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EDITORIAL Simon Angear - Editor E: simon.angear@businessleader.co.uk Barney Cotton - Digital Editor E: barney.cotton@businessleader.co.uk
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Business Leader targets North after office expansion
Business Leader’s ambitious growth plans have seen its parent company sign the lease on a second office building – as well as begin hunting for its first premises in the North of England. The Ascot Group – which comprises Purplex Marketing and Insight Data, as well as Business Leader – this month took possession of a new office block adjacent to its main headquarters. The move comes after the company enjoyed major growth in 2019; its 70-strong team has outgrown its former base and will now be split across the two sites. ‘Ascot Two’ will house 30 extra desk spaces, a conference/training cenre and a new boardroom. This in turn will free up space at HQ for a new tech, media and marketing hub, featuring a studio to record video content and podcasts. With plans to triple the size of the business in the next three years, expand the events team and launch several new ventures, projects and businesses, additional office space was vital – however, further steps in the growth journey are already in the pipeline.
Challenger bank N26 to quit UK due to Brexit
European challenger bank N26 will close accounts for UK customers on April 15. The bank is blaming difficulties created by the ongoing Brexit process. N26 began offering current accounts in the UK after the EU referendum in 2016, and currently has more than 200,000 users in the UK. However, the bank said that the ‘timing
2 and framework’ of the Brexit Withdrawal Agreement made it impossible to continue. Thomas Grosse, Chief Banking Officer at N26 said: “While we respect the political decision that has been taken, it means that N26 will be unable to serve our customers in the UK and will have to leave the market.”
Ascot Group CEO, Andrew Scott
Andrew Scott, CEO of Ascot Group, explained: “We have exciting plans to create a global media, marketing and tech business and our second home will help us build that. “We have employed a huge number of people in the last two years and Ascot Two will allow us to expand Purplex, Insight and Business Leader and continue our upward trajectory. It will help us develop our team skills further and attract the very best marketing, media and tech people. “And, after our successful opening in Bristol and London, Business Leader Magazine will now build on its presence in the Midlands and North by opening a dedicated office and recruiting an editorial and commercial team ‘on patch’. “The new office and team will spearhead a new era as we expand our editorial coverage and launch several major events to inform, connect and inspire entrepreneurs in the region.”
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Start of construction at HS2’s London super-hub moves a step closer
Former Dragons’ Den star takes Venture Partner role at White Horse Capital
HS2 Ltd has unveiled updated designs for Old Oak Common Station, following a submission to the Old Oak and Park Royal Development Corporation (OPDC).
The station in West London will provide a world-class interchange for an estimated 250,000 passengers each day and will be a gateway into Old Oak and Park Royal, one of the largest regeneration sites in the UK. The station design development has been led by engineering professional services consultancy WSP, and architects WilkinsonEyre.
The new HS2 station will incorporate passenger and retail facilities, and
4 will provide direct interchange with conventional rail services through eight conventional train platforms, to be served by the Elizabeth Line (Crossrail), taking passengers to Heathrow and Central London, and trains to Wales and the West of England. Matthew Botelle, HS2’s Stations Director, said: “Significant progress is already being made at Old Oak Common with site clearance ready for station construction to start. HS2 will transform Old Oak Common, and will be the key to unlocking thousands of new jobs and homes around what will be the UK’s best-connected transport hub.”
Renowned entrepreneur and former TV Dragon Piers Linney has been named as a Venture Partner with tech investment firm White Horse Capital. Linney is an entrepreneur and investor with a professional background in the City in both law and investment banking, and spent two years on the BBC TV show Dragons’ Den from 2013-15. White Horse Capital (WHC) has announced Linney is joining its team as a Venture Partner, and will also act as ScaleUp Entrepreneur-in-Residence for the ScaleUp Accelerator programme, which is jointly operated by WHC and The Accelerator Network. Linney said: “Access to finance is key to growth and success and I am looking forward to working with the team to build on their success to connect more technology entrepreneurs looking to raise series A rounds of funding with the growing list of investors that recognise UK talent and the potential of our high-growth businesses.” Linney is also one of the independent judges for the 2020 Amazon ScaleUp Awards by Business Leader.
Oxford VR announces successful £10m funding round
A firm which is using virtual reality (VR) technology to transform mental health care for millions has announced a successful £10m funding round.
Oxford VR is leading the application of VR in behavioural health and builds on 20 years of research at the Department of Psychiatry at Oxford University.
The firm’s tech offers high-quality therapy via VR, easing issues of access and cost for users. Optum Ventures Principal Ash Patel said: “Oxford VR has taken a technology-led approach to create evidence-based solutions that will make treatment more accessible to patients who need it. We believe Oxford VR’s solutions will benefit those who need access to high-quality, effective cognitive behavioural therapy.” Oxford VR claimed the award for Best Use Of VR/AR at the 2019 Go:Tech Awards, run by Business Leader.
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Major new film studio will invest £500m per year in UK economy
Blackhall Studios has announced an agreement with the University of Reading for Blackhall to develop the largest purpose-built film studio and digital creative hub complex in the UK. A new state-of-the-art film studio, incorporating extensive purpose-built digital production facilities, represents the first UK investment for one of the leading US studios, based in Atlanta, Georgia. Blackhall Studios has already produced some worldwide successes, including current box office hit, Jumanji: The Next Level. Located west of London on the outskirts of Reading, the new studios are ideally located to make the most of the creative corridor being developed through Thames Valley. It is set to employ up to 3,000 people, including 1,500 directly on-site and contribute over £500m per year to the economy. Ryan Millsap, Chairman and CEO of Blackhall, said: “We are excited to be establishing a base in the UK. Blackhall is the global standard for entertainment production space and our US-based clients like Disney, Universal and Sony are all asking us to expand into the UK to meet their desire to create productions here.”
Podcast Host and Newable Avitus Business Development Director Morgan Pierstorff
America Made Easy? New podcast helps SMEs streamline US expansion
Opportunities abound for ambitious British businesses eyeing a US expansion. America is the largest consumer market in the world with over 265 million consumers. Its £16.8tn economy accounts for a quarter of the world’s GDP and is eight times larger than the UK (even California’s economy is bigger). Much has been written about the ‘special relationship’ between the UK and the US, but any UK company that’s tackled the American market will tell you there are plenty of obstacles along the way. With scale comes complexity and America is far more complex from a regulatory, tax and even cultural perspective than most UK business owners realise. Rather than learning the hard way, UK SMEs would be wise to consider how best to route their US expansion and seek help along the way. The America Made Easy Podcast helps SMEs tackle the complexity of setting up and growing their business in the American market. In season one, the podcast, produced by the transatlantic joint venture Newable Avitus, will be exploring the operational elements of scaling your business in the American market, speaking with experts on topics ranging from culture to tax to talent as it seeks to help SMEs map and execute a successful US expansion strategy. If you are leading or are part of a team responsible for executing a US expansion, regardless of whether you are at square one or have been in the US market for years… if you have wished you could test your business in the US market before fully investing, the America Made Easy Podcast can help you streamline your operations and growth. For more information and to subscribe to ensure you never miss an episode, visit: https:// newable.co.uk/advice/americamade-easy/
Huawei set for key role in UK’s 5G networks
Controversial Chinese tech giant Huawei has been selected by the UK government to be used in its future 5G networks. However, it was also revealed that Huawei will be given restricted access, despite constant pressure from the US to block the company from entering the UK 5G market over data security risks. Huawei will only be allowed to account for 35% of the kit in the UK’s network, which includes radio masts. The firm will also not be allowed to be near a military base. The government confirmed kit from Huawei will be banned from the ‘sensitive’ core of future UK 5G and gigabit-capable fixed broadband ISP networks. However, non-core 5G kit (antennas, street cabinets, etc) will be allowed. Victor Zhang, Vice-President of Huawei, commented on the announcement: “Huawei is reassured by the UK government’s confirmation that we can continue working with our customers to keep the 5G roll-out on track.”
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Britain’s jobs boom continues as wages rise
The UK jobs market continues to boom, as the first set of employment figures since leaving the EU show the number in work has reached a new record high. The figures from the Office for National Statistics saw the unemployment rate remain at its lowest since 1974, while the number of UK nationals in employment grew by over 2.3 million since 2010 to reach just over 29 million. The total number in work climbed to just below 33 million. The number of ethnic minority workers reached a record high, while there are a further 1.4 million more disabled people in work than in 2013, with more than 16,000 employers signed up to the Disability Confident Scheme. Employment has risen in every region and nation of the UK since 2010, and in the wake of the government’s newly-announced transport funding, jobseekers and commuters will be better connected to places of opportunity.
Minister for Employment, Mims Davies, said: “As we embark on a new chapter as an independent nation outside the EU, we do so with a record-breaking jobs market and business confidence on the rise. “With wages still outpacing inflation, UK workers can expect their money to go further as we look ahead to a decade of renewal. The upcoming Budget will steer us on that course, further driving our levelling up agenda – so we can all share in the country’s prosperity.”
Kumho UK welcomes new Managing Director
HqO raises £26.2m in Series B funding round
HqO, the tenant experience (TeX) platform for commercial real estate, has announced that it has raised £26.2m in Series B financing to power the company’s continued growth. HqO will use this capital to expand its technology, double its engineering team, and grow sales and business operations to accelerate national and international expansion. The funding round was led by Insight Partners and included the participation of previous investors Accomplice, Navitas Capital, Pritzker Group Venture Capital, and JLL Spark. HqO’s technology is currently used in properties in more than a dozen markets in the United States and United Kingdom. HqO CEO Chase Garbarino said: “HqO has become a true platform that offers tenants and landlords a seamless experience by integrating with the full stack of building technologies across mobility, property management, retail and community categories.”
8 Kumho Tyre UK has announced the appointment of a new Managing Director. He is Keon Park, who has held a variety of senior roles within the Kumho group since joining in 1995. Keon Park succeeds Myong Joong (Tino) Choi, who returns to Kumho’s Korean HQ after heading up the UK operation for the past five years. Park’s early years with Kumho were devoted to labour management. He then worked in the field of product quality, before spending five years in Europe as a technical engineer with responsibility for 15 countries in southern and eastern Europe. Park commented: “I will use my experience in management and technology to help develop Kumho’s strong brand image in the UK and Ireland with both our tyre industry partners and the driving public.”
RBS announces profits of £3.1bn and will rebrand as NatWest Group
The Royal Bank of Scotland Group has announced it has almost doubled its annual profits to £3.1bn (up from £1.6bn), and will be rebranding as the NatWest Group. Currently, the bank has several customer brands including RBS, NatWest, Ulster Bank, Coutts, Lombard and Drummonds – and they will all be under the new NatWest Group plc banner by the end of the year. Prior to the announcement, the NatWest brand accounted for 80% of the bank’s customer base. A statement from the bank said: “We have announced that we plan to change the name of our parent company to NatWest Group plc. We expect the name change will take effect later this year. This is the right time to align our group name with the brand under which the majority of our business is delivered. “NatWest represents approximately 80% of our customer base. Customers will see no change to products or services as a result of this change and will continue to be served through the brands they recognise today, including NatWest and Royal Bank of Scotland.”
Honda UK announces new UK MD
Honda UK has announced changes to its senior management team, which will take effect from April 1. Current Managing Director, Dave Hodgetts, is to retire and will be replaced by Jean Marc Streng, while Phil Webb, will move to Honda Motor Europe (HME) as Deputy General Manager of HME Automobile Division, and be replaced by Rebecca Stead as Head of Automobile. After 30 years working at Honda in both the UK Manufacturing hub at Swindon, and the UK sales operation, Hodgetts has decided that 2020 marks an appropriate point to step down.
New Managing Director, JeanMarc Streng, joins with more than 20 years’ experience in the automotive industry, and having spent the last eight years as General Manager of HME Automobile Division.
Jean-Marc Streng said: “I am looking forward to this new challenge and aim to ensure our three UK businesses continue to offer our customers outstanding products and customer service, whilst maintaining the positive relationships with our dealer networks.”
Amazon year-end figures show 20% sales growth to $280.5bn
Amazon has revealed its trading results for 2019 – reporting a 20% growth in net sales to $280.5bn (£219bn) compared to $232.9bn (£182bn) in 2018. The US retail and entertainment giant’s year-end statistics were reflected in a strong fourth quarter performance which saw similar growth of 21%, and ended with a 2019 operating income of $14.5bn (£11.3bn) – up from $12.4bn (£10bn) 12 months earlier. Net income increased to $11.6bn – or $23.01 per diluted share – compared with $10.1bn in 2018. Key drivers of this success included retail trade through the holiday season, new investment in sectors like renewable energy, new Alexa technology partnerships with major brands, and acclaimed program creation bolstering the Prime Video platform. Founder and CEO Jeff Bezos said: “Prime membership continues to get better for customers year after year. And customers are responding — more people joined Prime this quarter than ever before, and we now have over 150 million paid Prime members around the world.”
