Business Leader Magazine by Business Leader magazine

Issue 17: January - March 2017

Deal or no deal? Business Leader looks at what lies ahead for the M&A market

National Living Wage increase – business leaders react - Page 10

£9.50

Where Sold

Speedboats vs tankers – private business debate - Page 20

Why are we not building more homes? - Page 24

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Editors Intro

Welcome to the latest edition of Business Leader

Oli Ballard Editor, Business Leader Magazine

What are you looking forward to most in 2017?

You’ll no doubt have a whole host of things that you are looking forward to in 2017; and if this year is half as exciting as 2016 we’re all in for an eventful one. On page 32 you can hear from a select number of business owners on how they view 2017 panning out.

It is also set to be a big year for Business Leader Magazine – with a whole host of new events and new editions launching on page 2 as we continue to build on our success over the last few years. You, or anybody else in your company, can also now sign up to receive every edition of the magazine going forward, as part of our new subscription service.

In this issue... Latest News National Living Wage - Report Corporate Finance Ones to Watch - Britannia Windows Independent Business - Debate Property & Construction - House-building Look ahead - 2017 Business Leader in Focus Skills & Millennials - Debate Review - Brexit Apprenticeship & Skills - Survey Final Word

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4 10 12 18 20 24 32 34 40 46 48 52

In this edition you can also read our corporate finance feature (page 12); a report into the impact of the national living wage (page 10) and a review of our debate into the challenges and opportunities facing privately owned businesses (page 20). As ever, we hope you enjoy this edition of Business Leader Magazine. If you would like to get involved or have any news you would like to share, please contact us today on 0117 325 7779 or email: editor@businessleader.uk.com

www.businessleader.uk.com

Issue 17: January - March 2017

Business Leader

Update

Business Leader Magazine set for national expansion Business Leader CEO and publisher, Andrew Scott, has confirmed the launch of a national edition of the magazine. The new publication will launch in May and is set to become the UK’s largest B2B media platform with an all-new digital offering, national print magazine and innovative events programme. Andrew commented “Business Leader is now firmly established as the foremost B2B media in Bristol and the South West, but following feedback from our partners it became apparent the demand for a national version was overwhelming.”

Andrew Scott Managing Director & Publisher, Business Leader Magazine

The national edition will be based from central London and cover key business issues, feature some of the worlds leading entrepreneurs and publish breaking business news.

A dedicated team of researchers and journalists will engage with organisations across the UK with news and views published on BusinessNews.co.uk - a new portal recently acquired by Business Leader. Andrew added: “As the UK’s business media cut costs and move almost entirely online the demand for a balanced approach between online, print and live events has grown. We’re investing heavily in a powerful new online footprint via BusinessNews. co.uk but we also recognise that demand for our print media has never been higher. Circulation, quality news content, interviews with leading entrepreneurs, and expert opinion pieces set Business Leader aside from other B2B media.” The national print edition will be mailed to leading CEO’s, entrepreneurs and business leaders across the UK from May.

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Issue 17: January - March 2017

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Latest News

Butcombe Brewery appoints new MD

New business and six new jobs created thanks to £7.5m finance package A new business has been created thanks to a £7.5m finance package. Portishead-based heavy transport business Osprey has created a new specialist lifting business called Osprey Heavy Lift, as part of a joint venture supported by a £7.5m finance package from HSBC.

Jayson Perfect - MD, Butcombe Brewery

Butcombe Brewery has appointed Jayson Perfect as managing director of its pubs division. The role will see Jayson working alongside Geraint Williams, who is MD of the company’s brewery and sales functions. Jayson brings a wealth of experience, not only from his previous role as tenanted trade director at Bridport-based Palmers Brewery, but also from his time spent at Fullers in London. Jayson will take up the role this month (February 2017.)

Osprey, which specialises in marine heavy transport, has joined forces with land heavy transport specialist Allelys, based in Redditch, to create Osprey Heavy Lift. The new venture will provide customers in industries requiring major heavy lifting, such as construction and power generation, with a combined service. The development of the new company is expected to create six new jobs at the business’ Portbury site, near Portishead. Nigel Fletcher, Osprey Maritime Group Managing Director, comments: “This deal

and the development of Osprey Heavy Lift marks a major milestone in the future of ours and Allelys’ businesses. “The team from HSBC worked quickly to get to grips with our joint venture and provide the finance we needed to purchase the equipment, which will allow us to tender for major civil construction projects such as HS2.”

Double deal at prestigious Bristol development A double deal at a prestigious Bristol development has been announced. Joint venture partners and commercial property developers and investors, St Francis Group and iSec, confirmed details of the first of two deals, with separate occupiers, at its Horizon 38 development. The development is a 1 million sq ft mixed use scheme in Bristol, announced earlier in the year. In the first deal, detailed planning consent has been granted by South Gloucester Council for the development of a new 35,000 sq ft Trade Centre for Selco on 2,45 acres. The deal will see Selco take a 15-year lease at an undisclosed rent. Building work is set to begin in March and be completed by October 2017. In the second deal, St Francis Group and iSec have confirmed a deal with Village Hotels for the development of a new 153-bedroom hotel, occupying the prominent plot on the corner of the A38 and Gypsy Patch Lane. Work on the hotel is due to commence in August 2017 following completion of the internal site infrastructure works and estate road construction. 8

Issue 17: January - March 2017

Business Leader - The magazine for business and enterprise

Your

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Facing a challenge with pensions

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automatic enrolment, employee health & wellbeing, benefit communications or simply getting the best return for your investment? As an employer you are under pressure and getting expert advice will be invaluable. Aonâ&#x20AC;&#x2122;s team in the South West are specialists in all aspects of employee benefits and will advise you on the right course of action.

National Living Wage:

Report

A progressive step forward or bridge too far for ‘over-taxed’ businesses?

ot intended by government to be a joke, on April 1 2017 the national living wage will be increased across the UK - enshrining the rate of £7.50 amongst the working population. But is it just the UK playing catch-up and addressing its low-wage economy – where workers at the low end often use benefits to top up their earnings – or another punitive measure that will affect businesses? It’s easy to draw comparisons between Lidl and Sports Direct and question why one has been paying way above the national living wage for years and the other was recently described by MPs as like working in a ‘Victorian workhouse’. But to get to the crux of the issue, it’s important to look at how it is being received in the ‘real economy’ – amongst shop keepers, entrepreneurs and those running privately owned firms. Ken Simpson has over thirty years’ experience of running retail businesses and working in industry. He is also Chair of the Federation of Small Businesses (FSB) and Business Development Director for the Bristol Pound. He says: “With the increasing cost of energy and the introducing of Auto-Enrolment, this will have an adverse impact of SMEs. What tends to happen in a small business is that pay goes up and hours get cut to balance the budget.” Ken doesn’t believe it will eat into the improving employment rates in the UK but he does believe that some employees could see their hours cut.

Issue 17: January - March 2017

On whether there should be a tiered system where bigger firms are obliged to pay and smaller ones not, Ken is adamant it wouldn’t work. He says: “You’d end up with a two-tier employment system where people only want to work for bigger firms.” Not a lot in it for me Ken also believes that the rise may indirectly mean that less entrepreneurs decide to set up their own businesses. He explains: “Business owners may think, there is not a lot in it for me. People think that all business owners are very wealthy but it’s not always the case. With rates going up, energy having gone up and the legislative cost also, it’s not easy being in business. I’d love for everybody to earn £10 an hour but the reality is that it has to be affordable. “You’re already seeing big brands like Café

Nero cutting back on hours and offering staff free food – it is having an impact. If you have a minimum wage that is above inflation, then you are storing problems for the future and businesses won’t have resilience.” What do other countries do? “All this because the lowest paid are getting a few extra quid? They manage it in Denmark, Holland, Norway, France and Switzerland, don’t they? “But have you ever bought a cup of coffee in those countries? We can do this but nobody wants to pay for it, if you put five pence on milk nobody wants to pay for it. We don’t have that culture in the UK,” Ken says. Where is the money going to come from? Anna Pepler, is managing director of the HR Department, a company that helps businesses with, you guessed it, HR and other staffing related issues.

Business Leader - The magazine for business and enterprise

National Living Wage:

Report COMMENT:

Auto enrolment - all you need to know Martin Parish Aon Employee Benefits

017 is likely to be a busy year for many employers, as in addition to the usual activity they now have to contend with the auto-enrolment pension rules coming into effect. These rules have been phased in since 2012 for the UK’s large corporations and now, over the next 13 months or so, it is the turn of the small & micro employer to have to comply with the requirements of the legislation. The Pension Regulator has estimated that as many as 800,000 employers will need to adhere to the legislation for the first time in 2017 by implementing, operating and contributing to pension schemes for their eligible employees.

With hundreds of clients across multiple sectors, it’s a good barometer for the impact ‘NLW’ may have.

types of roles they are recruiting for and whether in fact they require those within the business.

She says: “The NLW introduction led to many questions from SME’s around its impact, namely ‘where is the money going to come from?’. A further increase of 30p an hour from April 2017 is going to have a serious impact on some businesses especially affecting those in the retail, hospitality and care industries.

“There are of course benefits to the NLW, including increased employee morale and productivity, and for many SME’s this has not added anything to their wage bill, where their salaries were already at this level.”

“It has caused huge concerns for some of our customers in relation to costs and business sustainability, particularly those whose profit margins are already tight. In response to this we are receiving queries about changing employees’ overall packages and areas in which cost reductions can be made, including non-contractual bonuses, enhanced overtime rates, non-contractual benefits and unfortunately potential redundancies. Others have considered the

Jury is out It seems like the jury is out, but maybe history can help to provide some clarity. In 1998, William Hague, then in opposition, said that Tony Blair and New Labour’s introduction of the minimum wage would ruin the UK economy and cause untold distress. The result was ten years of economic growth before the global financial crisis came. Let’s see what happens this time. 

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The actual date that an employer needs to comply with these requirements depends upon the number of employees; and individual notification will be sent to each business by the Pension Regulator advising of when the rules become effective; however nothing in this notice will tell you what you need to do! Therefore, all employers will need to invest time, resources and expenditure into making sure that they understand the obligations that will now come into effect, failure to do so can result in some pretty serious financial penalties, such as fixed penalty notices of £400 for noncompliance, with subsequent ‘escalating penalty notices’ for continuing to do so at a rate between £50 and £2,500 per day (depending on how many employees the business has). The real issue for the employers likely to be impacted by this legislation in 2017 is that, unlike the large businesses, without specialist business advisors dealing with these matters, once again the burden of responsibility will sit with the business owner, taking up more valuable time & resources that could be better spent generating and delivering business. Issue 17: January - March 2017

Corporate Finance:

Deals

Corporate finance:

Deals – full steam ahead or slowly, slowly? F

ollowing the recession of 2010, many business owners understandably became more cautious; and there was a hesitation to come to market and package for sale, amongst some of them. But with the economy performing well – all things considered – BLM spoke to business owners and those operating in the corporate finance space to find out what 2017 and beyond will bring. On the year just gone, Mark Naughton, Head of Corporate Finance at Grant Thornton says: “For us we had a very busy first six-months of the year in 2016, and then the market went a bit quiet; but we’re expecting a very busy

first quarter this year and we’re working on four or five deals in exclusivity, that should complete in the next few months.” Mark says that the money is there for good deals and it is coming forward from private equity, cash rich corporates and the banks – who are becoming more active; and willing to lend to businesses who keep their debt levels down and are asset strong.

“Some of the most active sectors seem to be IT, manufacturing, technology, e-commerce and the waste sector.” Mark Naughton

He continues: “Interestingly we are also seeing strong overseas interest – three of my deals are international buyers – and this is due to the low value of the pound, which is encouraging firms from Europe, the US and further afield too.”

Mark Naughton Grant Thornton

Ned Dorbin Business Growth Fund The sale of Loungers was one of the top deals 12

Issue 17: January - March 2017

For buyers, the market is relatively stable at the time of writing, but Mark says that the continued uncertainty around Brexit, a rise in interest rates and any spike in capital gains tax, could all impact this and knock confidence. Not just the big deal With deals at the top end predominantly grabbing the attention – Loungers/Oasis et al – Ned Dorbin, Investor at Business Growth Fund, says that there is a huge amount of activity amongst smaller businesses too, which doesn’t always grab the headlines. He comments: “We’ve seen a record year, with companies raising money as well as lots of M&A activity. We meet hundreds of businesses each year and there is appetite amongst lots of them to grow ahead of the future sale. “Some of the most active sectors seem to be IT, manufacturing, technology, e-commerce and the waste sector.” Regarding the trends for how businesses are being funded, Ned says: “It’s difficult to say for certain as it appears there is a mixture of methods and we only see the equity half of the equation. My feeling is that a lot of businesses are raising money from the banks, with the overall sentiment being that more companies are raising equity now, compared to five years ago.” Calm before the storm? Ned is also confident that confidence will remain strong going forward. He says: “Obviously, there are significant factors like Brexit and Trump but they tend to affect the economy at a more macro level and don’t stop businesses growing and investing. Most companies we deal with aren’t overly concerned and there are companies forging

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Corporate Finance:

Deals COMMENT:

How to corporate finance:

How best can a businesses prepare for sale? By Myles Hamilton – Director Shaw & Co LLP How can you best prepare your business for sale? “As a business owner preparation is vital to ensure a transaction achieves your desired outcomes, and having an exit plan is a good start. This could be set out at quite a high level or in some detail, but it should cover what you want to achieve as a shareholder and answer questions such as how much you expect from a sale and when you might be happy to realise your investment.

ahead across multiple sectors. They’re growing successfully and don’t worry about any major headwinds on the horizon.

“My feeling is that a lot of businesses are raising money from the banks, with the overall sentiment being that more companies are raising equity now, compared to five years ago.”

“Small to medium sized firms have their own challenges and a ten per cent market contraction, for example, isn’t going to have a major impact. It’s easy to say but we’re seeing good deal flow, with lots of successful businesses in the market. Of course, it’s not rosy for

everyone and we may not see the ones that are struggling, but the immediate future looks fairly bright.”

Early bird catches the worm Mark also says that it is important for businesses that Ned Dorbin may be planning to exit, to start the process early and to see an adviser years before they want to ratchet things up. n

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“Other topics to consider might include: potential buyers and their motivation, management succession, staff alignment with your exit objectives and tax planning. We encourage clients to think about these matters as early as possible and we have helped some put in place a plan several years in advance.” What buyers are looking for? “Brand equity, intellectual property and growth potential are good examples of what buyers look for but attributes such as these will not by themselves guarantee a successful outcome. The key thing for us as an adviser is to identify and focus on those buyers that have a strategic imperative to do the deal and will pay a premium.” How the market has been affected post-Brexit? “Good businesses in the UK will remain attractive to UK and overseas acquirers and although our experience of the lower mid-market suggests it is in general business as usual, it is also situation specific. On the upside, the weaker Pound is affording a boost to some of our clients’ businesses whilst also making it cheaper for overseas buyers to do deals in the UK.”

Issue 17: January - March 2017

Corporate Finance:

Deals

What lies in store for dealmakers? By James Finnegan, Bishop Fleming

016 was a surprising year. The seismic Brexit vote was expected to increase business uncertainty and slow the economy. However, in defiance of the dire warnings reported in the media, the volume of transactions remained robust. Businesses decided that the environment remained strong enough to continue deal making. Thus, activity continues across the sectors. Large corporates, both UK and overseas, are continuing to make acquisitions. But at the same time, we are seeing a number of SMEs look at acquisitions as a way of catapulting their growth. The funding is obviously different. The larger companies can typically acquire from cash reserves or from existing bank facilities, whilst smaller firms have to raise new bank debt or equity finance in order to acquire. Growth capital That brings us to another strong part of the deal environment in 2016: growth capital. There are a number of private equity funds

looking to invest in growing businesses, to support them with funding recruitment, capital expenditure and acquisitions. In general, cheap debt and a surplus of equity available for investment continue to be key features of the UK corporate finance landscape. If a management team can demonstrate that their business is in a growth sector, and they have the ability to take advantage of that growth, then there should be no reason why funding would not be available should they wish to embark on a management buyout. Deals Indicative of what may happen in 2017 are some of the deals with which we were involved as advisers during 2016. One deal that perhaps clearly demonstrates the continued attractiveness of the UK consumer market to overseas investors, despite Brexit, was that of DM Midlands, trading as Ashley Manor Upholstery. This West Midlands-based company saw a partial exit of its shareholders in September, funded

by a significant investment from the Bangkok stock exchange listed-TCMC plc. Another deal on which we advised illustrates the ongoing trend for debt only MBOs. Plymouth-based Jubb Consultants was acquired by its management team with bank debt. We also provided due diligence to HSBC on the debt-backed MBO of Newton Abbotbased Pathfinder Park Homes. A deal that highlights the continuing trend for local authority outsourcing was the carve-out of Smile Together Dental CIC from Cornwall council control. Our advice in another deal demonstrates the ongoing appetite for large corporate acquisitions of SMEs without the need for new fundraising: the £17m sale of Simulation Systems to Costain PLC. For further information, please contact: James Finnegan, Partner Bishop Fleming Tel: 03333 219 000 James.finnegan@bishopfleming.co.uk

Q&A: Mid-market strongest performing sector By Mark Wesker, Osborne Clarke Are you expecting more deals and M&A activity going forward? The EU referendum and US presidential election have shown the danger of making predictions, but I would say that we’re cautiously optimistic about the future. In spite of the significant political events last year we saw a very good level of deal activity over 2016 as a whole, and our pipeline of transactions for 2017 is as strong as we’ve seen it for a few years.

may slow, our view is that we would expect investment in other areas to balance that out.

Underlying market fundamentals remain broadly unchanged and there is lots of money available for investment. This is true across pretty much all business sectors, and all different types of transactional work.

Major deals • Advising Intregral on its $330m acquisition by JLL

There is clearly some uncertainty around Brexit and the terms of our exit from the EU which can’t be ignored. But having said that, there will be winners and losers from Brexit, so whilst some areas of deal activity 14

Issue 17: January - March 2017

How would you assess 2016 looking back – what are the major deals that stood out? From a transactional perspective, 2016 was an incredibly busy year. The referendum result did cause some uncertainty in some areas over the summer, but performance in the second half remained strong overall in spite of this.

• Advising LDC and management on the acquisition of Ministry of Cake by Mademoiselle Desserts to create a €210m group • Advising the shareholders of IPL to Civica Group

• Advising listed Tribal Group plc on its £41m rights issue and sale of its Synergy business to Servelec Group plc • Advising Mubaloo on its acquisition by IPG Mediabrands Is there more activity at the top end of the market compared to SMEs? Is there a hesitation to come to market? Our experience is actually that the mid market (£20m - £300m) has been the strongest performing sector, and that has driven a lot of OC’s transactional work. Overall our experience is that businesses and business owners are confident in coming to the market. Brexit can’t be ignored but all businesses are going to have to become used to a period of uncertainty whilst the terms of exit are ironed out. Our experience to date has been that, for most sections of the market, it’s business as usual.

Business Leader - The magazine for business and enterprise

Corporate Finance:

IN SHORT Loungers: The Bristol based café bar chain was bought by Lion Capital in a deal worth £173m. The business was formed by long-standing friends Alex Reilley, Jake Bishop and Dave Reid and opened its first venue on North Street in the Bedminster in 2002.

Ministry of Cake:

Deals

Recent deals from around the region

Taunton based Ministry of Cake was sold to French company Mademoiselle Deserts. Bristol law firm Osborne Clarke advised the business on the deal.

Wain Group: At the end of December the Bristol based property developer acquired Manchester based HIMOR – a land and property firm.

Paul Morris

Oasis Dental Group: In a mega-deal healthcare giant BUPA bought the Bristol based Oasis Dental Care Group for £835m. Oasis was founded in 1996, and has expanded to become the UK’s number one provider of private dentistry.

Business Growth Fund - £150 million: The Business Growth Fund has passed £1 billion in committed investments to businesses across Britain, with £150 million of this going to firms in the South West.

David Abbott

Bishop Fleming chalk up new deal records

he Bath and Bristol corporate finance and tax teams at accountancy firm Bishop Fleming celebrated a big summer of deals in 2016, having advised on a “double digit” number of transactions worth more than £100m in total. Recent deals on which the teams have advised included: the £17m sale of Simulation Systems to Costain PLC; the acquisition of RDC by telecoms

business Solar Communications; the private investor backed buy out of whistle-blowing hotline provider, Expolink Europe; the sale of communications business Applicable Ltd to Arkadin SAS; the merger of financial business Moneywise with Fidelius; and the sale of personal financial advisory firm, Farleigh Group to Wealth at Work, backed by Equistone Private Equity.

Brunel PI: Brunel Professional Risks Ltd acquired Professional Indemnity Insurance Brokers Pinsure Ltd and PI4U Ltd at the end of 2016. Pinsure Ltd, Based in West Sussex was established in 2004 as a specialist PI Broker.

Moores Recycling Ltd: In November 2016 Moore (Holdings) Limited, owner of Moore’s Recycling Ltd, was sold to NG Holdings Ltd, owner of Grist Environmental.

Issue 17: January - March 2017

Nisbets Catering equipment supplier Nisbets bought Mitre Linen at the tail end of last year. Based in Merthyr Tydfil, Mitre Linen has been established for over 70 years and manufactures and supplies the hospitality industry with a range of linen products for all areas of the business. KPMG led on the deal.

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Bristol Audi

Lysander Road, Cribbs Causeway, Bristol, BS10 7FF Tel: 0117 958 1450 | www.monmotorsaudi.co.uk Official fuel consumption figures for the all-new Audi A5 Coupé range (including S5 Coupé) in mpg (l/100km) from: Urban 28.5 (9.9) - 60.1 (4.7), Extra Urban 47.1 (6.0) - 78.5 (3.6), Combined 38.2 (7.4) - 70.6 (4.0). C02 emissions: 170 - 105 g/km. Fuel consumption and C02 figures are obtained under standardised EU test conditions (Directive 93/116/EEC). This allows a direct comparison between different manufacturer models but may not represent the actual fuel consumption achieved in “real world” driving conditions. Optional wheels may affect emissions and fuel consumption figures. Fuel consumption and C02 figures correct at time of print [January 2017]. Image for illustration purposed only. More information is available on the Audi website at www.audi.co.uk and at www.dft.gov.uk/vca

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Issue 17: January - March 2017

Ones to Watch:

Britannia Windows

THE ONES TO WATCH SERIES IS SPONSORED BY GRANT THORNTON UK LLP One of the world's leading organisations of independent assurance, tax and advisory firms T: 0117 305 7600 | E: harry.walker@uk.gt.com | www.grantthornton.co.uk

On the acquisition trail:

How do you grow from £5 million to £25 million? T

o an outsider, taking over a family business may seem like an easy task – a successful operation handed from one generation to the next, smooth as you like. But the reality is much different, with pressure on the incumbent not to be the one that loses the family silver thanks to a string of bad decisions. Hayden Rushton joined the family business after being educated and working in Germany, working in every department before he became Managing Director. It wasn’t long into his tenure that the recession hit, but instead of re-trenching, Hayden saw an opportunity to grow the business dramatically. He explains: “When the recession hit, our industry became tougher and we were looking at alternatives to grow and we had the opportunity to buy a new business. The owner was at retirement age and it was a good deal, with easy integration for both parties. “This started the ball rolling and three months later we bought two more businesses and went on an aggressive period over three years, where we were buying a business every eight weeks.” Experience Hayden says that with every acquisition you gain experience and put procedures and systems in place; which in turn make it easier to strike bigger deals.

Issue 17: January - March 2017

He continues: “We bought Launa Windows during the recession and also ASG Home Improvements – which was a £7m company. By 2014 we had a situation where we’d grown from £5m to £25m and from 50 employees to 250. The company had completely changed.” To deal with this Hayden says that Britannia has focused more on consolidation in the last three years, putting systems and processes in place and building a strong senior management team. Lessons learnt So, what advice would Hayden give to business owners looking to grow through acquisition? He says: “It’s very important when you’re buying a company, that the person selling has a genuine reason for exit – like retirement for example. In this scenario, the staff and business will be more prepared and will likely have a plan for going forward, as the owner will typically be less involved. Furthermore, the staff will have a vested interest in ensuring the business is successful and will want to get behind the acquisition.”

SNAPSHOT Name: Hayden Rushton Age: 42 Job Title: Managing Director, Britannia Windows What you should know: Educated in Germany and an active investor

amount of money, such as arrears to HMRC and suppliers – also if there are residual issues with staff. But he says that due diligence and thoughtful planning will usually unearth any issues. Secrets to success The growth that Britannia Windows has achieved is noteworthy; and Hayden says that a key factor has been the firm’s prudent and Germanic approach, that focuses on the long-term and investing in core resources ahead of time.

Hayden also says that when he has acquired a new company he makes a conscious effort to respect the company name and brand.

He comments: “This is rare for a UK company, but our family has always done things for the long term, in an industry where the average life span of a company is eighteen months.

Regarding potential red flags to acquiring another business, Hayden says it’s important to look out for businesses where the owner exits and owes a substantial

“This allows us to be strong and respond to any financial volatility as we have a strong balance sheet and have invested in resource, people and systems.” n

Business Leader - The magazine for business and enterprise

Hayden Rushton

“It’s very important when you’re buying a company, that the person selling has a genuine reason for exit – like retirement for example.” Hayden Rushton

Independent Business:

Debate

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James Woollam (Right)

(L-R) Ed Le Masurier, Ned Dorbin & Patrick Lincoln

The Line-up James Woollam Managing Director, Hayes Parsons Ed Le Masurier Associate, ETP Property Paul Matthews Partner, Bruton Knowles Chris Worle Director Hargreaves Lansdown Rob Hall Founder, Wriggle Steve Preston Managing Director Heat Recruitment (L-R) Paul Matthews & David Westgate

James Hawkins

(L-R) Steve Preston, Ken Simpson & Robert Collier

Yvonne Flannery Chris Worle (Right)

Ken Simpson Business Relationship Manager, Bristol Pound Robert Collier Partner, VWV Ned Dorbin Investor, Business Growth Fund James Hawkins Managing Partner, Meade King Yvonne Flannery Marketing Director, Thatchers Cider Gary Sheppard Managing Director, Helm Construction Ltd David Westgate CEO, Andrews Property Group Patrick Lincoln Managing Director, Solution IP

Issue 17: January - March 2017

Business Leader - The magazine for business and enterprise

Independent Business:

Debate

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Independence Day. Speedboats take on the tankers

hat are the issues affecting privately owned, independent businesses? How do they scale? How do they compete against multinationals? BLM brought together an expert panel to answer the questions. WHAT ARE THE BENEFITS TO BEING AN INDEPENDENT IN A MARKET DOMINATED BY MULTI-NATIONALS? James Woollam: “It would be easy to find it scary, as in our market the insurance brokers are multi-national, so they are not just double our size but one hundred thousand times our size. This gives them immense buying power. “But what we’ve found is that if you are confident and independent it can be very exciting, as it provides a narrative with which you can hang everything around. “In addition, clients want things done yesterday, in today’s world, and being independent allows us to be agile and deliver quicker solutions. When we come up against bigger firms we can do something in days that would take them weeks.” Steve Preston: “It’s an advantage where you can make and implement decisions quickly in a business. I have worked in corporates before where there is lots of processes you need to go through. “In an organisation that is flat you don’t need to do that, and you can also keep your same levels of service, which is a huge benefit to customers.”

Rob Hall: “Independence is in our DNA, and our unique selling point is that we only work with other independent businesses; and making that decision has helped us to stand out in the market. “You get groupon or voucher cloud who will work with anyone, but there is quality associated with independent businesses and we’ve decided we’re going to grow on the back of this.” Ed Le Masurier: “In our sector, being privately owned has been an advantage. In the Bristol property market you have two ends of the spectrum – the big nationals and independents. Increasingly smaller firms have been bought up by the big guys – King Sturge by JLL for example, so you get a long-lasting brand that no longer exists.” DOES BEING PRIVATELY OWNED MEAN CUSTOMERS GET A BETTER SERVICE?

Does it mean a better service – often yes but not always.” NOT MANY PRIVATELY-OWNED BUSINESSES GET VERY LARGE IN BRISTOL – WHAT IS THE SECRET TO SCALING? Chris Worle: “It’s something we’ve achieved at Hargreaves Lansdown and it can happen again. It’s about growing steadily and with the city. It is interesting because we have remained quite a flat organisation and very dynamic; we are still based in one building. “I would say it is about great products and service first but also about remaining true to your culture and spirit.” Patrick Lincoln: “The question of scale is interesting as we’re looking at that now. We don’t want to lose that flexibility, but you get to a point where you need to be more structured and bring in people that are specialised in one area, rather than wearing lots of different hats.”

David Westgate: “From our point of view business is driven by customers wants, rather than a top-down “In our sector being corporate structure, so being more agile and privately owned has able to make decisions been an advantage. In quickly helps us a lot. “I am the CEO and I can decide something in five minutes and it doesn’t have to go through a whole chain of command, so being private and independent is good for business.

Business Leader - The magazine for business and enterprise

the Bristol property market, you have two ends of the spectrum the big nationals and independents.”

Ed Le Masurier

Ned Dorbin: “Businesses need to be more aware of bringing in outside help and the benefits of nonexecutive directors. “The best businesses we see across the west have the perfect mix of the founder bringing the ambition and energy, but this is being supplemented by outside skills. u

Issue 17: January - March 2017

Independent Business:

Debate

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“It is rare that you see a pure family business outlive themselves. “Seeing fewer big private businesses sell out to the nationals is also important because you’re more likely to be a role model to firms like Wriggle and provide a reference point.” ON THE SUBJECT OF SCALE – IS THERE SPACE FOR THE INDEPENDENTS TO GROW? Paul Matthews: “The reality is that large chunks of the city centre have either become student or residential accommodation and we’re driving out potential business space. The small suites aren’t available anymore and this has reduced supply. “There just hasn’t been much development over the last seven years. “There are small units on the periphery, in places like Yate, but not much else. Permitted Development Rights (PDR) has helped, but it is also land owners seeking the highest values for their land. “The ability to go to the second tier is difficult as many companies start off with a couple of thousand square feet but is there the room for them to take the next step, unless they go out of the city?” Robert Collier: “It is frustrating when you have large swathes of Bristol that haven’t been built on. You have the area behind the station that has been like this since 1993. Areas of Stokes Croft haven’t been developed.” Gary Sheppard: “Part of the solution is about the council trying to enforce some decisions as lots of this land is owned by private companies and individuals. We need to have some local legislation that makes sure these sites are used. “The second issue is infrastructure, if nothing is done it will stifle the growth of the city. “It’s too difficult to get in and out of the city centre to do business, and impossible to find office space around the four to six thousand square foot mark.” James Woollam: “If we continue to grow 22

Issue 17: January - March 2017

During the debate

and promote ourselves as Bristol based I have some concerns over whether Bristol could cope with this. Bristol is known as a place that you queue, and there are some big structural issues that the city needs to solve – and I’m not sure the council is able to do so.”

outskirts – but you have the infrastructure to get them in and out of the centre. We don’t have that in Bristol. “If it is done properly, the city centre can be where you work and you have a 360-catchment area for living.”

HOW DOES BRISTOL RANK AS A HOME James Hawkins: “Bristol is a great place FOR INDEPENDENT BUSINESSES? to start a business and Ken Simpson: “Bristol one of the innovation centres of the UK, is a hotbed for “If we continue to grow independent firms and but we fail at the next exciting start-ups – you level of scale. The real and promote ourselves problem is that firms only have to look at as Bristol based I have want to grow but are firms like Pieminister, some concerns over Boston Tea Party and driven to the outskirts of Las Iguanas. Food Bristol, where cheaper whether Bristol could seems to be the thing. housing is; and unless cope with this. Bristol is we make it affordable to But we’ve also got some live and work in Bristol known as a place that cracking digital and technology firms too.” we will have students you queue and there and restaurants and are some big structural bars but not much else.” Steve Preston: “If you take London though, not many people live in the centre – they live on the

issues that the city needs to solve.”

James Woollam

Business Leader - The magazine for business and enterprise

Independent Business:

Debate

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WHAT IS THE FIRST IMPRESSION OF THE CITY FOR PEOPLE MOVING TO WORK IN BRISTOL? Gareth Raisbeck: “The firm I have joined is well-established in Bristol and has been able to open lots of doors and explain things to me. But I’ve been surprised by how difficult it was to enter the Bristol market. “If you know individuals, you can open doors but it is difficult to initially do so. But once you do there is a huge amount of money and enterprise here. I didn’t realise what a powerhouse Bristol was when I was living in Cardiff and the Midlands.” HOW CAN SMALLER FIRMS BE HELPED TO WIN LARGER CONTRACTS WITH THE COUNCIL? Ken Simpson: “Bristol City Council has a target of using 25 per cent of their annual spend (£82m) with small, local firms. This a is big lump of money that is available to

small businesses and they want to grow this.

bigger names, but it takes a lot to convince them to change.

“There is an opportunity here; as given the pressure on spending and the requirement to save around £90m, there has maybe never been a better opportunity for independent firms to win local authority contracts.

“They don’t want to take the risk of moving away from a recognised brand; and local authorities stick with the big providers because nobody wants to put their head on the block”

“The tendering process has been simplified too; and If you can save them money they are going to be receptive to it.” Patrick Lincoln: “A challenge for small firms though is gaining the trust of councils and consumers; because they might not like the

Gary Sheppard: “Council tenders are onerous and too difficult. Councils still have a short-term view and they say they want to support local firms but in reality, they don’t. There is an abundance of local firms in Bristol that can help with infrastructure but the council doesn’t use them.” n

“A challenge for small firms though is gaining the trust of councils and consumers because they might not like the bigger names but it takes a lot to convince them to change.” Patrick Lincoln

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Issue 17: January - March 2017

Property & Construction

House-building

Why are we not building

more homes in the UK? By Leon Fear, The Fear Group

t’s a widely-reported fact that not enough houses are being built in Britain and this has been the case for decades.

Each government has blamed the previous for a lack of focus in this area, but the net effect is that housing shortages are causing hikes in property prices in many areas and at the worst end of the spectrum, homelessness. This includes children being homeless which is an absolute scandal in 2017 in such an advanced economy. According to government figures, in the quarter to September 2016, new housebuilding starts were 6% higher over the previous three months and around 10% higher than last year.

Despite some signs of positive momentum, last year saw approximately 140,000 new homes built in Britain which is around half that is required for real demand to be met and suitable housing to be made available at all levels to a growing population. But why aren’t we able to build the houses we need? Local and national planning policy is often cited as an issue by not allowing more homes to be built but unfortunately it isn’t that simple. Developers are sometimes blamed for land banking and releasing houses slowly to the market to keep up demand but in my opinion this is largely untrue because the

“Despite some signs of positive momentum, last year saw approximately 140,000 new homes built in Britain which is around half that is required for real demand to be met and suitable housing to be made available at all levels to a growing population.”

Issue 17: January - March 2017

demand is there so why would any business hold something back from sale if there are waiting buyers? It’s also worth bearing in mind that only around 7% of the UK is built on. That includes housing, shops, schools, hospitals, motorways and railways, and all infrastructure, leaving well over 90% as open land! 25% of that consists of arable farmland and more than 10% being woodland. The rest is natural land, not the built up, concreted over myth many believe it to be. In fact, the actual ‘built’ area is even less than 7% when you take in to account open spaces and gardens in what are considered built up areas. The countryside is extremely important to maintain however and in many cases, should be protected as there are acres and acres of brownfield (previously developed) land in both urban and rural situations which should be prioritised for development in my view, as should land within a proximity to railway stations and public transport.

Business Leader - The magazine for business and enterprise

Property & Construction

House-building GOVERNMENT TARGETS:

Are modular homes the answer?

here has been talk in the property industry for many years about finding more efficient ways of constructing housing in the UK, and one thing that has been largely overlooked and which could help speed up housing delivery, is off-site construction methods.

Target:

Outside of the UK in the rest of Europe, modular homes have become widespread, and in some locations, have provided an answer to quicker build times, tighter cost controls for developers and sustainable use of materials, as well as cost-effective homes for the end user. 

Modular homes, as they are sometimes referred to, have had some bad press over the years and perhaps haven’t been taken seriously enough by the industry or the market generally, until recently. There has been the idea and general feeling that building homes off site, and assembling them on site, could mean the use of substandard materials and bad build quality, when the opposite can be the case if tight factory controls are put in place; because building in a controlled environment creates consistency and speed that the construction industry traditionally lacks.

GOVERNMENT SET A TARGET OF BUILDING 240,000 HOMES IN 2016 Reality:

AROUND 120,000 WERE ACTUALLY BUILT Reasons:

• PLANNING • LAND-BANKING • SKILLS

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Issue 17: January - March 2017

Property & Construction

House-building

(L-R) Mel Clinton & Mike Fox

Could 2017 be the year? Lee Hawker Redrow Homes COMMENT:

Why are we not building more homes?

rom the early 1950s to the early 1980s the UK built between 200,000 and 300,000 new homes pa. Now it is around 150,000. And, it’s not just about numbers – quality is important too. For example, the average new home in the UK is about 76m2 compared to 116m2 in the Netherlands, a country with a higher density of population. Why is this? The planning system has tended to be the main target for blame. In some respects, this is justified. It is vital that we plan for sufficient homes at the local level. We also need to recapture the role of planning as a bold and positive tool for change. This requires infrastructure, particularly good public transport, to support new homes in compact settlements and the acceptance of growth by communities. Diversity of supply Diversity of supply is also key. Currently the major house-builders shoulder the main burden with the number of small builders having declined significantly. Local authority housebuilding also declined dramatically in the early 1980s. Since then, public money has increasingly gone towards housing benefit rather than bricks and mortar.

he announcement of a £2.3bn housing infrastructure fund last Autumn, together with the Help to Buy scheme and unlocking of a number of brownfield sites, are particularly helpful measures. The supply of land for housing is improving, with many local authorities taking a more proactive approach in their areas by identifying the number of homes needed to meet current and future demand, and drawing up plans to meet this need. In Bristol for example, mayor Marvin Rees is arguing for more planning powers to be taken away from Westminster and put in local hands. He wants the city council to forge closer links with developers, to work together to deliver more affordable housing, and has promised to revisit the city’s local planning policies. Enabling quicker and easier planning permission now appears to be a priority. 2017 could be the year This gives me hope that 2017 could be the first year since 2008 that the UK

builds 200,000 new homes. Whether this will be enough to meet the government’s ambitious target of two million new homes by 2020 remains to be seen. In Bristol, Redrow South West is hoping to build about 500 new homes in the coming year, with many on brownfield sites, including Abode Bedminster and Frenchay Park. Approximately 25% of all homes sold in the region will be affordable. But it takes time for the impact of government measures to be felt, and in 2016 the UK yet again fell well below the ambitious housebuilding target of 240,000. The reasons for this are more complex than many people suggest. Politicians often blame us Politicians often blame us, the housing developers, claiming we are not building fast enough or in sufficient numbers. But housing developers are restricted in what can be built by many other factors. Red tape and lack of planning resource in local authority departments remains the number one barrier to bringing more homes to the market. Tight land use planning laws stifle development and are often strictest in areas where people want to live. 

Change and innovation appears to be happening, but we’ve a long way to go, and need to maintain focus to harness the resources and expertise of the private, public and community sectors.  26

Issue 17: January - March 2017

Business Leader - The magazine for business and enterprise

Property & Construction

House-building

Inefficient planning process to blame, not land banking David Powell Osborne Clarke

n her landmark review of housing supply in 2004, economist Kate Barker successfully debunked one of the great myths around this subject – that of developers deliberately delaying or sitting on developments for financial gain, so-called ‘land banking’. She correctly identified that this accusation was often used as a means of deflecting

criticism from one of the real reasons for our inadequate housing supply – our inefficient planning process. The planning system holds back our economy in many ways, but with regard to housebuilding, it has slowed the process down to a crawl. It now takes several months, even years, to get an application through. This is exacerbated by a lack of resources and often poor morale at local authority level, with planning departments struggling under immense pressure. Another factor behind the lack of homes is simply the lack of house-builders. Over the years there have been a number of takeovers and mergers in the sector, and we have not seen sufficient new entrants coming into the market, due to the difficulty of obtaining finance. The result is that the number of top tier developers has dwindled in recent decades

to just three – Taylor Wimpey, Persimmon and Barratt – with another select group in the tier below, including the likes of Bovis, Linden, Redrow and Bloor. Of course there are also the housing associations. Many are doing a great job, but the simple fact is that they too are not building enough homes. The same goes for local authorities – why shouldn’t they be allowed to ease the shortage by building council houses again? So what are the long-term solutions to the crisis? We need to see more people being trained in relevant skills and going into construction, and for developers to look at more creative off-site construction possibilities. There needs to be a reduction in the amount of bureaucracy in the planning system, and in my view – if we are truly serious about fixing the problem – the complete removal of planning from a political system which is characterised by a constantly changing cast of elected representatives who are often hostage to the pressures of ‘nimbyism.’ n

How will our working lives look in 2030? A seismic shift in how and where we work will take place by 2030. Simon Peacock, head of the Bristol office of JLL, comments: “It is only a matter of time before we see a wave of change within the workplace in Bristol and the South West as great strides are made in the advancement of smart technology and the Internet of Things. “Our interaction with augmented and virtual reality devices – without the need for an interface – is likely to rise, with the potential for this technology to shape your day, prompting you to go to meetings and adapting the environment within

which you work to boost productivity. “Workers will be increasingly freed from their desks, process-driven tasks will become automated and we expect to see smaller core workforces working with a pool of freelancers. However, there is no doubt that these changes will bring big challenges, both for workers and their employers.” Meanwhile, employers will need to work hard to attract and retain top talent by providing high spec core workspaces and focusing on employee wellbeing and experience. 

Business Leader - The magazine for business and enterprise

Issue 17: January - March 2017

Review:

Industrial Strategy

Could this be the industrial strategy that sticks? BLM hears from business leaders following Theresa May’s industrial strategy plans

he Prime Minister Theresa May unveiled her plans for the UK’s industrial strategy recently.

The plan is designed to boost the UK economy post-brexit, and comes at a time when leaders in the South West are mapping out the region’s very own industrial strategy. Stephen Robertson, Chair of the West of England Local Enterprise Partnership He comments: “This will form the basis of our formal response to Government, setting out the strengths of the West of England economy. “We are already an ambitious and productive region. Our task now is to build on our strengths and provide sustainable and inclusive economic growth into the future, making the most of the opportunities the industrial strategy presents.”

Stephen says the West of England LEPs refreshed strategy will respond to the industrial strategy, setting out how the economy can continue to grow. Terry Scuoler, CEO of EEF He comments: “Today’s announcement sends a strong signal that industry’s calls for a modern, comprehensive and robust industrial strategy have not fallen on deaf ears. “The right industrial strategy will provide the springboard for future British economic success. It must live up to the promise of driving different behaviours and outcomes for the British economy; which requires the whole of Government working together to support it, with clear leadership from the Prime Minister and her Cabinet. “The fact that the PM has unveiled these plans herself suggests that this message

Stephen Robertson

Terry Scuoler

Phil Smith

WOE LEP

EEF

Business West

Issue 17: January - March 2017

too has successfully landed.” Phil Smith, Managing Director of Business West He comments: “Industrial strategies have come and gone over the years, and few have really had any lasting effect because they have lacked support from the government. “However, the latest announced today by the Prime Minister at her first cabinet meeting outside London – in Warrington – seems to have, at its heart, perhaps the greatest challenge we have in UK industry – the lack of skills development. “Greg Clark, the Business Minister, talks of a new emphasis on vocational skills for non-graduates in the strategy. This is absolutely right. Our young people need to know all options available to them and the job potential linked to each option. “For some, university is a good option, but it is not good enough to leave university with a degree alone. At graduation students also need to have tangible skills to put in front of an employer. Our surveys show businesses constantly calling for this.” n

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News

Are UK manufacturers positive for the year ahead? This year’s annual Executive Survey from EEF, the manufacturers’ organisation, reveals UK manufacturers expect 2017 to be another year of risks but are gearing up to hit its challenges head-on. While almost half of companies (46%) see more risks than opportunities in the year ahead, the sector is far from apprehensive. Instead, UK manufacturing is striding into

2017 with firms focused on delivering ambitious growth plans and feeling positive about productivity, employment, investment and sales for the year ahead The same cannot be said of broader conditions, however. While a quarter of firms (25%) expect UK economic conditions to improve, these are outpaced by those steeling themselves for a decline (47%). The view is similar when it comes to global economic conditions too, where 24% anticipate improvement and 36% predict deterioration during 2017. This more pessimistic outlook does not taint manufacturers’ views of their own future performance, though, with many still expecting to pack a punch. In the year ahead, an impressive 56% of firms expect to increase their productivity, while half (50%) expect to boost UK sales. There is also good news on the export front, where over four in ten firms expect to see improvements in

Historic pier secures long-term future with refinanceing package Weston-super-Mare’s famous Grand Pier has secured its longterm future thanks to a refinancing package.

They invested millions of pounds in refurbishments, only to see the pavilion destroyed by fire just a few months later.

The historic pier, one of the South West’s most prominent leisure attractions, has obtained a sevenfigure refinancing package with NatWest.

More than 100 people are employed at the Pier.

The move will safeguard more than 50 full-time and 100 seasonal jobs. The Grand Pier, originally built in 1904, was purchased by the Michael family in February 2008. 30

Issue 17: January - March 2017

volumes – 43% in non-EU and 41% in EU exports. Permanent employees and investment levels also look set to be stepping in the right direction this year. These predictions are not empty pipe dreams either – they are firmly grounded in manufacturers’ business plans and growth strategies. Despite, or perhaps because of, the unpredictable economic conditions, firms remain focused on long-term and broadbased actions. Their priorities and direction of travel is very clear – 56% intend to increase productivity through process innovations, while half (50%) aim to increase investment in technology and innovation. As well as looking towards 4IR (the 4th industrial revolution) over four in ten (44%) will be working with suppliers and customers to ensure supply chain flexibility. Other areas where strong efforts will be made include diversifying into new export markets (41%), brand and marketing (40%) and commercialising new technology and product developments (39%).

Michelle Michael MBE

Director Michelle Michael comments: “Since purchasing the pier in 2008, we have been steadfast in our commitment to restoring the site to its former glory and shaping the pier into a modern attraction that appeals to locals and visitors alike.”

Business Leader - The magazine for business and enterprise

Independent Business:

Comment

WHEN INSURANCE RISKS NEED SPECIALIST COVER

Insurance needs can become more complex if policyholders don’t fully appreciate their potential risk exposure.

Ryan Legge

Insurance needs can become more complex if policyholders don’t fully appreciate their potential risk exposure. The Life Science industry in Bristol is booming but specialist life science cover is not something that many organisations understand. ‘What is it,’ many might say. ‘I’m covered with my other insurances.’ Which raises the question – are you absolutely sure? Precision engineering is an industry that will always be in demand, due to the sheer number of increasingly small components that are required by all manner of businesses these days. The world of medicine especially has expanded from the scalpel to micro machine parts. Companies that engineer components for life science firms can cover a wide range of devices and parts, from those required for pacemakers to the parts required to construct orthopaedic implants – and that’s just the start. Unexpected changes These engineered components can look mundane, even ordinary – which is where problems arise. They might not be immediately identified as medical in nature and a manufacturing company needs to realise that there may be a potential exposure to life science risks based on the end use of the parts they are producing.

To take an example, a precision engineer makes complex metal components normally for machinery or robotics. However they also make a similar component for use in an orthopaedic implant. From their point of view the risks are very similar in that they are both metal parts made to a high quality specification. Their initial take on the risks involved might be one of mechanical failure. But what happens if that failure occurs once the end product containing the component has been implanted into a patient? Now the risk exposure is more complex. Informing your insurance provider Product liability exposure expands exponentially after products are implanted into patients and, as a result, companies need to inform their broker of the details of their activities – specifically the end use of their product. Perhaps you’ve always made the same type of product but never considered the potential risks associated with its end use. Or perhaps you’ve recently changed from precision engineering to medical implants. What could appear as a small change in activity on a mechanical level, could have huge implications on the level of specialist cover you now need. The need for communication Potential liability must be properly understood, both by you and your insurance

Business Leader - The magazine for business and enterprise

provider. If it’s not, there is a danger that any future claim could be repudiated. Identifying risks is a complex process but one which is absolutely essential in order to procure the correct level of cover for your business. Clear communication of both the manufacturing process and the potential end use of the product is key to getting the protection you need. Hayes Parsons Insurance Brokers is proud to be one of the remaining independent brokers in Bristol. We have been ensuring our clients have suitable insurance cover in place for over 50 years, from life science to any commercial or personal insurance requirement. If you have any queries or wish to discuss your risks in more detail, please feel free to get in touch with Ryan.

0117 929 9381 enquiries@hayesparsons.co.uk

www.hayesparsons.co.uk Issue 17: January - March 2017

Look Ahead:

2017

What does 2017 have in store for the

South West economy? What are you looking forward to most in 2017? Louise Mitchell, Chief Executive of Bristol Music Trust: “It’s a very exciting year ahead for Colston Hall. We will be celebrating the Hall’s 150th anniversary in September. This not only marks a century and a half of great arts, culture and music – from the Beatles to David Bowie and Elton John – it also marks an exciting future, with the Hall’s £45m transformation looming closer.”

Ian Gorham CEO Hargreaves Lansdown “A change to regulation so we can more easily help people make investment decisions without them having to pay for full financial advice. The current system makes it unnecessarily difficult to give people a bit of free help when they broadly know what they want to achieve and just want a little bit of guidance.”

Gareth Williams Founder Yellow Dog “The thing I’m most looking forward to in 2017 is beating Google. Again. And smashing our first £2m sales.”

Olly Culverhouse Managing Director Signable

David Graves Creative Director at GWS Robotics

“One change we would love to see is more businesses making full use of technology available, to make things easier for its customers (and we’re not just talking about electronic signatures here, although that would be great for us!). It can really be frustrating as a customer when a business doesn’t make it easy for you, especially when other companies are, or you know the technology is available!”

“They say that madness is doing the same things and expecting different results. We can never afford to stand still in the online arena, and things are also developing very quickly in areas such as robotics, voice technology and new web trends. “We always have to keep in the front of our minds the fact that what we are doing today may not be what we will be doing tomorrow. Robots will change everything – though maybe not this year!” Paul Brown Managing Director, Mail Handling International “Bristol International Balloon Fiesta – it brings together our business, family and the city. Mail Handling International has been proud to support something that has grown from humble 32

Issue 17: January - March 2017

What would you like to see change in 2017?

beginnings of a few hardworking enthusiasts to become Europe’s largest free public event. “On a purely commercial level, we are looking forward to some currency stability that will help our exporting clients to reach customers in the far-flung corners of the globe sustainably! 2016 was a year of turmoil, but 2017 is truly a year for opportunity grounded on 20 years of Postal market experience.” Business Leader - The magazine for business and enterprise

Look Ahead:

2017

What concerns you most in the year ahead? Steve Chant Managing Director of Ikon Construction “The lack of skilled construction workers is slowing growth in the sector, which has a knock-on effect on the economy as we struggle to hit government targets for newbuild housing. After Brexit, it will be even harder to find the employees that were once easier to take on. “We need to see positive change in 2017 in the construction industry. If we are to see an end to the housing crisis, the government needs to set a new skills strategy. We’d like to see local government empowered to create jobs and apprenticeships.” Rob Vivian CEO of Pure Comms “My biggest concern is the uncertainty that Brexit is causing; we just need to get on with it now. But to me there appears to be a certain amount of apathy on the part of our politicians to see it through. “My biggest fear is the ‘shocks’ that the media will cause to our economy. We are still suffering from the currency devaluation and prices are rising across the board. The

media seem to enjoy the confrontational drama of it all and I really don’t think that helps. It will translate to a lack of confidence and we may see our economy shrinking.” David Graves Creative Director at GWS Robotics “Aside from Brexit, our main concerns are over how Bristol will develop over the next few years. The current standstill on the Arena project, which should be bringing extra money and visitors into the city, is disappointing. “The lack of affordable housing seems to be a major issue as more and more people migrate into the city. It is now leading people to look for affordable homes over the border in Wales. It’s in no-one’s interests for Bristol to become an unaffordable place to live.” Paul Randall Founder of Rainbow Zebra “Brexit and the triggering of Article 50 cannot be ignored, and this is bound to have an impact on the overall economy. Having said that, I think businesses will continue to invest in high calibre staff, and on the back of that,

Business Leader - The magazine for business and enterprise

they will be looking for high quality but great value office furniture. “I also think customer service levels will need to be kept very high as the market place becomes ever more competitive.” Ian Gorham CEO Hargreaves Lansdown “Investor confidence is low, yet the stock markets are at record highs. That’s very unusual and doesn’t quite make sense. People don’t like uncertainty, so the sooner we know what Brexit will look like the better.” Karen Banfield Contact Centre Director at Echo Managed Services “We’re fortunate that given most of our business is within the UK, we are relatively shielded from the macroeconomic issues that surround the likes of Brexit and the US election. That said, should the economy dip, and interest rates rise, consumer confidence will be affected and this could impact the outsourcing market.”

Issue 17: January - March 2017

Business Leader in Focus:

Donna Whitehead

UWE’s new Law Building situated in Filton, Bristol

Open Bionics prosthetic hand

Members of the Open Bionics team

When it comes to Brexit there is a danger we’ve sent out the wrong message completed a bachelor and post-graduate degree in Law. I worked at Sunderland University as a lecturer and enjoyed the environment. I was one of the first of my family to go to university. “I spent ten years there and became head of the law department but wanted to work much closer with a wider range of businesses, so I went to work at the University of Glamorgan as head of its law, accounting and finance department. Donna Whitehead

or its latest Business Leader In Focus interview, BLM met with Donna Whitehead, Pro-Vice Chancellor at UWE Bristol, to find out more about her background and plans at the university. Can you tell readers about your background? “I am from the North East of England and

Issue 17: January - March 2017

“I became a deputy dean and then had opportunity to move over to UWE, which is very exciting as I felt ready for the dean position.” How is UWE connecting with businesses? “We’re committed to producing work-ready and able graduates, so not just teaching people from dusty textbooks and articles. That means that we must work with businesses for the benefit of the students and the regional economy.

“We do this by offering training, consultancy, short courses and placement students. Businesses can also benefit from research and collaboration, and developing ideas. UWE has expertise in a range of areas but most notably in leadership and change, in finance and economics and in law.” You have recently opened a legal clinic? “Yes, law students opened a legal clinic for SMEs. They can come in and receive free legal advice, which is under the supervision of staff who are qualified solicitors. “Osborne Clarke and Gregg Latchams provide support and our plan is to extend this so it is a business clinic, where they can access things like tax advice and other services, marketing and HR advice. “We also have our £56m new business building and Future Space – which is our onsite enterprise hub.”

Business Leader - The magazine for business and enterprise

Business Leader in Focus: How are you ensuring students are work ready? “We work closely with businesses to ensure our curriculum and courses are right for them and we have a range of advisory boards with notable business leaders on it, who help to shape our curriculum. “They get into the detail of these courses and tell us where the gaps are and how they can be better tailored to business and industry. We ensure that all of our students graduate as enterprising. They will be problem solvers, risk takers and creative thinkers.” Is collaboration between business and eduction happening faster in Bristol than other areas? “Yes, I think it is – it feels like there is a real buzz around start-ups and SMEs, and it feels joined up, with everybody working together. Of course, competition is good, but it doesn’t feel too competitive; but more collaborative with a very strong eco-system that can only benefit SMEs.”

Donna Whitehead How is Brexit impacting on funding and the university in general? “It’s tricky as nobody really knows the answer yet, but staff and students come to UWE from all over the world; and we’re committed to ensuring our students graduate as global citizens and learn with and from, people from all over the world. Our number one concern when it comes to Brexit is that as a country we’ve sent out the wrong message and one that isn’t inclusive and forward-looking.” And in regards to funding? “We are hearing lots of anecdotal feedback that European partners aren’t keen to work with us because we will be exiting the European Union; but in terms of statistics, only six per cent of our research income comes from Europe and around six per cent of our students come from within the EU. However, currently our applications are up by 10%, including from the EU, compared to being down in the UK by about 6% so we must be getting something right in this region. ” 

HOW TO

Transform yourself into an amazing leader Chris Atkinson Elysian Training

y experience of working in leadership development for more than 15 years has shown me that our instincts are often misleading; and your leadership behaviours are most likely NOT happening to the extent you believe. The simplicity of the concepts like these below is their greatest risk because they tempt you into thinking “yes, I’m sure I do that!” You must make a conscious and systematic effort to sustain the behaviours over time so that they ultimately become part of your corporate or team culture.

Reach Robotic’s MekaMon robot

Open Bionics Ultimaker 3D printers

Open Bionics prosthetic hand being tested

Business Leader - The magazine for business and enterprise

Ten tips to turn yourself into an amazing leader 1. Be crystal clear on what constitutes leadership activities (don’t confuse with management) 2. Schedule leadership time daily as you would any appointment 3. Show humility, become a lifelong learner 4. Show vulnerability 5. Ask for feedback regularly 6. Be direct and fearless in your conversations 7. Get to know the person behind the function 8. Adapt and shape the role to the individual’s strengths/weaknesses 9. Delegate results not tasks 10. Become a better coach Issue 17: January - March 2017

News

Celebrating 10 years of growth and success

T Just under half a million workers are paid less than the Living Wage Some 484,000 people in the South West are paid less than the Living Wage, according to new estimates published by KPMG. This is the equivalent of 22 per cent of employees in the region. Figures are slightly down on 2015, however, when 23 per cent of employees earned less than the Living Wage. In the UK as a whole, 5.6 million people, or 22 per cent of all employees, earn less than the Living Wage. The total number of people in the UK earning below the Living Wage was broadly stable in 2016, but remains 1.1 million higher than four years ago. The proportion of employees earning less than the Living Wage has also risen

steadily over this period, from 19 percent in 2012 to 22 percent in 2016. Ian Brokenshire, Senior Partner for KPMG in the South West, said: “Previously many businesses worried that increased wages hit their bottom line, but there is ample evidence to suggest the opposite. By paying the Living Wage we have seen improved staff morale, a rise in service standards, improved retention of staff and increased productivity. “It is clear that it may not be possible or practical for everyone, but all organisations need to do what they can to address the problem of low pay. Of course, change cannot happen instantly, but making an initial assessment is an important first step.”

his month marks the 10 year anniversary of local business communications company Solution IP.

10 years has seen the rapid growth from a small start-up business operating solely in Bristol, to a well-established and respected company installing systems and providing tailored solutions both nationally and internationally for medium to large organisations. Founder and Managing Director Patrick Lincoln has led the growth of Solution IP through this impressive journey. From a small office with space for two people, Solution IP started from humble beginnings. Recognising the market opportunity of a fibre evolution and the need for a local company offering a personalised service, Patrick left university to fully focus on his business ambitions. With a determined focus on customer service and an excellent team of committed staff; Patrick has continued to drive the company forwards in the face of a national economic downturn. Patrick commented “Our people are our biggest asset. They are at the heart of everything we do and it’s what our customers value the most; knowledgeable,

Employee buys into firm following its continued success A key member of a Bath based firm that advises businesses on how to achieve growth has bought part of the firm. Richard Tidswell is one of half a dozen successful individual franchisees to invest in Business Doctors – a support network dedicated to helping small and medium sized businesses fulfil their potential. He now becomes a regional director covering the South West and owns a share of ten per cent of the business with the other new members.

Issue 17: January - March 2017

Richard, who is based in Queens Square, comments: “I never wanted to be operating just at arm’s length but wanted to be more actively involved with the founders of Business Doctors – discussing ideas and having greater influence in how the business and services develop. “I will also help drive recruitment to the firm, supporting the regional team and will act as a main point of contact with key stakeholders, including business organisations such as the Chambers of Commerce and the Local Enterprise Partnerships.”

Richard Tidswell

Business Leader - The magazine for business and enterprise

News professional people who they trust they can rely on. We have always focused on people development. “Today Solution IP have a wide range of clients from a variety of industries. They are proud to include some of South West’s most prestigious firms including Barcan & Kirby, Hydrock, Independent Vetcare, Albert Goodman and Curtis Banks to name a few. “Over the last three years Solution IP have continually received recognition from the industry in the form of both Comms business awards and Comms national awards. A proud achievement for the

“Our people are our biggest asset. They are at the heart of everything we do and it’s what are customers value the most; knowledgeable, professional people who they trust they can rely on.”

Patrick Lincoln - MD, Solution IP

company when competing against some of the largest technology businesses in the UK. “With the recent additions of some new management staff, the planned office relocation in Bristol, the expansion of the recently formed Southampton office, 2017 looks to be another exciting year for this growing Bristol business.”

Patrick added “working alongside some of Bristol’s best companies and helping them in their growth is our real passion. Traditionally these companies normally only worked with big national providers. It’s great they now believe a local independent company provides them with a much better service’.” 

Offering an excellent environment for your business to thrive in • • • • • • • • • • • •

12 fully furnished office suites Suites ranging from 1 desk to 12 Fibre-optic internet Professional uniformed receptionists Business centre team Telephone and voicemail answering service Fully-fitted shared kitchen, tea and coffee provided On-site parking, covered bicycle parking Maintenance Mail Handling Meeting rooms to rent by the hour, half and full day Virtual Office Services

For more information or to arrange a tour of our facilities, call us on

0117 332 0900 E: info@newworldbusinesscentre.co.uk

At New World Business Centre, we strive to go beyond expectations & create a quality working environment! www.newworldbusinesscentre.co.uk Business Leader - The magazine for business and enterprise

Issue 17: January - March 2017

Agenda

What do employees moan about the most?

he average employee spends the equivalent of more than six working days a year complaining about their boss, a study commissioned by recruitment organisation RSG has found. A poll of 2,000 office workers found more than six in ten regularly have a moan about their manager to other colleagues during lunchbreaks, on social media or even while sat at their desks. But these little moans add up to a total of an hour and five minutes of each working week spent grumbling about their boss – the equivalent of almost six-and-a-half working days each year. This means the average worker is effectively

being paid £678 a year to complain about their boss. Women most likely to moan And it’s women who are most likely to have a moan, with 68 per cent admitting to doing this compared to just 57 per cent of men.

One in five workers even admitted to spending the equivalent of at least one hour every day feeling unhappy with their boss. Despite this, 62 per cent say they try and avoid getting dragged into it whenever someone is complaining at work.

They don’t always get away with it though, with almost one in five workers getting caught slagging off their boss – with an unlucky one in twenty being overheard by the person they were complaining about.

But worryingly for employers, half of their workers moan about their manager while at their desk, with another 14 per cent using instant messages or Skype to discuss their gripes with friends and colleagues.

Researchers also revealed the average worker complains or talks about their boss to another person once a day, and has negative thoughts about their manager another eight times a week.

More than one in ten emails their fellow workers, with one in twenty letting off steam on their social media profile Less than three in ten save their complaints for their break time. Moaning culture The study also found three quarters believe there is a ‘moaning culture’ in their workplace, especially if a certain member of staff or manager is in. And 71 per cent say you only need one person to be moaning about the job or their boss for it to bring everyone else’s mood down as well. But more than three quarters reckon they would be far more productive if there was less grumbling going on around them 

News

Tech giant oracle teams up with SET squared SET squared, global No.1 university business incubator, has announced it will be working with tech giant Oracle on its newly launched Oracle Startup Cloud Accelerator (OSCA). Oracle is already engaged with Bristol’s tech ecosystem by supporting University of Bristol students and providing its cloud infrastructure to SET squared’s 38

Issue 17: January - March 2017

Monika Radclyffe

startups, including Yellow Dog and Interactive Scientific. By launching OSCA, Oracle will be able to deliver a structured acceleration programme to group of high growth companies in Bristol. Similar programmes have already been launched in Bangalore and Tel Aviv. Business Leader - The magazine for business and enterprise

IT Support

Cloud Services

Web Design

Security

Communication

What IT security issues will businesses face in 2017

By Chris Pottrell - Managing Director, Nebula IT

In 2016 there were many high profile data breaches that hit the headlines. Household names like LinkedIn, Dropbox and Cisco were among those affected. In September, it was revealed that a hacker had stolen details from at least 500 million Yahoo email accounts two years previously! It’s clear that working out how to keep your data secure is going to be a priority when deciding this year’s IT and business strategies. Keeping on top of traditional dangers It’s important to understand that your business data is susceptible to being compromised by a third party in many different ways. These include familiar vulnerabilities like weak passwords, leaving a laptop in a public place and even social engineering to convince a staff member to give up a password. Opportunities and threats in the cloud Offering powerful storage solutions, access,

flexibility, and productivity, cloud services like Microsoft Office 365 and the Xero accounting platform are rightly becoming ever more popular. But cloud technology comes with dangers too. It’s vital that you fully understand where and how your data is stored and who has access to it. As with data stored within your office space, there are ways of detecting if somebody is accessing or trying to access something in the cloud that they should not be. More complicated is when a bad person exploiting your data uses the account details of a bona fide employee. Solutions we will see in 2017 This year, we at Nebula are expecting more and more businesses to put extra security in place. Some of this security will be to detect and protect against already understood attacks.

Business Leader - The magazine for business and enterprise

But we also expect to see the latest techniques in machine learning and behavioural analytics being applied to uncover abnormal activity and identify advanced persistent threats. This will allow swift action to be taken to protect data. Controlling the threats to your business data is just one of the IT challenges that businesses face in the coming year. With emerging technologies designed to help your businesses flourish, there are many positives to consider too. Stay on top of all these threats and opportunities and let IT help your business flourish in 2017.

www.nebulait.co.uk Issue 17: January - March 2017

Skills & Millennials:

Debate

SPONSORED BY BRIDGWATER & TAUNTON COLLEGE OFFERING A COMPREHENSIVE RANGE OF EDUCATION AND TRAINING OPPORTUNITIES T: 01278 455 464 | E: info@bridgwater.ac.uk | W: www.bridgwater.ac.uk

What impact are millennials having

on your business? WHAT IS THE APPRENTICESHIP LEVY?

n spring 2017 the way the government funds apprenticeships in England is changing. Some employers will be required to contribute to a new apprenticeship levy, and there will be changes to the funding for apprenticeship training for all employers. The apprenticeship levy is being introduced on 6 April 2017. The levy requires all employers operating in the UK, with a pay bill over £3 million each year, to invest in apprenticeships.

ARE YOU SEEING MORE BUSINESSES EMPLOYING APPRENTICES? Matt Tudor: “We have seen a huge growth in apprenticeships since 2012. We have gone from placing 700 in that year to two thousand this year. There has been a real shift in young people’s attitudes towards apprenticeships; and a shift in the attitude of parents towards apprenticeships as a legitimate alternative to an academic route.” WHAT IMPACT DO YOU SEE THE APPRENTICESHIP LEVY HAVING? Matt Tudor: “The levy is not just about new entrants but an opportunity to re-train existing members of staff; and I think that is quite exciting as it means your accidental leader, that is suddenly running a team of four or five, can enrol on a level four leadership apprenticeship. “It’s also encouraging to see how some sectors, such as care and accountancy, have embraced the levy and have set new strong standards, whereas some sectors such as construction are lagging behind.

Issue 17: January - March 2017

“The message to industry is that you can start your apprenticeship now and have it funded under the old methodology, or you can wait and go from April 1st.” WILL THE INTRODUCTION OF THE LEVY BE A POSITIVE THING FOR BUSINESS? Dominic Merlin-Cone: “It depends on who you ask. Our firm thinks it will be, as it gives us an opportunity to re-look at how we recruit apprentices and it creates an opportunity for us to work with other accountancy firms to introduce a standard. “We’re looking to shift the balance more towards school leaver level to address issues around the talent pool and lack of numbers. “The levy is good for us but it does represent an administrative and cost impact for many of our customers, who have yet to be fully persuaded.” Chris Steel: “The challenge is not for those that will be paying the levy, but engaging the SME business community using it.

“The levy will help to encourage this further.” SO HOW CAN SME BUSINESSES BE ENGAGED AROUND THE LEVY? Neil Way: “Part of my agenda with the WOE LEP is to try and do exactly that. At Jeff Way Electrical we’ve employed apprentices for a long time so we know all about it, and we have the infrastructure; but if you speak to SMEs that isn’t the case, and they need extra support.

“If you spoke to most SMEs – they just don’t have the knowledge and resources or time of day as they can’t see the “We have seen a benefit of it; and they are huge growth in too busy running their businesses. apprenticeships since

2012. We have gone from placing 700 in that year to two thousand this year. There has been a real shift in young people’s attitudes towards apprenticeships.”

“So what we’re trying to do is create a framework where they can get that help and assistance, and part of that challenge is changing the thinking of an SME from seeing an apprenticeship as an investment and not a cost.”

Phil Stott: “There are resources out there for businesses but it’s a bit of a mess and not joined up at all – so if you’re an SME it’s difficult to know where to go for information; and what they need is a guiding hand through this. Matt Tudor

“How do you engage the 90 per cent of SME’s who have their head stuck in the sand and think they’ll be able to carry on as they are? “One thing I am pleased about is that colleges seem to be embracing the lifelong learning model where bright people in a business can go on and get a degree and much more.

“SMEs feel this is a tax and a pain – and even pre-levy, the moment the bad times hit companies pull back on the skills investment. That is the issue – you need to see this as an investment in the future.” u

Business Leader - The magazine for business and enterprise

Skills & Millennials:

Debate

SPONSORED BY BRIDGWATER & TAUNTON COLLEGE OFFERING A COMPREHENSIVE RANGE OF EDUCATION AND TRAINING OPPORTUNITIES T: 01278 455 464 | E: info@bridgwater.ac.uk | W: www.bridgwater.ac.uk

During the debate

Matt Tudor (Right)

The Line-up Steve Ashworth Chairman of WOE LEP, Smith & Williamson Chris Steel MD, Avon Valley Precision Engineering Craig Davidge Managing Director, Rosemont Partnership Matt Hiddelson Director, Food Anstey Alison Kerr Partner, Albert Goodman

Helen Hawkins

Liz Cheaney Director of HR, PFK Francis Clark Julia Young Post 16 Advisor, Somerset County Council Neil Way Managing Director, Jeff Way Electrical Doug Bamsey Corporate Director, Sedgemoor County Council

Neil Way Liz Cheaney

Steve Ashworth Chris Steel

Dominic Merlin-Cone Employer Solutions Tax Team, Grant Thornton Matt Tudor Director of Business Development, Bridgwater & Taunton College Phil Stott Project Director, Get Set for Growth Helen Hawkins Sales & Marketing Manager, Outpost Ltd Business Leader - The magazine for business and enterprise

Issue 17: January - March 2017

Skills & Millennials:

Debate

SPONSORED BY BRIDGWATER & TAUNTON COLLEGE OFFERING A COMPREHENSIVE RANGE OF EDUCATION AND TRAINING OPPORTUNITIES T: 01278 455 464 | E: info@bridgwater.ac.uk | W: www.bridgwater.ac.uk

WHAT HAS THE EXPERIENCE BEEN FOR SMES THAT DO EMPLOY APPRENTICES? Craig Davidge: “We’re a ‘SME’ business and we employ apprentices and we’ve had quite a bit of success out of it. “We’re proof that it can work for smaller firms. What is interesting is that as a search consultancy we are being called in for jobs that are dropping down into middle management and the talent pool is shrinking. Which means that top of the agenda for many businesses is improving your own talent, which will be good for apprenticeships. “I would also say that the apprenticeship is almost the wrong word – it could do with a re-brand because traditionally it is always seen as the joiner or chippy but it is more evolved than that. It is also an option for people in their 40’s and 50’s who may want to re-train.” Matt Tudor: “A re-brand could be a good idea as we’re certainly not shouting about apprenticeships enough. There is huge confusion around SMEs and the levy as they won’t actually be paying it; and if they do take on an apprentice they get government funding and colleges will help them with most of the administration and ensuring the apprentices are competent in English and Maths. “Government chuck up a website and expect people to look at it. It’s incumbent on us to educate.”

Liz Cheaney: “My concern is on the administrative change that is set to happen. We invest big six figure sums in professional development and soft skills from carefully selected providers. This works well and then suddenly we have an agenda being driven by somebody else where we need to look at other providers and programmes.” DOES THE FOOD AND DRINK SECTOR EMBRACE APPRENTICESHIPS? Steve Ashworth: “The food and drink sector struggle to bring in apprentices and recruit generally, as it’s not seen as a profession to go into. “There also isn’t an appreciation that food and drink means the Yeo Valleys of this world and encompasses engineering and other areas. This will hopefully change with the building of the innovation centre.

Doug Bamsey

HOW ARE BUSINESSES ADAPTING TO THE REQUIREMENTS OF MILLENNIALS? Matt Tudor: “We have learnt that it is important not to hire them as you were hired when you were 17 as they are motivated in hugely different ways. It’s also imperative to not switch off Facebook/Twitter etc. as they often need to access it to thrive. “They also want to be part of a business that is like a family and work for one that has a clear moral purpose.

Issue 17: January - March 2017

Phil Stott: “We work with SME businesses and micro-businesses too, and if there is one thing we could sell to them it would be how millennials can benefit them in relation to social media, as their approach to it is light-years ahead of anybody else. But there is a disconnect between young people and the people running companies, that they can help each other.”

“EDF do a good job of this and go into schools to inspire kids at eleven and twelve as well as eighteen. Primary schools need to do more to encourage business thinking.”

“Another concern is that businesses can’t get apprentices out to where they operate due to them often being rural locations that are hard to reach. There is often no bus or train route, so infrastructure needs to be tackled too.”

During the debate

pre-disposed to have multiple careers.”

“There is also the understanding that they will be in a career for a very long time so they’re sometimes not keen to start too quickly; and

Matthew Hiddleson: “There is a disconnect between businesses being run by generation x and employing generation y and it’s a growing issue. Young people are the digital natives, they are always connected and often people running businesses aren’t comfortable embracing this.”

Doug Bamsey: “It is also about inspiration and aspiration as you can’t count on a career for life anymore. Businesses need to change the message to young people. “EDF do a good job of this and go into schools to inspire kids at eleven and twelve as well as eighteen. Primary schools need to do more to encourage business thinking.” Neil Way: “But do schools really care though? As they’re not assessed in line with how many people become apprentices but instead how many people go to university. We’re based in Knowle, where there are high levels of unemployment, but schools never approach us. “You think they’d be biting our hands off, but it’s all about going to college and then university, as this is another statistic for them.” Craig Davidge: “It’s also worth noting that 80 per cent of millennials want to run their own business one day and this is a huge change to how things used to be. If you get five or more years out of an employee these day’s you’ve done a good job.” 

Business Leader - The magazine for business and enterprise

www.btc.ac.uk

APPRENTICESHIP REFORMS AFFECTING YOUR BUSINESS! The team will consult with you and help you to understand what the reforms mean for your business – they won’t necessarily cost you more! Bridgwater & Taunton College’s combination of expert knowledge of funding and awarding body requirements, academic and pedagogic expertise and positive employer partnerships means we are extremely well-placed Bridgwater & to provide solutions Taunton College for your business will find the to ensure the new Apprenticeship reforms contribute reform solutions to your growth and for your business. bottom line.

Matt Tudor, Director of Business Development & Marketing

At Bridgwater & Taunton College we can add value to the Apprenticeship programmes delivered by us, by supporting you with

implementing processes in paying and accessing the Apprenticeship Levy and in using the new Digital Apprenticeship System (DAS). We can also work with you to develop new Apprenticeship New standards, so we Apprenticeship are delivering Standards – Apprenticeship Apprenticeship programmes written programmes and owned by written by you and groups of employers for employers in your employers! industry. To find out more about the Apprenticeship reforms and how Bridgwater & Taunton College Business Development team can support your business, call us on 01278 655111, or email business@bridgwater.ac.uk

The Government is committed to achieving 3 million Apprenticeship starts by 2020. The Apprenticeship Development team at Bridgwater & Taunton College is also committed in contributing to this goal. The recent merger between Bridgwater and Somerset Colleges, herald exciting times for skills training and Apprenticeships in the South West, and the Apprenticeship Apprenticeship Development team reforms needn’t cost your business will find solutions for employers, regarding more. Let the imminent Bridgwater & Apprenticeship Taunton College reforms which will show you how! affect their business.

The Business Development team will support your business.

Bridgwater & Taunton College, Bath Road, Bridgwater, TA6 4PZ 01278 655111 business@bridgwater.ac.uk

Case study: Pension schemes restructure

ltimate Finance introduced a new pension scheme for all employees across various business units, at the same time they gave employees the opportunity to make pension contributions through salary sacrifice enabling both employees and Ultimate Finance to make National Insurance (NI) savings. “We have taken massive strides from a multiple pension structure to one where our staff benefit from improved terms and have better awareness of their pension situation. It also enables Ultimate Finance to benefit from reduced administration and eligible (NI) savings”. Phil Kingston, Finance Manager The problem Ultimate Finance was operating three pension schemes across four group companies’ which was causing additional and unnecessary administration, taking up costly management time and meant employees were not benefiting from economies of scale with regards to pension scheme charges. The company was keen to streamline their pension offering and, at the same time, ensure employees understood and valued the pension provision offered by Ultimate Finance. Furthermore, Ultimate Finance was not making use of pension salary exchange.

The solution Aon Employee Benefits (Aon) conducted a market review in Q3 2016 and recommended a new group pension provider with: a low annual management charge for employees, a modern default investment fund to cater for increased flexibility at retirement and the introduction of pension salary sacrifice to maximise (NI) savings for the company and its employees. The launch was supported through an employee communication exercise and voluntary on-site seminars which were attended by over 125 employees across two main sites. Employees have access to Aon’s pension telephone and email helpdesk with further financial education seminars planned for 2017. The new pension provider gives employees access to an engaging website offering people up to date information on their pension account, with the ability to manage their contributions and investments. Employees also benefit from an improved understanding on their financial situation at retirement, through an online ‘calculator’.

The result • The savings made by the introduction of pension salary exchange meant this project was cost neutral for Ultimate Finance •

Ultimate Finance saves management time and associated costs with the operation of their pension schemes

•

The company has a coordinated pension strategy across group companies

•

Employees benefit from lower charges on their pension funds

•

Employees better understand and appreciate Ultimate Finance’s pension provision

Isn’t it time

you started working with Business Leader? You may be interested to know that in 2017 Business Leader Magazine has a packed events schedule, working with businesses and organisations from multiple sectors. Here are just some of the brands we’ve partnered with for 2017

Call 0117 325 7779 today to find out more 44

Issue 17: January - March 2017

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PureComms Around the clock IT & Telecoms solutions to suit your business

• Delivering creative, custom solutions for all your communication and telecom challenges • Award-winning company with strong presence across the South West • A team of technical experts in all areas of telecommunications • Impeccable credentials and an impressive client base • Outstanding growth year-on-year, with the company doubling in size in 2015 • Based in a quirky office with employees encouraged to be part of something special • Being happy to be very, very, good at what we do

Review: Brexit

So, we’re leaving the single market? Business Leaders react to Theresa May’s Brexit speech

here is caution amongst business leaders to comment on anything ‘Brexit’ related, as what happens today will invariably change again tomorrow. But Theresa May’s first major speech outlining her plans for the UK following the historic vote on June 23rd was pivotal. It was then followed by government losing its battle in the Supreme Court, meaning that Parliament will now get to vote on the UK’s leaving of the European Union. In the wide-ranging speech, Prime Minister Teresa May said the UK “cannot possibly” remain within the European single market, as staying in it would mean “not leaving the EU at all.”

in Parliament on the final Brexit deal was expected and will likely have limited impact in practice.”

Here is what two business leaders from across the West had to say.

Matt Griffith, Business West’s Policy Director

Mats Persson, EY’s head of international trade

He comments: “Theresa May set out in her speech quite clearly that the UK is leaving the Single Market.

He comments: “Businesses will welcome the additional clarity about the Government’s negotiation priorities. As expected, Theresa May announced that Britain will leave both the single market and the EU’s external trade tariff. “Three elements of the speech stand out: first, hints that the UK is willing to walk away from the negotiations in the absence of a satisfactory deal. Secondly, the clear preference for interim arrangements, which will be welcomed by the business community. Finally, the ambition to achieve a bespoke arrangement on customs, to limit disruption to trade. “On the other hand, despite some market excitement, the commitment to have a vote 46

Issue 17: January - March 2017

“She also said the UK will seek the fullest possible access to the single market through a Free Trade Agreement (FTA). “Leaving the Single Market most obviously means we leave a common set of regulatory standards. We will go from a situation where the default assumption from Europe is that UK exporters comply with all EU regulation, to a default assumption from Europe that UK exporters don’t comply with EU regulation.” “For companies this means they will have to prove they comply – not just to EU regulations, but to new UK regulations too. Will there be ways that this is made easier, via some kind of mechanisms for joint recognition?

“If we reject ECJ oversight completely, how can the EU trust us and our exporters to be telling the truth? How will this work in the medium and long term as our standards start to diverge? How will this not put individual firms at a competitive disadvantage when accessing the EU market? “It is hard not to see leaving the Single Market as throwing up a host of barriers to trade in the short term, and we had few immediate answers as to how UK exporters are going to be expected to navigate these. “A bigger step would be leaving the EU Customs Union. This would give us greater flexibility to strike new trade deals, but mean we were out of the EU’s common external tariff, and companies would have to potentially pay customs duties and fill in plenty of customs paperwork, including things like rules of origin. “This will be a big change from paperwork free trade, and UK exporters will need help preparing for it. Again, it potentially puts UK businesses at a competitive disadvantage in pan EU supply chains and markets.” n

Business Leader - The magazine for business and enterprise

Pension Investment

Consolidating the Pension Pot

What you need to consider to ensure you don’t lose out. By Tom Buss, Kellands (Bristol) Limited Have you ever considered moving and consolidating your pension to another scheme or provider? There are a whole host of reasons why people might want to do this before they reach retirement. Some are looking for better fund performance, lower charges or better death benefits; others are simply changing jobs.

scheme simply because you want to cut all links with an old employer. LOOKING FOR BETTER PERFORMANCE: Some people opt to consolidate their pension because they are in an underperforming scheme delivering poor – or non-existent – returns. If your scheme is performing poorly, you may well want to move your money elsewhere. But once again you need to ask yourself whether you are prepared to invest your pension pot in higher risk funds to potentially obtain a better return. If you are approaching retirement age, you need to think particularly carefully before making such a decision.

Most schemes will allow you to move your pension pot to another pension scheme, which could be a new employer’s workplace pension scheme, a personal pension scheme, a self-invested personal pension (SIPP) or a stakeholder pension (SHP) scheme. You don’t have to decide straight away – you can generally do this at any time up to a year before the date that you are expected to start drawing retirement benefits. In some cases, it’s also possible to move to a new pension provider after you have started to draw retirement benefits. MOVING TO A NEW EMPLOYER: When you leave one job to move to another one you are treated as having left the workplace pension scheme, but you do not lose the benefits you have accrued. At this stage, you may decide that you want to consolidate your pot to the scheme offered by your new workplace. But if you are thinking about doing this, it is important to do it for financial – and not emotional – reasons. It’s crucial that you don’t move your pension pot out of a first-rate

IT’S GOOD TO TALK:

No guarantees are provided regarding the performance of any new scheme and/or any underlying investment funds/solutions. As such, there is no guarantee equal or higher returns will be achieved when compared to your existing arrangement(s). SEEKING OUT LOWER CHARGES: You may want to consolidate your pension because your scheme comes with punitive charges which eat into your returns, leaving you with less money in retirement. ACCESSING A WIDER RANGE OF FUNDS: At the same time, consolidating your pension may sound like a good option if you want to gain access to a wider range of funds than those offered by your current scheme.

WANTING TO CONSOLIDATE SEVERAL PENSIONS As people change jobs more frequently during their working life, they often accumulate a number of small pensions along the way. It can be hard keeping track of schemes, and difficult to really know how much your total retirement is worth. For this reason, some savers may want to clean up their finances by consolidating their pensions into one pot. THINK BEFORE MAKING THE SWITCH: You need to be careful before moving your pension pot out of certain schemes – including public sector schemes – as these offer extremely generous benefits which can be hard to replicate elsewhere. Equally, if you are thinking about moving your pension to another provider, you must check that the benefits are not outweighed by any exit penalties and entry charges. PROFESSIONAL FINANCIAL ADVICE: If you’re a member of a defined benefits pension scheme and the value of your benefits is more than £30,000, you will need to take professional, expert financial advice to ensure that the value you are offered is in your best interests – you may be giving up guaranteed pension benefits, especially if you’re moving your pension pot to a defined contribution pension scheme.

BETTER DEATH BENEFITS: If you feel the death benefits on offer with your current scheme do not match up to those offered by more modern schemes, you may want to consolidate your pension to a different scheme. You might, for example, want to move your money into a scheme that allows one of your relatives to inherit your pension when you die, rather than simply spouses or dependents. The same might apply if you are not married to your long-term partner but want them to inherit your pension once you’re gone.

www.kelland-bristol.com

To discuss your situation and the options available to you, please contact Kellands on 0117 900 4000– we look forward to hearing from you.

Kellands (Bristol) Limited, Quays Office Park, Conference Avenue, Portishead, Bristol, BS20 7LZ is regulated by the Financial Conduct Authority . A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension fund benefits available. Your pension income could also be affected by interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation ad regulation, which are subject to change in the future.

Business Leader - The magazine for business and enterprise

Issue 17: January - March 2017

Apprenticeships & Skills:

Survey

What do businesses want from apprenticeships?

kills are always a hot topic for businesses, and Weston College frequently hears from employers who are struggling to grow, due to issues surrounding recruitment and skills gaps.

In conjunction with Business Leader Magazine, Weston College carried out a survey – asking businesses to give their thoughts on apprenticeships and any changes they may like to see.

77% PLANNING TO GROW

ONLY

BUT

74%

FEEL THEY HAVE THE RIGHT SKILLS

77% respondents to this survey said they are planning to grow their market share in 2017, but worryingly only 74% feel they have the right skills in the business to do so. Other potential barriers to business growth were attracting talent, funding & investment, and premises capacity. One way that the government is helping businesses overcome skills shortages is by trying to increase apprenticeship activity. Apprenticeships are work-based training programmes which offer a flexible way for businesses to recruit new staff and offer a clear progression pathway and developmental opportunity for their existing workforce. 2017 will bring an exciting year for apprenticeships as new standards and qualifications are introduced, offering employers even more choice and control over the delivery. Only 62% of businesses are aware of the upcoming changes to apprenticeships, which include the apprenticeship levy, additional funding and the creation of digital accounts for employers.

annual payroll of over £3m, committing them to pay 0.5% of their payroll bill into an online account. Employers who won’t be paying the levy will still be affected by the reforms, as accessing and paying for apprenticeships will be digitalised, and a contribution of 10% is a requirement. Weston College offers various support services to employers who want to maximise their return on investment and are looking to grow their workforce using apprenticeships. We are funding reform experts and can deliver workshops and presentations to employers and our Levy Solutions Service provides extra support for those who will be paying the levy.

working all the way up to Level 5, which is equivalent to a foundation degree. In most cases, the apprenticeship can be delivered entirely in the workplace. This survey proves that apprenticeships are worth the investment as 95% of employers said that employing an apprentice added value to their business. Our team would be delighted to support your business in understanding and making the most of the reforms. Please call us on 01934 411 594 or email apprenticeships@weston. ac.uk to find out more.

At Weston College, your employees can benefit from progression using apprenticeships, starting at Level 2 and BUSINESSES AWARE OF CHANGES TO APPRENTICESHIPS

62% AWARE

38%

NOT AWARE

The levy will only affect businesses with an 48

Issue 17: January - March 2017

Business Leader - The magazine for business and enterprise

Employment

So hungover I’ve called in sick again! Great time last night!

Problems within the team? As an employer, it’s inevitable that – at some point – you’ll need advice from an employment law specialist.

Naturally many clients come to us with an immediate issue, such as an employee dispute, the threat of a tribunal or because they’re considering redundancies. If this is you and you need help quickly, we offer practical, professional and workable

solutions that protect you, your interests and your business in tricky legal situations. Or, keep us on hand to provide ongoing support to your business. By working in partnership with our clients, we get to know what’s important to you – enabling us

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CLIFTON 199a Whiteladies Rd, Bristol BS8 2SB

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QUEEN SQUARE 49/50 Queen Sq, Bristol BS1 4LW

THORNBURY 36 High St, Thornbury BS35 2AJ

0117 325 2929

info@barcankirby.co.uk

This firm is authorised and regulated by the Solicitors Regulation Authority. No: 568743.

to tailor our help and advice to the needs of your business. So if you’re looking for commercially-sound, insightful advice to help you make informed choices about your business, talk to us. Call us on 0117 325 2929 or visit our website.

www.barcankirby.co.uk

@barcankirby

THEY SPENT MOST OF THEIR MARKETING BUDGET ON ATTENDING EVENTS

BUSINESS LEADERS IN THE SOUTH WEST

85%

I HAVE A £25K

ALMOST

ANNUAL BUDGET FOR EXHIBITING AT SHOWS OF WHICH 91.66% OF PEOPLE SURVEYED REPLIED

www.clipdisplay.com

STATED THEY ATTEND UP TO 10 SHOWS A YEAR

WHAT TYPE OF STANDS DO YOU USE? CUSTOM BUILD STANDS

25%

SELF BUILD MODULAR STANDS

SHELL SCHEME STANDS

58.33% 16.66%

8.34% STATED THAT THEY SPEND OVER

75%

£75K

OF RESPONDENTS SAID THEY ARE CONSIDERING EXHIBITING AT MORE RELEVANT TRADE SHOWS

FOR SHOWS EVERY YEAR

The strength of exhibitions By Paul Runacres, Clip Exhibition & Display A recent survey carried out throughout the South West confirmed that exhibitions remain a significant and vital part of companies marketing budgets. With more and more companies choosing to exhibit, Business Leader Magazine has teamed up with Clip Exhibition and Display to run a four-part guide to outline how to maximise your ROI from an exhibition. Clip is Europe’s leading supplier of exhibition stands and display products, building a wealth of experience over their 35-year history. The survey carried out at the end of 2016 produced even more positive results regarding the current position of exhibitions in company marketing plans than expected. From 16,000 business leaders in the South West who were questioned, the headline results were; •

Almost 85% stated they attend up to 10 shows per year.

•

75% said that they were considering exhibiting at more shows in 2017.

•

42% said that they spend most of their marketing budget on attending shows.

Issue 17: January - March 2017

Head of Sales & Marketing at Clip Exhibition and Display, Paul Runacres commented on the results; “The results were incredibly encouraging for our industry, but also for marketing as a whole. Despite the changing marketing environment that we now operate in, and with a perceived negative backdrop of the economy by some, the results prove that business leaders in the South West are still getting out in front of potential clients and doing business face to face. How encouraging. Exhibitions have been around for years but there is still simply no substitute for seeing a product in the flesh. You can’t feel the quality of a product through an email or video. By touching and feeling a product, its’ quality speaks for itself without any smoke and mirror effects that can be delivered online. Exhibitions ensure that seeing really is believing. “It’s not just about showing off products though, as a huge number of service companies get great return from attending exhibitions. Whatever a product may deliver, and regardless of the promises that are made about it, the single biggest motivator

for people looking to choose a new supplier remains the trust in that company and the people you’re working with to deliver for you. The most direct and easiest way to build trust with a potential client is by dealing with them in person. Exhibitions remain the only marketing solution where potential clients physically come to see your company, come onto your stand space and give you the opportunity to show them how your product or service and staff can add real value to their company. That’s why exhibitions remain so exciting and so relevant.” Over the coming three editions of Business Leader magazine, Paul Runacres will outline the following vital areas to consider to maximise your ROI from an exhibition; •

How to set your stand KPI’s and to measure ROI.

•

How to write an exhibition stand brief.

•

How to staff your exhibition stand.

Business Leader - The magazine for business and enterprise

Final Word

Subscribe to Business Leader today Dear reader, Thank you for your continued support of Business Leader Magazine, we hope you have enjoyed receiving your free copy. To continue receiving the magazine from April 2017, or to request additional copies for your office, you can now order 12 months subscription (4 editions) for a small annual fee of £40*. What do you need to do?

Simply call our subscription team on 0117 325 7779 or visit: businessleader.uk.com/subscribe Subscription includes postage and exclusive invitation to selected business events.

*This offer is available for a limited period only.

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Business The region’s number 1 business magazine leader - The magazine for business and enterprise

Issue 17: January - March 2017

To work together with Business Leader magazine call 0117 325 7779 Business Leader - The magazine for business and enterprise

Extending Jordans services to Asia Jordans (Hong Kong) Limited Gateway to Asia

Jordans Corporate Law: a legal team built around you A bespoke legal service that gives you just the right amount of legal support. Whether you are a professional seeking assurance and an expert eye in a specialist area or a company looking for direct and understandable advice and assistance, you can count on a flexible service, informed options and, most importantly, price certainty. • Corporate compliance and governance • Directors’ training • Shareholder agreements • Mergers, acquisitions and disposals • Group re-organisations including capital reductions and demergers To find out more about how we can help, contact: Debbie Farman on 0117 918 1221 Email: DFarman@jordanscorporatelaw.com Or Simon Bates on 0117 918 1210 Email: SBates@jordanscorporatelaw.com Authorised and regulated by the Solicitors Regulation Authority. No. 605152

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