INFO Magazine n°226 - BREXIT: What is next ? by French Chamber of Commerce in Great Britain

T H E

M A G A Z I N E

F O R

A N G L O - F R E N C H

FRENCH CHAMBER OF GREAT BRITAIN www.frenchchamber.co.uk

B U S I N E S S

SEPTEMBER / OCTOBER 2016

BREXIT:

What is next ?

IN THIS ISSUE: Exclusive Brexit Q&A with WPP Chairman Sir Martin Sorrell 5 minutes with Christine Hodgson, Chairman, Capgemini UK Interview: Maison Assouline founder on the luxury economy Start-up story: Devialet on revolutionising HiFi audio

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EDITORIAL

Estelle Brachlianoff President, French Chamber of Great Britain Senior Executive Vice President of Veolia UK & Ireland

t is still early days since the British people voted to leave the European Union and the economy continues to grow at a steady pace. In my conversations with business leaders throughout the summer, there have been two common questions on everyone’s lips: what will the government’s ‘Brexit’ plan be and what should their own business strategy look like? While the vote for the United Kingdom to leave the EU was unlikely to have been the outcome that the majority of Chamber members favoured, we must all now face the decision head on. As the summer draws to a close, it is important for companies to begin to consider how they can take advantage of Brexit. Whether you run a start-up or a multinational, are headquartered in Britain or elsewhere, there is no doubt that Brexit will impact your business. The Chamber has also taken the summer to consider how Brexit might influence our members. As developments occur, we will continue to keep you informed and provide a unique Franco-British outlook on the topic. The focus of this issue of INFO is dedicated to Brexit. We have solicited contributions and opinions from top Franco-British business leaders across all sectors, including WPP’s Group CEO, Sir Martin Sorrell, CBI Deputy Director General Josh Hardie and Renault UK’s Managing Director Paul Flanagan among many others. The focus section begins on page 26. In the immediate aftermath of the vote, I held the first President’s Circle dinner, gathering top business leaders to discuss the topic du jour, and Brexit will continue to be a major theme during ‘La Rentrée’. Whether you join us at a Forum, a Club or one of our numerous other events, such as the FrancoBritish Conference – which I would recommend that everyone attends – we hope that you will find them informative and useful to your business. Until then, I wish you a pleasant read. I hope that this issue of INFO will give you food for thought and help your business to plan for the future and continue to grow. I

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- september / october 2016 - 5

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What is next ?

28 10

CONTENTS

BREXIT:

T H E

M A G A Z I N E

F O R

A N G L O - F R E N C H

FRENCH CHAMBER OF GREAT BRITAIN www.frenchchamber.co.uk

COMME NT

26 News and latest

44 French Touch Properties London’s residential property market: Crash or soft landing? 45 CBRE Commercial property: Under threat? 46 Irwin Mitchell Employment: When will laws change? 47 Lewis Silkin The implications of Brexit for data protection 48 Baker & McKenzie Leaving the EU: Tax implications 49 Baker & McKenzie Commercial contracts: Do they need to be renegotiated? 50 KPMG Business planning is paramount

FOCUS | BR E XIT: WHAT I S NE X T ?

LIFE S T YLE

28 Introduction by Jason Hesse 30 NIESR Brexit: The global outlook 31 CBI Paving the way for EU negotiations 32 Tech City UK Breaking through 33 Federation of Small Businesses Small firms must navigate the Brexit tide 34 NGFI Finance Uncertainty adds to concerns 35 London & Partners London is open 36 PwC Beyond Europe: What next for business? 37 WPP Sir Martin Sorrell talks Brexit 38 HSBC Brexit: What now? 40 Banque Transatlantique Private banking in the Brexit world 41 Groupe Renault Driving forward through Brexit 42 Deloitte Retail: Brexit is accelerating change

52 55 56 58 61

Olivier Morel, Partner at Cripps and Board Member of the French Chamber, on the importance of cooperation and dialogue

BUSINE S S WOR LD

10 12 20 24 25

5 minutes with... Christine Hodgson, Chairman, Capgemini UK Company news Start-up & SME news Start-up profile Devialet: Discover how this fast-growing French SME is revolutionising audio Reports and research

E DUC ATION

BREXIT:

What is next?

Editor: Jason Hesse Graphic designer: Katherine Millet Editorial assistant: Mwengesyali Syauswa Sales Manager: Suzanne Lycett Contributors: Frédérique Andréani, Angus Armstrong, Marc Bena, Neil Blake, Estelle Brachlianoff, Karen Briggs, Christophe Chambon, Eric Charriaux, Mike Cherry, Paul Flanagan, Keri Fuller, Gerard Grech, Josh Hardie, Philippe Henry, Nils Jean, Thibault Lavergne, Gwenolé Le Blevennec, Olivier Morel, Nathalie Moreno, Doris Myles, Patrick O’Gara, Adam Peacock, Ben Perkins, Jennifer Revis, Birgit Roeper-Gruener, David Slater, Melanie Stancliffe, Sara Ulrich, Rémy Valette, Eve-Christie Vermynck

Exhibitions and events Interview Prosper Assouline on books and luxury Book reviews Eat, drink, stay Profile of La Belle Assiette Cheese and wine

Advertise in INFO: Please call our sales team on +44 (0)207 092 6651. Alternatively, please email: advertising@ccfgb.co.uk

AT THE CHAMBE R

62 63 64 68 69 70

B U S I N E S S

SEPTEMBER / OCTOBER 2016

Introduction by Florence Gomez Chamber latest New members Dîner des Chefs at Les 110 de Taillevent PA Club at Merci Maman Summer Champagne Reception From Scratch to Success: Business Stories

INFO is published every two months Printed by: CPI Colour Distribution: French Chamber members, Franco-British decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester

FORUMS & CLUBS

72 74 75 76

Climate Change Forum A visit to Dungeness B nuclear station Climate change: The view from insurers HR Forum Driving cultural transformation Forthcoming Forums & Clubs Forthcoming Events

INFO is published by: French Chamber of Great Britain Lincoln House, 300 High Holborn London WC1V 7JH Tel: (020) 7092 6600 Fax: (020) 7092 6601 www.frenchchamber.co.uk Managing Director: Florence Gomez Head of Corporate Communications: Marielle Fraize

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- september / october 2016 - 7

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COMMENT

Bringing French & British businesses together Cooperation and dialogue between French and British businesses has never been more important, writes Olivier Morel, Partner at Cripps and Board Member of the French Chamber of Great Britain

ne of the key features in the aftermath of the EU referendum, in which Britain voted to leave the European Union, has been uncertainty: what is next? As is becoming more apparent every day, the shape of the post-Brexit environment – and the UK’s commercial

relationship with the EU and the rest of the world – will take a long time to materialise. This is likely to be measured in years, rather than months. Yet in this most global and interconnected of worlds, businesses cannot afford to ‘wait and see’ – strategies must be formulated, investments decisions must be made, plans must be implemented and people hired. Against that backdrop, I recently welcomed more than 200 guests at the annual Summer Champagne Reception of the French Chamber of Great Britain at the Hurlingham Club. I did so in my capacity as Board Member of the Chamber, which I have been actively involved in for over 25 years. After all of those years, I still never tire of seeing so many people come along to the Chamber’s events, which enable us to catch up on each other’s business – and personal! – lives. It did strike me that in these very uncertain and challenging times, the work of organisations such as the Chamber is invaluable. Some cynics may see this as just a gathering of affluent urbanites meeting in idyllic surroundings – the Hurlingham Club is indeed idyllic – cut off from the realities of a very troubled world. There is Brexit, of course; but there is also the Syrian refugee crisis; seemingly endless terrorist attacks; and hundreds of people dying under the rubble of the latest earthquake in Italy. Yet week in, week out, year after year, the Chamber brings together people who want to meet, trade and cooperate. The Chamber is incredibly successful at doing so, thanks in large parts to the great work of my fellow board members, its dedicated team and its loyal members. This event was another great illustration of that success. The Chamber’s key USP is that it helps to bring together old and new French and British friends; facilitate new commercial relationships between our two countries; and, in our own modest way, to bring down barriers and forge personal and business relationships across cultures and borders. As the precise shape of the post-Brexit world is some way off, and as large parts of the planet are torn apart by catastrophes – both man-made and natural – I trust that businesses, from young start-ups to large multinational groups, existing and new members, will keep coming to the Chamber’s events, to continue meeting and trading, and strengthen the bonds of commerce and friendship between the people of Britain and France. We need organisations like the French Chamber more than ever. I

Week in, week out, year after year, the French Chamber brings together people who want to meet, trade and cooperate

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- september / october 2016 - 9

5 minutes with...

CHRISTINE HODGSON Chairman, Capgemini UK

What first drew you to Capgemini over 18 years ago and

Despite your own story, the progress of women in the IT

what has kept you there?

sector is notoriously slow. Why do you think this is the case,

I had been interviewed for a job there, but decided against

and what is Capgemini doing to address this?

taking it as the role didn’t seem exciting enough. However, the

The problem is that we do not have enough women in the

headhunter persuaded me to meet the CEO, Tony Robinson,

industry. In Capgemini, only 26.8 per cent of our workforce is

who was a charismatic salesman. He convinced me to join on

women, and in the top echelons, only 17.7 per cent. We do

the promise of a more interesting job. I did, and a few months

numerous things specifically aimed at young women because

later became the Finance Director. What he had sold to me in

it is harder to get them in. We work with the likes of The Tech

terms of the organisation, the meritocracy and the opportunities

Partnership to do school outreach programmes, for example.

was absolutely true. I then went on to become the Finance

When I go and speak at a school, I take young female apprentices

Director of Capgemini’s global outsourcing business, and later

with me whom the students can relate to. It’s very powerful and

became the CEO of a small part of the European business, before

they are the best advertisement for jobs in technology – their

being given the opportunity to run the UK organisation. What

enthusiasm for what they are doing is palpable. Another thing

has kept me at Capgemini is the fact that I am being given

we do is invite local school girls to events held by our internal

different roles that continuously stretch me and always keep

Women’s Business Network, which I chair. They get to mingle

the job interesting.

with and hear from women who are inspiring and demystify the world of work for them. To counteract the view that technology

You are Chairman of Capgemini UK in a world where female

is geeky, we try and show them that it can be a really exciting and

Chairpersons are still quite rare. What helped your career

worthwhile career. At a recent event, the female CIO of Burberry

reach this point?

gave the most fantastic speech which really enthused my female

I am rare, although I am pleased to see an increasing number

colleagues, let alone the school girls.

of senior females in the tech world. What has helped me get

We have also set ourselves targets because without them, we

to this position is, quite honestly, the passage of time! It wasn’t

won’t move the dial. Our aim is to get our female population to 30

something I aspired to, but I was lucky in that my role evolved

per cent and 20 per cent in the senior levels by 2020. That might

over time. Along the way I have had bosses who have been great

not seem to be a big jump, but it is a level of ambition, and we are

sponsors and have encouraged others to take a risk with me and

not lowering the bar to achieve it.

give me more responsibility. As an organisation, Capgemini is very good for self-starters and making sure that those who want more

More generally, what is your take on the digital skills gap in

responsibility, get it.

the UK and what can be done to fill it? There is a gap and there are plenty of initiatives to fill it, but there

What do you do in your role as Chairman?

is still a long way to go. Employers have a big job to help schools

I chair the UK Country Board, which is made up of the leaders of

with this because they cannot be expected to keep pace with

all the business units. My prime responsibility is making sure that

the rapidly changing world, and we have to talk directly to young

we are joined up in the eyes of our clients, and to develop and

people about what is involved in the future. The good news is

maintain customer relationships in the UK.

that a lot of employers recognise this need. At Capgemini, we

10 - info - september / october 2016

5 MINUTES WITH... CHRISTINE HODGSON

had nearly 6,000 student interactions through our Schools

and the idea is to get more consistent coverage across

Programme last year alone and, at the moment, we are also

England, as some parts of the country never see an employer,

running a very specific digital skills programme with The Prince’s

whereas others, like Tower Hamlets in London, are bombarded

Trust geared towards disadvantaged young people. They are the

with companies! The old-fashioned concept of a career is

hardest to reach, but without basic digital skills they really won’t

disappearing and we need to open the eyes of young people to

stand a chance. Some young people who attended the week’s

the opportunities that are out there. To connect schools to the

course have managed to get a job on the back of it. They have the

world of work, we have created a network of enterprise advisors

initiative; it is just about giving them the practical skills, confidence

in each secondary school in England with a paid coordinator for

and inspiration.

every cluster of 20 schools, on hand to help bring employers in the most meaningful way into schools and the curriculum.

What is your involvement with the Prince of Wales’ other

Although I do this on top of my day job, it is very relevant to it,

charity, Business in the Community, and what do you do in

and dovetails with what we are doing at Capgemini.

this capacity? I sit on the Board of Business in the Community, which has a

Capgemini has just launched the Applied Innovation

broad engagement agenda of getting businesses to be more

Exchange in London. What is this and what is its purpose?

responsible and do more in the community. I’ve also been

This is a platform that allows our clients to try out different ideas

involved in the talent/skills work stream, which is about how

in an environment which gives them access to innovation from

we can encourage companies to offer apprenticeships or work

a huge network, whether Capgemini offices, partners or start-

inspiration – another name for relevant and meaningful work

ups all over the world. Our clients may come to us with ideas

experience. Capgemini is increasingly taking young people on

to try out or issues that need to be solved and we can help

apprenticeships as opposed to just graduates – we have 332 at

test them, bring in partners, build models or prototypes, and if

the moment and will take on 100 more this year. By 2018, we

they work, help them scale up. That is why it is called ‘Applied

will be taking more apprentices than graduates. Apprenticeships

Innovation’ rather than just ‘innovation’. It is a way of hot-housing

are increasingly being seen as a real alternative to university,

ideas and exploring emerging technologies in an inspiring

and we are involved in getting the message out there by talking

working environment, far removed from an office. In this way,

to students, teachers and parents. At one event, an enthusiastic

development cycles that previously might have taken months,

parent described these apprenticeships as ‘the best kept secret’!

may take only days, and it is a way of helping our clients adapt in this rapidly changing world. Capgemini has nine AIEs around

You also chair Capgemini’s Group Sustainability Board. What

the world, from Paris to Mumbai, and having London in the chain

is its role and how does it direct Capgemini’s activities?

now is very useful.

There are three strands to what we do – the environment, diversity and community. Individual countries have their own

What does Capgemini get from being a member of the

boards and set targets around what they are doing in those

French Chamber?

areas, while the Group Board shines a light across all countries

We do feel very much part of the Anglo-French community – we

to see what is working well and could be replicated elsewhere.

are a global company, but very proud of our French heritage, and

It also offers a helping hand to those markets that are less

it is apt that we belong to the French Chamber. It offers great

mature in their sustainability progress. In the UK, in terms of

networking opportunities with other members, many of whom

the environment, we exemplified best practice by working with

are our clients, and we also participate in the Forums and find the interactions very beneficial. I Interview by KF

the Environment Agency to design and build our data centre in Swindon, which is the most sustainable in the world with the lowest power usage effectiveness. On the community side, our focus is on education and skills, and we’ve set ourselves the global

CAPGEMINI FACTS AND FIGURES

target of having a positive, measurable impact on one million lives by 2020 through, for example, our digital skills programmes. On diversity, as I have said, gender diversity is an issue, not just in the UK or the industry, but globally, which is why we have set targets, and are working on the initiatives I have described. Earlier this year, as Chair of the Careers & Enterprise

Company, you were asked by the government to spearhead a national campaign to build a mentoring scheme for young people. Why this is being done? The government asked me to set this up to help join schools and businesses together in a way that is more impactful for young

• Global employees: 180,000 • UK employees: 8,600 • Global revenue: €11.9bn in FY2015 • UK revenue: 18 per cent of global revenue in FY2015 • UK key sectors: consumer products, retail and distribution; public sector; travel and transport; energy and utilities; financial services; aerospace and defence

people. It is an umbrella rather than a delivery organisation,

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- september / october 2016 - 11

BUSINESS WORLD – COMPANY NEWS

AccorHotels adds global luxury brands Fairmont, Raffles and Swissôtel

The Raffles Hotel, Singapore, was first opened in 1887

The Plaza Hotel, New York City, is managed by Fairmont

AccorHotels Group has acquired FRHI Hotels & Resorts and

said Sébastien Bazin, Chairman and CEO of AccorHotels.

its three prestigious luxury hotel brands: Fairmont, Raffles and

The portfolio includes the management of many iconic and

Swissôtel. Adding 56,000 rooms to its existing total portfolio of

historic hotels, such as The Savoy in London, Raffles Singapore

525,000 rooms, the acquisition, which completed in July, has

(pictured above, left), Fairmont San Francisco and The Plaza Hotel

instantly boosted AccorHotels’ position as a leading player in

in New York City (above, right), among others.

the global luxury hotel market. It has also helped to significantly expand the company’s presence in North America and Asia.

The vast majority of Fairmont, Raffles and Swissôtel’s 154 hotels and resorts, of which 40 are currently under

‘The acquisition of these three emblematic luxury hotel

development, are operated under long-term management

brands is a historical milestone for AccorHotels. It will open up

contracts, with an average term of nearly 30 years. Prior to

amazing growth prospects, lift our international presence to

the acquisiton, AccorHotels had a portfolio of 3,942 hotels

unprecedented heights, and build value over the long term,’

across the world. I

Colas Rail joins £1.2bn alliance to build West Midlands tram routes Rail construction specialists Colas Rail has joined a £1.2bn partnership to build tram routes across the West Midlands. The Midland Metro Alliance has established a team of planning, design and construction specialists to build four new tram extensions over the coming decade on behalf of the newly formed West Midlands Combined Authority (WMCA), which owns the Metro. In addition to Colas Rail, the partnership includes Barhale, Thomas Vale – part of Bouygues UK – and Auctus Management Group, plus a consortium of design experts. Laura Shoaf, managing director of Transport for West Midlands, said: ‘The expansion of Midland Metro is a long-term investment programme and absolutely key to the WMCA’s vision for strategic growth and regeneration.’

The Midland Metro Alliance team on the steps of Victoria Square in Birmingham

Richard Fostier, CEO for Colas Rail, added: ‘We are very proud to be forming part of this alliance. It is a very exciting moment for all of us to have this fantastic opportunity to bring together our alliance skills and our global capabilities and experience for the benefit of the West Midlands.’ I 12 - info - september / october 2016

BUSINE S S WOR LD – COMPANY NE WS

Veolia invests in plastic recycling and makes energy from ice cream Veolia UK has acquired manufacturing assets in East London

of own-label and top brand ice cream.

that will enable the company to manufacture plastic bottles

Using the sugary sludge that is left behind after production

from recycled material. Veolia will now offer a complete

line cleansing – which consists of sugar, fat and protein –

range of services from collection of raw feedstock (waste

Veolia is transforming the waste into biomethane. The biogas

plastic bottles) directly from people’s homes or businesses,

is then sent to the National Grid to heat UK homes, thanks to a

through all of the recycling steps, and back to food grade

nearby anaerobic digestion facility funded by Iona Capital and

pellets ready to be blown into new plastic milk bottles. The

operated by Veolia.

move has created 30 permanent jobs and enables Veolia to

‘This summer will see the UK’s energy mix take on a new

make and sell a high-value product made from the 200 million

flavour and a delicious one at that,’ commented Estelle

plastic milk bottles that it already collects every year. The new

Brachlianoff, Senior Executive Vice President, Veolia UK &

business will produce around 10,000 tonnes of high quality

Ireland. ‘Now you can enjoy your ice cream even more because

food grade HDPE pellets annually.

you can rest assured that none of the production by-product is

Separately, working with the world’s third-largest ice

going to waste, as we are busy creating renewable energy with

cream manufacturer R&R Ice Cream and Iona Capital, Veolia

it. This project is a prime example of using creative thinking

this summer launched a new project to turn inedible ice

to turn waste into green energy. It’s innovation like this that

cream waste into biogas for the National Grid. R&R Ice Cream’s

is needed to ensure the UK meets the Government’s 2020

factory, based in North Yorkshire, is the UK’s largest producer

targets, and something we are hoping to build on.’ I

The anaerobic digestion plant in Leeming, North Yorkshire, funded by Iona Capital and operated by Veolia, where the ice cream is being transformed into biogas

Thales launches cyber and consulting services organisation Thales has launched a new cyber and

and consulting services organisation

the development of particular skill sets

consulting organisation to provide a

is our latest innovation for keeping

among graduates.

range of new services for companies

customers safe from cyber threats,’

Meanwhile, the UK Ministry of

and organisations operating in complex

said Victor Chavez, CEO of Thales

Defence has also awarded Thales an

highly-regulated

environments.

new

additional £80m contract to deliver

The new specialist services include

organisation. As part of this initiative,

the

UK,

support to the British Army’s combat-

cybersecurity, digital transformation

Thales is developing its own Consulting

proven

and engineering consultancy services

Academy

Aircraft System (UAS).

for companies that are seeking to

strategic partnerships with a number of

exploit the benefits of the most recent

universities across Britain.

for

announcing

engineers,

the

alongside

Watchkeeper

Training

support

continuation

Unmanned will

see

the

Watchkeeper

Facility

and

will

breakthroughs in digital technology,

Across the whole economy, there

while also mitigating the cyber-risk

are significant shortfalls in the number

technical

support

involved in doing so.

of people needed in digital and cyber

additional

capacity

security engineering, not least as the

order to generate operational capability.

security,

demand in the private sector for those

The award of this contract will sustain

critical

skills intensifies. In response, Thales is

around 160 high-quality engineering

national infrastructure. Our new cyber

engaging with partners, aiming to foster

jobs at locations across the UK. I

‘Thales has a 100-year heritage of

expertise

transportation,

defence, space

and

Training

info

and for

provide provide

training

- september / october 2016 - 13

BUSINE S S WOR LD – COMPANY NE WS

Bouygues’ Linkcity to develop former Ebury Bridge Centre

SPIE UK awarded contract for Kingsway Tunnel upgrade

Linkcity, formerly known as Bouygues Development, has signed

SPIE UK has been awarded a £6.4m contract to carry out a

agreements with its partners to develop a £65m education

lighting and infrastructure upgrade project in the Kingsway

and residential development in London, at the location of

Tunnel. The tunnel, a 1.5 mile toll road that runs under

the former Ebury Bridge Centre near Victoria underground

the River Mersey, between Liverpool and Wallasey, carries

station. The building, designed by award-winning architects

45,000 vehicles a day, or 16.4 million per year. The contract

Sheppard Robson, will comprise an 11-storey residential

consists of the design, build and installation of new high and

tower with 47 one, two and three-bedroom apartments and a

low voltage distribution systems as well as new LED high

new 56,000 sq ft University Technical College.

level tunnel lighting.

Work on the site, which is being carried out by main

The

contract

requires

that

the

tunnel’s

existing

contractor Bouygues UK, has already started. The University

distribution systems and lighting are retained while the

Technical College will open in September 2017, while the

new installation takes place. Once the new system and LED

residential tower is set to complete in 2018.

lighting are installed and commissioned, the old equipment

‘In partnership with Westminster City Council and Taylor Wimpey Central London, we are creating a valuable new

can be decommissioned. Work began on-site in May and is expected to be completed by August 2017.

amenity for the local community that will have a significant

‘This is a wonderful project for our Industrial Services

positive impact on the lives of young people in the area, as

team, which will allow them to make use of their great range

well as 47 high-quality new homes in a prime central location,’

of skills and experience, and which we are proud to add

said Linkcity’s Managing Director, Nicolas Guérin. ‘With a

to our growing tunnel portfolio,’ commented Steven

green roof, photovoltaic panels, and a scheme to run off

Nanda, Industrial Services Managing Director at SPIE UK,

Pimlico District Heat Undertaking rather than its own boilers,

who is responsible for the project. ‘At more than 45 years

the development is also taking an intelligent and connected

old, Kingsway is an iconic structure and we are delighted to

approach to sustainability. I

be involved in its upgrade.’ I

The new project is located at the former Ebury Bridge Centre

Entrance to the Kingsway Tunnel is via a toll system

Airbus Defence and Space renews communications contract with UK Ministry of Defence The UK Ministry of Defence (MoD) has renewed a contract worth £15.7m with Airbus Defence and Space to provide the core WelComE welfare service to the UK Armed Forces until August 2022. Airbus Defence and Space has been providing WelComE services to the UK MoD for 16 years, including delivering welfare communications in a number of operational environments. The service has evolved and been expanded over the years from the provision of satellite phones and associated facilities to full wifi services and video calling on operational bases. Over 132,000 service personnel have used the service and over 500 million minutes of calls have been provided by the WelComE service. I 14 - info - september / october 2016

BUSINE S S WOR LD – COMPANY NE WS

GE and ENGIE strengthen their partnership in digital technologies GE and ENGIE have signed a memorandum of understanding to conduct innovative initiatives and jointly review digital solutions. GE has well-rounded experience in internet industrial solutions and energy management software, while the ENGIE Group brings its unique know-how in energy engineering, electricity generation and distribution, as well as in renewable energies and energy storage technologies. For ENGIE, this agreement will facilitate, among others: • Improvements in the performance and reliability of electricity production assets and electricity grid management; • Collaboration in digital transformation; • Cooperation between ENGIE Digital Factory teams and those of the GE Digital Foundry; • Participation in GE’s electricity digitalisation network. Judith Hartmann, Executive Vice-President of ENGIE, said: ‘With this partnership, we are continuing the Group’s digital transformation. Thanks to GE’s expertise in the field, we will be able to accelerate the ramp-up of our Digital Factory and improve the management of our energy assets, thereby enhancing operational performance.’ I

Sopra Steria chosen as digital partner for new UK military challenger bank Sopra Steria has entered a new digital partnership with The Services Family. Founded by two military veterans, The Services Family is a UK military challenger bank based on the strong culture and behaviours of public and military service. The business will offer tailored products to armed forces personnel, veterans and their families – groups with high mobility who have traditionally faced difficulties in gaining access to full financial services. As such, the business requires sophisticated digital channels that will allow them to deliver highly affordable and excellent customer service, in addition to the ability to perform credit risk profiling in new and more agile ways. Chosen as digital partner of choice due to its innovative and collaborative approach, and its ability to provide much more than a banking platform, Sopra Steria will manage the full banking and non-banking services for The Services Family. This highly resilient, state-of-the-art digital solution will enable The Services Family to provide simple and straightforward banking, underpinned by excellent customer service. I

PSA Group acquires an interest in online quote platform PSA Group has acquired an equity interest in Autobutler, an online quote platform for automotive aftermarket services.

Users simply enter their car model, location and the type of work they want done, and receive corresponding offers and

The acquisition strengthens PSA Group’s multi-brand

quotes from three garages located near their home. This type of

aftermarket offering, particularly for ‘smart buy’ customers

service meets new needs from customers, who are increasingly

seeking the best value for money. It will also help the group

turning to the internet to compare prices and services before

to develop business in its own networks, expand its customer

entrusting their vehicle to a garage. PSA’s investment will go

base, attract new independent auto repair shops, and improve

hand in hand with expansion of the business into new countries.

its expertise in digital aftermarket services.

‘This investment will help us to shake up existing paradigms

Launched in 2010, the Autobutler online platform has

and adjust our business so that we can better meet the

already allowed nearly 300,000 customers across four

needs of our customers,’ added Jean-Baptiste de Chatillon,

European countries to obtain an online quote for vehicle

Chief Financial Officer of the PSA Group, commenting on

maintenance and repair.

the transaction. I

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easyJet to recruit an extra 1,200 cabin crew easyJet is to recruit more than 1,200 new permanent and fixed-term cabin crew positions as the airline continues its growth. The airline, which flies more than 250 aircraft on over 820 routes in 31 countries, will offer its new cabin crew positions across all of its 27 European bases. Around half of these positions will be based in the UK. The news comes after easyJet’s announcement, earlier this year, that it was opening recruitment for more than 350 pilots and providing career opportunities for more than 150 of its current First Officers to be promoted into Captain positions. easyJet currently employs more than 5,500 cabin crew, who are at the forefront of the airline’s operations and ensure that the highest safety standards are met. Every year, easyJet flies more than 70 million passengers. It is the largest cabin crew intake in easyJet’s twenty-year history. ‘We’re delighted to be opening recruitment for more than 1,200 cabin crew positions,’ said Tina Milton, easyJet’s Head of Cabin Services. I

Aviva extends Norwich City main sponsorship Aviva is to continue its main sponsor relationship with Norwich City Football Club for a further year, which will see the Aviva Community Fund logo on the team shirts for the 2016/17 season. The Aviva Community Fund offers support and funding for inspirational local causes across the UK, and this deal is an extension of the three-year Community Partnership between Aviva and the ‘Canaries’, which begins at the start of the new season. As the official Community Partner of Norwich City, Aviva will continue its long tradition of supporting community-focused activity throughout Norfolk. ‘We are delighted to be able to extend the main club sponsorship with Norwich City FC and have the Aviva Community Fund proudly displayed on the club’s shirts next season,’ said Lindsay Forster, Aviva’s Customer Marketing Director, commenting on the extension. I

L’Oréal takes the lead in phasing out plastic microbeads L’Oréal has announced that it has successfully phased out

used as exfoliating agents in its rinsed-off products, it decided

plastic microbeads from 80 per cent of its products, and is on

to gradually phase them out.

track to reach 100 per cent by the end of the year.

Since 2013, L’Oréal’s research and innovation team has

Since 2014, the impact of plastic debris in the marine

worked to reformulate its products, exploring different

environment and waterways has been a subject of concern for

alternatives, such as using clays and perlite, the powder of fruit

L’Oréal. When the company was made aware of a possible issue

kernels or natural waxes while still retaining the textures that

concerning the environmental impact of plastic microbeads

consumers expect from its products. I

Next ‘EY Startup Challenge’ to focus on building blockchain solutions The EY Startup Challenge has returned,

businesses. For the first time, the start-

with a new focus on building blockchain

ups will produce prototypes that will

solutions for two key industry challenges.

give potential clients the opportunity to

These are digital rights management

interact with their products.

and energy trading.

Steve Varley, Chairman and Managing

The mentorship-driven programme

Partner, EY UK and Ireland, said: ‘The EY

is designed to unlock new solutions,

Startup Challenge is a hugely important

helping accelerate the product and

initiative for EY and brings together our

business development of disruptive

people, our clients and other industry

technology start-ups. During the six-

professionals to help exciting young

week programme, the six selected

They will have access to a selection

start-ups will move into an innovation

of mentors from EY and EY’s clients, a

‘It builds business relationships that

hub in the office space of a technology

series of educational workshops, and

continue well beyond the end of the

accelerator in Canary Wharf, London.

regular contact with market leading

programme.’ I

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start-ups with their innovative ideas.

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BNP Paribas named ‘World’s Best Bank’ in annual awards BNP Paribas was named the ‘World’s Best Bank’ in 2016 by

region, all while proving the benefits of a diversified business

Euromoney, the global financial publication, at the magazine’s

model,’ said Euromoney, announcing the results.

annual Awards for Excellence, held in July. The principal accolade

Jean-Laurent Bonnafé, Chief Executive Officer, BNP Paribas

was one of eight won by BNP Paribas, which included a number

added: ‘We are very honoured to receive this prestigious award.

of regional awards, such as being named the ‘Best Bank in

I would like to express my gratitude to our clients for their

Western Europe’ and ‘Best Bank for Transaction Services in

loyalty and to our colleagues for their commitment. We aspire

Western Europe’.

to be the reference among European banks.

‘BNP Paribas is producing better returns even than many of the big US banks, despite being anchored in a low-growth home

‘These awards reflect the strength of our diversified and integrated business model.’ I

Deloitte launches new accounting and analytics service for start-ups and SMEs Deloitte has invested £2.5m to launch Propel, a cloud-based service that aims to help ambitious start-ups and SMEs to grow. The new dashboard allows them to monitor key metrics such as business growth, gross profit and sales by day. It also analyses non-financial data gathered through apps, ranging from web traffic to top selling products, to generate a more accurate picture of business performance. ‘We’ve built this service to help start-ups and SMEs grow. It is designed to deliver insight and address some of the longstanding headaches entrepreneurs can face,’ explained Katie Houldsworth, Deloitte’s innovation partner for audit. I

Time to expand to France ? «Entrepreneurs and business managers, to make your European project a reality I can guide you through the creation and setup phases, then provide the day to day administrative, accounting and finance needs of your activity. » Henri Wedier, Chartered Accountant, Auditor.

Need to change your development strategy in the European market? Henri Wedier would be happy to meet you for a free consultation. Email him at henri@cabinetwedier.fr or call +33(0)3 21 10 06 70 Expert accounting practice, chartered on the roll of expert-accountants of Lille, member of the Regional Company of Accounting Commissioners of Douai (59), the Wedier practice is a member of the Franco-British Chamber of Commerce in Paris, a member of the French Chamber of Commerce in Great Britain and the Franco-Irish Business Community network. info

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Total Gas & Power launches 100% renewable gas options for SMEs

Credit Suisse Research Institute announces student academy

In an effort to adapt to customer demand, Total’s Gas and

Credit Suisse’s Research Institute has announced a

Power business has launched a 100 per cent renewable gas

virtual student academy to engage young people in

option for small and medium-sized businesses.

economics and politics. A competition, running until the

The cleaner product – branded ‘Eco-Energy’ – uses

end of October, is inviting young people to assess the

energy sourced from renewable sources in the UK, and

consequences of current central bank policies. The best

customers will receive formal documentation to certify their

ideas will then be developed further and published by

Eco-Energy choice.

the think tank. The winning author will also be invited to

Total had already been offering a renewable energy

the next World Economic Forum in Davos. I

option to its electricity supply contracts, so making the option available for its gas customers was ‘only a matter of time’, the company said. Dave Cranfield, General Manager, Total Gas & Power, explained: ‘Our customers have been telling us they want a 100 per cent renewable option for both fuels, and environmental goals are very important to us.’ I

Thales appointed by ENGIE to provide digital security ENGIE has signed a partnership with Thales to oversee its security. Under the terms of the deal, Thales will oversee the security of ENGIE’s information system on a 24/7 basis, for a period of five years. With cyber threats growing – the number of attacks increased by 51 per cent in France and 38 per cent around the world in 2015 – the two companies have decided to combine their expertise into a global ‘Security Operation Centre’ whose goal is to maintain capacity for preventing and responding to these threats. The monitoring centre will be based in Elancourt (Yvelines, France) and on the ENGIE premises in Saint-Ouen (Seine-Saint-Denis, France). ‘Digital technologies, which are a pillar of the current energy revolution, are a strategic priority for us,’ said ENGIE CEO Isabelle Kocher. This partnership is ENGIE’s latest investment in digital technologies. The group had previously announced it would allocate €1.5bn over three years in new businesses and digital technologies. I

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GE helps Heathrow Airport save 130 million litres of water annually The UK’s largest airport has saved more than 130 million litres of water by using GE’s advanced water treatment solutions, a study shows. Thirty-nine cooling towers across four terminals at Heathrow were treated with a corrosion inhibitor to increase their efficiency. After 12 months, the airport saved the equivalent of 5 per cent of total site water usage, winning the airport a GE Ecomagination Award. The award is given to the top GE customers in environmental ane economic performance. I

EDF Energy launches energy innovation challenge EDF Energy has launched the EDF Energy Pulse Awards, a competition to crowdsource innovative ideas that tackle key challenges facing the energy industry. In return for expert support and advice on attracting investment, start-ups, innovators and entrepreneurs are invited to enter their ideas for transforming the industry. Deadlines close on 30 September 2016. I

PSA Group receives gold certification For the second year running, PSA Group – the automotive group formerly known as PSA Peugeot Citroën – has received gold certification in the ‘responsible supplier’ category. At the request of its business-to-business customers, PSA commissioned an independent assessment of its performance as a supplier. PSA received an overall score of 78/100, which puts it among the leaders in the car manufacturing industry, where the average score has not exceeded 42/100 in the last two years. I

Analysis and look ahead As ‘La Rentrée’ enters full swing, INFO looks at the major political and economic events of the autumn

here is always a sense of trepidation at the start of the

for doing business in the UK.

academic year in September. Much like going back to

While the British Government has communicated several

school, businesses usually kick off the autumn season

key messages, they have done so while holding on tightly to

with a renewed sense of vigour and energy after what is,

their one trump card: Article 50, which only Prime Minister

normally, a calm and quieter couple of months. Not so this year.

Theresa May may invoke, and which sets the two-year clock

The shock delivered by the EU referendum has reverberated

for exiting the EU.

all summer.

Throughout this autumn, there are a number of significant

For most non-British people living in the UK, this has often meant thinking about what is their own future in Britain. Many

events in the political calendar coming up, all of which will require close scrutiny.

British citizens have also questioned their national identity:

INFO will continue to analyse the impact of Brexit on

‘Am I still European?’ The same is true for companies, who

Franco-British businesses, both online through our new

have spent the last three months asking what the future holds

‘Brexit Hub’ as well as in the issues of the magazine. I JH

Key dates Conservative Party Conference

European Council meeting

Autumn Statement

Birmingham, 2-5 October

Brussels, 20-21 October

London, early November

Prime Minister Theresa May, Foreign

This meeting of all 28 EU heads of state

This is new Chancellor Philip Hammond’s

Secretary Boris Johnson and Brexit

will be one to watch. The EU-27 (all of the

first Autumn Statement – one of two

Minister David Davis are all scheduled

EU members except the UK) last met on

major policy statements made by the

to speak at this annual gathering of the

16 September, but this will be the first

Treasury to Parliament every year – and

Conservative Party members. Brexit, of

formal meeting of the European Council

it is his first opportunity to set out his

course, will be on everyone’s lips.

that includes Theresa May.

economic priorities for the future.

We must think through the issues in a sober and considered way [...] We will not take decisions until we are ready, we will not reveal our hand prematurely, and we will not provide a running commentary on every twist and turn of the negotiation. But I am very clear that Brexit does mean Brexit, and we will make a success of it

[Theresa May] is asking for time, a delay to prepare for negotiations, no doubt; but a delay in invoking Article 50 cannot be postponed at the risk of provoking uncertainty and instability. For France, everything must be concluded by 2019. That’s the time we must allow for the preparation and, especially, the negotiations

PRIME MINISTER THERESA MAY, speaking to Parliament this summer

PRESIDENT FRANÇOIS HOLLANDE, at a gathering of Ambassadors on 30 August

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Teads raises €43 million in debt financing Teads, the inventor of outstream video advertising and a leader in the video advertising marketplace, has raised €43m of new debt financing, through a bank syndicate that includes BNP Paribas, Bank of China, HSBC, Banque Palatine and BPI. The cash will be used by Teads to acquire a number of ad tech companies whose technology will reinforce Teads’ position in the video advertising industry. It will also be used to fund the company’s expansion into the Asian market, the company announced. ‘I am very pleased to see that banks are supporting our strategy to pursue M&A opportunities and strengthen our leading position as the number one video advertising marketplace in the world,’ said Pierre Chappaz, Teads’ Executive Chairman. ‘This financing demonstrates the trust that they have in Teads’ management capability to keep the right balance between growth and profitability’. M&A targets for Teads include smaller ad tech start-ups that are developing technologies which Teads could leverage to enrich its services to premium publishers and advertisers. I

Simplement Londres named Best Relocation Agency of the Year Simplement Londres, under its ‘Simply London Relocation’ brand name, was awarded Best Relocation Agency at The Lettings Agency of the Year Awards 2016, in association with The Sunday Times and The Times. Award winners were decided following a rigorous and thorough judging process by a panel of 20 industry experts. In their report, the judges said, ‘Simply London Relocation is an almost unique business, concentrating on families relocating to London who are as concerned about schools as they are about the properties they want.’ Commenting on the award win, Founder and Director Sylvie Froger added, ‘We’re delighted to have received this award in recognition of our achievements to date. We saw an opportunity to create a relocation agency with a difference, providing specialist in-house schools and home searches to families moving to London.’ I

Equance and MSH International agree partnership Equance, an international wealth management expert dedicated to French non residents, and MSH International, a subsidiary of SIACI Saint Honoré, a specialist in mobility and private health coverage, have signed a new partnership for the two organisations to leverage and expand their respective expertise, in order to better serve the French community. Equance will now offer a complete wealth management approach to MSH International clients, while MSH International becomes the exclusive partner of Equance for clients’ health coverage. I

HL TRAD ranked 69th top linguistic service provider in the world HL TRAD, the translation and interpreting company specialised in law and finance, has climbed up the rankings of the top linguistic services providers, to reach 69 th in the world and 17th in Western Europe. The ranking, compiled by Common Sense Advisory, showcases the most solidly-established liguistic services providers and rankings are based on a number of objective criteria, such as sales, the number of employees and offices. More than 27,000 companies are considered. This is the fifth year that HL Trad has been highly ranked. I For Chamber members: 15 per cent discount on your first assignment

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BUSINE S S WOR LD – S TART- UPS & SME S

Blick Rothenberg to be acquired by HgCapital Chartered accountants Blick Rothenberg have agreed terms, subject to regulatory approval, for HgCapital, a private equity investor, to acquire the firm. Founded in 1945 and headquartered in London, the firm now has 24 partners and more than 200 staff. ‘As a firm, we aim to be at the forefront of delivering a first-class service to our wide variety of clients, UK and international, personal and corporate,’ said Senior Partner Bob Rothenberg, commenting on the annoucement. He continued: ‘The investment by HgCapital will allow us to further build on this philosophy as well as allowing Blick Rothenberg to continue to grow together with our clients, both big and small, by meeting their increasing financial, tax and regulatory needs. I look forward to the next stage of development for our firm.’ HgCapital’s investment is in line with its sector-focused approach of investing in leading regulatory-driven businesses in and around the accounting and tax compliance space. The investment will be used by Blick Rothenberg to continue to develop its staff capabilities, as well as to allow the company to keep growing alongside its clients, Rothenberg added. I

Merci Maman launches new corporate offer Merci Maman, the well-established personalised gift company based in London, has expanded its corporate gift department and created a dedicated team to advise companies looking for unique business gifts. Moët Hennessy, one existing customer, has already used the Merci Maman’s corporate service to create VIP passes for the Cheltenham Gold Cup. Emilie Petard, in charge of corporate gifts and special orders, said: ‘Whether it is to congratulate or thank partners, our customers can always find the perfect personalised option from either our jewellery or embroidery ranges.’ I For Chamber members: 15 per cent off Merci Maman’s jewellery and embroidery range online

Edenred gets behind SMEs with bespoke employee benefits scheme Edenred has launched an

convenient online portals for both the customer and its

enhanced online employee

employees, reducing cost and administrative processes

benefits portal specifically

on both sides. It aims to encourage smaller businesses

tailored to its smaller

to embrace the concept and value of employee benefits

customers in the UK.

without being daunted by the complexity or potential cost

The new portal gives small and medium-sized

Andy Philpott, Sales & Marketing Director

of a scheme. ‘We’re delighted to extend the quality and breadth of

businesses in the UK access

our benefits offering to small and medium-sized businesses

to the same extensive

in the UK,’ said Andy Philpott, sales and marketing director

portfolio of products and

at Edenred, commenting on the new portal launch. ‘As part

services that the company

of our commitment to helping these companies get the best

offers to its larger customers.

from their employees, we will be holding a series of special

The new platform is fully digital and includes

SME online events in October with ideas and suggestions for practical actions.’ I

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TheHouseShop.com makes big leap in online safety for property advertising The UK’s number one property classified website, TheHouseShop.com, has just launched its new verification technology, to help make it the safest place to advertise property in the UK. Using Land Registry records

French Touch Properties adds Italian and German services French Touch Properties has announced the creation of two new foreign-language services geared at helping Italians and Germans move to London. The two new businesses, Dolce Vita Properties and Willkommen London Properties will offer Italian and German customers relocation, rental, purchase and moving services – similar to its current offering for francophone customers. I

to verify ownership of properties listed for sale or to rent, the website now verifies every Sébastien Goldenberg, co-founder of TheHouseShop.com

advertiser that uses its platform. This is a first for the European property market. Announcing the new

technology, Sebastien Goldenberg, Co-Founder of TheHouseShop.com, commented: ‘In response to the rapid increase in online fraud, we have created the safest and most secure place for our users to find and advertise their properties. ‘This unique new technology has helped us to reassure our millions of visitors that all of our advertisers are genuine, and that our buyers and tenants can feel confident in the quality and authenticity of our listings’. I

Finance Active boosts risk expertise with acquisition Financial management solutions firm Finance Active has strengthened its financial risk management expertise in the corporate and public sectors by acquiring Lyon-headquartered business Riskedge. The acquisition was completed in July. Following the deal, Finance Active now has 150 employees and a turnover of €20m. Headquartered in Lyon, Riskedge will develop the financial consulting and engineering services of the group. The acquisition fits into Finance Active’s business plan to double its turnover to €35m by 2018 through a combination of internal and external growth. ‘With Riskedge, we will be able to strengthen our expertise and to rely on a specific organisation dedicated to our high-added-value consulting activites,’ said Patrice Chatard, CEO and Co-founder of Finance active. By the end of 2016, all of Finance Active’s activities that relate to financial investment advice will be carried out by Riskedge. I

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Metro Health and Beauty launches Filorga in the UK Health and beauty distributor Metro Health and Beauty has launched French cosmetic brand Filorga in London pharmacies. The anti-ageing brand was created 35 years ago by a French cosmetic doctor who was fascinated by cellular ageing. ‘We are very excited to have launched [Filorga] in the UK and are looking forward to a big success story similar to the one it has had in France and in 60 other countries,’ said Metro Health and Beauty Managing Director Raj Sandhan. I

Molydal designs new eco-friendly lubricating oil Molydal, a family-run French manufacturer of industrial lubrication, has designed a new lubricating oil that is made from renewable resources. VG 5+ was developed in Molydal’s R&D laboratory to comply with environmental restrictions while also ensuring high-technical performance. The company has been a manufacturer of industrial lubricants since 1958. I

WALLIX wins product of the year IT security solutions company WALLIX has won the Identity & Access Management Product of the Year at the 2016 Cyber Security Awards for its Wallix AdminBastion Suit (WAB). WAB offers a privileged access management solution for companies. ‘As the threat landscape continues to shift on a daily basis, our focus on being the best at managing privileged user accounts has again been recognised and supports feedback from our customers,’ said Bruce Jubb, Regional Director for the UK, Ireland and Nordics. I

BUSINE S S WOR LD – S TART- UPS & SME S

French Chamber hosts first start-up Pitch Academy Following the success of BBC2’s Dragon’s Den, please welcome the Chamber’s Den! On 17 June, the French Chamber organised its first Pitch Academy, where five of the Chamber’s innovative start-up members – Devialet (see page 22), The London Jam Factory, Wisembly, Theodo and Mo:vel – presented their company to a panel of seven high-profile mentors. The mentors included Serge Harry (London Stock Exchange), Christophe Chazot (HSBC), Jean-Pierre Mustier (Unicredit), Marc Reboux (CBRE), Louise Tingström (Chandos Communications), Jonathan Snade (Irwin Mitchell) and Franck Sidon (Tax Assist). Each start-up had five minutes to pitch, followed by a 10-minute Q&A with the mentors, at the end of which they could opt to be ‘in’ or ‘out’. Four out of the five pitching start-ups ended up leaving with an ‘à la carte’ mentoring programme, including advice on strategy, tax and legal issues, fundraising, real estate relocation and PR advice. This initiative is part of the French Chamber’s Start-Up Lab programme, launched in March, which aims to create an ecosystem of targeted support for the 50+ start-ups that are now members. The next Pitch Academy will take place next December. I FA

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- september / october 2016 - 23

Visit rmpadvertising.co.uk or contact us in our London office on 020 7092 6660

BUSINE S S WOR LD – S TART- UPS & SME S

DEVIALET

is revolutionising

audio

One hundred and seven patents, 58 awards and a market-breaking product. INFO editor Jason Hesse sits down with French start-up Devialet to discover how it has cracked the UK HiFi scene

iFi enthusiasts can be a tough crowd: they demand

UK, which is a major market for the company. Other countries

outstanding audio quality, best-in-class products and

are on the cards in the future.

strong design. Devialet aims to satisfy all three. The company, established in Paris in 2007, is the brainchild

Breaking Britain

of engineer Pierre-Emmanuel Calmel, designer Emmanuel

Devialet’s UK expansion started at the beginning of 2015,

Nardin and entrepreneur Quentin Sannié. Together, they set up

when Joachim Fritsch, Devialet’s General Manager in UK &

Devialet to bring their ground-breaking Analog-Digital Hybrid

Ireland was sent to London to build its British arm.

(ADH®) technology to the market.

He has not been sitting idly: Devialet UK now employs 18

Devialet’s products are the first to showcase this ‘hybrid

people, has its own store in Harrods and in the Westfield White

amplification’ technology, where the technology combines both

City shopping centre, and it has established a partnership with

the quality and power of analog and digital sound amplifications

Apple to stock the Phantom in two flagship stores. It has also

at the same time.

continued to win award after award – the latest accolade came

The company’s original product, a high-end amplifier called the D-Premier, reached the market in 2010. Boasting technology

from Creative France, which awarded Devialet its ‘Creative Next UK’ prize in July, which Fritsch says he was ‘delighted’ to win.

that is protected by 107 patents and retailing at £10,000, the

It has not always been an easy ride, Fritsch recognises.

amplifier was a hit with audiophiles and quickly won dozens of

Establishing Devialet in the UK was a ‘huge’ challenge,

awards in many countries across the world.

particularly with regard to building brand awareness. For French

As a follow-up to the high-end amplifier, in 2015, Devialet released a premium speaker called PHANTOM, which has also

companies, it is paramount to build brand awareness through adapting to the UK culture and market, Fritsch adds.

been a rip-roaring success. With a more affordable price tag

Focusing on hiring British people has been an important

– the all-in-one speaker starts at £1,390 – the PHANTOM has

aspect of this, he explains: “The brand is now well established

brought Devialet’s ADH® technology and sound quality to a

in France, so we receive plenty of applications from

much wider audience.

French people. But we want to root the company in British

In addition to having a number of happy owners – including

culture as well – mixed recruitment is important. We don’t just

Karl Lagerfeld, Kanye West and Beyoncé – the PHANTOM’s more

want to be perceived as ‘a French brand exporting to the UK’,

affordable price tag and premium design has helped Devialet to

we want to develop as a global brand.”

break into the market as a serious player. With a strong and

The company is, however, unabashedly French – and

influential HiFi culture, the UK is key to the company’s ambition

for good measure. Products are still entirely designed and

of becoming the global market leader by 2022. It is already well

built in French factories, which Fritsch says has helped

on its way.

Devialet’s reputation. This is a company that sells top-class

It also has the right backing to achieve this lofty goal. Since it launched, Devialet has raised €45m from top investors including

French engineering and French design, which customers are clearly hungry for.

LVMH’s Bernard Arnault and Vente Privée’s Jacques-Antoine

With its strong market growth, strong backers and

Granjon, and last year a €25m round was raised specifically to

strong products, Devialet is well on its way to becoming a

fund international growth. Part of this investment relates to the

household name. I

D E V I A L E T : € 45m o f inve st m e nt • 107 p at e nt s • 58 a wards From left to right: Pierre-Emmanuel Calmel, Co-Founder & CTO; Quentin Sannié, Co-Founder & CEO; Emmanuel Nardin, Co-Founder & CDO

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BUSINE S S WOR LD – R E PORT S & R E SE ARCH

A selection of research papers and reports produced by Chamber member companies

Econocom Why do you need to embrace digital transformation?

‘Digital for all, NOW!’ – August 2016 Available at: www.digitalforallnow.com

In today’s economy, digital transformation is unavoidable. The future no longer belongs to the best-performing firms, but to the most agile and innovative. The digital revolution has seen the emergence of new entrants that are fundamentally changing their business sectors and this is putting the future of non-digitalised organisations at risk. Half a century ago, the shelf life of a firm in the Fortune 500 was around 75 years; today it is less than 15 years and this number is declining, according to Information Age. • 27 per cent of senior executives rate digital transformation as now being ‘a matter of survival’ – MIT Sloan Management • 50 per cent of CIOs cite lack of funds as the main barrier to digital transformation – CIO.co.uk and CSC study

PwC Tech breakthroughs megatrend To remain relevant and to succeed, an emerging technology strategy needs to be a part of every company’s wider corporate strategy. The technological breakthroughs megatrend directly impacts every other megatrend. Every industry feels its influence now, and so does every company, of every size – everywhere. The most pertinent technologies, and their corresponding strategies, will of course vary from company to company, but PwC’s analysis of more than 150 emerging technologies pinpoints the ‘Essential Eight’ technology breakthroughs that most company executives should start with. Tech breakthroughs megatrend: How to prepare for its impact – July 2016 Available at: www.pwc.com/techmegatrend

Veolia Imagine 2050 - How influential are our cities for the future? Imagine living in a city in 2050. In a home with nanobots to sort your waste, a self-cleaning bathroom and a household tool that you can use to make your own plastic. By 2050, it is estimated that 70 per cent of the world’s population will live in cities. It’s a prospect that today we cannot even imagine. To help visualise what it might be like, Veolia has joined forces with the London School of Economics (LSE) to create its own ‘tale of two cities’, based on collaborative and individual approaches. Imagine 2050 – 2016 Available at: goo.gl/sDcztO

info

info - march / april 2016 - 25 - september / october

E DUC ATION – NE WS

Jeannine Manuel School is inaugurated in London On 11 June, pupils, parents, staff, family and friends of the

about the pride of

Jeannine Manuel School gathered in Bedford Square Garden

belonging to such a

to officially inaugurate the school’s opening. The school’s 190

diverse school. This

pupils sang the song ‘On Ira’ by French singer Zaz, whose

diversity was reflected

lyrics evoke themes of tolerance and global awareness,

in the 40 flags that were

setting the tone for the ceremony.

hanging in the garden.

The speakers celebrated the accomplishments of the

‘I am really moved by

school and thanked all of those who had contributed. This

how strongly we can feel

was a special day to remember, honour and spread the vision

the school spirit today,’

of its founder, Jeannine Manuel, while expressing enthusiasm

said Head of Primary

for what the future holds, the school said.

and Master of Ceremony,

Bernard Manuel, Chairman of the Board and Jeannine Manuel’s son, spoke of the school’s dedication to UNESCO’s

Coralie Manhes. Laurent Manuel,

four pillars of education: ‘Learning to Live Together, Learning

who was one of four

to Be, Learning to Know, Learning to Do,’ giving the school

descendants of Jeannine

its aim to educate ‘talented, adaptable and open-minded

Manuel attending the launch, added that it was amazing to

young adults’.

see what his grandmother had built: ‘I am glad I was able to

Two pupils from the Student Council gave a speech about the school’s mission, speaking with ease and confidence

help. It is so nice to see everything brought together and continue to grow!’ I

HEC’s Executive MBA to increase focus on entrepreneurship and career development ©justin.personnaz@uniqueagency.com

students, HEC Paris has announced

‘We noticed that entrepreneurship

it will update its programme to

and innovation was a major concern

emphasise entrepreneurship and

for participants,’ said Nathalie Lugagne,

career development. Although the

Associate Dean for Executive Education.

typical EMBA student used to be a

As a result, HEC Paris has crafted a

40-year-old male with 12 to 15 years’

more customised course that will

experience who often received

contain further provisions for students

sponsorship from his company, this

to practise their entrepreneurial skills.

has evolved, HEC said. In recent

Given that students have a desire to

years, students have become more

make more radical career changes,

international, more entrepreneurial,

HEC also said it would invest further

From September 2016, due to the

more willing to make a career shift, and

in career development activities for its

evolving profiles of its executive MBA

there are a growing number of women.

students to learn from. I

Arts & Métiers alumni hold workshop in London In collaboration with other alumni from the French Grandes Ecoles, a full-day workshop entitled ‘Réveille ton étoile’ (‘Awaken the star within you’) took place in London for the first time in June. The workshop, developed by Marc Pavageau, a psychoanalyst and alumnus of Arts et Métiers ParisTech, gave participants the opportunity to think about their future ambitions and, working together in small groups to brainstorm, set up a framework to convert their ideas into action, arming them with the keys to professional success, in harmony with their personal lives. Based on the success of this one, another workshop will be held before the end of the year. I

26 - info - september / october 2016

E DUC ATION – NE WS

Sciences Po and King’s College London launch collaborative Graduate Programme

Toulouse Business School advised by Turenne Consulting on their relocation in London

A new graduate

With increased international visibility of its business

programme between King’s

programmes, Toulouse Business School has identified

College and Sciences Po

London as the next location for its international expansion.

is set to open up dozens of

Turenne Consulting, an independent UK-based

pathways for students of

consultancy practice specialised in relocation and

international affairs in

expansion projects for education and institutional

Paris and in London.

clients, is advising Toulouse Business School on its new

The King’s College London / Sciences Po

London campus. A preliminary feasibility study has already been

Graduate Programme in

completed, which has led to the start of a dedicated search

International Affairs allows

for premises with a projected opening in the next few weeks.

participating students

Toulouse Business School is ranked in the top 1 per

to obtain, in two years of

cent of business schools worldwide, and its Masters in

studies with a year each

Management programme is ranked among Europe’s top 10

in Paris and London, both a Master’s degree offered by the

programmes by the Financial Times.

Paris School of International Affairs of Sciences Po (PSIA) and

With a teaching staff of 1,200 professionals, the school

a Master’s degree offered by one of a number of schools and

currently operates on three campuses: two sites in Toulouse,

departments within the Faculty of Social Science and Public

one in Barcelona and one in Casablanca. In addition to

Policy at King’s College London. Applications will start in

its expansion into London, the business school is also

October 2016 and close in mid-December. I

developing a campus in Paris. I

SCHOOL OF MANAGEMENT

THE EXCELLENCE OF THE ESSCA SCHOOL OF MANAGEMENT HAILED BY THE PRESTIGIOUS EQUIS LABEL With the newly acquired EQUIS label, ESSCA can now boast a triple international accreditation: EPAS, AACSB and EQUIS. More than ever, the school can pursue its development based on its solid fundamental values. ESSCA School of Management was founded in Angers in 1909 and now spreads itself over 7 campuses in France, Hungary and China; amongst its 190 partner universities abroad, many are ranked within the top 10 in their country. Catherine LEBLANC, Head of the school, shares her enthusiasm: “The award of this accreditation is the result of the collective success of our team, of our students, of our graduates and of our corporate and institutional partners. It strengthens the path we have chosen: we are expanding, we are innovating, and using new technologies without losing sight of what is essential. Technological progress should remain a tool. In an ever moving and highly competitive environment for higher education in management, our mission is to keep our educational tradition i.e. accompanying our students towards their personal and professional success while remaining true to our founding humanistic values”. The international auditing team particularly appreciated the quality and diversity of the programmes, the strong research culture of our school associated with a strong anchor in the corporate world.

info

- september / october 2016 - 27

BREXIT:

What is nextâ&#x20AC;&#x160;?

28 - info - september / october 2016

focus B

ritain, Europe and the world at large was taken by surprise on 23rd June,

when the British people voted to leave the European Union. The impact was immediate: financial markets experienced their largest fall since the

2008 economic crisis, the British pound fell in value almost instantly, and international businesses were forced to rethink their future strategy. Three months later, what is the impact of the Brexit vote on the economy? And what are the likely scenarios that the British Government will follow? The reality is that we know very little. At the end of August, British Prime Minister Theresa May announced that she was postponing any negotiations on Brexit until further notice, refusing to set a date for invoking Article 50. Until then, uncertainty remains. There are an estimated 3,000 French firms in Britain, which employ nearly 400,000 people. In this Focus, we attempt to shed some light on what Brexit means for these Franco-British businesses. We open with Dr Angus Armstrong of the National Institute of Economic and Social Research, who offers a top-level macroeconomic analysis of the situation, followed by a range of articles on what Brexit means for the business community â&#x20AC;&#x201C; from start-ups to larger corporates, firms in London to multi-national groups. This is followed by a spade of contributions from a wide range of sectors, including an exclusive interview with WPP Founder and Chairman Sir Martin Sorrell. Finally, we look at what Brexit means for businesses on a practical level: tax, employment, contract law... this issue of INFO is

a must-read for anyone doing business in the UK. I hope that the following pages will offer you valuable insight of how some of the country's leading business minds are approaching Brexit, and that their analysis will help you with your own business decisions and strategy. I JH

info

- september / october 2016 - 29

FOCUS – BR E XIT: WHAT I S NE X T ?

BREXIT: The Global Outlook How will economic output be affected by Brexit? Dr Angus Armstrong, Director of Macroeconomics at the National Institute of Economic and Social Research, analyses Brexit from a macroeconomic perspective

he UK’s decision to leave the EU is a watershed event.

EEA involves accepting the free movement of labour.

It is likely to bring to an end the free movement of

UK exports would be subject to ‘rules of origin’ taxing trade

labour and limit the free trade of goods and services

from outside the EU.

between the UK and EU. This comes hot on the heels of the

The second option is for the UK to re-join EFTA but without

fragmentation of cross-border finance in the aftermath of

joining the EEA. This would mean less access to the single

the global financial crisis. How world leaders respond will

market. The only EFTA country that is not a member of the

determine whether Brexit is a set-back to globalisation, or part

EEA is Switzerland, which has full single market access for

of a deeper retrenchment.

goods trade but is required to strike bilateral treaties to secure

Economic analyses of Brexit are mostly about the medium

access for specific services. This is a significant cost. Many

term. The UK has essentially chosen to be less economically

services, for example financial services, are carried out through

integrated with the rest of the EU. This is likely to lead to lower

third countries such as the UK.

levels of migration, trade and foreign direct investment.

Once the future relationship between the UK and the EU is

As a result, the economy is likely to be less specialised and

clear, the UK will have to carry out its own trade negotiations

less productive with a lower level of investment. These are all

with other nations around the world. They are likely to wait

standard supply-side effects.

and see the type of arrangement with the EU. For the first time

Because ‘Brexit means Brexit’, the decision is likely to be

in over forty years, the UK must negotiate as an independent

irreversible. Therefore, the lower level of productivity and

member of the World Trade Organisation (WTO). This will

output will probably be permanent. This means that, each year,

require agreeing the terms of engagement outside of the

output or GDP is likely to be lower than it would otherwise

EU with the other 160 member states (establishing ‘Most

have been if the UK had remained in the EU. After the full

Favoured Nation’ terms).

economic adjustment, the impact of Brexit is on the level of output and not the rate of growth of output. How much lower output will be in response to leaving the EU depends on the new economic arrangements in place of EU membership. The terms of this future arrangement with

The UK will no longer be covered by the EU’s 53 preferential trade agreements (mostly with developing states). It may look to strike similar agreements along new or different lines. The UK would need to consider if, and how, to be included

the other 27 member states must be unanimously agreed, and

in the Trans-Pacific Partnership which was agreed this year but

even ratified by some national assemblies. The first priority

yet to be ratified. There are opportunities such as negotiating

is with the largest trade partner. One of the most pervasive

on its own terms in the Trans-Atlantic Trade and Investment

results in trade studies is that distance matters: surveys

Partnership (TTIP) between the US and EU. However, this

suggest that doubling the distance between trading partners

is unpopular both at home and overseas and it is unclear

results in almost halve the amount of trade.

whether the agreement will even happen.

New deals

arrangements is central to estimating the costs or benefits

The UK will have to establish new trade arrangements with

of Brexit. The consensus medium term projection, which

the EU as the basis for agreements with other countries. Each

assumes a Swiss-style EFTA-like arrangement, is that output in

option involves a trade-off between access to the single market

2020 will be 3 per cent lower than otherwise. To put this into

and control over economic policy leavers.

money terms, each percentage point is equal to around £750

The first option is for the UK to re-join the European Free

Making a judgement on the UK’s future trading

per household, suggesting that the average household may be

Trade Association (EFTA) and become a member of the EEA

£2,220 worse-off than it would be had it remained in the EU.

(e.g. Norway). The UK would have access to the single market

Within this average there are going to be many households

but without a vote on the regulations or access to the same

who gain from Brexit and many who lose. I

courts to settle disputes. Moreover, being a member of the

30 - info - september / october 2016

Paving the way for EU NEGOTIATIONS CBI deputy director general Josh Hardie highlights five important business priorities that are essential to keep UK plc in the black during the forthcoming EU negotiations

usinesses are the creators of jobs and prosperity, they are made up of the people who build relationships and trade with partners all over the world. This means

that businesses have a fundamental role in shaping the UK’s forthcoming negotiations with the European Union. We are seeing businesses across the country immediately step up to the challenge – they are used to dealing with

change and uncertainty, assessing opportunities and getting on with serving their customers. That’s what we need now, more than ever. As we move forward and build a new economy for the UK, business input into that vision is vital. This is why the CBI has called for a new era of partnership between the government

As a country, we need to make sure that we continue to be as outward looking as ever

and firms of all sizes, whether headquartered in the UK or overseas. The business community in the UK is determined to speak with as unified a voice as possible to help government

about how they can remain once the UK has left the EU.

understand the key priorities for renegotiation. In return,

The same applies to European students looking to study in

business also wants this same clarity from government and a

the UK – a valuable source of income for our world-leading

proper plan for the country’s future economic relationships.

universities.

To support this conversation, the CBI has sought the views of more than 500 of our members since the referendum.

3. Retain key regulations

While opinions vary between businesses depending on how

Beyond these two key issues, our members also highlight the

they interact with Europe, five clear principles have emerged

need to strike a balance between UK and EU-led regulation

that they regard as key to future negotiations between the UK

in the future. In areas where the EU currently facilitates

and the EU.

international collaboration – including aviation, medical

1. Keep trade flowing Top of the list comes the clear call: the UK must continue trading easily with our neighbours. With 45 per cent of the

licenses and climate change – we still need to be involved. And we need influence over new EU rules and standards that may still apply to the UK’s trading businesses post-Brexit.

country’s exports destined for the EU and 53 per cent of

4. Continue to be outward looking

imports drawn from it, maintaining easy access to this market,

As a country, we need to make sure that we continue to be as

with minimal barriers, is a major business concern.

outward looking as ever.

2. Welcome foreign workers

established and growing markets are exciting. But the EU’s

We recognise that the level of access to the single market has

trade deals with third-party countries have already helped to

implications for people’s ability to live and work across the EU:

bring barriers down and CBI members are clear that they want

there are genuine concerns over immigration. Getting this

to protect preferential access to markets through these deals.

balance right matters. To thrive and grow, business needs

Of course, the possibilities for new trade deals with

to be able to access talent from across the world. We have

5. Ensure funding continues

historically high employment, yet companies still struggle to fill

Finally, businesses that have matched EU investment in

vacancies, leading to skills shortages. While it is vital that the

projects that support infrastructure, small and medium

UK upskills its domestic workforce, attracting workers from the

enterprises, research and innovation, and the rural economy,

EU has helped companies overcome these shortages, with the

are in need of urgent assurances that funding promises will

estimated 300,000 French nationals living in the UK making a

be honoured.

particularly positive contribution. The government’s approach needs to recognise this pressing need. This is not simply a long-term challenge. It is an immediate

Businesses in the UK recognise that managing these priorities will be a balancing act, but at the root of them all is a simple message: a new era of partnership is needed, so the

and real concern for EU migrants already in the country – and

UK can negotiate a deal which is of mutual benefit to the UK

UK citizens resident in the EU – who urgently need clarification

economy and the rest of Europe, our biggest trading partner. I

info

- september / october 2016 - 31

FOCUS – BR E XIT: WHAT I S NE X T ?

BREAKING THROUGH Gerard Grech, CEO of Tech City UK, shares why he believes that the UK’s tech industry will continue to thrive on the world stage

t has been nearly three months since

internet of things in Bristol and health

anywhere in Europe. Among them are

the Referendum vote. With a new

tech in Manchester.

Future Fifty companies Transferwise,

prime minister and a new cabinet,

the

Funding Circle and Deliveroo, all of which

political change has been decisive and

government, Britain has led the way in

are international businesses with major

swift. We find ourselves in an uncharted

innovative digital policy from introducing

operations in many European countries,

landscape; yet there is plenty of reason

coding in schools to creating the Tech

including France.

for optimism.

Nation Visa scheme for digital technology

With

the

support

from

The UK has a critical mass of digital

Just in July and August, we have seen

experts and smart business taxation

expertise,

our own Future Fifty company, Deliveroo,

to encourage early-stage investment.

density, as well as the second highest

raise an impressive £210m in a Series-E

The seeds for a new generation of tech

venture capital investment per capita.

round co-led by pan-European, American

entrepreneurs have been planted.

It has consistently attracted over 30 per

and Russian investors, in addition to the sale of Cambridge’s ARM Holdings (winner

smart

capital,

ecosystem

cent of European venture capital for the

Keeping the flow going

past few years.

of a Franco-British Business Award in 2014)

Understandably, with Brexit, there

London, which has more global

to SoftBank for $32bn – a record figure

are concerns about the flow of talent

business headquarters than any other

for a UK-based firm. Among many others,

and investment. Both are crucial to

European city, has a huge mix of sectors,

both these activities, which took place

keep the UK at the forefront of digital

from financial services to fashion, and

over the last two months, demonstrate

innovation. Tech City UK will be the eyes

music to property, these industries are

the continued global appeal of investing

and ears of UK tech, as we all shape this

part of the city’s DNA and as such cannot

in UK tech talent.

environment. And as a country, we have

be easily mirrored elsewhere.

Our tech community is no stranger to facing a challenge and I am certain that, together, the tech community can tackle and rise above the challenges of Brexit But this is not coincidental. Over

to reassure all of our European talent

The last financial crisis sparked a

the past six years, I have watched an

and partners that we are building this

new generation of tech entrepreneurs.

incredible rise in the UK digital economy.

future together. Since the vote, major

It kickstarted the hive of activity that

Last year, we saw record investment

players and influencers have made it

developed in Tech City East London,

of more than $3.5bn into our tech

clear that Brexit will not get in their way.

which is now spreading across the

businesses.

The

sector

growing

Leading

venture

capitalist

firms

capital and other UK cities.

more than 32 per cent faster than the

Atomico, Index Ventures, Balderton

wider economy and is creating jobs 2.8

Capital and others have openly stated

software businesses in East London’s

times faster.

that they will continue to seek out and

Tech CIty. Now there are over 2,500.

invest in the best UK start-ups.

Our tech community is no stranger

We have a rich pool of talent with expertise in everything from cyber

Just under 40 per cent of all unicorns

2010,

there

were

just

200

to facing a challenge and I am certain

security to user-experience design. The

European

(digital

that, together, the tech community can

innovation spreads nationwide, from

firms valued at more than $1bn) are

tackle and rise above the challenges

artificial intelligence in Oxbridge, to the

now based in the UK – the highest

of Brexit. I

32 - info - september / october 2016

tech

Small firms must navigate the BREXIT TIDE Mike Cherry, national chairman of the Federation of Small Businesses, sets out why Britain’s small firms should be at the heart of the Brexit strategy

hatever you believe and whichever way you voted in the EU

Local Enterprise Partnerships1. Smaller firms need assurances

referendum, one fact cannot be disputed: the UK is now in

that effective EU-funded schemes will continue. FSB is calling for

completely new territory.

a full assessment of every scheme, so that crucial projects such

Small business owners are used to dealing with challenges, yet FSB research (conducted before the vote on 23 June) found that small business confidence is at its lowest level since 2012.

as superfast broadband, rail improvements, apprenticeships and business support will still be delivered. In uncertain times, with small business confidence at

In the week after the referendum result, FSB was one of the

record levels, FSB is calling on the government to strengthen its

first business bodies to set out a clear small business agenda.

deregulation drive and to expand the scope of these efforts to

We have continued to be a constructive partner with the

previously exempted areas of EU regulations and tax legislation.

government and have met with Prime Minister Theresa May,

The government should now be setting out its approach

who hosted a small business summit around the Cabinet Table

to boost this drive to remove red tape. UK/EU law has been

at No.10. We welcomed the move to put the concerns of smaller

developed over the last 40 years and now needs to be

firms front and centre in the Brexit negotiations.

disentangled, and the government must provide clarity over what new regulation may be required.

Market access Smaller businesses want access to European markets, the ability to hire the right people, reassurance on key EU-funded schemes and a new approach to both regulation and deregulation. This is crucial to ensure economic growth and job creation. Access to the European market means access to 500 million potential consumers, more than 26 million businesses and is worth €11 trillion. One in three of our members import or export and the vast majority of them trade with European countries. FSB’s main priority it to keep the European market easily accessible for small firms at the lowest cost for business. Having continued access to the right skills is another crucial requirement. Smaller firms need to be able to hire the right person for the job, and sometimes this means recruiting from overseas. While we must focus on upskilling our domestic workforce, including both academic and vocational skills, access to skilled labour from the EU must remain in place in the medium-term. In addition, many UK small firms, the self-employed, consultants

Smaller businesses want access to European markets, the ability to hire the right people, reassurance on key EU-funded schemes and a new approach to both regulation and deregulation

and freelancers want the right to work in the EU as they do now. Directly and indirectly, many small businesses have benefitted

What will happen next in the Brexit debate is anyone’s guess.

from EU funds, some channelled toward infrastructure and

What is clear is that the success of the UK’s 5.4 million small

others toward local initiatives. Due care must be taken by the

businesses is crucial to the success of the UK economy. FSB

government on the future of current EU funding arrangements.

will continue to be the voice of smaller firms and work closely

In 2015, the UK received £4.5bn from EU programmes,

with the UK Government to shape their priorities as the Brexit

including through European Structural and Investment funds for

negotiations begin. I

1. Local Enterprise Partnerships (LEPs) are local business support organisations that help determine local economic priorities. There are 39 LEPs across England.

UK SMALL FIRMS IN NUMBERS 5.4 million: the number

of small businesses in the UK

60% of private sector employees £1.8 trillion: small firms’ work in small companies

combined annual turnover

99% of all UK companies are smaller firms

info

- september / october 2016 - 33

BREXIT: Uncertainty adds to concerns What impact has Brexit had on UK company valuations? Rémy Valette, UK country manager at financial consulting firm NGFI Finance, analyses the scene

lthough an EEC member since

and 8.5 per cent in 2014. Rises are only

$2.08 trillion off global stock markets,

1973, the UK has neither been

now foreseen towards the end of 2017

including Wall Street’s biggest one-day

part of the Eurozone nor the

and into 2018 at a more modest rate

fall in 10 months, markets have largely

of 2 per cent.

recovered to their pre-Brexit levels,

Schengen area and it has jealously kept the pound sterling despite the

particularly in the UK (see table, below).

Nevertheless, the uncertainty and

Long term impact on assets and company valuations

volatility that followed the vote on 23

As the single-largest commercial partner

again) flooded the market with liquidity

June, won by the leave camp by a margin

for EU members and its third-biggest

to prevent the initial shock turning into a

of just 3.8 per cent, has pushed both the

budget

long-term

full blown crisis. Indeed, the total stock of

government and the Bank of England

impact of the UK’s decision to leave the

corporate and government bonds now

into action, with the latter decreasing

EU is difficult to predict. It will largely

in possession of the Bank of England is

its benchmark interest rate by 25 basis

be dependent on the outcome of trade

at £435bn.

points to 0.25 per cent in August, the

agreements to be negotiated between

lowest rate in its 322 years.

the UK and its neighbours. During the

calendar, the UK is probably years away

transitionary

introduction of the Euro in 1999.

contributor,

with

uncertain

started

from actually exiting the EU and the government is yet to even employ many of

maximum of two years after Article 50

the staff who will steer the country through

Weaker pound: The pound’s drop in

is invoked, it is likely that asset utilisation

this complex period. Any long-term

value, down 14 per cent against the US

rates could decrease, particularly if

impact from the renegotiations of trading

dollar and 13 per cent against the Euro

British exporters cannot find alternative

agreements remains to be understood.

since 23 June (data as of 30 August),

markets to compensate for an inevitable

Typically, uncertainty translates into

automatically reduces the profitability of

loss in sales volume from Europe,

lower business activity and higher risk.

businesses relying on imports to deliver

reducing their prospects going forward

Perhaps this higher perceived risk will

their product or services and squeezes

and prompting a lower valuation.

continue to dampen valuations until the

their margins as the price of their raw materials increase. The opposite is true of those companies who export their goods and services to overseas markets.

which

Nonetheless,

this summer and will continue for a

Short-term impact of the Brexit vote

period,

the

This is, in no small part, due to the reaction of central bankers, who (once

famous Article 50 is triggered, at which

What has happened in financial markets since the vote

point the fog will give way to enable a thorough analysis of the fundamentals that

While the initial panic that followed the Real estate slow down: Following the

drive

economic

growth

and,

ultimately, company valuations. I

news of the referendum’s results wiped

vote to leave the EU and its perceived negative

impact

the

economy,

Countrywide, the UK’s biggest estate

Country

Index

Brexit Friday

Since Brexit

YTD

house

FTSE 100

-3.15%

7.62%

9.27%

prices will fall across the UK by 1 per

FTSE AIM

-3.18%

9.15%

7.39%

cent in 2017, after several years of

FTSE 250

-7.18%

2.96%

2.39%

Europe

EUROSTOXX 50

-8.62%

-0.23%

-7.79%

France

CAC 40

-8.04%

-0.93%

-4.59%

also dampened house price growth

Belgium

BEL 20

-6.40%

1.68%

-3.88%

earlier this year. As a result, prices are

Switzerland

SMI 20

-3.44%

2.01%

-7.19%

agent,

has

predicted

that

continuous growth. This follows on from government changes to the tax treatment of second homes, which

predicted to rise just 2 per cent in 2016, compared to last year’s 6.5 per cent

34 - info - september / october 2016

Source: NGFI Finance research, 30 August 2016

FOCUS – BR E XIT: WHAT I S NE X T ?

London is open The EU referendum result does not change London’s prominence on the world stage, argues David Slater, Director of International Trade and Investment at London & Partners

he ties between Britain and France are historic and significant: bilateral trade between the UK and France was worth €50bn in 2015 and each was the other's fifth-

investment over decades. Indeed, there are more than 3,000 French companies across the UK employing nearly 400,000 people. In 2012, the

largest export market. The UK also represents France’s main

UK became France's most significant outpost, with French

trade surplus: €12.2bn in 2015. But the result of the recent UK

companies turning over €120bn annually.

referendum on EU membership surprised many on both sides of the Channel. Despite some uncertainties, the Mayor of London has

Meanwhile, in London, between 2005 and 2016, foreign direct investment into London from French companies such as Paul, Sogeti UK and Eurofins Laboratories was worth over

been clear about the direction that London is heading after

$4.64bn, creating an estimated 12,292 jobs. In the same time

the result of the referendum: London is open for business with

frame, 262 French companies invested in London, with the

France and the rest of the world.

top 10 French companies including the likes of Louis Vuitton,

The referendum vote was not a vote to become less outward looking or less welcoming to anyone. London does remain – and will continue to remain – a top destination for

Christian Dior and Zadig and Voltaire hosting 10 per cent of their global projects here in London. It remains a global financial centre that is used by many

anyone to come, work and do business, be they French or from

European, US, Asian and Latin American banks as a hub to

anywhere else in the world. This did not change on 23 June

operate across the world.

and will not change in the future. London’s future is bright

But do not just take my word for it. Since the referendum,

and its relationships with French businesses will continue to

global banks like HSBC and Barclays have recommitted to

strengthen and flourish.

London. Meanwhile, US giants Goldman Sachs, Morgan Stanley

New opportunities Yes, this new world will bring new challenges, but it also

and JP Morgan have pledged to work together to ensure that London remains a dominant financial centre. Of course, it would be foolish to pretend that the result of

provides new and exciting opportunities to develop

the EU referendum will not have consequences, or that these

relationships between London and France that may not have

will not take some time to work through. But what is certain is

been possible before.

that a whole host of new opportunities for trade and exchange

Just last month, London & Partners hosted a delegation from the French business confederation MEDEF, where

have been raised between our two nations that need to be taken advantage of.

Rajesh Agrawal, the new Deputy Mayor for Business, initiated

So, I would repeat that London’s future remains bright.

discussions on how to foster new business relationships and

The elements which make London so great will not change

improve collaboration between Paris and London. This is

as a result of the referendum vote. I am proud to say to that

because the referendum result has not changed London’s

London will remain open for business with France now and in

fundamental strengths, which have attracted so much French

the months and years ahead. #LondonIsOpen. I

info

- september / october 2016 - 35

Beyond Europe:

What next for business ?

What must businesses do once Brexit negotiations begin? Marc Bena, a partner at PwC, says robust planning and communication is essential

he United Kingdom’s decision to leave the European Union (EU) is one of the most important events in the history of the EU and in the history of the UK’s

relationship with the rest of Europe.

order to protect or grow the value drivers in a business. Based on this picture of uncertain outcomes, organisations have a number of choices and decisions to make; the first of which is the strategic reaction they wish to deploy in response

The shape that Brexit could take is far from certain. Uncertainty will be a feature of the business landscape for

to the situation.

the months to come as both the timeframe and the structure

Strategic response

of the UK’s exit become clearer. So plans will need to be

Three possible strategic responses could be considered:

developed in the knowledge that they will change – as

1. Wait and see: This is based on a reactionary approach.

issues evolve or new questions emerge. Flexibility will be

2. Pre-emptive action: Largely designed to protect the

critical throughout.

existing business through some form of pro-active response,

A range of possible exit scenarios exists and each carries with it a range of possible implications for business in terms of how, where and for whom they do things. From a legal and regulatory standpoint, nothing will change

which is aimed at shaping the outcome ahead of the final position being determined. 3. Pro-active shaping: This approach looks for ways in which opportunities can be developed through taking a more pro

for at least two years as per the timetable for departure

active approach. The selection of strategic response will be

once Article 50 is invoked. However, the decision to leave has

shaped by an organisation’s risk appetite, financial capital

already triggered a range of short-term implications which

and capabilities.

businesses must respond to right now.

Companies (and their investors) need to manage their business through a time of prolonged uncertainty where there

Communicate

are many unknowns and volatility in the economy and markets.

In the short-term, businesses may need to take some

They may not have a detailed contingency plan for Brexit and

immediate decisions to protect themselves and communicate

have up to now adopted a ‘wait and see’ approach.

clearly with employees and stakeholders to provide as much reassurance as possible.

The aspects of an organisation that could be affected by the various different trade agreements are wide ranging, so

In time, businesses will need to work out what the likely

we envisage a framework for action which covers immediacy,

path of exit means and what they can do to influence it.

through evaluation of unfolding events, disciplined decision

Businesses need to work out the timing, nature and scale

making and timely execution of responses aligned to other

of these impacts and consider their response – whether

(non-EU referendum related) strategic priorities.

through changes to strategy, operations or the structures that support them. Developing robust plans as well as taking appropriate actions to address short-term consequences will ensure business is well placed to take advantage of the potential opportunities which may arise from the ultimate outcome. We have identified four scenarios that could occur and that capture the different degrees of integration that the UK may have with the EU (see Table 1, right). These scenarios could take different specific forms, but broadly these four are the most widely accepted outcomes. Each scenario offers or requires a strategic response in 36 - info - september / october 2016

This will allow organisations to understand the potential scenarios ahead and be prepared for any opportunities which

Table 1: Brexit outcomes

may arise during this period of uncertainty. I

Sir Martin Sorrell talks BREXIT

INFO sits down with Sir Martin Sorrell, founder and CEO of WPP and a Board Member of the French Chamber, to hear his views on how Brexit will impact business You said the referendum result was ‘not good news’. A

outside the UK. We are, for example, increasing our focus

couple of months later, what is your view on its implications

on growth in key western continental European markets, not

for the UK economy and businesses?

least France.

Although there has been a short-term spending boost due to the cheap pound, I don’t see Brexit as good news for the long-

How will this affect WPP’s strategy and the way you run

term health of the UK economy.

your businesses?

Businesses are already over-cautious and risk-averse, and

It means we need to double down on our existing strategy:

the uncertainty created by the referendum result provides

focusing on fast-growth markets (the BRICs and Next Eleven1),

further reasons to delay or cancel investment decisions. This

digital, data – and horizontality, which ironically means getting

uncertainty may last for years as the UK government begins

our people to work together, not apart!

the impossibly-complex administrative and diplomatic task of disentangling the UK from the EU and renegotiating our

In your view, what would be the best case scenario for a

relationship with Europe and the rest of the world.

post-Brexit Britain? Uncertainty removed in the shortest possible time, and a deal

Why do you believe that Britain’s long-term growth will be

with Europe that retains the privileged access to the single

slower outside of the EU?

market that we enjoy at the moment, which is especially

It is early days and far too soon to assess the true impact of

important for services.

Brexit, but the majority of serious commentators predict that it

I have not totally lost hope, though, that there will be a

will result in slower growth over the long term. Not necessarily

‘Brexit check’ on the final negotiated terms in two or three

catastrophic, but slower than it would otherwise have been.

years' time – either at the General Election or through another

The uncertainty over the nature of the UK’s access to the

referendum – to make sure the electorate still want out.

single market is particularly troubling. It is hard to see how we will end up with a deal that is better than the one we have

As a Board Member, what role do you think the French

today, in terms of free trade.

Chamber should play, post-Brexit? The role should be to articulate and explain the objectives of

What opportunities could Brexit bring?

the British government and industry and services to the French

All disruption brings opportunity. For WPP, there has been

government and Brussels. Similarly, to articulate and explain

a short-term bounce due to the weakness of Sterling, for

the EU response on the terms for Brexit. Really to act as a

example. Perhaps the greatest opportunity will be for markets

Kissinger through shuttle diplomacy. I

I have not totally lost hope that there will be a “Brexit check” on the final negotiated terms in two or three years' time – either at the General Election or through another referendum – to make sure the electorate still want out 1. The ‘Next Eleven’ are the 11 countries identified by Goldman Sachs as having a high potential of becoming the world’s largest economies in the 21st century: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam. info

- september / october 2016 - 37

BREXIT: WHAT NOW? The bulk of media coverage since Brexit has very much focused on the narrow financial consequences. However, as Philippe Henry, Global Head of Corporates, Financials, Multinationals Banking at HSBC explains, there are much broader commercial concerns at stake here too, and now would be a good time to develop a strategy for addressing them

n the immediate aftermath of Brexit, when the S&P Global

In the current environment of uncertainty, one can at least

Broad Market Index had dropped $2.08 trillion in one

say that the outcome of the negotiations looks likely to fall into

trading session, the media was generally quick to pick up

one of three broad categories:

on other negative financial consequences of the vote, of

• Business as usual: For all practical purposes, the UK remains

which several soon emerged. Some UK commercial property

as if it were an EU member, with full access to the EU market

funds prevented investors making redemptions, while various

for UK-based entities.

business confidence indices – such as data providers IHS

• Complete detachment: All existing agreements are negated

Markit's PMI survey – fell sharply, as did the British Pound

and the UK becomes completely separated from the EU, with

Sterling against a range of other currencies.

all the negative consequences this may imply.

However, recently, there have been some more positive

• Half-way house: Some specific agreements are negotiated

signs, such as a strong recovery in global stock markets. Yet, the

(such as for trade) that retain some of the existing cross

overall situation remains one of profound uncertainty due to

border freedom, but are not as comprehensive as the

the ongoing deliberations at government level.

status quo.

Across the community of banks, asset managers and

Of these three possibilities, the first seems unlikely, and given

corporates, Brexit was not widely anticipated. As a result,

the importance of the trading relationships within Europe, as

detailed contingency plans were probably less fully prepared

does the second. Therefore, although the first two settlement

ahead of the vote. In terms of final effects, obviously nothing is

outcomes cannot be discounted, some form of negotiated

currently known, apart from who will be leading the respective

settlement to facilitate EU/UK trade appears the most

negotiating teams.

likely outcome.

38 - info - september / october 2016

FOCUS – BR E XIT: WHAT I S NE X T ?

Volatility

one sells in makes considerable sense. This is particularly the

While the various possible financial implications of Brexit have

case in view of the increased IFRS 9 accounting requirements

been well-rehearsed in the media, far less attention has been

mentioned earlier, which for some organisations may affect the

paid to the broader commercial volatility that it has stirred up.

attractiveness of using tactical derivative hedging products in

In addition, there seems, as yet, to be little appreciation

favour of a more holistic and structural strategic solution.

that the consequences for corporates and non-bank financial

Taken to its logical endpoint, it is possible that a shift of this

institutions (NBFIs) go a long way beyond just Brexit itself. This

nature could mark the beginning of the end of the globalisation

is because Brexit has arisen at a time when there is a raft of

trend and at least a partial return to the localisation of the

significant other macroeconomic, regulatory, geopolitical and

production and distribution of goods and the related support

technological factors in play globally. Among many others,

functions such as finance and IT.

these include: • The repeated cutting of short-term interest rates to

Optionality

unprecedented levels by central banks in order to support

The good news is that the final Brexit outcome is likely to take

some degree of economic activity. (One consequence of this

quite some time to unfold, so there is no immediate pressure

has been negative interest rates on some corporate deposits.)

to rush into restructuring. Therefore, now could be the

At the long end of the interest rate curve, the impact on

ideal time for both corporates and NBFIs to look at the

defined benefit pension scheme values has been more

optionality within their businesses and cover off a wide range

material and visible to the investor.

of possible outcomes.

• Banking regulation since 2008/9, such as Basel III, has had

This is an area where the choice of banking partner can

knock-on implications for corporates, such as reduced access

make a considerable difference. For instance, the commercial

to certain bank products, including notional pooling and no-

implications of Brexit will affect multiple disciplines, such as

notice deposit accounts.

foreign exchange hedging, cash management, receivables

• Changes in accounting rules for derivative products (IFRS 9)

finance, trade finance, 'passporting', etc.

with which corporates will have to comply and which will add

In addition, it may affect these in all or many of the

complexity to their business risk management.

jurisdictions globally in which a corporation operates and

• The impact of the Digital Revolution (the age of machines

thus potentially impact how the treasury function that carries

driven by artificial intelligence) that enables companies to

them out is structured or located. Managing changes to the

optimise their end to end organisation and to revisit the

corporate ecosystem and business in this shifting environment

location of their production sites.

is considerably easier if the partner bank has network

It is the interaction of Brexit with these and various other factors that is creating commercial volatility that businesses need to plan for and deal with.

footprint, solutions and macroeconomic understanding that is truly global. The

past

few

decades

have

seen

the

increasing

A further consideration is the geographical scope of

'financialisation' and ‘globalisation’ of the economy, where the

corporates that will be affected. Much of the coverage to

financial system and industry have tended to dominate the

date has focused on UK companies' possible lack of access to

traditional industrial/commercial economy. Brexit may not

EU markets, but in practice corporates both within the EU and

necessarily reverse this, but it has at least the potential to

elsewhere currently doing business with the UK are likely to

put the 'real' economy more to the front and centre, with the

be affected.

financial system at its service.

The good news is that the final Brexit outcome is likely to take quite some time to unfold, so there is no immediate pressure to rush into restructuring One possible consequence is a return to the use of local

It is the commercial consequences of the financial changes

production, which is made possible by several important

caused by Brexit that are far more significant than the

factors, including taxation, weakening GBP which reduces costs

financial changes themselves. Supply chains, manufacturing

and technological evolution, such as 3D printing.

locations, trading relationships and numerous other aspects

Therefore, corporations may need to consider relocating

of corporations' businesses will probably require some degree

production units into the UK. In the interests of reducing

of adjustment, which will in turn create further organisation-

profit and loss volatility, producing in the same currency as

specific financial changes. I

info

- september / october 2016 - 39

Private Banking in the BREXIT WORLD Britain’s new global trade deals could prove to be an opportunity for private banking, writes Gwenolé Le Blevennec, UK general manager of Banque Transatlantique

early three months have passed since the referendum

models. In aggregate, this could lead to a temporary slowdown

of 23rd June and its surprising result. Helped by the

of the UK economy. For now, it is too early to say. The jury is

summer break, the initial emotional reaction is behind

still out.

us and we are now facing the task of navigating these unfamiliar

To navigate these unfamiliar waters, our approach at

waters. This challenge is particularly acute for Banque

Banque Transatlantique has been to focus on the longer-term

Transatlantique as our UK-based clients, mostly French and

prospects of the United Kingdom and in particular London.

British nationals, seek our advice and services regarding crossborder transactions, mainly with France.

The bank enjoys an extended global network of offices in major cities. Based on this international experience, we believe that the advantages offered by London are currently unmatched in Europe. To mention only a few, London combines a skilled, talented and creative work force, from so many parts of the world, with the liberal and entrepreneurial spirit of the British people. It is a trading place, open to exchanges, supported by a strong legal and judicial system and an international language. We do not see these advantages disappearing any time soon. Looking at the City and the financial industry, we believe that they may have to adapt and to extend to other markets and services. To

Of course, the challenge is that no one knows for sure how

paraphrase the economist Joseph Schumpeter, this ‘creative

Brexit will unfold in the short term. There are considerable

destruction’ means that the shape of the financial industry will

uncertainties as to the trade relationships that the United

probably evolve over the coming years.

Kingdom will have in due course, not just with the European Union but also with other major trading nations.

Delayed investment While these uncertainties last, they may change or delay

Nevertheless, we remain convinced that the City will retain its global stature. We are comforted in this view, when we observe how some financial centres, younger, without such a good hand of cards and not belonging to any free trade area, have thrived in recent years.

investment decisions from foreign investors as well as

In this new environment, likely to be more complex and

households and companies in the United Kingdom. They may

more open to other parts of the world, new opportunities

force companies established here to review their business

will appear. I

The challenge is that no one knows for sure how Brexit will unfold. There are considerable uncertainties as to the trade relationships that the United Kingdom will have in due course, not just with the European Union but with other major trading nations

40 - info - september / october 2016

FOCUS – BR E XIT: WHAT I S NE X T ?

Driving FORWARD THROUGH Brexit Exchange rates and consumer confidence will be key to the auto sector’s success following the referendum, writes Groupe Renault's UK Managing Director Paul Flanagan

head of the Brexit vote in June, Groupe Renault along with many others, had done some scenario planning for the possibility of an exit. I think all of us will remember

where we were when we heard the news: I myself picked up the result at 4.30am due to people walking past singing, ‘We are going to Brexit’. My management team took time to re-assure all our team members that, as with other external shocks in the past, such as the 2008 economic crisis, things do tend to settle and we are confident of the future. Of course, there are two important short-term factors for us: exchange rates and consumer confidence driving demand. Fortunately, our five-year plan, put together by our previous Managing Director Ken Ramirez in 2012, was actually based around the latest exchange rate levels that we are now seeing after the Brexit vote. This has helped us to keep our promise to our franchised network that we would not move in and out of the market simply due to exchange rate movement. So for us, it remains business as usual – monitor the market,

There are two important short-term factors for us: exchange rates and consumer confidence

have competitive offers and prices and continue to delight consumers. Groupe Renault, which comprises both the Renault and Dacia brands, has experienced unprecedented growth here

Renault created exactly twenty years ago – arriving later in the year, we are confident that this trend will continue.

over the last three years, consistently outpacing the increase of

In terms of consumer confidence, as I write near the end of

the UK market. This growth has continued into 2016, with sales

August, despite initial negative readings, we are starting to see

up 10 per cent – considerably outpacing the market increase of

some more positive data for July. In terms of the car market,

2.7 per cent.

although we are no longer seeing such strong growth in the

This strong growth by Groupe Renault has been fuelled by

market, it equally does not seem to be in decline.

customer demand for our new car and van models, including

As for the future, critical for the car industry, both in the

the recently launched All-New Kadjar, and supported by our

UK and Europe, are two main areas: continued free access to

dealer network’s commitment to total customer satisfaction.

markets and to continue to have consistent standards and

We are on track to deliver our mid-term plan objectives and

regulation throughout all European markets.

with one of the newest model line-ups in the car market, and with

It is in all countries’ interests for these issues to be resolved

All-New Mégane having arrived in showrooms this month, and

successfully. As leaders, our main role will be to continue to

the fourth generation of the Scenic compact MPV – a segment

follow that old British attitude of ‘Keep Calm and Carry On’. I

Critical for the car industry, both in the UK and Europe, are two main areas: continued free access to markets and to continue to have consistent standards and regulation throughout all European markets

info

- september / october 2016 - 41

RETAIL: BREXIT IS ACCELERATING CHANGE

What effect has the Brexit vote had on Britain’s high streets? Ben Perkins, Consumer and Industrial Products Brexit Lead, Deloitte, and Sara Ulrich, Brexit Lab and War Gaming Lead, Deloitte, say retailers have weathered the storm thus far

he vote to leave the European Union brought with it far

on sales than Brexit has, with the cold, damp start to summer

more questions than answers and these will take some

hindering sales of summer fashions. This is reflected not just

time to work out.

in official figures, but also in the accounts from businesses

While there was an initial shock to business confidence

following the referendum and business leaders would like to

themselves – our retail clients say their customers are still spending and have not yet battened down the hatches.

know what will happen, consumer confidence has proved

The underlying trends causing change in the retail industry

remarkably resilient, with the UK consumer continuing to keep

are still the same. Spend is still shifting from retail to leisure, and

calm and carry on spending.

the influence of digital technology continues to grow. Strategies

On the frontline with consumers, the retail sector provides

for facing the future should remain broadly in line with pre-

an important barometer for the health of the consumer sector

Brexit plans – retailers need to continue investing in digital, and

and will be one of the first areas of the economy to feel any

get better at responding to change.

impact that Brexit has on consumer confidence.

Retail sales growth

Wider impact That is not to say there haven’t been some post-referendum

Since the referendum result, retail sales have continued to grow

economic impacts. UK businesses have suffered falls in share

at a healthy rate.

prices and the pound has fallen significantly in value. GDP

In truth, the British weather has had more of an impact 42 - info - september / october 2016

growth is expected to slow, as is retail sales growth – the Centre

FOCUS – BR E XIT: WHAT I S NE X T ?

The British weather has had more of an impact on sales than Brexit has for Retail Research forecasts 1.6 per cent up in 2016 and

Brexit may end up acting as a catalyst for this if it becomes too

1.4 per cent in 2017, this is 0.3 per cent lower than the

expensive or difficult to find labour.

pre-Brexit forecast.

In response to this, our ‘Brexit Lab’ has developed a three-

The weaker pound is likely to contribute to higher inflation

stage process to navigate through the Brexit uncertainty and

next year, which the Treasury predicts will rise from 1.3 per cent

allow businesses to prepare and be ready to respond as the

in 2016 to 2.5 per cent in 2017. Higher inflation is problematic

situation clarifies:

for retailers, especially in categories such as grocery, where

1. Undertake impact assessments and then plan.

margins must be further squeezed as costs cannot be passed

2. Make strategic choices to maximise opportunities and

on to consumers.

enhance competitiveness in the future.

But there are silver linings to these recent economic clouds. The weak pound is good for tourism, because it makes the UK cheaper for foreign tourists, and it is good for UK exports. British ecommerce companies trading overseas benefit

3. Monitor for specific and relevant Brexit briefings on an ongoing basis and act accordingly. The specific challenges and opportunities as a result of Brexit now need to be understood by organisations.

from the cheap pound – although trading in Europe may

While a ‘wait and see’ approach is one option, we

become more expensive if new controls on EU borders are

believe it is better to work through the likely issues, options

added, post-Brexit.

and decision timeframes now in order to be better prepared, ready to communicate and able to better assess key

Retailers’ response

investment opportunities.

Retailers will need to keep a few other issues in mind as the

In the last ten years, the retail sector has been through

consequences of Brexit play out. One is the looming issue of

a period of unprecedented change – much of it structural.

employment – if immigration of low-skilled migrants is curbed,

The challenges of digital transformation, changing consumer

it may get harder to fill jobs in warehouses, distribution centres,

behaviour, and increasing competition from both traditional

and some stores.

competitors and new market entrants will remain.

The industry needs to start thinking now about how it copes

However, understanding the impact that Brexit will have in

with this, and if the supply of labour does dry up, other trends

accelerating change, its potential impact on demand, and how

might be accelerated, such as increased use of automation

it may push up operating costs will be critical for retailers in the

in the supply chain. Retailers are already increasing their use

coming months. I

of robotics and automated processes in warehouses, and

How are CFOs reacting to Brexit?

Policy response to Brexit

Deloitte's quarterly CFO Survey offers a look at how British chief financial officers are reacting to Brexit. The research, while not retail-specific, gives valuable insight into how Britain's leading businesses have reacted to the EU referendum result. The latest survey, completed in July 2016, shows that uncertainty is soaring and optimism, risk appetite and revenue expectations have dropped sharply, compared to prior to the EU referendum. As a result, CFOs are shifting to defensive strategies, predicting slowdowns in hiring and capital spending. The chart, right, indicates which strategies should be a strong priority for policymakers, following the outcome of the referendum. Top of the list: clarity on EU negotiations and support for the banking system. info

- september / october 2016 - 43

LONDON’S RESIDENTIAL PROPERTY MARKET:

Crash or soft landing?

Property owners in London can breathe easy, says Christophe Chambon, director at French Touch Properties. The market has not crashed lthough it is still a little early to say

As a result of this strong demand and

not going to help the already massive

for sure, it seems that the Brexit

of the weak offer, despite the uncertainty

shortage of housing, which has one

result has had a limited impact on

of Brexit, the short-term impact seems

sole consequence: the rise of the

London residential properties. So far, we

to be relatively minor. Even more

property market.

have recorded just a moderate, short-

surprisingly, rental prices have gone up,

term reduction in asking and agreed

demonstrating that foreigners have not

referendum fear is already fading away,

prices – in the region of 5 per cent on

left the capital and are still coming, as

with a new strong prime minister and a

average – part of which was already

shown by the increased volume of activity

strong economic situation. The UK and

expected during the summer months.

we have experienced this summer.

the EU member states still need each

Our

feeling

that

the

post-

other and it is likely that the UK exit, if it happens, will be smooth. London is a very attractive city for many reasons, not all of which are economic. The city’s language, culture, diversity, education and

legal

frameworks

will

remain

attractive to foreigners. There will continue to be many other parameters that will affect the market in the longer term, however. Aspects such as tax, interest rates and the currency rate among others will be affected by the new government’s policies, and the UK Government will have even more latitude to do what it would like if and when it is freed from Brussels. The

reduction

primarily

due

However, if demand remains strong

One can assume, however, that

to buyers using Brexit as an excuse

at the bottom end of the market (that is,

everything possible will be done to

to negotiate down prices. There are,

one or two bedroom flats), it has reduced

support the UK property market as it is

however, fewer properties for sale,

at the top end, with wealthy families

key to the country’s economic prosperity

as vendors can afford to wait and see

and investors opting for other options

and the British people have a high level

due to the interest rates set to remain

because of the economical uncertainty.

of property ownership.

historically low.

This, in addition to the recently increased

In addition, foreigners – led by the Chinese, who account for 5 per cent of the acquisitions in London – are buying

Even if it is not good news for

stamp duty for expensive houses, has

everybody,

led to strong price reductions.

buyers, the only rationale behind this

massively as they enjoy a beneficial

Mid-to-long term

exchange rate (the sterling is at its lowest

What should we expect on the medium

level in 30 years against the dollar, the

to long term? There is already a serious

euro and the yuan).

cut in foreign investment, but this is

especially

for

first-time

market is that there is a massive lack in accommodation, and that is not expected to change anytime soon. I

The post-referendum fear is already fading away, with a strong prime minister and a strong economic situation

44 - info - september / october 2016

FOCUS – BR E XIT: WHAT I S NE X T ?

COMMERCIAL PROPERTY:

Under threat?

What is the impact of Brexit on commercial property in London and further afield? Dr Neil Blake, Head of EMEA Research at CBRE, surveys the scene

ollowing the UK’s ‘leave’ vote in June, we know little about what the future relations between the UK and the

EU are likely to be. Prime Minister Theresa May – who had been pro-EU – has said that ‘Brexit means Brexit’, but that is all. Prices can react quickly to political and economic events but in the longrun, commercial property values depend on the occupier market. That is the strength of demand for property and the resultant stream of income to investors. The summer months are traditionally thin for leasing (i.e. occupier markets) as well as for sales, so the situation is still unclear. Uncertainty

is now a palpable feeling, despite the

European labour. Over the last few years,

about the eventual relationship between

lack of trading, that the market has

the tech sector has actually become the

the UK and the EU will prolong the

calmed down. The REITS share prices

driving force behind London’s economic

uncertainty for some time.

have recovered. They are still 6 per cent

growth so anything that might damage

This is not to say that there has not

down from the referendum’s day prices

its prospects is of particular concern.

been any noticeable market reaction.

but they are higher than they were in

There is no shortage of cities that

The share prices of the UK’s publicly

February. There is also an acceptance

are being touted as alternative locations

quoted property companies (REITS) fell

now that the retail funds were right

to London. The big question now, apart

by 22 per cent in the two trading days

to suspend trading and that the cut-

from what the eventual Brexit settlement

following the referendum (with the

price sales that were made reflected

will be, is whether London’s current

London-based REITS falling by even

extraordinary circumstances rather than

advantages in terms of capacity, skills, its

more). There were also problems with

the new market norm.

regulatory framework and infrastructure

the UK retail property funds (known as

will be enough to compensate for the

open-ended funds, where investors can

Sector impact

ask for their money back at any time).

The reason for the initial and ongoing

disappearance of passporting rights

panicked

worries over prices is genuine concern

and over-restrictive migration controls

once the referendum result was known

about the potential impact on some,

could bring?

and tried to withdraw their funds. This

particularly London-based, sectors that

For now, there are plenty of rumours

caused an acute liquidity crisis for the

are major occupiers of property. Chief

of occupiers looking for alternative

funds, which soon started to run out of

among these are financial services

locations in Europe. Rumour, however, is

liquid reserves with which to pay their

which,

eventual

all there is. It undoubtedly makes sense

investors. This led to some of them

settlement, could lose their passporting

for companies to have contingency

having to sell buildings quickly, to some

rights1 with the rest of the EU. This is

plans, but there is no hard evidence of

suspending withdrawals by investors

particularly important for non-European

companies seeking alternative locations

and to some engaging in a combination

banks seeking an EU base. If they locate

to London.

of the two. What sales that were made,

in London, they can access the entire EU

were made at a considerable discount to

market. This is now under threat.

Many

retail

investors

depending

loss of competiveness that the potential

the

The reality is that it is simply too early to tell what the eventual occupier

The other area of concern is the

reaction will be. We are at the very

tech-sector. In this case, it is not market

early stages of the ‘long goodbye’ and

All of this added to the sense of

exclusion that is the main concern, but

companies do not make location and

distress in the early days and weeks

worries that migration controls will

leasing decisions lightly. It will be some

following the referendum, but there

hinder access to skilled continental

time before a clear picture emerges. I

the prices considered achievable before the referendum.

1. Passporting rights are an agreement by which a bank located and regulated in one member state can do business across the EU. info

- september / october 2016 - 45

EMPLOYMENT:

When will laws change?

Melanie Stancliffe, partner at Irwin Mitchell, looks at how the EU referendum result will change employment law in the UK

mid the prevailing uncertainty, and until new agreements are reached, the UK Government has considerable work to do in order to make the UK continue to be seen as an

attractive place to work and do business. Withdrawing from the European Union will be a complicated and lengthy process. The minimum period for exit from the EU is two years after formal notice has been served. Theresa May has said that she will not trigger Article 50 until there is a UKwide approach, backed by Scotland, and clear objectives for negotiations, so no changes are expected until late 2018. Yet despite the changes ahead, we already know several things.

EU laws continue to apply The UK will continue to be bound by EU laws until another agreement is reached or we unilaterally withdraw (which cannot be earlier than two years from the date the exit notice is served). Businesses will need to continue to follow all existing UK laws that derive from the EU during this two-year period. European

The UK will continue to be bound by EU laws until another agreement is reached or we unilaterally withdraw

directives which have been implemented into English law –

Immigration

such as those regulating working time and paid holidays, TUPE1,

The main concern for business would be the imposition of strict

collective redundancies, directives around discrimination and

immigration controls on EU nationals using the Australian-style

agency workers – will continue to apply until the government

points system. This is already in place for non-EU citizens and

amends or repeals them.

severely restricts their ability to live and work in the UK.

In contrast, post Brexit, EU laws that have direct effect in the

Borders are unlikely to be closed to non-UK residents,

UK and EU statutory instruments will fall away unless they are

though of course this depends on the transitional and final

incorporated into English law.

arrangements. The automatic right for UK citizens to travel and

Any employment rights agreed in the contract between an

work outside the UK, and for UK businesses to freely recruit

employer and its employee will be unaffected by Brexit for the

staff from the EU, may change, however. This would exacerbate

time being. Employers will not suddenly be able to insist that

the problems for businesses already struggling to fill skills gaps.

their staff work over 48 hours per week or take fewer holidays, for example.

A surge is expected in the numbers of EU workers already working in the UK who will apply for indefinite leave to remain in

However, the European Convention on Human Rights (which

the UK, in order to avoid any immigration controls. Currently, it

was incorporated into domestic law by the Human Rights Act

is likely that they will need to demonstrate that they have been

1998) would continue to survive a Brexit, unless it is repealed by

domiciled in the UK for at least five years, although this could

Parliament. It is not an EU instrument and it is enforced by the

be increased. Many employers are already subsidising these

European Court of Human Rights in Strasbourg.

applications for non-EU citizens, or considering applying to be a

Pending the agreement between the UK Government and

sponsor to assist them apply for visas for new staff.

the EU, a lot is unknown. A number of trade models require

Individuals wishing to work in the UK may have to satisfy

the contracting countries to respect EU freedoms, such as

immigration controls here and UK citizens seeking to work in

the free movement of goods, services, persons and capital. If

the EU may have to satisfy that country’s immigration policies

negotiations fail, or the UK Government decides to go it alone,

too. France has signalled a red carpet welcome to financial

the UK will remain a member of the World Trade Organisation

services and technology businesses, and however the UK treats

and will be subject to trade tariffs but not to EU laws.

other EU nationals, we can expect a reciprocal response. I

1. TUPE is an acronym for the Transfer of Undertakings (Protection of Employment) Regulation, where a company’s employees and liabilities are transferred to a new company.

46 - info - september / october 2016

FOCUS – BR E XIT: WHAT I S NE X T ?

The implications of Brexit for DATA PROTECTION What do UK firms need to know about data protection laws in a post-Brexit world? Dr Nathalie Moreno, partner at Lewis Silkin, shares her expertise he UK referendum outcome has opened a Pandora’s

European data transfers

Box of what the legal landscape may be in the UK after

One of the most sensitive data protection issues is what will

Brexit. Yet this is, to a great extent, not the case for the

happen to data transfers from EU countries to the UK.

post-Brexit.

exits the EU but chooses to remain part of the EEA. This would

data protection law regime which will be applicable in the UK

There are two main options to consider here. First, the UK

Given the two-year notice period required to leave the EU,

mean that the EU/UK data flows will be subject to all applicable

it is likely that the exit process and the implementation of a

EU Data Protection rules, including the GDPR, as the EEA is

new data protection framework for the EU – the General Data

effectively an area of ‘free movement of personal data’.

Protection Regulation1 (GDPR) – may run in parallel.

The second option is a little more of a wild card. If the UK

The GDPR is bound to come into force before the exit,

exits the EU but does not choose to be part of the EEA, then it

and the Data Protection Act 1998 (DPA) will automatically be

may seek confirmation from the European Commission that it

repealed, as the GDPR will have direct effect. However, following

provides ‘adequate protection’ of data. Although this looks like

the actual exit, the data protection regime in place will depend

a safe path, it may not be granted so easily, given the difficult

on the UK Government’s choices.

relationship between the UK and the EU.

Either Brexit will require the adoption of EU laws as part of

Finally, the Privacy Shield, which opened for business on

the single market (should the UK remain part of the European

1 August 2016 and succeeds the Safe Harbour framework, sets

Economic Area – EEA), or it does not require the adoption of

the standard for data flows between the EU/UK and the US.

EU laws, therefore leaving the UK with no other option than

However, in a post-exit situation, the UK will face a complex

to reintroduce its own data protection legislation. This could

negotiation of its own Privacy Shield deal with the US, which

happen if the UK chooses to implement a Swiss model, where it

may not consider it to be a priority in the big scheme of the

establishes a free trade agreement with the EU to give it access

renegotiation package. I

to the single market.

Data protection after Brexit However, it is important to bear in mind that regardless of whether or how the UK leaves the EU, the GDPR rules will be applicable to all UK businesses. This is due to the fact that the GDPR has an extraterritorial effect applying not only to all organisations established in the EU that process personal data, but also to any organisation established outside the EU which offer goods or services in the EU or which monitor the behaviour of EU data subjects. The GDPR varies substantially from the current regime in place around how data is protected. In its new form, data processors as well as data controllers will have direct obligations, and UK businesses may be subject to fines representing up to 4 per cent of their annual global turnover (or up to €20m). UK-based firms will need to implement requests made in the name of the right to be forgotten and will need to appoint a data protection officer.

1. The General Data Protection Regulation intends to strengthen and unify data protection for individuals within the EU and protect data when exported outside the EU. It is set to replace the current data protection directive in all EU member states from 25 May 2018.

info

- september / october 2016 - 47

LEAVING THE EU:

Tax implications The tax implications of Brexit will be determined by how Britain separates from the European Union, say tax partner Patrick O’Gara, trade and customs counsel Jennifer Revis and senior associate Adam Peacock of Baker & McKenzie

n 23 June, the UK voted by a narrow majority to leave the EU. From a tax perspective, the

key question is what the UK's trade relationship with the remaining 27 EU members will be after the process of exit.

Trade and customs Each of the four options for movement

domestic law, impose withholding tax

Not being subject to some of the current EU tax initiatives, nor to state rules, could bring competitive advantages

on outbound dividends. Nevertheless, there could be a withholding tax cost on certain interest, royalty and (to a lesser extent) dividend payments between the UK and the EU27, and this could mean that certain multinational structures need to be reviewed.

The UK's position

of goods between the UK and the EU27

The UK's new Prime Minister, Theresa

has different consequences in terms of compliance and duties. The UK is

own rules – for example, which services

May, has said that she will not formally

currently part of the single market in

are zero-rated or exempt, in order to

trigger the exit process, under Article

which goods can move freely, with no

support certain sectors.

50 of the Lisbon Treaty, before the end

Compliance would increase in some

of 2016. In the meantime, discussions

The same applies for a customs union

respects, such as import and export

on the UK's future relationship are

(e.g. the arrangement that Turkey has

rules for supplies between the UK and

taking place and everything depends on

with the EU) but within which customs

the EU27 and, possibly, the need for

what is agreed.

declarations are required. With a free

the UK to register in all 27 Member States

The UK will be deciding how to

trade agreement – for example, the EU-

for distance selling. On the other hand,

position itself, and whether it will further

Canada Trade Agreement – preferential

the

VAT-registered

reduce its corporation tax rate as

duty rates are only available for goods

companies to show the details of every

suggested by the former Chancellor of

which meet the origin rules (which are

sale to EU customers through an EC

the Exchequer, George Osborne.

complex) and customs declarations and

Sales List and Intrastat declaration,

an origin certification are required.

would no longer apply.

customs declarations or duties payable.

The option of last resort is the

requirement

for

Not being subject to some of the current EU tax initiatives such as the Anti-Tax Avoidance Directive and the

World Trade Organisation model, with

Direct taxes

customs

Perhaps the main change for direct tax

Base, nor to state aid rules, could bring

individual

purposes – and again, this will depend

competitive advantages.

tariffs on goods (ranging from 0 per cent

on the exact form that the UK's future

to approximately 30 per cent).

relationship takes – would be losing the

operations in the UK and the EU27

benefit of the EU Parent-Subsidiary and

will need to consider whether their

Interest and Royalties directives and the

current structures are viable from a

EU Arbitration Convention.

tax perspective if, for example, they are

preferential

declarations

treatment,

needed,

and

VAT The UK will almost certainly retain a VAT

Common Consolidated Corporate Tax

Multinational

companies

with

system, possibly in the form of a sales

The UK has one of the most extensive

dependent on trade between the UK

or goods and services tax. However,

double-tax treaty networks in the world

and the rest of Europe. Restructuring,

depending on the terms of its continuing

and in many of its treaties, the rate of

particularly for supply chains, and the

relationship

withholding tax is reduced, in some cases

renegotiation of UK to EU contracts, will

might have freedom to develop its

to zero. The UK does not, as a matter of

almost certainly be necessary. I

with

the

EU,

48 - info - september / october 2016

the

FOCUS â&#x20AC;&#x201C; BR E XIT: WHAT I S NE X T ?

COMMERCIAL CONTRACTS:

Do they need to be renegotiated? How might commercial contracts be affected by the UK leaving the EU? Eve-Christie Vermynck, senior associate, and Doris Myles, professional support lawyer at Baker & McKenzie offer their insight

Consumer law

ntil Article 50 is triggered and for the following two years (unless this period is extended), nothing

will change and the UK will remain an EU member state. Working with a scenario where the UK is not a member of the European Economic Area (EEA), what is the potential impact on commercial contracts in the longer term? Most glaringly, Brexit will impact

English law will continue to be a popular choice for contracts as it is commercially-orientated, flexible, pro-business and has a body of well established case law

UK domestic law, such as the recent Consumer Rights Act 2015, will not be impacted by Brexit. Other consumer laws based on EU Directives have been implemented into UK national law and are unlikely to be unpicked. The EU intends to push forward its Digital Market Strategy, which includes plans to harmonise additional aspects of consumer law to encourage cross-

some of the most commonly used terms

border trade. It may be that the UK

in agreements. Where a contract defines

will decide to follow EU consumer

a party's territory as the 'EU' or 'EEA', the contract will need to be amended to

cover

the

UK.

References

law post-Brexit, but long-term there may established case law.

be some divergence between the UK

The mutual recognition of jurisdiction

compliance with EU legislation may no

clauses and judgements within the EU

longer be relevant.

is provided by the Brussels Regulation.

Hardship clauses

Post-Brexit, there is a potential issue

Depending on the post-Brexit trade

of enforceability, as key provisions in

relationship with the EU, a profitable

An area we are reasonably confident that

the Brussels Regulation only apply to

contract may become unprofitable. This

there will be no change in is the choice

courts and judgements of another

may lead to re-negotiation of existing

of using English law to govern contracts.

member state.

contracts. A party may consider inserting

Law and jurisdiction

English contract law is largely based on

and the EU.

The UK and the EU may agree to

hardship clauses into new contracts to

continue the application of the Brussels

change the price or other key provisions

The UK is currently subject to the

Regulation; otherwise there are various

to take into account additional costs or

EU Rome I and II Regulations, which set

treaty-based conventions that the UK

requirements created by Brexit.

out certain rules on choice of governing

could pursue.

common law, not EU law.

In the short to medium term, the

law. These regulations apply even if one

In particular, the UK could sign the

Brexit vote will have little impact on the

of the parties is a non-member state.

Hague Convention on Choice of Court

drafting of commercial contracts and

To that extent, EU courts will continue

Agreements. It is in no state's interest

English law remains a good choice of law.

to recognise and respect a choice of

to risk parallel proceedings due to

However, businesses should consider

English law to govern a contract.

inconsistent application of choice of

identifying any existing contracts that

English law will continue to be a

jurisdiction clauses. Arbitration won't

may need to be amended, in particular

popular choice for contracts as it is

be impacted by Brexit, as enforcement

whether it is appropriate to negotiate

commercially-orientated, flexible, pro-

is via the New York Convention â&#x20AC;&#x201C; not

hardship clauses. I

business and has a body of well

EU law.

info

- september / october 2016 - 49

FOCUS – BR E XIT: WHAT I S NE X T ?

Business Planning is paramount Karen Briggs, head of Brexit at KPMG UK, sets out how businesses can plan for the next stage of Brexit he British people’s vote to leave

The next two months involve a

the EU was unexpected within

more forensic, top-to-bottom analysis

most of the business community

of financing and supply chains –

in the UK. While the precise nature

including

of the UK’s future relationship with

businesses, to assess how they might

the EU remains unclear, business is

be affected.

recovering from the initial surprise.

looking

third-party

Further out, the next two years

Theresa May has moved quickly to

and

make senior appointments and put

commercial opportunities and risks.

some structure around the Brexit

Two years is the period of negotiation

negotiation process.

which is expected to follow after Article

Prior to the referendum, we had already been talking to many businesses

about

the

potential

implications of a ‘leave’ vote. At that point, it was very much a case of helping them ‘plan to plan’ for a Brexit, as opposed to actually being able to ‘have a plan’ given the level of uncertainty around the vote’s

British businesses are hopeful that our government might "grandfather" the rights of EU citizens already working here

beyond

about

identifying

50 is triggered. Timing is unclear, but the UK Government certainly does not appear to be in a hurry and has indicated that it will not happen before the beginning of 2017.

Employment Looking at specifics, immigration and employment issues are a huge priority for many of our clients, as I expect

likely outcome. Since the referendum results,

is also the case for many readers of

I have taken on the role of ‘Head of

INFO. How might the UK’s exit affect people’s employment rights – be they

Brexit’ at KPMG in the UK and I am leading a team linked in with international KPMG member firms to help our clients through this unprecedented event.

UK citizens working in the EU or EU citizens in the UK? Following the vote, we saw an immediate tripling of

The British people have spoken and Theresa May has said

demand for our immigration law advice from companies

that ‘Brexit means Brexit’, but enormous uncertainty about

keen to understand the current legal framework, how that

what it will look like remains. Detailed planning will continue to

might change and, most importantly, what they can do

be a huge challenge.

to prepare.

The 2:2:2 model

‘grandfather’ the rights of EU citizens already working here (i.e.

Our approach is to use a ‘2:2:2’ model to assess the next two

keep the rights they currently have). Businesses that routinely

weeks, two months and two years and create a framework for

send staff to Europe (for meetings with clients for example) are

assessing the uncertain path ahead.

also keen to ensure they can still do this without facing undue

British businesses are hopeful that our government might

Brexit potentially affects businesses in many ways. In the

administrative burdens. Flexibility around business travel in

immediate short term, we recommend establishing a Brexit

Europe is crucial for companies trading internationally and is a

response committee to develop a provisional heat map to

key focus for many of our clients.

understand the biggest threats, challenges and opportunities

Brexit presents enormous challenges – but there are

across markets, suppliers and operations, which will govern

opportunities too. The world may have been shocked by the

future activities. Often this period is about reassuring

UK’s vote to leave but business is resilient, adaptable and adept

international workforces and seeing how flexible business

at turning uncertainty into opportunity. I

plans are.

50 - info - september / october 2016

Renault KADJAR Voted best SUV in the 2016 Auto Express Driver Power Survey. You said it, not us.

Panoramic Sunroof BOSE Energy Efficient Seven-Speaker and Subwoofer Full LED Headlights

To find out more visit renault.co.uk The official fuel consumption figures in mpg (l/100km) for the All-New Renault KADJAR Signature Nav dCi 110 are: Urban 67.3 (4.2); Extra Urban 74.3 (3.8); Combined 72.4 (3.9). The official CO2 emissions are 103g/km. EU Directive and Regulation 692/2008 test environment figures. Fuel consumption and CO2 may vary according to driving styles, road conditions and other factors. Model shown is All-New Renault KADJAR Signature Nav dCi 110.

LIFESTYLE – BRITISH MUSEUM

SUNKEN CITIES: EGYPT’S LOST WORLD

ubmerged under the sea for over a thousand years, two lost cities of ancient Egypt were recently rediscovered. Their story is told for the first time in this blockbuster exhibition. Vanished beneath the waters of the Mediterranean, the lost cities of Thonis-Heracleion and Canopus lay at the mouth of

the Nile. Named after the Greek hero Heracles, Thonis-Heracleion was one of Egypt’s most important commercial centres for trade with the Mediterranean world and, with Canopus, was a major centre for the worship of the Egyptian gods. Their amazing discovery is transforming our understanding of the deep connections between the great ancient civilisations of Egypt and Greece. Preserved and buried under the sea for over a thousand years, the stunning objects in the exhibition range from magnificent colossal statues to intricate gold jewellery. They tell stories of political power and popular belief, myth and migration, gods and kings. Journey through centuries of encounters between two celebrated cultures, meeting iconic historical figures such as Alexander the Great, Cleopatra, Hadrian and Antinous on the way. Over the last 20 years, the world-renowned French archaeologist Franck Goddio and his team have excavated spectacular underwater discoveries using the latest technologies. They will be seen alongside fascinating objects from major Egyptian museums for the first time in the UK. I Until 27 November / Open daily from 10am to 5:30pm, until 8:30pm on Fridays / Full price £16.50 52 - info - september / october 2016

LIFE S T YLE – E XHIBITION S

Compiled by Mwenges yali Syaus wa

TAT E M USEU M , LO N D O N Georgia O’Keeffe American artist Georgia O’Keeffe is best known for her paintings of magnified flowers, animal skulls and New Mexico desert landscapes. Until the end of October, the public has a rare opportunity to see more than 100 remarkable paintings by this pioneer of 20th century art. The Tate exhibition brings together some of Georgia O’Keeffe’s most important works, including Jimson Weed/White Flower No. 1 (1932) – the most expensive painting by a female © 2016 Georgia O’Keeffe Museum/DACS, London

artist ever sold at auction (see image, right). Making her debut one century ago, in 1916, O’Keeffe was immediately recognised as a trailblazing artist. Today, her legacy as an American art icon and a pioneer of 20th-century art continues to be widely recognised. With no works by O’Keeffe held in UK public collections, this exhibition is a rare chance to see the beauty and skill of her remarkable paintings outside of the US. I Until 30 October / Open from Sunday to Thursday 10am to 6pm, Friday to Saturday 10am to 10pm / Full price £19 Jimson Weed/White Flower No. 1 (1932) , Oil paint on canvas, Crystal Bridges Museum of American Art Arkansas, USA, Photography by Edward C. Robison III

T H E N AT I O N A L GA L L ERY, LO N D O N

Beyond Caravaggio is the first major exhibition in the UK that explores the influence of Caravaggio on the art of his contemporaries and followers. After the unveiling of Caravaggio’s first public commission in 1600, artists from across Europe flocked to Rome to see his work. Seduced by the pictorial and narrative power of his paintings, many went on to imitate their naturalism and dramatic lighting effects. Paintings by Caravaggio and his followers were highly sought-after in the decades following his untimely death at the age of just 39. By the mid-17th century, however, the Caravaggesque style had fallen out of favour and it would take almost 300 years for Caravaggio’s reputation to be restored and for his artistic accomplishments to be fully recognised. Bringing together exceptional works by Caravaggio Michelangelo Merisi da Caravaggio, and the Italian, French, Flemish, and Dutch artists he inspired, Beyond Caravaggio examines The Supper at Emmaus, 1601 the international artistic phenomenon known as Caravaggism. I From 12 October until 15 January 2017 / Open daily from 10am to 6pm, until 9pm on Fridays / Full price £16

N AT I O N A L P O RT R A I T GA L L ERY, LO N D O N William Eggleston Portraits William Eggleston is a pioneering American photographer renowned for his vivid, poetic and mysterious images. This exhibition of 100 works surveys Eggleston’s full career from the 1960s through to the present day and is the most comprehensive display of his portrait photography ever. Eggleston is celebrated for his experimental use of colour and his solo show at the Museum of Modern Art, New York, in 1976, is considered a pivotal moment in the recognition of colour photography as a contemporary art form. Highlights of the exhibition will include monumental prints of two legendary

Beyond Caravaggio

photographs first seen 40 years ago: the artist’s uncle Adyn Schuyler Senior with his assistant Jasper Staples in Cassidy Bayou, Mississippi (picture, right), and Devoe Money in Jackson, Mississippi. Also on display will be a selection of never-before-seen vintage prints from the 1960s. Featuring people in diners, petrol stations and markets around the artist’s home in Memphis, they help illustrate Eggleston’s unique world view. I Until 23 October / Open daily from 10am to 5:30pm, until 9:30pm on Fridays Full price £7

info

- september / october 2016 - 53

LIFE S T YLE – E XHIBITION S

Compiled by Mwenges yali Syaus wa

VI C TO RI A A N D A L B ERT M USEU M , LO N D O N Undressed: A Brief History of Underwear Discover the fascinating and sometimes controversial history of underwear design from the 18th century until the present day. This exhibition explores the intimate relationship between underwear and fashion © Victoria and ALbert Museum, London

and its role in moulding the body to a fashionable ideal, with cut, fit, fabric and decoration revealing issues of gender, sex and morality. I Until 12 March 2017 / Open daily from 10am to 5:30pm, until 9:30pm on Fridays Full price £12

M USEU M S AT N I G H T, AC ROS S T H E U K For the Museums at Night’s October festival of arts, culture and heritage, hundreds of museums, galleries and historic spaces all over the UK will be opening their doors after dark to put on a fantastic array of special night-time events. The public will be given after-hours access to gallery gigs, art happenings, twilight screenings, all-night sleepovers, nature walks, star gazing or simply have the chance to experience some of the UK’s cultural venues, historic houses and museums in a new light. Some of the UK’s most interesting contemporary artists will be creating unique one-off participatory events: Bedwyr Williams will be an Arch-Druid for one night only as he hosts a ‘Druid hipster’ night at Somerset House in London, Marcus Coates will be collaborating with members of the public, ‘Questioning the Dead’ will take place at Arnos Vale Cemetery in Bristol while British-Chinese artist Aowen Jin will be taking over the gallery at the historic Compton Verney House to produce a stunning 3D artwork that shimmers and dances in darkness under UV light, adorned with imagery inspired by Compton Verney’s collection of Chinese art. The October festival coincides with Halloween weekend, so many museums will be putting on events with a Halloween theme, from spooky sleepovers to the untold stories of mystery skeletons and clairvoyants contacting Victorian ghosts. Full listings of all events can be found at: www.museumsatnight.org.uk. I October 27-29 / Prices vary from free of charge to £20 for entry

I M PERI A L WA R M USEU M N O RT H, M A N CH ES T ER

©IWM

Fashion on the Ration: 1940s Street Style From ‘onesies’ to wear in the air raid shelter to jewellery created from aeroplane parts, Fashion on the Ration looks at how fashion survived and even flourished under the strict rules of rationing in 1940s Britain, often in new and unexpected ways. The exhibition explores the creative and ingenious responses that men and women came up with to dress as clothes rationing took hold and marks the 75th anniversary of the announcement of rationing. Displays of original clothes from the era, including military uniforms and functional fashion, reveal what life was really like on the home front in wartime Britain. I Typical fashion in 1941 54 - info - september / october 2016

Until 1 May 2017 / Open daily from 10am to 5pm / Full price £6

PROSPER ASSOULINE ON BOOKS AND LUXURY Prosper Assouline, co-founder, Assouline Publishing with Martine Assouline, sits down with INFO to discuss the importance of luxury books in the digital age

hat inspired you to go into publishing 20 years ago?

Assouline has evolved from publishing coffee-table books to

More than 20 years ago, my wife Martine and I

becoming a lifestyle brand, selling candles, vintage jewellery

fell in love with an inspiring place called La Colombe d’Or,

and other objects. Do you plan to diversify further?

located in the south of France. We decided to celebrate

I always enjoy and feel the need to diversify and create, while still

this destination by capturing the heart and soul of the

staying true to our core know-how, which is crafting books. When

place, enriched by its unpretentious luxury, with a book.

it comes to objects sourced or developed in-house, the aim is to

Common passion has been guiding us since, and it has nurtured

create environments that represent more than bookshops and

the start of our publishing adventure. We both love to craft

which translate into luxury lifestyle destinations. Each Assouline

beautiful, illustrated books that bring to life fashion, art, design,

boutique is a home to us, where we wish to entertain visitors with

photography and travel. Through artfully-designed visual content,

many beautiful art pieces and library accessories.

books can open one’s eyes and mind. How do you see the future of publishing in the digital era? You created Assouline with Martine. How do you divide the

A new technology does not kill another. They coexist and just

tasks between the two of you?

open the choices we have. We continue to create beauty through

Both of us are very different, yet complimentary; and we share

books because it is what we love and know well. In the world

the same tastes and values, which push us in the same direction.

of the digital age, where devices have replaced many daily

We work together when creating books, but divide our priorities

essentials of the past, books have remained a valuable window

according to our personal interests when it comes to themes and

into culture. This is why the written word will remain as a relevant

the creative direction of a book. I am a visual person while Martine

part of society.

is much more cerebral and literary. I try to bring vision while she brings in strategy. We operate not only as a couple but also as

Among your books and collections, which is your favourite?

business partners and define boundaries in our jobs based on

Each book is the result of extensive research, where we try to

situations and moods.

immerse ourselves into a subject. With this process and our personal love for celebrating beautiful storytelling, all of the

How would you define the brand in one sentence?

1,500 books we have published over the past 20 years are closely

Our tagline is ‘The Most Sophisticated Books in the World’.

related to our own story. But I can mention some favourites,

What inspires us in creating books is our shared admiration for

such as Cecil Beaton: The Art of the Scrapbook, The French Riviera

culture and love for beautiful things, including experiences. We

in the 1920s, Swans: Legends of the Jet Society, La Dolce Vita Style,

wish to indulge people with our books, and hope that the books

The Impossible Collection of Art and, more recently, Hair and Frida

can become a part of their life as well, as desirable objects that

Kahlo: Fashion as the Art of Being as some of the very few books

complement their personal interests in culture – whichever

that have most inspired us because of the subject, writer or

aspect of culture matters to them.

photographer. I Interview by Jason Hesse

Left to right: Maison Assouline’s latest books, released in Autumn 2016, include Venetian Chic by Francesca Bortolotto Possati (£55); The Impossible Collection of Wine: The 100 Most Exceptional Vintages of the Twentieth Century by Enrico Bernardo (£550); The Italian Dream: Wine, Heritage, Soul by Gelasio Gaetani d’Aragona Lovatelli (£55); Juan Pablo Molyneux: At Home by Laure Verchère (£60). All of the Assouline books will be available in Assouline stores as well as at assouline.com

info

- september / october 2016 - 55

LIFE S T YLE – BOOK S

LE MANOIR AUX QUAT’SAISONS

et in the rolling Oxfordshire hills, the restaurant and luxury hotel Le Manoir aux Quat’Saisons is a bastion of haute cuisine and a beacon of l’art de vivre. Presided over by chef-patron Raymond Blanc,

it is also the only country house hotel in Britain to have held two Michelin stars for more than three decades. This book is Blanc’s personal tour of Le Manoir through the four seasons of the year. He lovingly reveals the stories behind its luxurious rooms and beautiful gardens. But it is the food that is at the heart of Le Manoir, and in this book you will find the recipes for 120 of its most celebrated dishes, from its famous ‘cassoulette d’abricot’ to the ‘soufflé de rhubarbe’. C’est un délice! Packed with spectacular photography and witty illustrations,

Le Manoir aux Quat’Saisons: The Story of a Modern Classic, brings the famous establishment to life. Blanc has published a number of acclaimed books, including Blanc Mange, Blanc Vite and Kitchen Secrets. This latest book is another must-have for serious chefs and aspiring home cooks alike. Le Manoir aux Quat’Saisons: The Story of a Modern Classic, by Raymond Blanc, is published by Bloomsbury Publishing and will be available from October at Le Manoir aux Quat’Saisons, most good bookshops and on Amazon (hardback ‘kitchen’ edition: £50; hardback ‘deluxe’ special edition: £250). I

THE FRENCH IN LONDON

here has been a substantial French presence in London since as far back as 1066 CE. Today, the UK’s capital city is known as France’s sixth mostpopulous city, and in their new book, The French in London, Isabelle Janvrin

and Catherine Rawlinson explain why this has become the case. Packed with individual stories and oft-overlooked details about the two countries’ Entente Cordiale, The French in London covers a common history, starting with William the Conqueror, through to the Huguenots, the émigrés of the French revolution and ending with London’s role as the capital of the Free France government in exile during WWII. From Voltaire, Rimbaud, Verlaine and Foch, through to dozens of others, the book guides readers through the streets, museums, monuments and plaques dedicated to the French in London and their close links to Britain. Janvrin and Rawlinson have a deep knowledge, and this comes through clearly in their book. Both were born and brought up in France before going on to marry Englishmen. After many years living in London, they have combined their interests in history and art history to research the presence of French people in this vast city. Across 250 pages, this rich history of the French in London makes for a fascinating read and will capture the attention of anyone who has an interest in Franco-British relations. The French in London, by Isabelle Janvrin and Catherine Rawlinson and translated by Emily Read, is published by Wilmington Square Books (£12.99). I

56 - info - september / october 2016

LIFE S T YLE – BOOK S

THESE BOOKS, RECENTLY PUBLISHED IN ENGLISH, WERE SELECTED BY THE FRENCH INSTITUTE

THE PROSPECTOR

CRY, MOTHER SPAIN

by J.M.G.

by Lydie

Le Clézio Published by Atlantic Books Translated by C. Dickson Original title: Le Chercheur d’or

Salvayre

Published by MacLehose

Press

Translated by Ben

Faccini Original title: Pas pleurer

On the isle of Mauritius, at the turn of the century, the young

Aged fifteen, as Franco’s forces begin their murderous purges

Alexis L’Etang enjoys an idyllic existence with his parents and

and cities across Spain rise up against the old order, Montse

beloved sister – sampling the pleasures of privilege, exploring

has never heard the word fascista before. In any case, the

the constellations and tropical flora, and dreaming of treasure

villagers say facha (the ch is a real Spanish ch, by the way, with

buried long ago by the Unknown Corsair. But with his father’s

a real spit). Montse lives in a small village, high in the hills,

death, Alexis must leave his childhood paradise and enter

where few people can read or write and fewer still ever leave.

the harsh world of privation and shame. Years later, Alexis

If everything goes according to her mother’s plan, Montse will

has become obsessed with the idea of finding the Corsair’s

never leave either. She will become a good, humble maid for

treasure; and through it, the lost magic and opulence of his

the local landowners, muchísimas gracias, with every Sunday

youth. He abandons job and family, setting off on a quest that

off to dance the jota in the church square. But Montse’s world

will take him from the remote tropical islands to the hell of

is changing. Her brother José has just returned from Lérida with

the First World War, and from a love affair with the mysterious

a red and black scarf and a new, dangerous vocabulary and his

Ouma to a momentous confrontation with the search that

words are beginning to open up new realms to his little sister.

has consumed his life. By turns harsh and lyrical, pointed and

She might not understand half of what he says, but how can

nostalgic, The Prospector is a ‘parable of the human condition’

anyone become a maid in the Burgos family when their head is

(Le Monde) by one of the most significant literary figures in

ringing with shouts of Revolución, Comunidad and Libertad? The

Europe today. I

war, it seems, has arrived in the nick of time. I

MY FRIEND MAIGRET by Georges

Simenon Published by Penguin Translated by Shaun Whiteside Original title: Mon ami Maigret

FOOTBALL by Jean-Philippe

Toussaint

Published by Fitzcarraldo Translated by Shaun

Whiteside

Original title: Football

Past acquaintances resurface in the sun-drenched south of

‘The whistle was blown, and when, like an unexpected deliverance,

France in this new translation, book thirty-one of the new Penguin

Belgium opened the score with a spectacular acrobatic scissor-

Maigret series. ‘The palm trees around the railway station were

kick by Wilmots, I leapt from my seat, arms in the air, turning in

motionless, fixed in a Saharan sun... It really felt as if they were

a circle and giddily jumping around in the stands, not knowing

stepping into another world, and they were embarrassed to be

where to go, who to celebrate the event with, before spotting

entering it in the dark clothes that had been suited to the rainy

another Belgian as isolated as I was among the terraces. We

streets of Paris the evening before.’ An officer from Scotland Yard

gauchely hurried towards each other, not knowing how to

is studying Maigret’s methods when a call from an island off the

concelebrate our goal, merely striking our palms violently

Côte d’Azur sends the two men off to an isolated community to

together, like two American basketball players who have just

investigate its eccentric inhabitants. Penguin is publishing the

pulled off some kind of feat. Nothing more, we didn’t exchange

entire series of Maigret novels in new translations. I

a word, I don’t even know if this man spoke French (it was one of the strangest relationships that I have ever had in my life), finding him again a quarter of an hour later in the same place to repeat the same gesture after Belgium’s second goal.’ I

info

- september / october 2016 - 57

LIFE S T YLE – PROFILE

LA BELLE ASSIETTE:

5-star dining in your own home Rediscover the pleasure of hosting your own dinner party with La Belle Assiette’s private chefs

veryone has experienced the stress

dinners booked on La Belle Assiette’s

immediately – sometimes as quickly as

of organising a dinner party. After

platform. It is no wonder that La Belle

for the next day. One hour and a half

a long day at work, you’re faced with

Assiette won the SME/Entrepreneur

before the dinner party starts, the chef

the pressure of putting together an

Award

will set up in your kitchen and begin

interesting menu, shopping for the

Business Awards.

the

2015

Franco-British

preparing the food on site.

ingredients, setting up the table and

Key to the company’s success is its

‘Depending on what type of dinner

cooking the meal – all while also being a

ease of use – booking a chef truly is as

you’re looking for, the chef can be more

good host when your guests arrive. It can

easy as booking a flight online – but also

discreet, or they can be friendly and

be a nightmare.

the knowledge that all of its chefs have

introduce each of the dishes to your

This is the inspiration behind La Belle

been vetted by the company. Before

guests,’ Leguillon adds.

Assiette’s founders, Stephen Leguillon

joining the platform, chefs go through

Another major benefit – in this

and Giorgio Riccò, who set up their

an in-person vetting process, where they

author’s view – is that in addition to

company in Paris in 2012. Their concept

have to cook for a panel of foodies.

preparing all of the food on site, the chef

is ‘to make it as easy to book a private chef as it is to book a flight online’.

will also do all of the washing up before Price tiers

they leave. Perfect!

‘The private chef market has existed

The transparency around price is

La Belle Assiette’s future is promising.

for a long time, but for most people,

also important. There are three tiers

In addition to expanding its private

it was difficult to find chefs. There

to choose from when booking: £39

chef business (the platform is already

was no transparency about quality or

(‘temptation’

(‘prestige’

available in dozens of cities across the

price,’ explains Leguillon. ‘We saw the

menu) or £100 per person (‘signature’

UK), the company has also launched a

opportunity to industrialise the private

menu). ‘The prices correspond to the

catering and events arm. ‘Our long-term

chef concept, to help people host at

different quality of service and each is

vision is to improve the catering market

home and for it to no longer be a chore.’

worth what you pay,’ says Leguillon. Wine

in the same way that we’ve improved the

The model has proved a hit in

and drinks can either be added on top

private chef market,’ Leguillon explains.

France, but also in the UK and Germany.

of this, or you can provide your own for

‘We want to bring the same level of ease

In Britain alone, more than 250 chefs

the dinner.

to catering.’

menu),

£79

work with La Belle Assiette to provide a

It’s a straightforward process: once

With its track record of success so

selection of more than 3,000 different

you enter your requirements (location,

far – and its delicious food – there is no

menu choices. In total, more than 1.3

time, price tier), you are given a choice

million dishes have been served through

of menus. You can then book the chef

doubt that La Belle Assiette and its chefs will succeed. I JH

We saw the opportunity to industrialise the private chef concept, to help people host at home and for it to no longer be a chore. Our long-term vision is to improve the catering market... We want to bring the same level of ease to catering www.labelleassiette.co.uk From L. to R.: Stephen Leguillon and Giorgio Riccò, founders of La Belle Assiette 58 - info - september / october 2016

LIFE S T YLE – E AT, DR INK , S TAY

Double awards for The Connaught Bar

he Connaught Bar has been awarded the World’s Best Cocktail Bar and Best International Hotel Bar at the 10th Annual Spirited Awards

in New Orleans. Collecting the awards, Agostino Perrone, Director of Mixology for The Connaught, said: ‘When we first opened The Connaught Bar, we wanted to create a bar with a spirit of hospitality and innovation and we have tried to continue to inspire and create magic for our guests over the years.’ The Connaught Bar opened in 2008 and has maintained its position at the forefront of the London cocktail scene, offering a mix of traditional cocktails with innovative twists, and spearheading the art of table-side theatre with its signature Martini Trolley. I www.the-connaught.co.uk

L’Atelier De Joël Robuchon launches the express gastro L’UNCH

’UNCH is a new lunch menu designed for busy workers who wish to eat star-certified food during an in-and-out lunch break. Composed of a starter, main course and dessert

– served on an innovative three-in-one plate – the menu is a Michelin-star experience built around seasonal produce. Starting at £29, the menu maintains the standards that have created Joël Robuchon’s celebrated reputation. Fresh talent, in the form of young chefs Axel Manes and Jérémy Page, meet the demand for balanced and healthy food, served quickly. I L’UNCH is served from 11:30 / www.joelrobuchon.co.uk

Harmony

Inspiration Dynamics

Orchestrate your Teams and Let their Talents Perform A former international manager for L’Oréal turned professional conductor, Guy Perier leads inspirational Leadership and Team building workshops for corporate executives and audiences, with an emphasis on multicultural teams, to improve self conﬁdence and team performances.

Team Building & Leadership through Music

La Performance Généreuse www.team-building-musique.com/en contact@team-building-musique.com

info

- september / october 2016 - 59

This column brings inspiring travel and destination stories from our members in the industry. This time, Exclusif Voyages immerses us in ...

By EXCLUSIF VOYAGES

touch of blue

aving just arrived at Malé airport in the Maldives, we continue our journey, still a bit bewildered, on board

a hydroplane. At low altitude, we fly over circles of sand and water, dazzled by the delicacy of their light-blue curves. What is our destination? The atoll, where Maalifushi is one of the most recent projects of Como Hotels. This feels like an escape from civilisation. There is no other hotel in sight, just deserted stretches of golden sand. The crystalline blue of the ocean contrasts with the emerald green of the jungle. We are told that the creators of Maalifushi have taken steps to respect its environment by protecting the ecosystem of the island. The result is impressive. From the beach, it is impossible to glimpse the villas, which are completely hidden under the coconut trees.

return, we make a lightning stop to Gili Lankanfushi, located

We take in the tranquillity and the simplicity of the spot.

just a stone’s throw away from Malé. Despite its age, the

There are vast open spaces, an outdoor shower, pieces of

establishment has lost none of its charm. The houses are built

furniture in cerused wood, light mosquito nets, charming

on stilts, the decks made of untreated wood: an ingenious use

terraces with private pools and more.

of space reminiscent of spacious urban lofts.

The restaurant lies on the beach, right next to a swimming

We are treated to fresh and delicate cuisine, rigorous and

pool whose blue hue merges imperceptibly with the lagoon. For

accomplished service. The sun rises in front of our house. In a

lunch, we are offered an array of spicy dishes, samosas, ceviche,

few hours, we will return to Europe. Mr Friday, our butler, greets

octopus salad with coriander.

us with a succulent breakfast which he places in front of the

Later on, we leave on a cruise. The yacht dashes off towards a site where spinner dolphins go hunting. Suddenly, 20 of them

sunrise. A glass of champagne, a wink from the manager, our last postcard from the Maldives is complete…

appear, splitting the waves, which are breaking on the vessel’s prow. They jump, spiral and race each other, cheered on by

The best season to discover the Maldives is between October and

the crew’s whistles. An unforgettable encounter. Before our

the end of April.

For more information E: info@exclusifvoyages.co.uk

60 - info - september / october 2016

T: +44 (0) 7931 099 269

W: www.exclusifvoyages.co.uk

LIFE S T YLE – CHE E SE & WINE

BOU LET TE D’AVESN ES by La Cave à Fromage The one thing that farmers tend to

The Boulette d’Avesnes is one

have in common is that they have

such cheese, which adds flavours

a great dose of common sense –

highly-insipid

products.

relying on it more than anyone else

its

development,

farmers

to conduct their activities.

added salt, pepper and herbs –

For

centuries,

the

In have

primary

primarily tarragon and parsley. The

changes in farming and agriculture

cheese is then hand-shaped into

were led by monks, until innovation

a small cone and left to dry on the

was replaced by the introduction of

farmhouse’s shelves, to be eaten

mechanical tools. Throughout all of

relatively quickly. While the Boulette

this, the only constant has been the common sense that has guided farmers, too.

d’Avesnes has existed for centuries, it should be eaten as fresh as possible.

The rich plains of northern France have been one of the

Today, this unusual conic cheese is made using noble

main suppliers of milk and butter to the Parisian people, while

Maroilles leftovers, alongside a cocktail of herbs and pepper,

the whey left over from butter churning was usually used to

before being rolled in paprika for an extra kick. This cheese is

feed pigs or cooked and made into cheese.

not for the faint hearted. I by Eric Charriaux

E: eric@cheese.biz T: +44 (0)845 108 8222 W: www.la-cave.co.uk

TO BUY YOUR CHEESE, VISIT LA CAVE A FROMAGE SHOPS 24-25 Cromwell Place, 148-150 Portobello Road, Kensington, London SW7 2LD Notting Hill, London W11 2DZ

34-35 Western Road, Hove, Brighton BN3 1AF

GEWU R Z TR A M I N ER by Wine Story What is the ideal wine to pair with a Boulette d’Avesnes cheese? The influence of the powerful Maroilles cheese and the addition of various spices and herbs makes the Boulette d’Avesnes an exuberant cheese with strong scents. This calls for an aromatic wine, similar to one that we would suggest pairing with a curry. My ideal choice would be a Gewürztraminer from Alsace, such as the Cuvée ‘les deux M’ from the organic vineyard Domaine Gérard Neumeyer. The ‘deux M’ refers to the villages of Molsheim and Mutzig, which is the birth region of Arsenal football manager Arsène Wenger and car company Bugatti. This wine’s notes of lychee and apricot mix well with the spices of the Boulette d’Avesnes cheese, yet achieve this without entirely overpowering it. Another wine that could also work with the Boulette d’Avesnes is a wine made from the Argentinian Torrontés grape. As usual with aromatic cheeses, late-harvested red wines – such as Maury AOC from the Roussillon, the Cuvée ‘Promenade en Novembre’ from the vineyard Les Chemins de Carabotes (in the Terraces du Larzac, in the heart of the Languedoc wine region) as well as white and red fortified wines such as Port, Ratafia and Pineau de Charentes – would also work, so long as you do not mind a stronger alcohol content. But then again, perhaps you will need this when you return to work after your summer holidays! I by Thibault Lavergne TO ORDER MICHELIN-STYLE WINES TO DRINK AT HOME, CONTACT: E: thibault@winestory.co.uk T: +44 (0)7921 770 691 W: www.winestory.co.uk

at the chamber I n times of uncertainty, as we are now experiencing, the French

INFO – and the Franco-British Business Awards, which year

Chamber has a key role to play for its members. Although the

after year celebrate the enterprise and innovation of Franco-

economy is uncertain, business must go on, and we want to

British companies. In addition to this, we are planning a series

help you on this path. Through our well-established events

of events and Forum and Club sessions that will tackle the

and highly-experienced team at the Chamber, we want to help

subject of Brexit, in order to keep our members informed

you to network with your peers, benchmark your business

about the latest developments and strategies to deal with the

against others and find new clients. High membership levels in

impact and consequences of the UK’s decision to leave the EU.

past crises are testament to the role that the Chamber can play

INFO will also continue to provide insights and information as

in helping you keep growing, and once again we are seeing a

the situation evolves.

rise in new members, as well as fewer resignations.

I would like to also like to take this opportunity to introduce

Over the last months, we have welcomed 27 new members,

you to Jason Hesse, our new Head of Publications and Content,

including two new Patrons – Finch & Partners and UBS – plus

and the new editor of INFO. Jason joins the Chamber after

13 new Corporate Members and 12 new Active Members. As

working as a freelance journalist for a number of years, writing

a sign of the faith our members have of doing business in the

for publications including Forbes, The Daily Telegraph, and The

UK, the Chamber’s Recruitment Service has also seen a spate of

Times among others. His expertise in business journalism will,

recruitments, while our Business Centre, which hosts a number

we are certain, position INFO as the must-read publication for

of start-ups and French companies with nascent UK operations,

Franco-British businesses, and I hope that you will meet him

is currently full. There has, however, also been a downside. Our

in due course. I would also like to thank his predecessor, Keri

company set-up service has noted that French companies that

Fuller, for all of her hard work and dedication over the last four

were planning to set up or expand in the UK are taking a wait-

years. During her tenure, Keri helped to develop and improve

and-see approach, and thus delaying their decisions to invest.

INFO, and I am certain Jason will continue this mission.

Nevertheless, we are pushing on with a rich and full

While there is little doubt that there will be challenging

programme after ‘La Rentrée’. Some of the highlights include

months ahead for Franco-British businesses, we will continue to

the Franco-British Conference on the theme of ‘Disrupt or be

support our members, helping them to build new connections

disrupted’ – which will also be the Focus of the next issue of

and develop their business. I FG

62 - info - september / october 2016

AT THE CHAMBE R – NE WS

Enter the Franco-British Business Awards 2016

he Franco-British Business Awards 2016 are now open for

In this year’s awards, the

nominations. Organised by the French Chamber of Great

categories available to enter are

Britain under the high patronage of the French Ambassador to

the Start-up & SME Award and

the UK and the British Ambassador to France, the Franco-British

the Large Corporate Award. A

Business Awards were launched 16 years ago to celebrate

Creative France award will also

bilateral trade and investment on both sides of the Channel.

be launching soon – so keep

The award ceremony will take place on 30 November at The May Fair Hotel, in the presence of the French Ambassador to the UK, Her Excellency Ms Sylvie Bermann and the British Ambassador to France, Sir Julian King KCVO CMG. The Franco-British Business Awards acknowledge the

an eye on the website to find out more. The deadline for nominations is 3 October. To find out more about the various award categories, and to enter your company for an award, please visit

our website at

accomplishments of French and British companies of all sizes,

francobritishbusinessawards.co.uk or contact Anne-Claire Lo

from start-ups to SMEs and blue-chip companies.

Bianco (alobianco@ccfgb.co.uk) for more information. I

Update your directory details

t’s that time of year again when we start working on the new edition of the Franco-British Trade Directory. We urge all members to return the forms sent to them with their updated or confirmed

information as soon as possible. The directory is a compilation of over 2,000 French Chamber members’ and their representatives’ contact details as well as key contacts within the Franco-British

N IO IT oon D E gs 17 in 20 om c

community, and is a key tool for communication and company visibility. For more information contact: Thomas Bernard at directory@ccfgb.co.uk or on +44 (0)20 7092 6639. To discuss advertising opportunities, contact Suzanne Lycett: slycett@ccfgb.co.uk. The directory is also available to view here: www.ccfgb.co.uk/membership/search-for-members. I

Hats off to... IAN TAYLOR has been appointed as the new Chairman of the Board of Trustees of the Royal Opera House, succeeding Simon Robey. He joined the Royal Opera House Board of Trustees in 2012, becoming Chair of the Development Committee the following year. He is a member of the People and Organisation Committee and, along with his wife, Tina, is on the Board of Honorary Directors. In particular, he and his wife have made a significant contribution to the hugely successful ROH schools’ matinee programme, along with other learning and participation initiatives. He is committed to making the Royal Opera House more accessible to young people of all backgrounds and from all areas of Britain. www.roh.org.uk

New main representatives RAPHAËL FAINAC, Support Services Director, is the new main representative for SPIE UK, replacing Renaud Digoin Danzin. SPIE UK is a subsidiary of SPIE group, the independent European leader in multi-technical services in the areas of energy and communications. www.spieuk.com

TONY MIKKELSEN, Vice President of Global Sales, is the new main representative for American Express Global Travel, replacing Jason Geall. American Express Global Business Travel provides end-to-end corporate travel and meetings program management. www.amexglobalbusinesstravel.com/uk

info

- september / october 2016 - 63

AT THE CHAMBE R – NE W ME MBE R S

2 PATRON MEMBERS FINCH & PARTNERS – Representing and advising artists, brands and cultural organisations Represented by Charles Finch, Director

Finch & Partners Corporate Creative represents and advises leading brands; building brand awareness and exposure in the media and consumer markets through creating and producing innovative content, tailor-made endorsement campaigns, ambassador programmes, design and brand collaborations and global events. They work on an exclusive basis with their clients (from the entertainment, fashion, luxury goods, travel and retail sectors) and provide them with their unique industry knowledge as to who the brand should be aligned with today and in the future. Serviced by a core team of specialists, clients benefit from tailored solutions across all areas of media. www.finchandpartners.com

UBS AG - Wealth management and private banking services Represented by Alice d’Esparbes, Director

UBS in the UK and Jersey delivers a complete wealth management service from offices in Edinburgh, Newcastle, Manchester, Birmingham, Jersey, Leeds and London. Specialising in servicing the needs of wealthy families, entrepreneurs and executives through strong local relationships, UBS clients benefit from a bespoke service which is backed by a robust local product offering and the global network of resources and know-how of one of the world’s leading financial institutions. UBS has been recognised as Best Global Private Bank in the UK (Euromoney Private Banking Survey 2016). www.ubs.com

13 CORPORATE MEMBERS ANALYSE-CONCEPT LTD

CLARIDGE’S

(UX) User research and digital strategy

Luxury hotel

Represented by Emmanuelle Savarit,

Represented by Paul Jackson,

Managing Director

General Manager

Specialised in UX user research, the company helps to identify

At the centre of London’s Mayfair, Claridge’s is an art deco jewel

user needs, in term of functionality, design, visual and content. Its

that offers the ultimate in luxury. For more than a century, it has

team tests concepts with real users in order to gain meaningful

preserved its unique heritage with all the modern flourishes a

and reliable insight. They work on short term and long term

guest could wish for, bound together by a world-renowned

projects and also supply UX research consultants with relevant

service that is impeccable, intuitive and highly tailored. Claridge’s

expertise (e.g financial services, government, e-commerce).

is a unique combination of splendour and charm.

www.analyse-concept.com

www.claridges.co.uk

CHRISTOFLE UK LTD

CONTENT SQUARE

French luxury silversmith

Web and mobile site optimisation

Represented by Helen Barbier-Price,

specialist

European Retail Director

Represented by Jonathan Cherki, CEO

An icon of the French art of living since 1830, Christofle is the

Content Square is a software company, specialised in web and

quintessence of silversmith craftsmanship. Throughout its

mobile site optimisation. The company provides a SaaS solution

history, the Christofle name has always been associated with the

that helps e-merchants to analyse, test and optimise their

major creative movements and big names in design. Operating

customer journey, to increase their online conversion rate.

in more than 70 countries, Christofle today is positioned as

Content Square clients include major groups such as Orange,

an elegant and modern luxury brand in its own right, with

Accor, vente-privee.com, Yves Rocher, L’Oréal and LVMH.

collections in tableware, home decor, accessories and jewellery.

www.contentsquare.com

www.christofle.com

64 - info - september / october 2016

AT THE CHAMBE R – NE W ME MBE R S

ECOVIS WINGRAVE YEATS

our world of constant availability, multi-tasking, and accessible

Chartered accountants and

and immediate fulfilment, time is of the essence. By having their

business advisors

expert staff handle every detail, LuxCierge not only provides a

Represented by Matt Richardson,

premium and personal service, but organises your life to the

Inward Investment Manager

smallest detail. www.luxcierge.com

Ecovis Wingrave Yeats is a seven-partner practice providing accounting, advisory, tax and audit services to UK and international businesses, across a variety of sectors. For over 30 years, the firm has helped overseas businesses establish

MSTAR RISK MODELLING

and trade in the UK. A member of Ecovis International, the

Structured risk scenario

firm can draw upon contacts and advice from offices in over

assessment software

50 countries and has a dedicated French speaking team with

Represented by Patrick Naim, General Manager

industry experience based in London. www.ecovis.co.uk

Mstar is the first software designed for operational risk scenario quantification. Mstar is based on an analytic decomposition of an expert risk assessment; users can use Mstar’s intuitive

ESTÉE LAUDER COSMETICS UK LTD

functionality to share and collaboratively improve the model

Manufacturers and marketers of beauty

design. The completed models are then quantified combining

products

internal or external data as well as expert judgment. Mstar

Represented by Emmanuelle Noyer,

is used by major institutions in the US, UK and continental

Regional Brand Director, La Mer, Aveda, Le Labo and By

Europe, as part of internal or regulatory-approved frameworks.

Kilian Travel Retailing EMEA

www.elseware.fr

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The company’s products are

ONDRA LLP

sold in over 150 countries and territories under brand names

Financial advisory firm

including: Estée Lauder, Clinique, Tommy Hilfiger, MAC, La Mer,

Represented by Cassandre Danoux, Partner

Bobbi Brown, DKNY, Michael Kors, Darphin, Tom Ford and many

Ondra is an independent financial advisory firm founded in

more. www.esteelauder.co.uk

October 2008 with offices now in London, Paris, New York and Milan. Ondra LLP offers holistic and objective advice with a focus on long-term value, with expertise on debt/equity capital

INSIGNIAM

markets, M&A. www.ondra.com

Business management consulting Represented by Marguerite Moleux, Consultant

ORRICK HERRINGTON & SUTCLIFFE

Over 30 years ago, Insigniam pioneered the field of

(EUROPE) LLP

organisational transformation. Today, Insigniam’s innovation

Law firm

consulting enables enterprises to identify and cross into new

Represented by David Syed, Partner

strategic frontiers to rapidly generate new income streams.

Orrick is a leading global law firm with a particular focus

Insigniam provides executives of the world’s largest companies

on the technology, energy and infrastructure and financial

with Strategy Innovation and Innovation Projects, Breakthrough

sectors. Orrick’s transactional practices deliver capital,

Projects,

Transformational

infrastructure and technologies alongside Orrick’s clients in

Leadership, and Managing Change. Offices are located in

worldwide markets, delivering seamless cross-border client

Philadelphia, London, Los Angeles, Paris and Hong Kong.

services and effective deal making. Orrick’s litigation team is

www.insigniam.com

focused on high-stakes disputes, having tried more than 300

Enterprise

Transformation,

cases this past decade. www.orrick.com LUXCIERGE Luxury lifestyle management boutique and property concierge Represented by Michèle Essam, CEO LuxCierge® is an independent Concierge Boutique, dedicated to providing personalised services to High Net Worth Individuals and their families. LuxCierge understands that in

info

- september / october 2016 - 65

AT THE CHAMBE R – NE W ME MBE R S

SHERRARDS SOLICITORS LLP

VINCI ENERGIES UK & ROI

Business law firm, solicitors

Electrical and ICT engineering

and notaries publics

contractor

Represented by Géraldine Fabre,

Represented by Rochdi Ziyat, Chief Executive Officer

Partner-Head of French Desk

Vinci Energies provides the engineering that connects the UK

A full-service law firm based in the City of London and

and the Republic of Ireland’s electrical, communication and

St Albans, Sherrards’ French and international desks provide

industrial networks. It supports the energy grid, delivering and

legal advice and strategic solutions for international groups,

managing power across the UK and the Republic of Ireland,

owner-managed businesses, private clients, charities and

and improves the energy efficiency of business. It optimises

governmental bodies in the United Kingdom and abroad in

factories’ internal networks through the smart industry

our clients’ own language. www.sherrards.com

revolution and delivers innovative solutions for automation. Its local specialists enable the UK and the Republic of Ireland’s ICT networks, supporting secure communications of voice, video and data. www.vinci-energies.co.uk

12 ACTIVE MEMBERS SERVICES

THS Group Limited (Trading Under ThehouseShop.com)

Assetlease – Leasing solutions for IT, industrial, new

– Free online property classified – www.thehouseshop.com

technology – www.assetlease.fr

Represented by Sebastien Goldenberg, CEO

Represented by Vincent Grzeziczak, CEO Edit Place – Content strategy, writing and translation –

F O O D , D R I N K , H O T E L S & R E S TA U R A N T S

www.edit-place.com

Holiday Inn Nice Centre / Holiday Inn Nice Port Saint

Represented by Carole Dussartre, Administration and

Laurent – Fully refurbished 4-star hotels in Nice –

Financial Officer

www.ihg.com Represented by Flavie Le Comte, International Sales

Global Jet Partner – French luxury private jet company –

Manager

www.globaljetpartner.com Represented by Linda Sellidj, Private Jet Director

The Berkeley Hotel Limited – Luxury hotel – www.the-berkeley.co.uk

Mars Montessori Schools Ltd - Trading as “Bilingual

Represented by Knut Wylde, General Manager

Nurseries” – Bilingual nurseries for children aged 1-5, Paddington and Angel – www.bilingualnurseries.com Represented by Philippe Fraser, Managing Director

BANKING, FINANCIAL SERVICES & INSUR ANCE

NMW Avocats – Advice in tax, property, corporate,

NG Finance UK Ltd – Financial valuation advisory

contracts – www.nmwavocats.com

Services – www.ngfi.co.uk

Represented by Sarah Lugan, Head of Real Estate Investment

Represented by Rémy Valette, Country Manager

Stories In Theatre Productions Ltd – Theatrical production – www.sitproductions.co.uk Represented by Olivier Pierre- Noël, Director and Producer

R E TA I L & C O N S U M E R G O O D S

A Sprinkle of Deco and Art – Artistic decorative The Local Bird – Authentic French local travel experiences

creations and visual merchandising –

and workshops – www.thelocalbird.com

www.asprinkleofdecoandart.com

Represented by Alexandra Fraresse, Founder

Represented by Helene Parisot, Director

66 - info - september / october 2016

CALL FOR APPLICATIONS Deadline: 3 October

If your company has grown significantly over the past few years, created jobs, developed innovative services, products or campaigns, engaged in Corporate Social Responsibility, encouraged diversity or been proactive in terms of climate change and sustainability, within the Franco-British community, it could be a contender for one of our Awards:

Coup de ď&#x201A;Ş

The Award Ceremony will take place on 30 November at The May Fair Hotel, with the presence of the French Ambassador to the UK, HE Ms Sylvie Bermann and the British Ambassador to France, Sir Julian King KCVO CMG.

Apply now to get the recognition you deserve! www.FrancoBritishBusinessAwards.co.uk Main sponsors

Supporting sponsors

CHAMBE R E VE NT –

110 reasons to

Dîner des Chefs

Celebrate Summer

French chefs, wine, champagne and cognac and a sublime summer menu welcomed the guests of the French Chamber’s latest Dîner des Chefs, held at Les 110 de Taillevent on 21 June

he summer edition of the ‘Dîner des Chefs’ was an unusual affair. It was not hosted

at a Michelin-star restaurant, but the dinner was prepared by a double-Michelin star chef. Alain Solivérès, chef at the two-starred restaurant Le Taillevent in Paris travelled to London with Emile Cotte, chef at Les 110 de Taillevent in Paris, and their top-class pastry chefs to cook a menu that they had devised for the occasion. The dinner was hosted at the London branch of Les 110 de Taillevent by Laurent Gardinier, who together with his brothers, own these restaurants as part of the Gardinier & Fils portfolio. The restaurant itself recently came under fire by the infamously mean-spirited Times critic Giles Coren, but this Dîner des Chefs put an end to any of his critiques. There was simply nothing unpleasant to say over the experience – the food, service and venue were all excellent. Sorry Giles, but you were wrong on this one.

Les 110 de Taillevent is one of the best restaurants that London currently has to offer. On to the evening itself. Laurent Gardinier welcomed the evening’s 50 guests and treated them to the family’s history and the Taillevent brand. This is the Gardiniers’ first venture outside of France, and it is a superb venue. The Cavendish Square site where 110 de Taillevent is found was marvellously transformed from an old bank into a restaurant by famed architect Pierre-Yves Rochon, who was also responsible for redesigning The Savoy Hotel in London and the Hôtel George-V in Paris. The evening started with a PerrierJouët Champagne reception, courtesy of Pernod Ricard, which also provided the Martell Cordon Bleu Cognac digestive to round off the meal at the end. Alexander Staarjes, Manager of Luxury Partnerships, represented Pernod Ricard. A selection of wines served throughout the evening were provided by Les Vins des Crus Classés de Graves, represented by Eléonore de Bethmann, the co-owner of Château Olivier. But the main event was, of course, the food. Alain Solivérès and Emile Cotte, together with their own pastry chefs, presented a menu that had a taste of summer with a delicious crab remoulade, spelt risotto with lobster and curry, lamb saddle that was topped off with a summer savoury jus, and a light, delicate peach and wild strawberry dessert. With such a sublime dinner accompanied by such exceptional wines, the atmosphere was happy and relaxed, and the guests’ enjoyment was obvious. A heartfelt thank you to Laurent Gardinier for hosting the dinner, to our chefs Alain Solivérès and Emile Cotte, and to our partners Pernod Ricard and Crus Classés de Graves for their much appreciated wines and cognac. I KF

Top: Guests enjoyed the rich surroundings of the Cavendish Suite Top left: Emile Cotte, Chef at Le 110 de Taillevent Paris Left: Alain Solivérès, Chef at double-Michelin Star Le Taillevent

68 - info - september / october 2016

PA Club

PA CLUB AT...

Merci Maman

he Chamber’s regular PA-only event met at Merci Maman’s studio on 29 June for an exclusive visit to see, firsthand, how the company’s personalised jewellery and embroidered products are made. Over drinks and canapés, the 26 PAs of Chamber

member representatives were welcomed by the company founders, Béatrice and Arnaud de Montille, who told the story of how they started the company at their kitchen table in 2007. Merci Maman now boasts a team of 20, creating a wide collection of pieces that go all over the world and have even been worn by the Duchess of Cambridge. Each PA was presented with an engraved Liberty bracelet, and many went on to purchase more pieces and have them engraved as they watched. I

Béatrice and Arnaud de Montille, Founders of Merci Maman Personalised Gifts, told their story to the PA Club Members

Summer Champagne Reception

Bubbles at the Hurlingham Club S

ummer is a risky epithet to affix to any event in the UK, given the vagaries of the weather, but when combined with Champagne, it has every chance of success. So it was, that despite the downpours earlier in the day, close to 200 guests turned out for the

annual Summer Champagne Reception, sponsored this year by Banque Transatlantique and Irwin Mitchell, to network and celebrate the season. Once again, the Hurlingham Club provided a stunning setting for the event, and while Vranken Pommery Champagne flowed, guests mingled both inside and outside. Many thronged around the Caviar Petrossian table, eager to try the Daurenki and Baika caviar, as well as the delectable smoked fish delicacies on offer, and for the sweet-toothed there were treats from PAUL – macarons and mini patisseries. Mesmerising works by Kef!, the German abstract graffiti artist, were on display, and Ligne Roset had provided some of its Togo sofas for the foot-weary to sink into. Words of welcome and thanks to the sponsors and partners came from Olivier Morel, in his capacity as Board Member of the French Chamber. He remarked that in these challenging times, the work of the Chamber in bringing people together at events such as this, to meet, trade and cooperate, is invaluable. The mood was light and relaxed, and everyone made an enjoyable evening out of it, whether summery or not! I