased competition, with pressure on fees and maintaining profitability the biggest challenges in the current climate,” said Ian. “The survey suggested that investing in technology and opening new service lines are the main ways that firms are responding to the economic upturn. However, firms need to be wary of expanding too quickly and causing costs to run ahead of cash coming in. All this can put cash flow under severe pressure. Cash flow must be closely monitored. If necessary, firms may need to consider negotiating a short-term bank loan, asking partners to minimise their drawings or put more money into the firm.”
● Gary Higgins and Ben Milsom, right, GBRS Recruitment
● Tim Stringer, of Integral Build
● Big projects creating a growing demand for skilled labour include those at Hinkley Point, above, and Bristol Airport, below
● Gemma Day
Crisis fears Rapid growth exposes shortage of young skilled workers Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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EADERS in the construction industry are warning of a looming skills crisis as companies look to recruit to meet the growing demand. Gary Higgins and Ben Milsom, founders of GBRS Recruitment, Tim Stringer, director of Integral Build and Gemma Day, director of developer Dowlas, have voiced concerns as the sector continues to grow as the economy picks up speed. Gemma, whose firm is the enabling developer at Weston-super-Mare’s
Junction 21 enterprise area, said: “We are experiencing lots of enquiries at our site and together with our partners have already finished some projects. “As things continue to pick up I am starting to see a strain on skills which is a concern. “What can we do? There is no magic bullet but engaging students at a younger age is one way.” Tim, of Aztec West-based Integral Build, added: “We have certainly found sourcing key trades, specifically traditional ones such as plastering and bricklaying, more difficult over the last year or so. “This is proving to be an issue going into 2015 and we can’t see it getting any better, especially as the
industry gets busier. It does seems to me that the average age of the tradesmen is gradually getting older and this is a major concern for the future. Is it that young people are not excited about these trades? “I would guess this is the case and the industry as a whole needs to look at itself very carefully to work out the best way to encourage school children and young adults – both male and female – that this is a great industry to be a part of.” Ben, who co-founded GBRS Recruitment three years ago and has seen it grow to a turnover close to £2.5 million, said: “It won’t apply to everybody but generally we have found that young people don’t place as much value on a career in construc-
tion, as maybe they should. “Certainly for many it’s seen as a seasonal or in-between job but the industry has huge growth and earning potential. “There has also been a lot of debate around whether younger people in the UK have the skills to fill more specialist roles. We think they do – it’s just a questions of finding and training them.” Fellow director Gary added: “Finding the next generation of young construction leaders is vital as the faster than expected recovery has resulted in a nationwide shortage of trained workers – with the number of bricklayers out of work dwindling to just 1,775 in August from a peak of 15,425 back in 2009.”
Construction
New projects could bring thousands of jobs THE construction industry could deliver 6,300 new jobs each year in the South West with many of them around Bristol. The figures come from the annual Construction Skills Network report predicts 3.6 per cent growth in the region from 2015-2019. Big projects driving that growth include the proposed nuclear reactor Hinkley Point C in Somerset, big housing developments around Filton, the expansion of Cribbs Causeway’s The Mall and ongoing work at Bristol Airport. However, the Construction In-
dustry Training Board (CITB) is warning that the growing demand will only widen the skills gap. The CITB is calling for people who left the industry in the downturn to return to help meet demand. Roger Stone, pictured, CITB sector strategy manager for the South West, said, “This report is terrific news for the region and shows the construction industry is making a strong comeback. “Worryingly, though, construction is facing a skills gap, with projects potentially held back due to a lack of skilled workers.
“That’s why CITB is working with industry to attract the next generation of workers and encourage skilled tradespeople who left the industry in the recession to return. “This positive forecast shows that now is the right time to start, or return, to a rewarding career in construction.” The CITB is calling for steps to help the industry meet growing demand and help the economy.
It wants: ● Continued commitment from all parties to deliver the National Infrastructure Plan. ● Improved careers advice to raise the status of construction and attract the next generation of construction workers. ● Government investment in the energy efficiency and retrofit market, to complement the many new-build projects and help the UK meet its environmental targets.
www.bristolpost.co.uk/business
Wednesday, January 28, 2015
Tech
The right mix Music app makers begin expansion into the future
Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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F sitting around compiling music playlists sounds more like your perfect weekend than a job, one Bristol company could be your ideal employer. Based on the top three floors of the old Prudential Building in Wine Street, MixRadio is a well established tech firm that employs 180 people at its Bristol HQ. The MixRadio app is a hassle-free way for people to listen to music via their smart phone, designed to be your own personal radio station. Users can choose a genre then click on the playlist, curated by a team living like a modern-day version of Rob Gordon in Nick Hor nby’s story High Fidelity. You can also pick three artists you like and it will compile a mix for you of similar music or, once you’ve used it more, ask it to create a mix based on all your likes and dislikes. The mixes can be downloaded so you can play them offline too, ideal in areas where the connection is not so fast. The company operates in 31 countries so that’s handy in more remote areas... such as Cornwall. Chief technology officer Steve Robbins explains: “We are about getting people to play and listen to music with limited effort.” Founded in 1999 by musician Peter Gabriel as OD2, the company has gone through a number of changes in ownership, name and format. In 2007 it became Nokia MixRadio, last year Microsoft took over and now it has been sold to Korean-based global messaging giant LINE. The latest move could open up new opportunities for the firm, which has been tied to Nokia handsets up to now. Bosses remain tight-lipped about whether that will change, only saying it will continue to come pre-installed on all Lumina handsets but clearly the break from its previous owners opens the possibility of new markets through other manufacturers. Steve believes it’s an exciting time
Employment
Workers more likely to be given offers to stay ● BRISTOL workers are more likely to be made better offers by their bosses keen to hang on to them in the face of competition. Recruiter Randstad found 10 per cent of people moving jobs in Bristol were made country offers by their current boss, compared with just four per cent across the whole of the South West. The survey found that 21 per cent of those polled in Bristol said they were more likely to be made a counter-offer than five years ago. This is higher than the 15 per cent recorded in the rest of the South West and the UK average of 13 per cent. On average, employees in Bristol expected the counteroffers to be at least 18 per cent of their current salary for them to accept. Ruth Jacobs, managing director of Randstad Business Support, said: “As the Bristol jobs market goes from strength to strength, we are beginning to see a rise in counter offers to staff in an attempt to retain talent. There is growing demand for skilled employees as Bristol’s tech industry booms and the city cements its position as a key hub for start-ups in the UK.” She said another factor was Bristol was attracting overseas investment, citing South Africa’s MMI Holdings acquiring Bristol based finance-tech company Blue Speck with plans to invest locally.
Jobs ● Chief technology officer Steve Robbins at MixRadio’s offices in Wine Street for the company. The 41-year-old, who expresses his own music taste by wearing a Pearl Jam T-shirt for this interview, said: “We have been incredibly lucky with LINE acquiring us because their culture and the way we operate are very similar.” LINE’s HQ is in Seoul but the firm is committed to keeping MixRadio in Bristol. “This deal means security for us,” said Steve. “We have got a great future. For me and my team it’s a huge opportunity. “We are actively recruiting at the moment across the board for both senior and junior developers.” The biggest group in Bristol is a 60-strong team of developers, which Steve heads, but the office also houses the product management, design and finance teams as well as
people who handle relations with record labels and artists and of course those who compile the play lists. While there are other music services out there, Steve believes it’s that personal touch which makes MixRadio different. “We have the human element too,” he said. “It’s not just algorithms and machines.” MixRadio has begun expansion across new devices and platforms such as home audio and wearable technology including Adidas miCoach smart watch and recently launched its own recommendation engine with the aim of delivering the next level of personalised music listening. LINE is a mobile messenger app with 170 million active users in 230
Photograph: Michael Lloyd countries. That’s a lot of potential for MixRadio, although Steve says it’s not so easy. “We have just started conversations with LINE about how they can help us,” said Steve. “We will look at new markets but it takes time to get it right. Creating personal recommendations is really difficult outside of Western markets. For example in India, different regions have different languages and cultures – you can’t just play the same music for all of India.” That’s one reason the firm also has small teams in the countries in which it operates, to add local knowledge of music and the industry. While the company’s reach grows around the globe, the heart of the business remains tucked away here in Bristol. Stay tuned.
Transport
Rail electrification depot landmark celebrated stone in the £80-million development of the site, which started in August 2013 and is scheduled to be completed by the end of the year. Work will now start on the interior fit-out of the facility. Rail Minister Claire Perry, right, said: “We are investing record amounts building a world-class railway as part of our long-term economic plan. Hitachi’s new InterCity Express trains will provide more seats, more services and better journeys for passengers, transforming train travel for thousands along the Great Western Main Line.” Andy Barr, chief operating officer of Hitachi Rail Europe, said: “Tasked with housing and maintaining the
Class 800/801 Great Western Main Line fleet, this facility will play a crucial role in ensuring our rolling stock delivers the optimum level of service to passengers on the route. “I can’t emphasise enough how much we value the hard work of VolkerFitzpatrick and the local supply chain in delivering this ground-breaking facility.” Once finished, the depot will comprise a maintenance building, office and staff accommodation, stabling and servicing roads, and a carriage wash machine.
Paul Lilley, contracts manager for VolkerFitzpatrick, said: “VolkerFitzpatrick made a commitment to engage with the community during the construction phase to help Hitachi build on a legacy for the coming 27 years. We are continuously engaging with local schools and colleges, providing work experience, apprenticeships and site visit opportunities. “We look forward to spreading our success and close collaboration to ensure there is a lasting legacy of support when the construction works are completed.”
National Insurance cut would spark jobs boom ● A CUT in national insurance could create more than 5,500 manufacturing jobs across the region, according to a firm of business advisers. Bristol-based BDO is calling for political parties to back manufacturers with a temporary cut in the so-called jobs tax. Paul Falvey, tax partner and head of manufacturing for BDO in the South West, said: “Manufacturing is a vital sector for the region and the UK as a whole, and it is the medium-sized businesses that provide us with the biggest untapped potential in both domestic and international markets.” The call is part of the firm’s Mid-Market Manifesto, which argues that medium-sized businesses which make things are undervalued and overlooked by Government policy. In the South West, medium-sized manufacturers already employ more than 110,000 people, generate £18 billion in revenue and contribute £833 million to the region’s export value.
Get in touch Assistant Editor (Business) Gavin Thompson Call 0117 934 3336 Email gavin.thompson @b-nm.co.uk Twitter @gavin_thompson1 Advertising Robert Rodgerson Call07828 941469 Email robert.rodgerson @b-nm.co.uk Advertising Jane Chapman Call 01179 343025 Email jane.chapman @b-nm.co.uk
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A MAJOR landmark towards the electrification of the rail line between London and Bristol was reached with the completion of the shell of depot in Stoke Gifford where the trains will be serviced. Hitachi Rail Europe celebrated the end of the external building at the maintenance centre, close to Parkway station just outside Bristol. The new facility will support and maintain the Class 800/801 trains the company is delivering through Agility Trains for the Department for Transport’s £5.7 billion Intercity Express Programme. The trains will be running on the Great Western Main Line from 2017. The event was a significant mile-
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www.bristolpost.co.uk/business
Wednesday, January 28, 2015
Women in Business SPONSORED BY
Record entries for Women in Business
● The HR Department team in Bristol including Anna Peplar, front right, and Sue Tumelty next to her
Anna in running as young entrepreneur of the year
Ltd is also nominated for Business of the Year, following its continued growth and its considerable amount of work in the local business community, as well as its rare status as a leading SME from Bristol which has a nationwide footprint. The company’s managing director Sue Tumelty visited No. 10 Downing Street late last year as part of a select list of SME owners invited there to mark Small Business Saturday. With a network of licensees operating independent branches of The HR Dept in more than 60 territories around the UK, Sue is uniquely placed to relay the concerns of small busi-
nesses. And as a small business itself, The HR Dept’s Bristol operation developed strongly in 2014, with turnover reaching £669,000 for which Anna was individually responsible for sales figures of more than £120,000. She also mentored a winning team of young businesspeople at Redland Green School in last year’s Young Enterprise competition, and used her entrepreneurial skills to introduce several schemes within The HR Dept which have now been rolled out across the licensee network. “It’s been a great year,” she said, “not only for me but for everyone involved at The HR Dept. “The nature of what we do and the clients we work with, most of which are small businesses, means that our products and services have a real impact on their growth. It’s very satisfying, extremely rewarding and an exciting company to be part of. “Becoming a FCIPD was a great achievement and one that I’m delighted to have made. In terms of the performance of the business, that’s been great too but it’s come from putting our clients first and seeing the results follow.”
previous property valuations and actual business rates bills. “However, crucially there are now only two months left for businesses in Bristol to submit appeals where no action has been taken and, because of the Chancellor’s new regulations, where £47 million in refunds is at risk of being lost. “We are saying to these businesses, ‘wake up, take action, and don’t miss out’. With pressure on businesses so great at the moment, the last thing they need is a tax grab from Government which this blatantly is.” Alan Morrish, partner at commercial property agency Alder King’s Bristol office, also urged firms to act and criticised the Treasury for the way the change had been handled. “The deadline of March 31 2015 was
hidden away in the small print of the Chancellor’s Autumn Statement last year,” he said. “Business rates are notoriously complex and it’s hardly surprising that many ratepayers wouldn’t be aware of this deadline.” Alan said his firm had secured a number of ground-breaking decisions from the Valuation Tribunal over appeals opening up the prospect of refunds for other companies. “We have had great success at appeal for clients over the past year, securing business rates reductions worth over £7.5 million in sectors including self-catering holiday cottages, telecoms, offices and manufacturing,” he said. “No one likes to see up to five years of overpaid business rates being kept
Rupert Janisch Business@b-nm.co.uk
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ALENTED young businesswoman Anna Pepler oversaw 18 per cent growth in her company in 2014, winning more than 100 new clients and becoming a fellow of her industry body in the same year. Aged just 27, Anna is the youngest director and shareholder of Bristolbased The HR Dept, heading a team of 13 at the company’s city branch in Winterbourne Down alongside two other directors who are 10 and 20 years her senior. Last year she was also given the status of Fellow of the Chartered Institute of Personnel and Development (FCIPD), an achievement usually made by professionals with many years’ more experience. Anna’s impressive performance has made her optimistic of a good chance in our Women in Business Awards 2015, in which she is nominated for Young Entrepreneur of the year. Meanwhile The HR Dept (Bristol)
Business rates
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Move quick – you could save your share of £70m BUSINESS in Bristol could save a combined £70 million by appealing against their business rates valuation – but only if they move quickly. The Chancellor has introduced a cut off date of March 31, after which new appeals will only be able to claim refunds back to that date. Figures supplied by rates experts CVS show that three-quarters of businesses with Bristol City have not yet
appealed their rating valuation. That means there could be £70 million of refunds if they appealed successfully. But if they wait until after the end of March, that figure falls to £23 million. CVS chief executive Mark Rigby said: “The vast majority of businesses are well aware that they can claim refunds on overpaid business rates because of the discrepancy between
in association with
● THE Bristol and Bath Women in Business Awards has seen a record number of entries. A total of 83 nominations were made for the awards, 12 more than last year. And the Woman Of The Year prize attracted particular interest, with 21 businesswomen nominated. Gavin Thompson, assistant editor (business) at the Bristol Post, said: “We’re delighted to see more and more women putting themselves forward for awards such as these. “I’m keen for our Business pages to properly reflect the diverse nature of the city’s business community. “And it’s clear from the calibre of entries that there are some incredible women in business in Bristol and Bath. “The judges will face a real challenge in drawing up the list of finalists, let alone deciding the eventual winner. “To be honest, I’m rather pleased not to have to make that decision!” The finalists will be named in next week’s Business and the winners are revealed at a gala dinner at the Bristol City Centre Marriott on March 19. To sponsor a category or book tickets for the night, visit www.bristolpost.co.uk/wiba.
The categories ● Woman of the Year, sponsored by PPC ● Young Entrepreneur of the Year, sponsored by EY ● Mentor of the Year, sponsored by Mentor Media Training ● Contribution to the Community, sponsored by The Mall Cribbs Causeway ● Women in the Workplace Award ● New Business of the Year, sponsored by YourStreet Gift Cards ● Business of the Year ● Award for Innovation ● Marketing Campaign of the Year ● Female Apprentice of the Year, sponsored by Crest Nicholson ● Outstanding Contribution to Business in Bristol and Bath, sponsored by UWE
by the Government when there is a perfectly legitimate way of securing the full refund, but only by getting the appeal submitted by the end of March.” The most common grounds for appeal is a material change of circumstances affecting the property such as change of use or physical change of the local area. Revaluations are supposed to happen every five years but the last one was put back two years. George Osborne announced a long overdue review of business rates in the Autumn Statement, something this publication had been campaigning for as the current system is out of date, restricts growth and does not give enough control of spending to local bodies.
www.bristolpost.co.uk/business
Wednesday, January 28, 2015
Trade
Dynamic Mexico’s the hot export tip for 2015 MEXICO is being tipped as the hot country to export to in 2015, with governments of both counties looking to promote trade. The aims of these initiatives are to promote better understanding between the countries, develop stronger business links and improve cultural and academic relations. The British perception of Mexico is
often outdated. Mexico is a modern country with a dynamic economy; its young population of 112 million and a growing middle class. Mexico has an impressive range of free trade agreements (including with the EU), and it has a strategic location between the US and Latin America. Mexican companies are steadily reducing their dependency
on trade with the US and often look to British companies to support their rapidly growing manufacturing platform. From luxury goods and shopping centres, to food and drink, automotive and aerospace technologies, to education and healthcare, prospects in Mexico are said to be exciting. There is a new British Centre for Business in Mexico City,
designed by Lawrence LlewellynBowen, offering a strategic base for UK companies wishing to set-up temporary office in the city. UK Trade & Investment Mexico has built a team of staff ready to offer businesses insight across all key sectors in the country.
● Business West is planing events to promote trade too. Email international@businesswest.co.uk
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Advice
Make the most of ‘passport programme’ ● BUSINESSES are urged to take advantage of a support scheme to help them to export. There are only 30 places left this year of the Passport to Export programme in the South West, so firms should act now if they are serious about trading overseas. The scheme is designed to help entrepreneurs who may think exporting would be a good way to grow their business but don’t know where to start. The benefits of expanding internationally are clear to see, with exporting businesses on average generating growth rates of more than 30 per cent after just two years. But there’s a whole host of questions that people want to know the answers to when first considering export. Not only are there time zone
“ Nobody will tell you exporting is easy but for those who enter the world of international trade rewards can be huge
UKTI spokesman
● Food flavourings being tested at TasteTech in Bristol
Global operator enjoying flavour of international trade success Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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FOOD ingredients manufacturing company has doubled its turnover while increasing profit over five years. TasteTech was founded in 1992 with the purpose of encapsulating food ingredients for the chewing gum market. It has grown steadily and significantly over the past 21 years and now produces encapsulated ingredients and food flavourings that improve shelf life, flavour longevity and product function across the bakery, confectionery, chewing gum and sports nutrition sectors. Managing director Janis Sinton said: “We are highly respected by our customers for our specialist expertise, quality and service delivery and now operate globally in 32 countries. “We’ve utilised the support from
Business West and UK Trade & Investment (UKTI) to ensure our vision is focused appropriately across all business functions from human resources to health and safety and production efficiencies, to business strategy and finance.” TasteTech is an ambitious high-growth company which set out in 2007 to double its turnover and increase net profit to over 10 per cent within five years. Janis, pictured, said: “As an active member of the Chamber of Commerce and a beacon member we see the benefits of our membership such as networking, learning from events and feedback from our peers, as invaluable to support our growth ambitions.” Having initially joined the chamber for advice and support with export documentation (chamber members receive up to 50 per cent discount off their export documentation charges), over the years TasteTech has taken advantage of the range of specialist support and
training on offer. Its management team has benefited from strategic development and coaching and mentoring which helped them to set their growth agenda. Access to the export documentation and UKTI service has been instrumental in TasteTech selling its products in new overseas markets. It regularly uses the documentation service to ensure it has the right paperwork for its exports and their products get to their chosen markets on time. Janis said: “The international support we have received from UKTI has been invaluable. “We have utilised services such as Gateway to Global Growth which was a year long programme which provided us with strategic support to diversify into new markets. “We’ve also been successful in ap-
plying for a European Regional Development Fund grant which has supported our export objectives.” Through a subscription to a range of e-newsletters, TasteTech has been able to keep up-to-date with events, information and advice to support their business growth. Janis concluded: “The support we have gained from Business West has been important to our growth and expansion overseas. “We would recommend any company to contact Business West for strategic support and access to a wide range of business services.” Phil Smith, managing director at Business West, said: “We’re delighted to have been able to support TasteTech on their growth journey. This is just one of many examples where we can provide a variety of services, information and tools to help local businesses start-up innovate and grow.”
differences and logistical and resource issues to deal with but businesses are worry about how to find new customers and potential business partners. There are also questions around how and when they will get paid and how to tackle the language and culture barriers of diverse markets such as Brazil, China and India. Even some of the EU markets closer to home – France, Germany, Poland, etc. – have various barriers to overcome. Trade & Investment’s Passport to Export scheme was set up to help overcome such hurdles as the Government sees exporting as key to getting the economy on the right path. The scheme pairs you with an international trade adviser, who will prepare your business to deal with the demands of exporting. After joining, firms get access to training and workshops, planning sessions and subsidies. Trade advisers can help on issues from researching potential markets, finding new agents and distributors or updating websites for use in different countries. The scheme costs £250 to join. A UKTI spokesman said: “Nobody will tell you that exporting is easy but for those who enter the world of international trade the rewards can be huge! Selling to a new market is a fascinating and exciting experience and if you don’t take advantage of the opportunities that exporting offers then somebody else will. “And don’t forget to keep your passport up-to-date as you’ll be taking plenty of trips overseas.”
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www.bristolpost.co.uk/business
Wednesday, January 28, 2015
The Big Interview
VAT EXPERT MARK STANDS UP FOR Bristol is home to one of the UK’s foremost experts on VAT. Rupert Janisch meets Mark Chesham, of Moore Stephens.
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OST of us have some personal motivation to do what we do in business. Mark Chesham is driven to help smaller businesses stand up against the system. With views formed by witnessing the impact of the miners’ strikes in South Wales in the 1980s, the director of indirect tax services at Moore Stephens’ office in Bristol is passionate about offering nationally renowned advice to businesses which might not expect to be able to afford it. Almost three decades of experience in dealing in VAT and with tax investigations have taught Mark that many smaller businesses can rarely afford to dispute assessments and penalties, even when they are not actually at fault. Combine this with a hardening stance from HMRC on penalising companies, along with figures which show a worryingly large number of incorrect assessments, and Mark’s expertise has never been in higher demand among the business community. “A lot of my views were formed during the miners’ strikes in Wales in the 1980s,” he said. “I was a student in Aberystwyth at the time and we had a link up with one of the pits. I saw what the effect of the closures was, and also
Vital statistics
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Name: Mark Chesham Age: 52 Place of birth: St Mary Cray, Kent School: Walsingham School (long-since demolished); UCW Aberystwyth First job: Varnishing wooden window frames at a double glazing company Hero or inspiration: I’m inspired by people, often powerless, who stand up against injustice regardless of personal cost. Rosa Parks (right) would be an example.
how the community worked together. “I always remember a representative from the local Tesco coming to stand on the picket line. They realised that their trade was almost totally dependent on the mining community. “Since then I’ve always sympathised with people, or organisations, who might have seemed powerless but who stood up against injustice. “So nowadays I particularly like to support smaller businesses, because to be quite honest they’re an easy
target for HMRC. “Multinationals can afford to spend the legal and accountancy fees needed to challenge these assessments but more often than not, due to the costs involved, it makes sense for smaller companies to pay up. “But that’s what I’m looking to do – support smaller businesses with top quality, affordable advice and make sure that they’re properly represented when it comes to dealing with the Revenue. And of course, that mix of service levels and affordability has also proved attractive to larger businesses too, many of which have been clients of mine for a number of years.” Having worked for both KPMG and PwC in his time, Mark brings “Big 4” experience to a smaller firm. He started working with Moore Stephens in 2011 after previously operating a successful sole trader practice since 2005. Accountants across Bristol regularly refer him work when they want to tap into his expertise on VAT, after many years specialising in indirect taxes for the financial services and insurance sectors. But it is not only in Bristol and the South West where his reputation is known. As the author of VAT and
My working day Wake up at? 6.30am What do you have for breakfast? Muesli and strong coffee What time do you start work? Somewhere between 7.30am and 8am What happens in your typical working day? Generally a mix of client advisory work, meetings with someone from my referral network (most of my work comes from referrals) and drafting articles. What time do you go home? If I’m in the office, I generally leave for home around 4.30pm but will then spend an hour or so dealing with emails etc once I’m at home. Do you take work home/attend evening functions? Yes to both, although I try always to keep my weekends free.
Financial Services, Mark is known across the UK as one of an authority on the topic. It took him six months to write the 80,000-word book, which was originally published in 2012 and which he is currently updating, with a new edition due in the early part of this year. He also regularly writes technical articles on tax issues and in fact is no stranger to academia, having been halfway through a PhD on comparative political theory of various Eastern European states when a shortage of cash forced him to postpone it and
start working back in 1988. A year later, in 1989, the Berlin Wall came down, rendering much of Mark’s discourse obsolete. In the meantime a career in VAT, initially with Customs and Excise, had started. “I worked for Customs & Excise for about three years,” he said, “then ended up joining KPMG after the big accountancy firms started bringing in specialists to advise their clients. “They established a specialist insurance unit in Bristol in 1994, so I moved to Bristol from London. Over-
“ I’ve always sympathised with people, or organisations, who might have seemed powerless but who stood up against injustice. So nowadays I particularly like to support smaller businesses. all, I spent nine years with KPMG, before moving to PwC and spending six years with them. “But I always knew that there were lots of small and medium-sized business which couldn’t afford to take VAT advice from a Big 4 provider, so there was a market there to provide good commercial advice to SMEs. “I worked as a sole trader for a while but the move to Moore Stephens means I can bring the benefits of a wider network of accounting specialists to my clients both within the UK and internationally.”
www.bristolpost.co.uk/business
Wednesday, January 28, 2015
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THE UNDERDOG My downtime What’s your perfect weekend? Sunshine, a good meal with my wife and friends and watching Arsenal win. What’s your favourite book or film or TV show? Book – Homage to Catalonia by George Orwell; Film – The Third Man; TV – The Thick of It or Dad’s Army.
● Dylan Shipley and Louis Jones at Sun and Moon Studios
Game-makers win praise as ‘future sector leaders’ Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
A What is your hobby? Fly fishing
know whether they are dealing with VAT as efficiently as possible and whether there are any cost savings available,” he said. “Many of my clients are having problems with HMRC and they don’t know what to do about it. Often those referrals come from other accountants because they don’t have in-house VAT expertise. “Initially I’ll provide a review of why the problem has arisen and whether the assessment raised by the Revenue is correct – either factually or technically, for example has it been made in time. I will also look at any interest charged to check that it has been correctly calculated. “Then it’s a case of deciding, on that basis, how to take it forward. If the assessment is right then it might be that you need to try and agree Time To Pay (TTP) arrangements, to help you out on the cash flow side. “If you think the Revenue is wrong, then you need to know how to take that forward, discuss it with them and, if all else fails, how to submit an appeal. “My clients know that if they ring up our office they can talk to me, whereas if they phone up one of the larger companies the work will be done by someone further down the line. “That’s the type of personal service I’m looking to offer and I know that these days, with the business landscape changing the way it is, there are many businesses of all sizes who can benefit from it.”
could be found across the country, not just in London. Secretary of State Sajid Javid, himself a Bristolian, addressed the launch event. He said: “The whole economy is growing, but the creative sector is in a league of its own, growing three times faster than the rest, and generating £8.8 million an hour for the UK. “But we can’t be complacent. I want to see this growth continue as a central part of our long-term economic plan and we’ll do everything we can to help make the years ahead even more successful.”
Sweet smell of success for ink company EQUIPMENT that produces odourless ink has helped a Bristol company win a big new client. Clip will provide conference and exhibition supplies to Avonmouth-based Yankee Candle. It won the work partly because it had invested in new odourless printing technology – something which appealed to the candle maker as smell is central to its products. Paul Runacres, head of sales and marketing at Clip, said: “Often exhibitions stands and promotional displays can smell of ink but we invested £45,000 to buy new printing machines
in order to produce odourless print, something that appealed to Yankee Candle.” Clip has already made the graphics for Yankee’s start-of-year conference which was attended by 150 people. Emma Huws, of Yankee Candle, said: “Previously we have worked with a number of different companies that all deal with one part of the exhibition and conference solution – now by working with Clip we are working with a company that can provide all of the services, and to a very high standard.”
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As businesses look to overseas markets to enable them to grow, Mark’s knowledge of international VAT regulations and understanding of the continental make-up is becoming increasingly useful. That unfinished PhD on European political theory may have not been completely redundant, after all. Mark said that businesses need to be aware of ever changing European and domestic legislation. One example is that from the start of 2015 anyone (regardless of whether or not they are VAT registered) selling broadcasting or electronic services to consumers in the EU will be liable to account for VAT in the countries where the service is consumed. He said: “Businesses which are doing something different, undertaking a new transaction – commonly property deals, or selling new products or making ventures into customer bases in Europe – need to be aware of the VAT implications of doing so. “A lot of what I do is cross-border international work. In that respect it’s great to be part of Moore Stephens, because the company has businesses in more than 100 countries and if I need to take any additional advice then there is a network there to enable me to do that.” The administrative and cost burdens of VAT can be the bane on the existence of any business, especially since 2011 when the rate rose to 20 per cent. Mark’s expertise, therefore, is in high demand. “Larger companies come to me wanting to
BUSINESS that makes games for children with special needs has been praised as one of 10 “future leaders” in the creative sector. Sun & Moon Studios won plaudits for its work with EyeGaze technology which allows children to control a PC using their eyesight. Its game, Eye Can Fly, is designed for all abilities and can be controlled with EyeGaze as well as a mouse or keyboard. Creative producer Dylan Shipley said: “We’re very proud of what we’ve achieved and the fact that it’s already having a big impact on the quality of life of the people who are playing it.” Founded in 2008, Sun & Moon Studios is an animation, design and software production house. It creates content from TV animation to corporate films and smart phone games. The firm, based at Paintworks in Bath Road, Bristol, was chosen by a team of judges led by Creative England. Dylan added: “We wouldn’t have been able to make Eye Can Fly without support from Creative England. They not only helped financially, but gave us the push to put our heads together to design our first game IP from scratch.” Sun & Moon also joined three other Bristol firms on a list of 50 businesses from across England who have turned a creative idea into a commercial success. They were Clifton-based app developer Mubaloo, Long Ashton games developer Ground Shatter and Park Street-based animation studio Rumpus Animation. Creative England chief executive said the report showed that talent and opportunity
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Wednesday, January 28, 2015
Focus on start-ups | Sponsored by THEME SPONSOR’S NAME HERE.
Growth
HOW TO FUEL EXPANSION THROUGH There are a range of investment options out there for firms with a strong business case. Gavin Thompson looks at the which form of finance could be the right fit for your company
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S the economy grows, more businesses are looking for finance to fuel their own expansion. At the same time, getting hold of the money is becoming a little easier but it’s just as important to get it right. Growth is a business opportunity but also a threat and any owner or manager needs to properly assess to make sure they find the right path for their company. “The first thing anyone will look at when you are raising money is will you be using it effectively,” says David Roper, a partner at the Bristol office of business advisers Smith & Williamson. “Effective means using the money to generate profit because if you are taking on debt you have to service it – pay the interest – and
“ Lenders will look at the track record of the company, how big is the market, is it growing and who are the people involved – are they experienced?
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David Roper
eventually pay it back. “If you can’t show you can do that, you won’t get the money.” David says lenders look at a number of factors when weighing up whether to back a business. “They will look at the track record of the company, how big is the market, is it growing and who are the people involved – are they experienced?” he says. “That’s why management buyouts usually have an advantage. There is already a stable management team in place but perhaps they need money to grow or take advantage of an opportunity. “Sometimes they might need to add something to the team such as a finance director or experienced managing director to reassure lenders. “It comes down to what are the risks of the investment?” The role of people like David is to work with companies at an early stage to find out what they want money for and look for the most appropriate methods. They can also advise on handy tax incentives that can make you more attractive for investors. If you qualify for Enterprise Investment Scheme (EIS) or Seed EIS tax relief it means investors are getting cash back as part of cost of their investment The job has become somewhat easier as the lending climate has eased, although there are some factors that
● From left, Emmdee owners Steve Devlin and Les Mitchell with Mike Pinch from RBS Invoice Finance
Pic: Dan Regan
‘Support has improved working capital position’ ● BUILDING, repairs and maintenance specialist MD Building Services Limited (better known as Emmdee), is on target to achieve an impressive 30 per cent year on year growth rate, as a result of a series of big new client wins. The company, whose clients include social landlords, local authorities, charities, insurance companies and national commercial organisations, delivers its works and services throughout the Midlands, South Wales, South and South West of England. Supported by RBS Invoice Finance, Emmdee has almost completed the first year of its 505 Plan, a strategic growth plan
could dampen the more positive mood. “There are some potential grey clouds on the horizon,” says David. “One is the election because of the uncertainty about what the government will be. Thankfully we haven’t seen a real impact from this yet but we may well do.
Invoice financing which aims to see the company achieve its goal of £50 million turnover in the next five years. In order to ensure that adequate funding is in place to support these impressive expansion plans, RBS Invoice Finance has increased the company’s facility from £600,000 to £800,000. Emmdee was formed in 1998 by Steve Devlin and Les Mitchell. From its beginnings as a local Bristol based building and maintenance company, the organisation has grown steadily and organically, employing over 200 people from several offices
“And the other is Europe – that is concern, although the fact we have had falling fuel prices has helped most business so that has been a compensating factor.” But overall, the picture is positive for those looking for a cash injection to fuel their growth. “At the moment it’s getting easier,”
including near Ashton Gate in Bristol. Steve, a director, said: “2014 has been excellent and we have secured some significant new contract wins which are helping us to achieve our growth ambitions. “Forming the 505 plan has been a critical element of securing our future, it sets out the ambition of the business perfectly, giving us all a direction of where we want to be. It was developed by a leadership group made up of colleagues at all levels of the business and as a result the whole organisation is dedicated to delivering and achieving this goal. “Since its implementation at the start of last year, the business has
says David. “There’s much more liquidity out there. Banks have got more money, they’ve loosened up and have got an appetite to lend, there’s no doubt about that. “We are seeing a considerable increase in companies talking to us about doing things. “Some of that is the loosening up of
grown in every field and as a result we have also been able to make many improvements to our operations. “We have invested more than £500,000 in the last six months on new vehicles alone, put effective training plans for all of our staff into action, refurbished and expanded our Bristol and Exeter offices, launched a new regional office in Birmingham, increased our staff numbers and also improved our IT systems and infrastructure.” Fellow director Les added: “The increased finance facility has really improved our working capital position and is helping us to grow.”
liquidity with cash available and also a bit of latent demand where people have been sitting on their hands for five or six years waiting for the right moment. “Owner managers are certainly trying to get out there to do things.” And that’s good news for jobs and prosperity in our city.
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Wednesday, January 28, 2015
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FINDING RIGHT FINANCE FOR YOU Funding enables furniture maker to shave costs Bank loan
● First customers Vicky and Harry Bartlett with manager Julie Bright and supervisor Emma Reading at Happy Days Nursery in Bradley Stoke
Happy Days opens nurseries after £3.9 million investment ● HAPPY Days opened its first nursery in Bristol last weekend, on the Almondsbury Business Centre in Bradley Stoke. The new nursery is one of three it plans to open in the city in 2015, and the first demonstration of a concerted effort by the business to expand out of Devon and Cornwall and into Bristol. None of this would have been possible without £3.9 million of investment secured last April from Living Bridge – formerly called ISIS Equity Partners – adding to previous funding of £1.2 million secured in April 2012. To get the funding, Happy Days needed to demonstrate a successful history of growth with its leasehold model. Together, its nurseries have an operating capacity of more than
Equity 1,000 places, employing 400 staff and the company turns over more than £5 million. Managing director Jackie Arthur said: “We now have a strong financial covenant from the support of ISIS, which has funded several new nurseries, as well as the re-siting or expansion of others in our portfolio. “It’s a really exciting time for us. This extra investment shows confidence in the management team and in our strategy for growth. “We’ve made some great developments with our nurseries over the past few years and the talented team I have here is ready to go and take us to the next level.”
● PAUL Glover started his workshop designing and creating bespoke handcrafted furniture from humble beginnings with just one employee. Today, Redfield-based Paul Glover Furniture is celebrating the impressive milestone of reaching a significant seven-figure turnover, along with an equally impressive order book of commissions from the UK and overseas. After being educated at Colston’s School, Bristol, where woodwork was not on the curriculum, Paul won a place at Rycotewood College in Thame, Oxfordshire, specialising in design and fine craftsmanship. He started to learn his trade, graduating as top student in his year. Now he employs 22 people and his furniture is sought after by individuals, designers and A-list celebrities worldwide. More than 80 per cent of the firm’s order book is generated in the UK, with customers including furniture in houses, super yachts and private jets. But as the UK market was struggling, Paul looked overseas and with help from UK Trade and Investment moved into Russia, tapping into a clientele not impacted by the UK economy. Paul said: “Working with wood has always been an ambition of mine since a very young age. I am passionate about what I do and hope the pieces of furniture we design and create leave a lasting legacy for the future generation to admire and enjoy. “It’s not always been easy and I’ve experienced the ups and downs any business faces over time, however, if you believe in your product and build a trusted team of advisers around you, you can
● Paul Glover of Paul Glover Furniture succeed even in challenging market conditions.” Each week, more than five tonnes timber from managed and sustainable forests arrive at Paul’s workshop. As the business grows, he has invested in a new drying oven, funded with a bank loan from Barclays. Costing £30,000, the Schubert oven, manufactured in the UK, is
expected to be cost neutral within five to six years and is designed to increase drying capacity, improve efficiency and provide a reduction of gas emissions. The waste including shavings is recycled into briquettes which in turn heat the veneering workshop. Paul added: “This new piece of equipment will stand us in good stead for the future as our strategy for growth globally continues.”
WHAT FORM OF FINANCE IS FOR YOU? ● Bank loan: If you have got assets to secure it against then the banks are the place to start. Banks are looking for business assets as well as your ability to service loans. If you are loss making and don’t have assets, you’re unlikely to get a loan On the other hand, if you are an established business with a history of profitability looking to expand, there’s a very good chance.
● Equity investment: Often used for big capital investments or by early-stage companies where you don’t have the assets to borrow against. Instead the lender is backing you to succeed and
believing they’ll get their return further down the line. That means your business plan has to be strong and you have to be believable. One type of equity investor is a so-called angel. This could be a friend or family member of something more formal. There are also private equity funds with plenty of cash but many have specific criteria such as the number of years you have been trading, the size of the business or the sector. Some such funds will look to make a return by selling their stake later on while others will take an annual dividend out of the business. Either way they tend to be longer-term investors. Equity investors may well want to be more involved in the business, using their experience to keep you on the right path. Some entrepreneurs find this can be more valuable in the long-term than the
money. The downside is that if you are successful, it’s an expensive way to borrow as you are giving away a slice of your business.
funding website, has recently expanded to offer more of a consultation service for organisations looking to crowd fund.
● Crowd funding: This is becoming more popular, particularly among start-ups, and we are beginning to see some raising reasonable sums of money. It involves inviting all-comers to invest in your business, often in return for equity but sometimes in return for rewards, such as exclusive products or membership. It appeals to many because anyone can do it through an online platform, but that doesn’t mean anyone can do it well. The most successful campaigns will need just as much diligence as when seeking any other form of lending. Bristol-based Fundsurfer, which started as a rewards-based crowd
● Pension-led funding: Still something of a niche market, pioneered by Pill-based Clifton Asset Management, this allows people to invest their pension pot in their own business. It is a useful option for firms where the real value is in their intellectual property, skills and intangible assets as these can be considered as part of the business value. ● Mix it up! Sometimes the best form of lending is more than one. If you have some equity investment, for example, it might help a bank or other lender to see you as a good bet for a loan. After all, it means someone else thinks you are worth the gamble.
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● Factoring and invoice financing: A different form of borrowing, it frees up cashflow from money people owe you. It’s not lending as such, a third party buys your debts and gives you some of the money up front in return for keeping a percentage when they get paid or fee. It’s commonly used by importers and exporters who have orders secured and have to buy
materials and supplies but won’t getting paid until after they’ve delivered. This kind of finance can be provided by banks or a number of alternative lenders, such as Ultimate Finance, based in Aztec West. If you use this form of finance, you have to be confident your business will keep growing to keep the money going around. The other downside is the fees will take a slice of your profits, although sometimes you can offset these by negotiating better terms with your suppliers who can have more confidence they will get paid once they know you have a bigger player behind you.
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Business diary Institute of Directors Bristol branch Wednesday@6: Informal networking for members and guests at The Engine Shed from 6-8pm, Wednesday, January 28. Free but guests please register by calling 0117 3707785. Financial Planning Clinic: One-to-one advice on financial issues and questions from chartered accountant Tony James at The Hive, Weston-super-Mare on January 29. Free businesses and those trading less than a year, otherwise £40. Register at www.northsomerset enterpriseagency.co.uk. JLL South West Property Market Review: How will property requirements in a multitude of sectors, including healthcare, retail and more, look in the future? Thursday, January 29, 6pm, At-Bristol. Outlook 2015: Commercial property agency DTZ presents analysis and forecasts for the sector at The Bristol Hotel, from 8am on Thursday, February 5. Financial Planning Clinic: One-to-one advice on financial issues and questions from chartered accountant Tony James at The Hive, Westonsuper-Mare on February 5. Free businesses and those trading less than a year, otherwise £40. Register at www.northsomerset enterpriseagency.co.uk. Confidence in business - Keys to Success: Unlock the what, how and why of your business. Four linked morning events starting February 5 aimed at Bristol businesswomen covering branding, marketing, presentation skills and finance. Free events presented by women for women. www.blueorchid.co.uk/events.
Wednesday, January 28, 2015
In pictures Business West Chairman’s Winter Reception
General election Marginal seats give region political influence Gavin Thompson Assistant Editor (Business) gavin.thompson@b-nm.co.uk
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RISTOL businesses have a great opportunity to make their voices heard in the run-up to the May general election, according to Business West. The business support organisation, which includes the Bristol Chamber, has unveiled its own manifesto, which calls for greater devolution of power to the region and more spending on infrastructure including rail, roads and digital connectivity. Managing director Phil Smith said: “With 50 per cent of Parliamentary seats in our region being classified as marginal, compared to a 10 per cent national average, we should be punching above our weight in terms of political influence. “There are big challenges ahead that mean we can no longer be satisfied with just muddling through. Continued large public sector cuts will mean a much greater onus on the private sector and universities to drive economic growth. “The next five years will see a major shift in how the UK is governed as a new raft of powers are devolved to English cities. “This represents the best opportunity in our lifetimes to gain greater control of our economic future.” The manifesto calls for a host of
● Jo Greenwood, of Business West, and Engine Shed director Nick Sturge at the Winter Reception at Leigh Court; inset, Business West chairman Pics: Jon Craig photography Stephen Robertson
measures, based on opinions from members, including: ● Greater devolution of power with much more cross boundary working among local authorities ● Rebalance spending on infrastructure to match the economic contributions of towns and cities. This would mean more investment for Bristol in particular as it is a net contributor to GDP ● A new park and ride on the M32 ● More flexible business permits in the city’s residents’ parking scheme ● Rail investment such as more rolling stock and stations including delivering MetroWest phase 2 and passenger links from Bristol to Oxford ● Not giving Wales the power to set lower air passenger duty, which would aid Cardiff at the expense of Bristol Airport ● Enure businesses have access to world-class digital infrastructure, setting more ambitious targets for upload and download speeds ● Ensure projects such as Hinkley Point C use local suppliers ● More housing to meet demands, release public land for homes and help small and medium-sized housebuilders enter the market. The manifesto was launched at the Business West Chairman’s Winter Reception, which saw business leaders gather at Leigh Court for drinks, nibbles and discussions.
66 Queen Square Topping Out: Celebrate major milestone in the creation of the Grade A office space, which integrates a Grade II listed Georgian terrace within the new building. Thursday, February 5 at 66 Queen Square. Invitation only. Bristol Connected: Bristol Post networking event at the Bristol Hotel. Thursday, February 5, 6-8pm. Register via Eventbrite. Bristol Post Business Awards Launch: Drinks and canapes to celebrate the launch of this year’s Bristol Post Business Awards. From 6pm on February 9 at Hargreaves Lansdown. Invitation only. Contact sarah. wallbridge@localworld.co.uk.
● Jo Hawkins of Destination Bristol
● Nadia Adbulla of Park Street Events and George Kousouros of South Gloucestershire Council
● Harvey Nichols general manager Louise Masson
● Prof Judith Squires of Bristol University
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Bristol Distinguished Address Series - Peter Mather: BP’s group regional vice president, Europe and head of country, UK, delivers the latest in the address series supported by the Bristol Post. His role has overall responsibility for the governance, reputation, co-ordination and integration of all BP's activities across Europe. From 6pm, February 11, at the Glendinning Lecture Theatre, Frenchay Campus, UWE. Email your business events to gavin.thompson@b-nm.co.uk. Events are sometimes cancelled without us being notified so please check with organisers before travelling.
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Wednesday, January 28, 2015
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In pictures Annual Business Guide launch
● Guests at the Business Guide launch
● David Doughty, of Excellencia, and Maggie Westgarth, of UWE
Pics: Michael Lloyd World
● Paul Olomolaiye, UWE Professor, Nick O’Regan, of UWE, and Lucy Wicksteed, of UWE
● John Collins and Trevor Mapondera, of Nurseling Healthcare
Event told: ‘Time to talk up South West powerhouse’
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T’S time to talk up the South West. That was the message at an event to celebrate the top 150 companies in the West. UWE Bristol staged a launch for the Annual Business Guide, produced by Post sister title the Western Daily Press, at its exhibition centre in Frenchay. Deputy Vice Chancellor Professor Jane Harrington told the audience of 130-plus business leaders that the university wanted to work with them to drive the economy forward. “Some four out of five new jobs in the future will be in higher skills,” she said. “With our graduate employability at over 95 per cent and one of the best in the country there are a lot of opportunities for young people in the region to develop higher skills. “We are keen to serve the region. Skills and the development of skills are key to the success of the region’s top 150 companies and SMEs.” Meanwhile, Press editor Ian Mean used the platform to warn politicians that they ignore the region at their peril.
“David Cameron and George Osborne have recently extolled the virtues of the North of England,” he said. “They talk of the Powerhouse of the North and how the new rail links will increase its attractiveness to business. All well and good, but what about the South West? “The South West is a powerhouse in its own right. Those companies listed in this year’s top 150 prove it. “This region is strong in all sorts of high-level technology, particularly of course in aerospace, with world-leading companies such as Airbus and the nuclear industry through EDF. “Ground-breaking work by innovative companies like these and so many others needs to be recognised far more by the Government.” Imperial Tobacco, based in Winterstoke Road, Bristol topped the table. Planemaker Airbus was the second biggest Bristol firm, followed by PPL WEM – the company behind Western Power Distribution – then drinks company Matthew Clarke Wholesale and facilities management firm Mitie.
● Martin Parish, of AON UK, and Kieren Windsor, of AON UK
● Simon Taylor, chairman and co-founder, Next Generation Data
● Prof Nicholas O’Regan and Peaches Golding
auction
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commercial investments to include (unless previously sold or withdrawn)
LEISURE INVESTMENT
Lot 51
The Assembly, 110/112 East Street, Bedminster, Bristol, BS3 4EY Lot 51: Town centre Public House, let at £60,000 p.a. Includes manager’s flat.
SHOP
Lot 52
142/146 East Street, Bedminster, Bristol, BS3 4EW Lot 52: Let to Wilko Retail Ltd. Lease expires 2024 at £150,000 p.a. Comprises some 3,717.2 sq m (40,014 sq ft).
Monday 9th February 2015 The Berkeley, Wilton Place, London SW1X 7RLA
020 7543 6803 Online auction catalogue at
www.allsop.co.uk
DECEMBER SALE - £80.66m raised 84.6% sold
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● Jamie Rawsthorne and George Sanderson from UWE Team Entrepreneur
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Wednesday, January 28, 2015
The back page
Your digest of the week in business
People ● EY has appointed Karen Kirkwood as a partner to lead its Bristol tax practice as the professional services firm continues to expand its tax team in the region. Karen has 20 years’ experience providing tax advice and joins from PwC in London. Working with mid-market listed and privately owned businesses, Karen advises on sustainable tax strategies, managing tax risk and opportunity, and meeting reporting obligations. She will oversee all tax services including the audit of tax, core compliance and bespoke tax advisory services. Karen said: “EY has a talented team, a clear focus on developing its tax business in the region and significant momentum following market leading growth across the firm nationally in its last financial year. I look forward to playing an important role in continuing to build the tax practice by getting out into the market and working closely with new and existing clients, as well as growing our own team.” Karen’s appointment is the latest in a number of senior hires across EY’s South West tax team, following the appointments of Edward Murphy, a senior manager who specialises in corporate and transaction tax, and Chris Ovens a manager who specialises in tax incentives for innovative and high tech businesses. James Mohide also joins as a manager in the rapidly expanding private client tax team led by Jennine Way – a team which has doubled in size in the last 12 months. ● Bristol architect O’LearyGoss has appointed two new associates, shortly after starting the construction of a £2.25 million visitor’s centre on grade one listed Clevedon Pier. Niall Tainton and Rebecca Ridge are part of the 12-strong team at the RIBA chartered practice. Niall, 34, said: “Clevedon Pier’s glass visitor’s centre is a hugely exciting project which complements the pier’s elegant structure. I love my role at O’LearyGoss. Being involved in the design process and working on the fine details of some very interesting buildings.” Rebecca, 28, added: “I am delighted at my appointment. I’ve been project architect for a £14 million high-spec office conversion with 139 flats with roof garden and balconies and I’m thrilled that work is set to start this spring.”
● Rebecca Tippet and John Davies have been made associate directors at accountancy and investment management group Smith & Williamson
● Forrest Brown MD Simon Brown, right, with digital entrepreneur Mark Mason who has joined the tax credit consultancy
● Karen Kirkwood ● Digital entrepreneur Mark Mason has joined the leadership team of R&D tax credit consultancy Forrest Brown. The appointment shows how the firm is positioning to meet demand from the growing digital technology sector in Bristol. Mark, founder of award-winning mobile app developer Mubaloo and previously creative agency Mason Zimbler, joins as executive chairman. The government-backed R&D tax credit scheme, administered by HMRC, allows firms that create innovative products or services to claim up to 33 per cent tax relief against their R&D investment. ForrestBrown has already helped its clients, many of which operate in the digital space, claim more than £10 million through the scheme since the firm was founded in 2013. Founder and managing director Simon Brown said: “Having the opportunity to work alongside Mark was a complete no-brainer for me. He has a great reputation as a successful entrepreneur in the UK’s digital scene, after all he has ‘been
● Niall Tainton and Rebecca Ridge have been appointed associates at Bristol architects O’LearyGoss
there and done it’ himself. “But for me personally, it is the compelling package of Mark’s vast experience, his business instincts, his experience of the different stages of the business lifecycle, his network and his mentoring that is the compelling package that will enhance our leadership team.” Mark said: “Having worked with Simon and his team I’ve witnessed
first-hand the transformative impact that ForrestBrown deliver for their clients. “After speaking with other senior figures in the digital community, the lack of awareness of the potential benefits of R&D tax relief was staggering. ForrestBrown’s ability to communicate the potential benefit in a clear and easily understandable way is what makes it stand out.”
● The Bristol office of accountancy and investment management group, Smith & Williamson, has marked the New Year with the announcement of two senior promotions. Rebecca Tippet, who works in the assurance and business services team, and John Davies, a private client and charities investment specialist, have been promoted to associate directors. Rebecca has worked for the Bristol office for 12 years, having completed her graduate training at the firm. She works with clients from SMEs to multi-national groups and AIM-listed companies and has a particular interest in law firms. John joined in 2012. He is involved in the management of investments on behalf of private clients and charities. Managing partner Mike Lea said: “We are very pleased to announce the promotions of two key members of our team who are highly valued by their clients and colleagues, not just for the quality of the work that they do, but for always going the extra mile.” ● Martin Thatcher, below, has been invited to give a key note speech at this year’s CiderCON in Chicago, the major annual gathering of US cider makers, organised by the United States Association of Cider Makers. Martin, chair of the UK’s National Association of Cider Makers, will be sharing the lessons he has learned over the past 25 years as managing director of Somerset- based Thatchers Cider, and how these could be applied to the developing US cider market. “The UK has the largest cider market in the world but it has changed dramatically over recent years and will undoubtedly change again over the coming years,” said Martin. “I’m looking forward to sharing my thoughts with those passionately producing and promoting cider in the USA.” Last year, the family-run cider maker announced that its flagship brand Gold would be available in the US through an exclusive tie-up with Innis & Gunn.
Opinion
We need more international students and want them to stay
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HIS May, the country will go to the polls to elect a new parliament. If we believe the old saying that a week in politics is a long time, then four months should be an age. But it doesn’t feel that way. Key politicians are already rushing to make themselves heard and setting out proposals that they want to see in party manifestos. Recently, Home Secretary Theresa May delivered one of the first shots in the campaign but her proposal appears to have been brought down by ‘friendly fire’ from colleagues in her own party. And it’s a development that we at University Alliance whole-
Steve West Vice Chancellor, UWE Bristol
heartedly welcome. The Home Secretary had proposed reviving a pledge from the 2010 manifesto that anybody entering Britain on a student visa should be required to leave the country when they graduate and apply for a new visa from their home country if they wanted to work in the UK. Her policy measure was attacked from all sides in the higher education and research ecosystem – from universities, from research and from
businesses chiefs including Sir James Dyson. The Chancellor of the Exchequer apparently stepped in to quash the idea, fearing it would damage our universities and our economy. We want politicians to go further and pledge to re-introduce the two-year post-study work visa allowing qualified international graduates to stay in the UK to work for a limited time. This would lead to numerous benefits for our country – ensuring our universities maintain our market share in global higher education and enhance the UK’s higher education offer.
These international students would fill crucial skills gaps and help our economy to grow. And once they return home, they help build vital global links for the future. What Mrs May seems to overlook – which Mr Osborne, former Universities and Science Minister David Willetts and others have grasped – is that higher education is now a global industry, and one, that currently, the UK has a significant stake in. UK universities are a huge success story. Aside from being centres for learning, creativity and research, they are estimated to be worth £59 billion to the UK economy annu-
ally and are a major export earner. The annual contribution to the UK’s national income made by international students is estimated at £5.5 billion. Beyond this direct economic impact, international students studying in the UK create a global network of ambassadors with an emotional bond or predisposition to trust and support UK and ‘Brand UK’. Britain is educating leaders around the world. That’s why we should be trying to attract more international students and then encouraging them to stay and work in this country after their studies.