I N F O 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
july / august 2015
ALSO IN THIS ISSUE:
Estelle Brachlianoff becomes the Chamber’s first female President 5 MINUTES WITH Richard Fostier, CEO, colas rail uk & DEPUTY CEO, Colas Rail group DINNER WITH Lucy Yeomans, Editor-in-Chief of PORTER & content director of net-a-porter.com ‘Shooting for the moon’: Bernard Liautaud & Antoine Flamarion TELL THEIR amazing STORIES
Moving to London? Choose our full English service – en français. Separate hot and cold taps. Huge 3-pin electric plugs. Windows opening outwards – with no shutters. There’s a lot that may seem strange when you first move to London. Strutt & Parker won’t be among them. Our experts not only speak French, but also understand that renting over here is a very different process to that in France. So we’ll not only show you some of the most mouth-watering homes in London; our experts will make you feel at home here, too.
Chelsea, South Kensington & Earls Court 140 Fulham Road, London SW10 9PY 020 7244 1278 | struttandparker.com
50 Strutt & Parker offices nationwide | 900 Christie’s offices worldwide
Proud to be the UK’s largest producer of low carbon electricity Feel better energy To find out more about our low carbon nuclear generation visit www.edfenergy.com/energyfuture. Character under licence from BeatBots LLC. EDF Energy plc, registered number 2366852, registered office: 40 Grosvenor Place, London, SW1X 7EN. Incorporated in England & Wales.
editorial
FLORENCE GOMEZ Managing Director, French Chamber of Great Britain
I
am writing the Editorial for this issue of INFO to thank our outgoing President Richard Brown and welcome our new President Estelle Brachlianoff, Executive Vice President of Veolia UK & Ireland, who was elected along with Stephen Burgin, Vice President of Europe for Alstom Power, as Deputy President on 25 June. Although Richard Brown, former CEO & Chairman of Eurostar, served as President for only a few months, he stepped into the role at short notice, helping the Chamber by willingly and most ably bridging the gap until the AGM. I would like to thank him for his commitment, leadership and guidance, and I am very pleased that he has agreed to remain on our Board of Directors. On behalf of the French Chamber, I would like to welcome Estelle Brachlianoff as the first female President in the Chamber’s 132-year history. A graduate of both Polytechnique and Ecole Nationale des Ponts et Chaussées, Estelle worked initially in the French public sector on the finance, design and delivery of major transport infrastructure before joining resource management leader Veolia in 2005. Since then, she has risen very quickly to become Executive Vice President of Veolia UK & Ireland, overseeing water, waste and energy activities, and directly in charge of a workforce of 14,000 employees. Estelle is also a mother of two young children, and we are very pleased that she is willing to be our President on top of all this! I am also delighted to welcome Stephen Burgin as our new Deputy President. He began his career with GEC and rose through the ranks at GEC, ABB, Alstom (later Areva) T&D before rejoining Alstom in 2008 as Country President and Head of Alstom Power UK. In 2013, Stephen Burgin took the role of Vice President of Europe for Alstom Power, overseeing the company’s sales and marketing across the European region. I look forward to working with them and learning from their great experience. This issue of INFO has a focus on Real Estate with comparative perspectives of both commercial and residential property in London and Paris. The articles written by property experts across the spectrum provide overviews as well as concrete facts and figures on these two different markets, their particularities, legal and regulatory frameworks and investment opportunities. As this is the last issue before the summer break, I would like to wish you all happy holidays and good rest before what is looking to be a busy Rentrée. A Trade Delegation to Manchester is in the planning for 16 September and we look forward to seeing many of you at our Dîner de la Rentrée sponsored by EDF Energy on 22 September, if not before, at what is becoming our annual pilgrimage to Belmond Le Manoir aux Quat’Saisons for the September Dîner des Chefs. In the meantime, enjoy the read! I
info - july / august -
World leading engineering, construction and rail support services. From design to delivery, construction to support, training to maintenance, Colas Rail delivers total solutions in all aspects of railway infrastructure, from high speed rail systems to light and urban rail. As award-winning specialists in the design and construction of all forms of railway, we focus our world-class performance in four key areas of rail infrastructure; Track, Rail Services, Rail Systems and Training.
For more information on Colas Rail: T: 020 7593 5353 W: www.colasrail.co.uk E: enquiries@colasrail.co.uk TW: @ColasRailUK FB: Colas Rail UK Â Colas Rail, Dacre House, 19 Dacre Street London SW1H 0DJ, United Kingdom 80 - info - may / june
Contents issue 219 / July - August 2015
72
ANNUAL GENERAL MEETING: A new era for the Chamber
70
From Scratch to Success: Business Stories
6
29
5 minutes with Richard Fostier
60
TRAVELOGUE On the Incan Road in Peru
FOCUs real estate: london or paris?
5 minutes with...
Real Estate: London or Paris?
Eat, Drink, Stay
6 Richard Fostier, Colas Rail UK
30 City Profiles COMMERCIAL PROPERTY 32 Office Occupational Trends 34 London & Paris Commercial Investment 36 The Owner-Occupier Office Market 37 Legal Processes and Pitfalls
56 Ampersand Hotel 59 Cheese & Wine Press 60 Travelogue: On the Incan Road in Peru
9 Climate agreement at COP21 in Paris: What are we aiming for?
News in the City 10 Briefs 11 Profile: Cruciano Infosino, CEO PSA Finance UK
News 12 13 15 17
easyJet collaborates with Airbus Alstom modernises Northern Line trains ENGIE selects winner of Big Pitch UK VINCI wins awards for Lee Tunnel and Crossrail C512
18 School News 21 Chamber Networking Stories
SMEs & Start-ups 22 Profile: The Medical Chambers Kensington 24 Briefs
RESIDENTIAL PROPERTY
38 Hot Spots 40 London & Paris: A Tale of 2 Cities 41 UK Property Tax Considerations 42 Property Acquisition 43 The Good School Premium 44 Overseas Buyers in the London Market 46 A Guide to Letting in London 47 Some Quirks of London Renting 48 A Guide to Letting in Paris 50 Crucial Legal Differences
Culture 51 Royal Opera House to ‘Open Up’ 52 What’s on 55 Book reviews
News at the Chamber 64 New members 65 Hats off to & Hello / Goodbye 66 Chamber shorties
Events 67 Luxury Dinner 68 Ambassador’s Brief 69 Rendez-Vous Chez...
La Maison Maille and Porsche Design
70 From Scratch to Success: Business Stories 72 Annual General Meeting
Forum & Clubs 74 SME & Entrepreneurs Club: How to attract capital 75 Climate Change Forum: COP21 76 Legal Forum: European data protection reform 78 Interviews of new Chairs 79 Forthcoming Forums & Clubs 80 Forthcoming Events
Managing Director: Florence Gomez Editor-in-Chief: Keri Fuller Corporate Communication Executive: Marielle Fraize Graphic Designer Katherine Millet Advertising & Sales: Suzanne Lycett Publications Assistant: Jeanne Mattei Subscription: INFO is published every 2 months Printed by: CPI Colour
Contributors: Marie-Cécile Boulle, Eric Charriaux, Ségolène Chambon, Samuel Duah, Armel Elaudais, Laurie-Anne Evra-Ancenys, Sylvie Froger, Richard Holberton, Thibault Lavergne, George Merrylees, Robert Milnes, Hugues Moreau, Wendy Perez, Sophie Philippon Thomas, Marc Reboux, Jennet Siebrits, Jonathan Snade, Krysia Sturgeon Cover artwork: Katherine Millet
Distribution: French Chamber members, FrancoBritish decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester Editorial and Publishing Office: 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
5 m i n u te s w ith ...
Richard Fostier CEO, Colas Rail UK and Deputy CEO, Colas Rail Group
Before joining Colas Rail in 2008, you had a foreign trade role in the French government with particular emphasis on transportation infrastructure. What pushed you to make the transition from government to private sector?
I was with the Ministry of Finance and at the French Embassy in Egypt, involved in major infrastructure projects with an important component of financing. After 15 years, it was more of a natural evolution to move to the private sector as I had worked in semi-private companies, co-owned by the state, and in the business environment as a Commercial Attaché. I joined Colas Rail in 2008 as a Deputy Business Development Director and then became the International Commercial Business Director. You became UK CEO in November 2014 after several years in Malaysia as President and CEO of Colas Rail Asia. How have you found the UK market to be different or similar to that in Asia?
I am still in charge of East Asia as well as Scandinavia in this role, and I am also the Deputy CEO of Colas Rail Group. Of the 5,000 people the Group employs, I oversee 2,200: 1,800 in the UK and 400 in Malaysia, so I share my time between the two locations, and, in fact, as well as being an Advisory Councillor at the French Chamber here, I am Vice President of the French Chamber of Commerce & Industry in Malaysia! There are good reasons for grouping these countries together. Many are Commonwealth countries and use a lot of the British norms and standards in terms of railways, engineering, safety and the culture of the sector, many of the policy makers are British educated
- info - july / august
and of course they have the English language in common too, so it makes a lot of sense. All the resources and the reservoir of skills that we have here in the UK can be mobilised on some of the jobs we may win over there. Our East Asian market includes Malaysia, Singapore, Hong Kong and Vietnam – all countries that have the right ingredients for good railway projects: growth, high density populations as well demographic indicators for urban and intercity railway systems. But within the group, the UK is by far the largest subsidiary and second only to France in terms of size and revenues of £260 million. This is a market of first interest and confidence, and Colas Rail has invested here in a very significant way over the last 10 years. London itself has an energy, dynamism and entrepreneurial spirit which fit really well with the culture of Colas Group because we take an entrepreneurial approach to our business and growth. Broadly speaking, what rail infrastructure services do you provide in the UK?
We do a lot of track renewal as part of Network Rail’s enhancement programme, working in alliances – a form of partnership – with Network Rail and other companies to deliver projects within five-year ‘control periods’. We also have the largest fleet of tampers* in the UK, providing on-track plant maintenance (OTM) with our drivers. Installing signalling and electrification is another activity. In addition to that we do freight haulage with a fleet of 45 freight locomotives. Our customers in this arena are mainly private clients such
5 m i n u t e s w i t h R ich a r d Fo s t i e r
as Total with which we have recently signed a five-year contract. We are still a young actor with only 5% share of the freight market, but it is doing well and we are looking to develop a bigger market share. Pullman Rail is our facility in Cardiff for the repair, maintenance, overhaul and refurbishment of passenger and freight vehicles, components and rolling stock. Colas Rail’s own depot and workshop hub is in Rugby where we maintain, engineer and repair our own fleet as well as those of other rail companies. What particular capabilities does Colas Rail have in the UK?
We have the biggest market share in track laying in the UK, but it has to be said that Colas Rail is a multidisciplinary railway construction company so we can cover the whole spectrum and position ourselves on different kinds of projects. This makes our offer quite unique and although we have many competitors, not one has exactly the same profile as ours.
of Waterloo Station and the Suburban and Windsor lines. It will involve significant track systems works – electrification, track, telecoms, signalling installation, design – as well as project management. We also have an S&C (switches and crosses), track renewals and enhancement programme in the South East (Kent and Sussex/Anglia), and Wales, which are part of Network Rail’s £800 million investment for the 201419 period. In addition, we are working for Transport for London, installing signalling on the underground and refurbishing carriages. What is your vision for broadening your business activities into new areas and where do you see opportunities?
Colas Rail is really benefiting from the British authorities’ important investment to modernise and develop the railway. We want to continue doing what we are doing, but on an even bigger scale! Much of the UK network has yet to be electrified, so this is something we would like to be part of. We also hope to be involved in HS2 as Do you employ local people we are one of the most Colas Rail is really benefiting from or bring employees over from referenced companies in the British authorities’ important France? building high speed lines. investment to modernise and develop 99.9% of our employees are Apart from that, there the railway. We want to continue UK recruited and British. I are tramway/LRT projects am one of the exceptions! coming on stream, in doing what we are doing, but on an Birmingham, for example, even bigger scale! Do you face any shortages in which we are interested in. the skills that you need? Colas Rail has a lot to offer It is true that some skills are difficult to find, for as we cover all modes of rail transport, all the systems example planners and signalling engineers, who are as well as all the sub systems. in high demand because of the number of ongoing projects. But one of the ways we are seeking to Colas Rail joined the Chamber in 1998. What does being solve the problem is by generating a talent stream a Patron member of the French Chamber in Great Britain through our Graduate Scheme – our ‘Future Leaders’ mean to the company? programme has just picked up a top prize at the 2015 It is important for a number of reasons. First of UK Rail Industry Awards. And I am proud to say that all, it is a very interesting forum to exchange on despite this being a very masculine sector, here at business matters and opportunities. Second, we like Colas Rail we have a very large number of women in participating in Chamber events, not only to network technical as well as support functions, such as the with other participants but also because some events project director of the Wessex Capacity Alliance, who such as the Gala Dinner are team-building occasions is a woman from Colas Rail. for ourselves. And finally, Colas Rail belongs to the community of UK companies with French Network Rail is one of your main clients in the UK. What shareholders, so it is a platform to mix with them. I projects is Colas Rail doing for them at the moment? Interview by KF One of the biggest current projects we are involved in is the Wessex Capacity Alliance, which is a * A tamping machine or ballast tamper is a machine used to pack (or tamp) the track ballast under railway tracks to make the tracks more durable. scheme to upgrade the train and passenger capacity
info - july / august -
Next-level learning for greater success The Financial Times and IE Business School have formed the FT|IE Corporate Learning Alliance. It’s a powerful combination that gives business leaders and their companies a measurable advantage. This advantage is a unique blend of business theory, practical knowledge and powerful delivery methods. Through our alliance you enjoy the benefits of executive education expertise from some of world’s best business schools, localised learning in your chosen language and programs fully tailored to your business goals. We help leaders and their teams work smarter, perform better and drive lasting value. Find out more at www.ftiecla.com
Real-world corporate learning
Climate agreement at COP21 in Paris:
What are we aiming for? In the run up to the UN Climate Change Conference in Paris later this year, with much of the work already going on behind the scenes, the French Embassy in the UK gives an overview of the aims and challenges that are being grappled with
||| From 30 November to 11 December this year, France will be hosting and chairing a crucial climate summit. The 21st session of the Conference of the Parties (COP21) will take place in Paris, with the challenge of securing a new global agreement on the climate. France will be playing a leading role in facilitating consensus. France’s goal is to give credibility to the transition towards a resilient and low-carbon society, compatible with an increase in average temperatures limited to 1.5° to 2°C. To fulfil this vision, the new agreement will have to be fair and ambitious, applicable to all countries and in force by 2020. It will tackle ways of both reducing emissions and adapting to the impact of climate change. It will have to send a clear and strong signal to governments, businesses, civil society and local authorities that we are moving towards a low-carbon economy, whilst ensuring fair access to sustainable development. It will also have to build trust between countries and long-term momentum. To achieve the 2°C target, the agreement will have to be based on ambitious commitments by every country (the Intended Nationally Determined Contributions or INDCs) to step up their targets and finally achieve our goal. As of 12 June, some 40 countries had made pledges accounting for a third of global emissions. The EU’s INDC is one of the most ambitious. The INDCs will be reviewed after 2020. Finance, too, is central to the COP21 discussions. To drive the transition and provide for low-carbon and resilient economies, both pre-2020 and long-term finance will have to be mobilised from public and private sources, international bodies and innovative financial instruments. Developed countries have committed to a $100-billion-a-year target by 2020. As of 29 May, the total amount pledged stood at $10.2 billion for the next four years. To build trust between countries and thus support the COP21 negotiations, a number of developing countries’ projects should be financed before December.
L to R: laurence Tubiana, French Ambassador in charge of Climate Negotiations; Laurent Fabius, French Minister of Foreign Affairs and International Development; and Ségolène Royal, French Minister of Ecology, Sustainable Development and Energy
To help implement the Paris agreement, a showcase of activities by non-state actors has been created, under the name ‘The Agenda of Solutions’. It encompasses co-operative initiatives from businesses, local government, international organisations and NGOs. The Agenda presents concrete solutions which exist now and can be expanded, and is thus a way of supporting each country’s ambition. France and its partners are encouraging more stakeholders to join this effort and give strong visibility to their actions and pledges throughout the year, particularly via the online platform NAZCA (climateaction.unfccc.int). Additionally, France organised the Business and Climate Summit in Paris (20 and 21 May) and the Climate Finance Day (22 May) to show state and business players working in the same direction towards a lowcarbon economy. Along with these events, France has hosted the first of three Business Dialogue events to enable discussion of issues such as carbon pricing, legal and economic environments, and investment in low-carbon solutions and technologies. In short, France is absolutely committed to securing a climate consensus and making COP21 in Paris an historic success. I
info - july / august -
n e ws i n t h e ci t y
Boom town
Ethics in the City
||| London is the world’s top destination city, with an estimated 18.82 million foreign visitors to the capital expected to spend £13.5 billion in 2015, according to the Global Destination Cities Index compiled by Mastercard. London comes first in terms of tourist spending, which was up 2.3%, putting the capital ahead of New York and Paris, as well as visitor numbers, up 6%, pipping Bangkok and Paris, again, to the post. Putting this in context, City AM Consumer Business Editor Jonathan Bryne noted that London tourism is on track to be Britain’s eighth biggest ‘exporter’ this year, ahead of manufacturing sectors such as aerospace, which will make £10.59 billion from exports, and organic chemicals, which will see £6.76 billion in overseas sales. ‘The figures underline the huge importance of the capital to the UK’s faltering balance of trade, as foreign tourism spending counts as export earnings,’ he commented. I KF
||| Mark Carney, Governor of the Bank of England, used his annual Mansion House speech on 10 June to announce an end to ‘the age of irresponsibility’ with the introduction of tougher criminal sanctions for market abuse throughout the financial system. Saying ‘there is no trade-off between high standards of conduct and competitiveness’, he presented a plan to address bad behaviour and strengthen accountability in fixed income, currency and commodity markets, based on recommendations made by the Fair and Effective Markets Review by the Treasury, the Bank of England and the Financial Conduct Authority. These include the creation of new laws on civil and criminal abuse of areas which previously had little oversight, such as the, commodity, currency and fixed income markets. Senior managers will also be held to account for failings on their watch not only within banking and insurance but beyond to asset managers, hedge funds and other bank customers. I KF
Average house price hits record in London ||| For the first time ever, average London house prices have breached the £600,000 mark in June, marking a rise of 5.8% compared to a year ago. Prices were boosted by high-end properties returning to the market after the General Election result allayed fears of a mansion tax being brought in. A chronic undersupply of housing in London should continue to shore up prices. While there has been an increase in house building in the capital, supply falls well short of demand. Two choke points are a lack of house builders, as many went out of business in the crisis, and the complex planning system within and around London that imposes density and height restrictions in urban areas and prohibits development on the Green Belt further out. However, there is doubt over whether there will be a return to the excessive house price hikes previously seen in the capital because of the constraints of stricter mortgage regulations introduced last April and an increase in stamp duty on the sale of £1m+ properties. I KF 10 - info - july / august
Start-up capital ||| Research carried out by EY to mark London Technology Week shows that almost three times as many start-ups are choosing London over its nearest rival Paris, making it Europe’s tech capital. Between 2005 and 2014, 1,000 ‘international tech investment projects’ based themselves in London compared with 381 in Paris. Gordon Innes, Chief Executive of London & Partners, noted that over the last decade, more had come to London than Paris, Dublin, Madrid, Amsterdam and Munich combined. London’s digital sector has grown 46% since the launch of Tech City in 2010 according to figures from Oxford Economics. Yet, for all those numbers, ‘unicorns’ remain elusive on the capital’s tech scene. Considered near mythical like their namesakes, these are tech startups that are now worth $1 billion or more, and only 17 have emerged in the UK since 2000, compared to 22 in the US in 2014 alone. That still makes the UK the European leader followed by Sweden which has six out of 40 in Europe overall . I KF
Ne w s i n t h e C i t y
Profile
Cruciano Infosino CEO, PSA Finance UK
B
orn of Italian parents, but raised and educated in Belgium, Cruciano Infosino is a true European, who seemingly adapts to other cultures with ease – a quality that has stood him in good stead in his 23-year, pan-European career with PSA Finance. The UK is the seventh country in which he has worked since joining the company in 1992 in his native Belgium. The list runs to Italy, France, Slovenia/Croatia, Switzerland and Spain, and he speaks the languages of all of them, except for Slovenian & Croatian, which he admits he tried to learn, but ran out of time. Cruciano took up the position of CEO of PSA Finance UK in September 2014, coming over from Madrid where he had been Managing Director of the Spanish branch since 2012. Banque PSA Finance is the finance arm of Peugeot, Citroën and DS, Europe’s second largest vehicle manufacturer, providing financing for the distribution network, fleet and retail customers. Most car manufacturers have such banks. ‘It is a core tool that helps car manufacturers sell more cars and offers customers a global mobility solution,’ Cruciano explains. In the UK, the products for customers take the form of personal or purchase leases, without which it is hard to sell a car. For the distribution network, financial products are essential for the dealerships to purchase large stocks of cars for their forecourts. As a bank, PSA Finance is significant enough to have been one of the 13 European banks that were stress-tested in France. Overall its assets amount to €22bn and in the UK its asset finance is £2.6bn. Despite Banque PSA Finance being a completely healthy entity, its credit ratings did not allow it easy access to cheaper funds on the capital markets during the financial crisis, mainly because it was fully owned by the PSA Group. However, a new joint venture with Santander Consumer Finance has enabled Banque PSA Finance to recover its competitiveness. The first two local partnerships in France and the
UK obtained the regulatory approval to begin activities of wholesale and retail financing in February. In the UK, the company has been renamed PSA Finance UK Ltd. The partnership will be rolled out to another eight territories in the coming months. The UK is PSA Finance’s biggest market in Europe after France and the third worldwide after China and France. ‘Being the first country to emerge from the crisis, the UK car market has seen good growth,’ Cruciano comments. Peugeot, Citroën and DS brands account for almost 10% of market share in the UK – the equivalent of approximately 260,000 cars. ‘We finance 32% of those,’ Cruciano says. ‘That means we finance roughly 83,000 cars a year for customers, in addition to the stock for dealers.’ Having worked in so many countries, Cruciano is well positioned to talk about the differences in car markets. ‘The UK is a very mature market,’ he observes. ‘Customers focus more on usage than ownership, preferring to have a nice, new car rather than buying one to keep for years. Most people change their cars on average every four years. This means you have to have very good financial tools to support this behaviour.’ Financial products offered in the UK are thus structured differently from those in Spain, for example, where cars are only renewed every 10 years. Given its maturity, the UK is a good place to try out new products that can subsequently be rolled out into other markets as they mature. ‘I’m learning a lot from the UK market,’ says Cruciano, although he admits that the challenges are quite different from those he faced in Slovenia and Croatia, where he built the business from nothing. Cruciano believes there are interesting prospects for business development in the UK for PSA Peugeot, Citroën. ‘It is quite a different market,’ he admits, but for someone who has worked in so many, he is undoubtedly well up to the challenge. I KF
info - july / august - 11
news Compiled by Marielle Fraize
Companies
easyJet collaborates with Airbus for inflight technology
The ceremony in Hamburg at which easyJet and Airbus celebrated the delivery of the airline’s 250th A320 Family
||| easyJet and Airbus, which recently celebrated their successful partnership at a ceremony in Hamburg that marked the delivery of the airline’s 250th Airbus A320 Family aircraft, have announced an innovative initiative to study fault prognosis capabilities to enhance Airbus’ prognostics maintenance eSolutions and services. These services and eSolutions can receive real-time information from aircraft systems via the ACARS messaging system. This
12 - info - july / august
information is then analysed, with fault predictions sent to airlines’ operations teams so they can use it to troubleshoot technical faults as soon as the plane lands or schedule the work into its regular maintenance. ‘We are proud to collaborate with easyJet as part of our “coinnovation” initiative – which sees Airbus working jointly in a very open way with customers and suppliers on projects which will add real value to both parties
by refining products and services together,’ said Airbus’ Chief Innovation Officer Yann Barbaux. Commenting on this initiative Ian Davies, easyJet’s Head of Engineering said: ‘Prognosis systems already transform the way that we maintain our aircraft. The data obtained enables us to predict potential issues before they arise or start a troubleshooting programme before the aircraft even lands.’ I www.easyjet.com / www.airbus.com
news
Alstom completes the modernisation of Northern Line trains
Alstom staff put the finishing touches to a Northern Line train as part of the mid-life programme
||| Alstom has recently completed the modernisation of 106 trains serving the Northern line, following a two-year upgrade programme for London Underground. Alstom worked in partnership with London Underground to ensure a seamless transition and to maintain daily service levels. The 106th and final train that has been upgraded, both inside and outside, including fitting wheelchair spaces and upgrading passenger information systems, has now re-entered service. The mid-life refurbishing programme included 3.7 million items replaced on the fleet, which represents about 35,000 components per train. ‘The team working on the project has done a fantastic job and I am sure most passengers didn’t realise what was going on until they got into a refreshed train on their commute to work for the first time,’ said Piers Wood, Managing Director Urban & Services, Alstom Transport UK. I www.alstom.com
Morgan Stanley sells its Global Oil Merchanting business ||| Morgan Stanley recently announced a definitive agreement to sell the Global Oil Merchanting unit of its Commodities division to Castleton Commodities International LLC (CCI). The sale includes a diversified international network of oil terminal storage agreements; inventory; physical oil purchase, sale and supply agreements; and freight shipping contracts. The transaction does not include Morgan Stanley’s client-facilitation oil trading business or any of its commodities operations outside of the oil sector. The transaction is not expected to have a material impact on Morgan Stanley’s financial results. Among other conditions, it is subject to regulatory approvals in the US, the EU and certain other jurisdictions. It is targeted to close in the second half of 2015. I www.morganstanley.com
Bouygues UK to build tower in London ||| Bouygues UK, the British subsidiary of Bouygues Construction, has been officially named as the company chosen for the construction of the £250m Manhattan Loft Gardens, a 143m-high landmark tower in Stratford, East London. Manhattan Loft Gardens will be located next to Stratford International Station and High Speed 1, the Channel Tunnel rail link. It will play a key role in the regeneration of the area. Designed by architects Skidmore, Owings & Merrill (SOM), the 42-storey tower will include 248 apartments above a 150-room hotel, a spa, a triple-height lobby and two restaurants. Madani Sow, CEO & Chairman of Bouygues UK and Deputy CEO of Bouygues Bâtiment International, commented: ‘Manhattan Loft Gardens, developed by Harry Handelsman, will give its future residents a unique experience of London. Bouygues UK teams will be fully committed to turning this innovative vision into reality. Technical prowess and architectural quality will combine to produce a building that will be greatly appreciated by its future users.’ I bouygues-uk.com
Artist’s impression of Manhattan Loft Gardens info - july / august- 13
news
Engie selects winner of its Big Pitch UK competition ||| ENGIE (formerly GDF SUEZ) has named Big Solar the national winner of its ‘Big Pitch’ competition, which aimed to find the UK’s most innovative company, start-up or entrepreneur to play a part in securing the world’s cleaner future. Big Solar impressed ENGIE’s expert panel of judges with its photovoltaic (PV) technology, Power Roll, at the final of the competition held in London on 19 June. Due to its unique design, Power Roll will be cheaper to manufacture in the UK and easier to install than other solar products. It will also be 145 times thinner than traditional silicon PV products. In addition to being awarded the £10,000 prize, Big Solar will now have the opportunity to compete for investment from ENGIE’s New Ventures Investment Fund, which has €100 million to invest in clean energy businesses. The company will also be provided with coaching and mentorship from ENGIE to further develop and commercialise the business. Wilfrid Petrie, ENGIE’s UK Through the ‘Big Pitch’ ENGIE was seeking to discover the next big idea in representative, making a speech energy and services for Cities, Communities, Buildings & People. Ideas pitched to the expert panel had to relate to one of four themes: Energy Efficiency, Renewable Energy, Smart Technologies or Smart Cities. Ian Ellerington, Head of Innovation Delivery at Department of Energy and Climate Change, who opened the event, said that solving the challenge of affordable and sustainable energy will only be achieved with the help of innovation. He described the Big Pitch as an exciting initiative to encourage the development of a technology revolution, focusing on energy efficiency. ENGIE has a long-standing presence in the UK and currently employs around 20,000 people. The Group generated revenues in the UK of circa £3.7 billion in 2014. I www.engie.com
Areva and UKTI event for UK nuclear decommissioning projects ||| UK Trade & Investment (UKTI) and Areva organised the first supplier event dedicated to the decommissioning and waste management sectors on 9 June at the British Ambassador’s Residence in Paris. The main focus of the event, which brought together over 100 participants from France and the UK, was to encourage dialogue and eventual partnerships between French and British companies as FrancoBritish nuclear partnering events is a key priority for UKTI. It was also an opportunity for Areva to present its supplier qualification processes as well as an update on the company’s current and future UK projects and supply chain opportunities. Francis Hamelin, Supply Chain Vice President for Areva’s Back-End Business Group said: ‘We hope that this event will lead to the
creation of fruitful partnerships between the French companies already part of our supply chain and their UK counterparts to benefit our projects in the United Kingdom.’ Currently expanding in the UK, Areva continuously seeks to develop its panel of supplier partners but is also keen on assisting UK companies to develop their capabilities and to maximise their opportunities to access both domestic and international decommissioning and waste management markets. ‘Areva is keen to support the development of a skilled UK supply chain in decommissioning and waste management,’ added Caroline Drevon, Senior VicePresident Strategy, Marketing, and Development for Areva’s Back-End Business Group. I www.uk.areva.com
Accor acquires Fastbooking to enhance hotels’ digital performance ||| Accor has acquired Fastbooking, a digital services provider for the hotel industry, created in 2000, which provides daily support to nearly 4,000 hotels worldwide. This acquisition allows Accor to bring inhouse Fastbooking’s key areas of expertise which include hotel website development, distribution channel management solutions, digital marketing campaign management, revenue management optimisation tools and competitive intelligence. I www.accorhotels-group.com info - july / august- 15
Š photo credits: VINCI, Crossrail, BBMV and MVB photo libraries
CONSTRUCTING A SUSTAINABLE FUTURE At VINCI Construction Grands Projets, we engineer solutions that are not only financially competitive, but also work in a way that is sustainable for the planet. Sustainability goes beyond the care we take in protecting our people and our environment. It’s also a commitment to offer new solutions to our clients and stakeholders. We nurture Innovation. Every two years, the VINCI Innovation Awards get increased entries, reaching 2,075 in 2013. These awards reflect the core values of the group and we are proud at VINCI Construction Grands Projets that the Lee Tunnel project (Thames Water) was awarded the Grand Prize in the UK & Ireland. To learn more please visit www.vinci-construction-projects.com/british-isles
Discover more...
news
VINCI’s Lee Tunnel and Crossrail C512 projects win awards
Vinci workers pose at the Crossrail C512 project site
||| VINCI Construction Grands Projets, the major project entity of the VINCI group, has recently been awarded two Gold Awards by the Considerate Constructors Scheme, an independent organisation founded in 1997 by the construction industry to improve its image. The Lee Tunnel (as part of MVB) and Crossrail C512 (as part of BBMV) projects won the impressive distinction, being only 98 in total among 3000 UK sites to take part in the scheme. Among other things, these awards were given in recognition for the wide community support that was demonstrated through IT beginner courses offered to homeless people, charity fundraising for the nearby hospital as well a community investment plan to
include support for literacy campaigns and a local sports club. The awards also recognised the support given to the workface including talks on topics such as fatigue and health, as well as monitoring to ensure that proper working hours are implemented. The Lee Tunnel also recently received two other distinctions, one from Thames Water, winning the Health and Safety in planning and design award and one from Ground Engineering, Soil Engineering Geoservices (a subsidiary of sister company Bachy Soletanche) and MVB winning the ‘UK project with a geotechnical value of between £500k and £1m’ of the year. I www.vinci-construction-projects.com
Handicap International – Nepal Earthquake Emergency Response ||| Since the day of the first Nepal earthquake in April, Handicap International has been providing frontline rehabilitation to injured people, delivering mobility aids to hospitals and distributing tents and household items to the most vulnerable families. Khembro, 6, was left with a broken arm and a badly injured leg when her house collapsed. By the time the little girl reached hospital, it was too late. Her leg had to be amputated. Handicap International’s physiotherapists are now providing Khembro with post-operative rehabilitation to ensure she has enough flexibility and muscle strength to be fitted with an artificial leg. With more than 21,000 people injured in both earthquakes, there is much more to do. To donate to Handicap International’s emergency appeal, please visit www.handicap-international.org.uk/nepal or call 0870 774 3737 I
info - july / august- 17
news Schools
EDHEC celebrates Thriving Differently at annual alumni event in London ||| Alumni of EDHEC Business School recently met for networking and a round-table discussion on the merits of thinking differently about business in order to seize opportunities in an international job market that rewards those willing to think outside the box. EDHEC alumni Vincent Cheney, Etienne Aubourg and Béatrice de Montille each spoke about their own unconventional career path, talking about decisions they made that changed their careers and their lives forever. Etienne Aubourg, who is Chief Information Officer at the Compass Group, told the group that he had changed titles and companies many times. ‘I’ve never been afraid of changing jobs and changing industries,’ he said. ‘Each time I was recruited to a new industry it was because my bosses knew that I would be able to bring new knowledge and expertise. In the end, each move brought me closer to the end goal I was pursuing.’ For her part, Béatrice de Montille, who is the founder of the e-commerce shop Merci Maman, it was her personal life that pushed her to seek new business possibilities. ‘After the birth of my second child I quit my job and started my own business from my kitchen table,’ she said. ‘You can’t be afraid of leaving a good job to start something of your own. You have to be free to be open to new opportunities.’ Vincent Cheney, who is Vice President and
L to R: Vincent Cheney, EDHEC Alumni London Ambassador: Anne-Sophie Alitch, Béatrice de Montille and Etienne Aubourg
Managing Director at Allergan, EMEA, encouraged the group of EDHEC alumni to never become too content or complacent: ‘When everything is going well, that’s when you know that you have missed the biggest opportunity.’ The event included an update regarding EDHEC’s Rising Talents fundraising campaign, which has raised €2.5 million in scholarship funds to date, as well as an update on global alumni activities, including EDHEC Resources, a programme that puts students in touch with alumni career counsellors and mentors. I www.edhec.com
Groupe INSEEC partners with Startup Manufactory ||| Entrepreneurship has become an increasingly frequent work route and Groupe INSEEC UK has responded by forming a strategic partnership with Startup Manufactory, a company dedicated to growth and development of startups. Startup Academy gives students the opportunity to develop, test, quantify and launch a business as part of their third-year Bachelor studies based at Groupe INSEEC UK in London. 100 students recently spent four months in the UK studying Business Model Development, Routeto-Market Strategy, Financial Modelling, Product Development. Three of the 19 groups have already set
18 - info - july / august
up their businesses. The Startup Manufactory team brings invaluable experience to the project, having worked with London Business School, Oxford University, and the London School of Economics. “Groupe INSEEC strives to provide relevant and valuable skills in a world where the share of the independent and contingent workforce is growing at a staggering rate. Startup Manufactory provides our students with essential entrepreneurial skills” says Ron Morris, UK Director, Groupe INSEEC. Expect to see more business start-ups incubated by Groupe INSEEC UK soon. I www.groupeinseec-london.co.uk
news
ESCP Europe holds its first healthcare management conference in London ||| ESCP Europe’s Health Management Innovation Research Centre (HMI) hosted a conference bringing together international healthcare experts to discuss ‘Shaping the Future of Healthcare in Europe: A Management Innovation Approach’, focusing on economic gains with improved patient outcomes. The event marked a special ‘HMI’-produced supplement to the British Journal of Healthcare Management (March 2015). Evaluating the benefits of management tools in healthcare is not easy as many factors affect the results, but the speakers showed the benefits from their experience. HMI Scientific Director Dr Davide Sola talked about apps, like the Pain Squad game targeted at children undergoing treatment, to motivate people with chronic illnesses to continue prescribed UK Director Dr Simon Mercado opens the conference treatments. Successful apps provide patients with goals, feedback, rewards, rankings, peer pressure and storytelling. Introducing innovation can, however, go wrong. Healthcare consultant Alison Cole talked about remedying the poorly-managed introduction of electronic prescriptions at an NHS trust (the error rate for manual prescriptions was 10%). Managers needed to focus on good communications, planning and high-visibility support from the top to succeed. The audience included students, alumni, healthcare practitioners, business professionals and entrepreneurs, joined by ESCP Europe’s consumer psychologist Dr Ben Voyer on the panel and moderated by Dr Jérôme Couturier. I www.escpeurope.eu
MAP YOUR OWN COURSE! ESCP Europe Executive MBA
PARIS | LONDON | BERLIN | MADRID | TORINO
ESCP Europe Executive MBA: 2nd worldwide for International Course Experience (Financial Times Executive MBA Ranking, 2014/15)
The Executive MBA is an 18- or 30-month part-time programme with a range of international study tracks, electives and seminars. Apply Now for 2016! Ensure your place in our January intake at escpeurope.eu/mba Scholarships Available to Women Leaders and employees from NGOs/not-forprofits, emerging markets, SMEs and Entrepreneurs. www.escpeurope.eu
Contact: Crochenka McCarthy Tel: +44 (0)20 7443 8823 Email: cmccarthy@escpeurope.eu
ESCP Europe is among the 1% of business schools worldwide to be triple-accredited
july / august19 1819) The World’sinfo First-Business School (est.
news
HEC Paris unveils new Executive Master in Finance ||| To train executives capable of navigating the post-financial crisis economic climate, business schools must innovate. The latest course unveiled by HEC Paris is a 14-month part-time Executive Master in Finance. Aimed at finance directors and experienced professionals well on their way
to senior executive positions, the course focuses on corporate finance. ‘The financial crisis and subsequent downturn in Europe have demonstrated the need for financial executives to keep up with the latest technological advances, and to incorporate macroeconomic and strategic
Réseau EM Normandie turns 140 ||| 2015 is a milestone for the EM Normandie alumni association founded in 1875, four years after the business school. Over 500 alumni recently met for an event organised on the same day in 21 cities around the world (including New York, London, Paris, and of course, Le Havre, the birthplace of Ecole de Management de Normandie). According to Claude Changarnier, President of the association and Vice-President Finance for Microsoft International: ‘This day was conceived as an international and friendly reunion event, just as Réseau EM Normandie aims to be. Our association is a united, dynamic and engaged community of some 13,000 members established in over 100 countries.’ Its mission is to federate both the school’s students and alumni, support them throughout their professional careers and contribute to the strategy and reputation of EM Normandie. In addition to organising networking meetings and specific events, it has designed three schemes: Career Path, to support the professional success and self-fulfilment of its members; ‘Réseau EquiLibre’ to promote female talent and foster gender diversity; and a ‘Club Entrepreneurs’ to support young entrepreneurs. I www.reseau-emnormandie.com
components into their financial decisions,’ says Jacques Olivier, Professor of Finance at HEC Paris and director of finance programs at the school. ‘These are the two key objectives of the new HEC Executive MSc in Finance, with modules taught in Paris, London and Doha.’ I www.hec.edu
NEOMA Business School to open new campus in China in 2016 ||| NEOMA Business School and Nankai University have signed a strategic partnership to set up a joint school in the presence of Laurent Fabius, Minister for Foreign Affairs. In line with NEOMA Business School’s strategy to develop its reputation in Asia as a European expert in management and business education, it will offer a wide range of undergraduate and graduate programmes with the aim of attracting 1,500 top-quality students from all over Asia. The joint school will rely on the selective recruitment network of its partner, Nankai University, one of China’s leading universities. At the end of their programme, students will be awarded a double degree from Nankai and NEOMA Business School. Students will have access to the same level of services as those offered in France, and the school is planning to recruit a management team onsite. Programmes will be co-organised with Nankai University and some classes will be taught by fulltime NEOMA Business School faculty, to guarantee the teaching contents of the curricula. The campus will be located in the Tianjin Economic-Technological Development Area (TEDA), at the heart of one of China’s economic nerve centres. I www.neoma-bs.fr
Callan School London launches ‘Summer Family Learning’ ||| Multigenerational travel is one of the top five major trends in the tourism industry. According to Visit Britain, family travellers – and especially French tourists – are constantly looking for ‘themed’ short holidays enriched with educational and cultural factors. In reponse to this, Callan School London is offering a special Family Summer package. Every member of a family will be studying English in their own class in the morning, before making the most of what London has to offer, with family trips in the afternoon. Thus, parents (or even grandparents) can improve their English and possibly career prospects, whilst the children get ready for A grades in English. I www.callanschoollondon.com
20 - info - july / august
Networking Stories chamber
The Chamber’s networking platforms have been put to good use by our members who have paired up for some great initiatives. Here are their stories:
numberly is a digital data marketing firm specialised in helping advertisers leverage their marketing strategy. The luxury study was the first project we co-managed with Albatross: the idea was born between Paris and Hong Kong, where our respective headquarters are based. This is an important project for us, so Christophe and I wanted to export it and develop it in the UK, where we operate. As members of the French Chamber of Commerce, numberly and Albatross have access to an incredible network which gave us the opportunity to launch in 2011 the first edition of our breakfast meetings in a prestigious luxury hotel in London. Since then, this event is held every year and we strongly believe that the Chamber, thanks to all its potential, will provide us with the opportunity to create other great projects.
Albatross is a market research firm specialised in improving retail performance and understanding consumer trends in the luxury industry. With numberly, we have combined our strengths and expertise to develop projects for brands in the luxury industry. This collaboration allows us to run about a dozen projects a year together. In the UK, Dorothée and I saw a fabulous opportunity to grow our respective businesses. Together, we have run the study as well as our luxury breakfast meetings. Our next breakfast meeting focusing on the luxury industry will be held in September in London, and we are positive that being a member of the Chamber will once again allow us to create fundamental partnerships.
Dorothée Lacroix, Managing Director, numberly (1000mercis group)
Christophe Caïs, Co-founder & CEO, Albatross Global Solutions
At the Atelier des Chef’s networking event, I was delighted when Aude from the Chamber came up to me, knowing Grenoble Ecole de Management (GEM), our students and our entrepreneurial focus… ‘There is someone you just have to meet!’ she said. Enter stage right Kahina, CEO of Vabble – the connection was made and first steps quickly taken. Kahina shared her inspirational story with our GEM London based students and is to work with us in Grenoble with the MS entrepreneurs this coming October. Kahina will present a concrete case study for GEM students to accompany Vabble on its ambitious expansion. We look forward to strengthening this connection and hopefully contributing to this entrepreneurial adventure.
I had the pleasure of meeting LisaJane in a very friendly atmosphere at l’Atelier des Chefs in February. We talked about entrepreneurship, shared our common vision of people skills development and found out GEM and Vabble should definitively explore ways to work together! Vabble currently works with prestigious universities, business and engineering schools in the UK and France and I like the idea that thanks to this event organised by the French Chamber and our discussions with Lisa-Jane, GEM Students will be involved soon in Vabble development in Europe!
Lisa-Jane Perraud, Corporate Relations and Career Development Manager, Grenoble Ecole de Management
Kahina Belaid, CEO & Co-founder, Vabble
info - july / august- 21
spotlight on s m e s & s ta r t- u p s
Profile
The
Medical Chambers
Kensington
A vision of what private medical care could be, motivated Isabelle Granger-Cohet and Ivor French to set up their own ‘boutique’ medical clinic that puts a premium on customer service
A
lmost seven years ago, with the paint still drying on the walls, Isabelle Granger-Cohet and Ivor French opened the doors of their private medical clinic in Kensington. What had started as a search for new premises for Isabelle’s private dental practice turned into something far bigger as it became clear that not only medical premises but also the delivery of medical services was decades behind other professions, and there was an opportunity to do something about it. An unpleasant experience for Ivor in a private hospital in London proved to be a catalyst. ‘I realised that it could be done better,’ he says. ‘There was a gap in the market for a highly professional environment with an ethos that revolved around the patient.’ So Ivor and Isabelle set out to realise their vision of what private medical services should look like.
22 - info - july / august
For inspiration they looked to the Mayo Clinic in America where high quality clinical care is a given, but the difference is everything else that goes with it. ‘What it boils down to is trying to provide as good an experience for the patient as possible,’ says Isabelle. At The Medical Chambers Kensington (TMCK) this means top quality medical care that is delivered in a modern, clean, pleasant environment, together with the kind of service and ambiance that you might find in a top-end hotel, starting from the moment patients walk in the door with welcoming receptionists and the offer of an espresso or fine tea. Customer service is inculcated into staff training, and rigorously monitored through weekly mystery calls and patient feedback. ‘But we also select people for their attitudes and emotional intelligence,’ Ivor adds.
TMCK employs about 12 staff directly, ranging from administrators to housekeepers, as well as a nurse. As the Care Quality Commission (CQC) Registered Manager, Isabelle ensures compliance and deals with the medical side of things, while Ivor is the CQC Responsible Person, who is in charge of the direction and promotion of the clinic. On the clinical side, the 45 doctors are all independent practitioners who have contracts known as ‘practising privileges’ agreements to work at TMCK. Clinicians working from TMCK set their own fees individually, while paying TMCK a monthly sum for the services and premises provided, depending on the hours they work. ‘We provide everything that enables them to practice here, apart from PA support,’ says Ivor. TMCK constantly monitors what services its patients require, and sources doctors accordingly. ‘If we need a particular specialist, we identify doctors practising at NHS hospitals in the area, as many prefer not to travel too far for their private work. What is important to us are their skills and availability,’ says Isabelle. Most of the specialists at TMCK are also
information on our website and links to other sites,’ he says. Moreover, TMCK, unlike most private clinics, is very transparent when it comes to costs. ‘Private medical care is expensive, and yet 20% of those who buy it are not covered by insurance and paying out of their own pockets, so they obviously have a right to know how much their treatment is going to cost,’ Isabelle says. ‘We are as transparent as we can be, putting fees on our website in as much detail as possible.’ Opening hours is another aspect of TMCK’s patient-centric ethos. ‘We open Saturdays and up to 8pm – what we call convenient hours,’ Ivor states. ‘If I could get the doctors to agree, we would open at 7am – there is enormous demand very early in the morning, late at night and Saturdays. These are peak hours. And we are pushing towards opening up to 10pm.’ TMCK currently has about 18,000 patients on its books, and over the past three years, appointments grew at 38% per annum two years running and 29% last year, but this is not seen as sustainable or desirable. ‘We are doing something that’s not done elsewhere,
We are doi ng somethi ng that ’s not done elsewhere... I l i ken it to managi ng a boutique hotel. In somethi ng of this size you can establ ish a cu ltu re consultants in the NHS, and can be practising in three or four different locations. ‘Many don’t want to become full-time private practitioners because of the exposure to leading-edge research, new developments and the opportunity to work in multi-disciplinary teams that they get in the NHS. As a private hospital/clinic, TMCK is regulated by the Care Quality Commission, whose paramount concern is patient safety. This puts the onus on TMCK to continually check and review what the practitioners are doing, wherever they are practising. Regular inspections keep them on their toes but do have their benefits: Ivor reports that one patient who was interviewed by an inspector told her ‘There is some serious care going on here.’ Keeping the patient at the centre of the service also means providing a high level of information and transparency. Ivor observes that patients today are much more knowledgeable about medical problems thanks to the Internet, and more mobile in that they will change their doctor at the drop of a hat. ‘So we put an enormous amount of energy into providing
but if you are very big, I don’t believe it is possible to do it,’ says Ivor. ‘I liken it to managing a boutique hotel. In something of this size you can establish a culture.’ It is for this reason, and because it is such an ‘intensive business’ that Ivor and Isabelle have started to look for a dynamic person to realise their initial vision of opening clinics across London. They have already registered The Medical Chambers Harley Street as a name. Ivor is quick to dismiss franchising as an option: ‘It would never work because this is a very personal business, and you need control over whoever delivers the hospitality and ambiance.’ But what truly sets TMCK apart is that it is an Anglo-French business, not only because of its English and French founders Ivor and Isabelle, but also because it brings together the best of both worlds, integrating skills and people. Its location in Kensington inevitably draws a large French clientele – approximately half the patients – but as Isabelle summarises, ‘Our aim is to serve an international population with top-end quality, excellent care and the best experience.’ I KF
info - july / august- 23
spotlight on s m e s & s ta r t- u p s
Decathlon opens new store in London ||| Decathlon has opened a new store in Wandsworth, bringing the total number of stores in London to three and in the UK to 19. The brand has also recently signed a partnership with Asda to allow Decathlon to have a click and collect unit in the Asda store in Watford. It aims to open up more stores over the next five years, in new areas as well as places where it already has a presence. I www.decathlon.co.uk
SMCP opens its 1,000th point of sale in Canary Wharf ||| SMCP (the group made of the brands Sandro, Maje and Claudie Pierlot) has recently opened its 1,000th point of sale with the opening of a new Maje flagship shop in the heart of Canary Wharf’s business district in London. Maje’s first boutique opened on Rue du Four in 2003, while Sandro’s first store opened its doors on Rue Vieille-du-Temple in 2004. The architecture of the new chic and modern 150m² space respects the brand’s trademark style, including gilt details on the walls and colourful modular furniture. I www.smcp.com Maje in Canary Wharf
McLaren chooses S.T. Dupont for luxury goods collection ||| S.T.Dupont, the French luxury goods manufacturer, has entered into an exclusive partnership with the British Formula 1 team McLaren. This partnership was marked with the creation of a new website and the launch of the McLaren by S.T. Dupont collection, which includes small luxury leather goods such as travel cases and wallets as well as exclusive handcrafted pens and key rings. With the unveiling of this exclusive website, S.T. Dupont has taken the first major step towards reaching out to a new audience in the UK and putting the brand centre stage in the luxury market. ‘This is a truly world class partnership in every sense. We are thrilled to be linking up with McLaren to produce this exciting and innovative line of products, showcasing the quality and style of S.T. Dupont’ declared CEO Alain Crevet. I www.mclaren.st-dupont.com 24 - info - july / august
spotlight on s m e s & s ta r t- u p s
Bell & Ross open first UK boutique ||| On 18 June, Bell & Ross celebrated the launch of their first UK boutique, situated in London’s prestigious Burlington Arcade. An exclusive champagne reception was hosted by Bell & Ross co-founders Carlos A. Rosillo and Bruno Belamich with special guest Sir Randolph Churchill, the grandson of Winston Churchill. They were joined by leading figures from the watch and jewellery industry, journalists and friends of the brand to welcome Bell & Ross to the capital and recognise its historic Anglo-French relationship. I www.bellross.com/uk
Chappuis Halder & Cie launches Fin Tank ||| Chappuis Halder & Cie has recently launched a new entity to cover innovations and digital initiatives in the financial services sector. Based in London and in New York, ‘Fin Tank’ has four key objectives: • To get connected to the heart of innovation (by building direct contacts with innovators) • To get involved in innovation (by supporting innovative start-ups to improve their business models, look for investors) • To get ideas for the firm’s clients (by producing content, best practice studies) • To get concrete feedback on innovation (by keeping track on new initiatives). I www.chappuishalder.com
CH&Co’s Fin Tank aims to be at the heart of innovation
info - july / august- 25
spotlight on s m e s & s ta r t- u p s
Clyde & Co advises £308 million London South Bank site purchase ||| Clyde & Co advises an international consortium led by Native Land on its acquisition of Sampson House and Ludgate House from The Carlyle Group, which will result in the creation of an iconic new Bankside Quarter – a 1.4 million square foot residential, office and retail development. Martin Quicke, one of the firm’s senior equity partners, commented: ‘We are delighted to assist the consortium with this project, which, with the profiles and track records of the investors involved, is set to deliver one of the most significant developments in Central London in recent years. We feel it showcases Clyde & Co’s world-class capability to advise on and deliver the legal aspects of major development and infrastructure projects.’ I www.clydeco.com Neo Bankside
||| Voyages-sncf.com, which today employs over 1,000 people selling trips to 30 countries, celebrates its 15th anniversary in 2015. The group, which reached a record turnover of €4.2 billion in 2014, entered the UK market in 2013 when Rail Europe was rebranded to take on the brand identity of its parent company. The UK business is substantial and growing fast. Operating from its main location in Kent and its shop in Piccadilly it distributes the offers of all major European rail carriers (Eurostar, SNCF, Thalys, etc). It has a strong B-to-B operation, reflecting the growth in interest from travel agencies and tour operators who are increasingly offering rail inclusive tours, and it sells direct to consumers via offline and online channels, with bookings through online channels growing at more than 25% year on year. This anniversary will be marked with the launch of several new features for the website: a new homepage, a new style results page as well as a chat
© SNCF Médiatheque - Sylvain Cambon
Voyages-sncf.com celebrates its 15th Anniversary
room where customers can exchange comments, tips and ideas between themselves so that there is a more informed booking procedure. The group aims to continue to renew, reinvent and take on the challenges of redeveloping its client experience. I uk.voyages-sncf.com
Angela Mortimer retains its Investors in People Award ||| Angela Mortimer plc, the international recruitment agency, has been re-awarded the Investors in People accreditation. Investors in People is a management framework for high performance through people. The prestigious accreditation is recognised across the world as a mark of excellence and signals an organisation that puts people first. I www.angelamortimer.com
26 - info - july / august
spotlight on s m e s & s ta r t- u p s
BearingPoint receives 2015 Digital & Technology MCA Award ||| BearingPoint, the global business consulting firm with management and technology capabilities, has been recently awarded with Jaguar Land Rover the Digital & Technology Award at the 2015 MCA (Management Consultancies Association) awards ceremony. This award recognises the successful partnership between the two brands, which have launched innovative digital products and services as in the first Jaguar Land Rover connected cars including a range of digital products and functionalities such as a smartphone app which automatically sends a range of information about the vehicle (fuels levels, security status, BearingPoint and Jaguar Land Rover teams stolen vehicle tracker, etc). BearingPoint also developed the receiving the award approach for a market launch. Early indications show very positive feedback from dealers and customers and independent recognition by analysts on the usability and design of the solution. I www.bearingpoint.com
Solocal Group wins a UK Blog Award ||| Solocal Group UK, a leading provider of marketing solutions for the online to instore customer journey, has recently scooped a top prize at the UK Blog Awards, after the company’s Local Ideas blog won in the ‘most innovative’ category. Launched in July 2014 by Solocal Group UK, Local Ideas brings together the business community by providing a platform for creative initiatives and inspiration in retail and service organisations.
Solocal Group UK’s country manager, Bruno Berthezene, commented: ‘After being shortlisted for two categories at the UK Blog Awards, we’re delighted to have been awarded the prize for the most innovative blog. We pride ourselves on providing a source of inspiration for companies who really want to stand out in the market, and so we’re honoured to have our passion for innovation recognised by receiving such as prestigious award.’ I uk.solocalgroup.com
MoveInPeace partners with Avenue des Écoles ||| MoveInPeace, the London-based relocation agency, has just signed a new partnership with Avenue des Écoles, the independent website which provides educational information in the UK, from kindergarten to higher education, for French, English and international education systems.
It also provides families who are settling in or moving from London with personalised services and a follow-up on their educational choices. This partnership will naturally complement MoveInPeace’s offer to help clients throughout the entire process of relocating to
London, from finding their new house to carrying out all their administrative tasks (both in France and in London) while providing them with a tailored assistance to meet their particular needs. I www.moveinpeace.com www.avenuedesecoles.com
info - july / august- 27
ONE BANK, 30 MILLION CLIENTS 76 COUNTRIES, ONE TEAM SPIRIT SOCIETEGENERALE.COM
Societe Generale is a French credit institution (bank) and an investment services provider (entitled to perform any banking activity and/or to provide any investment service under MiFID except the operation of Multilateral Trading Facilities) authorised and regulated by the French Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) (the French Prudential and Resolution Control Authority) and the Autorité des Marchés Financiers («AMF»). This document is issued in the U.K. by the London Branch of Societe Generale, authorized in the U.K. by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. © 2015 Societe Generale Group and its affiliates. © Getty / xPACIFICA - FRED & FARID
focus T
wo of the greatest cities in the world. Home to millions. Physical space – real estate – has never been so important, or, in the case of London, so valuable. Despite its palpability, real estate can be complex. For a start, there is a world of difference between commercial and residential real estate – they are distinct universes with different rules and norms. And then there is the difference between the two cities under scrutiny in this Focus – cultural norms, values, legal frameworks and the building stock itself are quite different in each. The articles that follow are by no means a comprehensive comparison of London and Paris commercial and residential real estate, but they do put a spotlight on some of the key differences and issues in our capital cities. In the commercial realm, the London real estate market is quite different to that of Paris. London commercial property investment is left to market players, with companies seldom tying up assets in real estate if it is not their core business, whereas this is not the case in Paris. Articles look at this phenomenon as well as office occupation trends and property investment yields in both cities. In the residential realm, one of the chief differences between London and Paris is the way property ownership is perceived. The British tend to regard their property, even if it is a home, as an investment, whereas the French see it primarily as a home. To some extent this drives the British obsession with property ownership, fuelling a market that is already strained by supply issues, and nowhere is this more so than in London, which this year surpassed its previous population record. While many have made fortunes out of property in London and will continue to do so, ever higher prices and a more cautious lending environment are shutting a generation of first-time buyers out of the market, and housing has never been so unaffordable, pushing many further and further out. Paris property prices make it a classic buyer’s market, especially for bargain hunters in areas most prized by overseas buyers. And despite its steep prices, London is still an attractive proposition for the investor given the strength of its economic fundamentals and the fact that supply is nowhere near meeting demand. For many of the French moving to or living in London, renting is the norm, and this Focus provides a quick comparative guide to the essential differences between the two markets. Rental hotspots and places to watch are also highlighted. For the property investor, London and Paris each have their pros and cons. Like any investment, ultimately it is a matter of individual appetite for risk, cultural preference and comfort level. In the words of Mark Twain,
‘You
pays your money and you takes your choice’. I KF
info - july / august - 29
LONDON
focus
Greater London area: 1,572km²
Ratio of housebuilding to population increase 0.2
International tourists 16.8m
Foreign buyers 46%
London
Tallest Building The Shard 1,017 ft Current population 8.61m
Population increase 14%
Rent prices in London are
65.33% higher than in Paris. Source: Numbeo, June 2015
Population born overseas 37%
Share of millionaires 3.4%
Michelin starred restaurants 69
The proportion of London households who own their own home (outright or with a mortgage) fell to just under half at the time of the 2011 Census, putting owner occupiers in the minority for the first time since the 1980s. By contrast, the private rented sector grew from 14% in the early 1990s to 26% in 2011, while social renting has fallen from 35% of households in 1981 to 24% in 2011. In Paris ‘intra-muros’ by comparison, 35% of households own their homes, 45% are private renters and17.9% social renters.
Sources: Atelier Parisien d’Urbanisme (APUR), BNP Paribas, CBRE, CCI Paris IDF, INSEE, Le Monde, Metropole du Grand Paris, Michelin, Office for National Statistics, Sénat, Spear’s and WealthInsight
30 - info - july / august
PAR IS
Ratio of housebuilding to population increase 0.25
Grand Paris (inc. petite couronne) area: 762.4 km²
International tourists 16.6m
Foreign buyers 9.7%
Paris
Tallest Building The Eiffel Tower 1,063 ft Current population 6.63m
Population increase 0.7%
Population born overseas 26%
Michelin starred restaurants 92
Share of millionaires 2.04%
LONDON
PARIS
Prime residential prices £ per sq ft
£2,000
£1,100
Price per square metre to buy apartment in city centre
£15,436.45
£9,383.50
Rent per month 1 bed apartment in city centre
£1,649.42
£878.54
Prime retail rents £ per sq ft
£828
£853
Prime office rents £ per sq ft
£109
£53
info - july / august - 31
COMMERCIAL PROPERTY
Office occupational trends in Europe’s TWO major cities When it comes to European office markets, two cities stand out from the rest, Paris and London. Samuel Duah, Head of Economics and Forecasting at BNP Paribas Real Estate compares the two
P
aris is renowned for its size, boasting 53 million square metres of office space, more than twice the size of the next largest city, London. But, London is home to a financial centre unparalleled in Europe and beaten only by New York globally. In different ways, it is the dynamism and diversity of these two cities that has separated them from the rest. And, looking ahead, despite their close proximity and a growing interconnectedness of Europe, they show few signs of converging. There are a number of differences in the way that the two markets operate and this is what gives the uniqueness of each of them. An important feature of the Paris office market is the diversity of its tenant base ranging from financial and business services in the Central Paris and Western Crescent submarkets, media occupiers in the southern suburbs of Paris and technology companies in the CBD to Industrial occupiers throughout the outer rim of Paris. Regarding the size of occupiers; large occupiers tend to plant themselves in the suburbs around Paris where buildings with large sized floor plates can be found, leaving the small size occupiers in central Paris. Typically therefore, the dynamics of the market are driven from outside central Paris. This is in contrast to the London market where most of the occupational activities occur at the heart of the city. A large part of this is due to the range of floor plate sizes that can be found in the three core markets. Large occupiers, in particular financial services, tend to plant themselves in the City where large floor plates can be found. But, specialist financial services companies, such as hedge funds prefer smaller plate sizes and can be found in the West End with its many historical and small size buildings. Finally in the mid-town, which 32 - info - july / august
is between the City and the West End and has mostly medium-sized floor plates, you find legal professions who tend to cluster around the law courts located in that submarket. The demand cycles of the markets are also very different. Whereas the demand for offices in Paris metropolitan region continuously grew in the 1990s, since the beginning of the 2000s the performance of the office market has been fluctuating due to alternating periods of waning and recovering demand in the wake of factors such as the early 2000s recession and the 2008 financial crisis. The London market exhibits similar behaviour, but the amplitudes in this market are somewhat higher due to the dynamic nature of the economy. Specialisation, especially in the City of London, is a major influence on demand volatility. And, it means that the occupational mix of the London market is also changing over time. For many years the occupational base in the London market has been dominated by finance-related businesses; large finance companies in the City and niche hedge funds in the West End. Since the onset of the financial crisis, and to a lesser extent in the period leading up to it, there has been a discernible change in the office occupational mix in the core submarkets of the London market that mirrors the growth of the digital economy in the UK as a whole. At the front of the UK’s digital economy is the media tech sector and, it is estimated that the London media tech sector currently contributes around 8% of total UK GDP. Almost half of UK media jobs are based in London, with the sector employing over 440,000 in the capital; one in every ten jobs in London is now in the media
focus tech sector. Since the financial crisis the tech sector in this area. has seen a significant increase in its employment base, The supply and demand dynamic is another source growing by 28%, whilst the core traditional sectors of of major difference. In London there is now a dearth employment in London, such as finance, have seen of availability, with the vacancy rate at historic lows shrinkage. Unsurprisingly these positive evolutions across all the submarkets; ranging from 3.9% in the West have seen media tech heralded as saviour of the central End to 9.0% in Docklands, driven by a combination of London office market. As take-up from the traditional high demand and low supply. Naturally the market has occupiers stalled because of the financial crisis, the seen some phenomenal rental growth in recent years. media tech sector has achieved genuine growth in The highest rent of £1,292 psm can be found in the their occupational base. West End and the lowest of £431 psm can be found in Prior to the financial crisis the media sector and Docklands. After reaching its lowest level in 2000 (2.6%), banking and finance accounted for 12% and 40%, the vacancy rate in Paris metropolitan region stands respectively, of the overall leasing activity in London, at 7.6% in Q1 2015, and has been stable over the last and 11% and 60%, in the City of London. The aftermath 5 years, even if there has been significant movements of the financial crisis has among the submarkets. seen a dramatic narrowing of The lowest vacancy rate With the London market now this gap in the City market to is to be found in Paris at its peak, and recent sur veys 18% and 40%. The operational Inner City (5%), and the indicating that economic recover y size and nature of these highest in the Western in France is under way, there companies are such that Crescent (15%). Significant appears significant potential for they need closeness to good discrepancies can be the market to grow infrastructure (transport, IT, found in rents in the Paris etc.) and large floor plates to region. Highest rents are accommodate the volume of employees in an open found within Paris city limits, with an approximate plan working environment. In London that means the €705 per year per m² recorded in Paris CBD in Q1 2015. centre of the city. The lowest are usually located in the northern part of Indeed, the expansion of media tech in London the metropolis, in the Northern Inner Rim (€344/m²/ is as yet unmatched in any other European cities. year in Q1 2015). Although Paris is often considered a potential rival for Historically, it has been typical for the Paris market London’s crown as Europe’s tech capital, the industry to lag the cycle in the London market by around one in Paris is comprised mainly of start-up firms whose year. However, the nature of the recent financial crisis office space requirements are mainly for small floor has meant that the lag has been more prolonged plates. As such, tech firms are mainly found in the than usual. The earlier economic recovery in the UK Central Paris sub market. This is in contrast to the relative to Europe meant that the London market requirements of media houses in the London market has raced ahead of the Paris market but, it seems for large floor plates that are beginning to reshape the likely that this is about to reverse. With the London major submarkets. Kings Cross and Clerkenwell, where market now at its peak, and recent surveys indicating a number of the new media firms have requirements that economic recovery in France is under way, there for space, are unrecognisable today in comparison to appears significant potential for the market to grow. It a few years ago. Annual rental levels in Kings Cross at is expected that around 15,000 jobs will be created in approximately £764 per square metre (psm) are now Ile-de-France this year, which will prompt growth in ahead of those for the City of London at around £688 demand in the Paris market, which has been limited psm, due to the high level of demand and lack of space in recent years. I
info - july / august - 33
COMMERCIAL PROPERTY
London A N D Paris
COMMERCIAL INVESTMENT Richard Holberton, Senior Director EMEA Research at CBRE reviews the pros and cons of commercial property investment in London and Paris
L
ondon and Paris are the two largest and most liquid commercial property investment markets in Europe. Over the period from 2007 to the first quarter of this year they accounted for a combined 27.5% of the entire Europe investment market. In the period from the beginning of 2014 to the first quarter of 2015, the corresponding figure was 21%. In the same 15-month period, of the €79bn that entered European real estate markets from outside Europe, a third was destined for either London or Paris.
And, looking forward, the UK remains the most attractive European market for property investment while France saw a significant rise in investor interest compared with 2014.1 Within these national level expectations, London is the most frequently cited city preference and Paris is third after Madrid, having seen a marked pick-up in popularity from the previous year’s survey. Clearly the scale, depth, maturity, transparency and range of asset types and sizes are among the reasons for the dominance of these two markets, but it would be misleading to conclude that they have travelled identical paths through the financial crisis and recovery period. For one thing, patterns of value change and investment activity have displayed distinct differences, at least in the post-crisis recovery period. From coincident value peaks in mid-2007, prime office values declined over the subsequent two years by over 50% in the core London markets and only slightly less in
Paris.2 In both cities this was initially driven by yields rising to reflect increased risk and receding rental growth prospects. The process was initially faster to take hold in London, where prime office yields rose by at least 100 basis points in the second half of 2007, than in Paris where the corresponding rise was only 40 basis points. Nevertheless, over the two years to early-2009, prime office yields in both markets rose by at least 200 basis points in total. Rental adjustment also contributed to the fall in values but didn’t take hold until 2008, and amounted to a peak-to-trough drop of 15% in Paris and over 30% in London. The recovery period has been characterised by sustained reduction in prime yields to the point that, in both markets, prime office yields are at or very close to their previous cyclical lows. This is clearly supportive of values, and is also part of a wider phenomenon whereby property yields have been held low through their linkage with yields on government bonds – themselves offering very low yields as a result of loose monetary policy and the operation of QE3 policies both in the UK and continental Europe.
To some extent this shared yield trajectory disguises differences in the pattern of investment activity in the two markets. While both contracted markedly in 200809 in line with the wider market, they experienced sharply contrasting fortunes in the 2012-13 period, during which time the European investment market
2 Source: CBRE EMEA investor Intentions Survey, 2015 Source: CBRE synthetic prime capital values Quantitative easing (QE) is an unconventional form of monetary policy where a Central Bank creates new money electronically to buy financial assets, like government bonds. This process aims to directly increase private sector spending in the economy and return inflation to target. 1 3
34 - info - july / august
focus
was seeing a resumption in the contribution of crossborder investment and large lot-size transactions: both factors that worked in London’s favour, as did its earlier and deeper downward re-pricing.
More recently the depreciation of the euro, particularly against the US dollar, might be thought of as a deterrent for those investors who repatriate income to meet domestically-denominated liabilities. But in fact, the contribution of cross-regional buyers to the Paris market rose substantially in 2014, with purchasers from the Middle East especially prominent. This forms part of a broader set of changes in the focus and distribution of investment activity. The root source of some of this is a growing tolerance for risk and a widening search for investments beyond core prime assets in core markets. So for instance, part of the explanation for the decline in London turnover last year is the growth in appetite for other parts of the UK market. In Paris meanwhile, areas that are not necessarily investors’ first choice such as the Western Crescent and South Paris are starting to see increased interest pushing office yields in these areas below 5%. Narrowing spreads between prime and secondary yields are evident in both markets. However, the real differences lie in the respective dynamics of occupational office markets. With the UK economy having grown by over 4% over the past two years compared with around 1% for France, office leasing demand in the capital cities has come to reflect this. For instance, aggregate take-up in London rose by over 6% in London last year, and by 1.3% in Paris. Transactions in the French market are still constrained by occupiers’ desire for cost optimisation and reduction, with large-unit transactions particularly scarce. Against this, supply-side conditions have tightened in both markets, partly as a result of limited development activity over the recent past, and this
is increasingly supportive of rental growth. The identified development pipeline represents less than 4% of existing stock in both markets and, at average levels of take-up, availability of built stock represents less than two years’ supply. The availability of good quality buildings in prime locations is particularly limited.
In the early stages of the recovery, returns were supported by a general improvement in yields. Now, however, with returns likely to be increasingly driven by rental growth, investors in both markets will need to pay particular attention to individual asset selection. I
TOP REASONS TO INVEST IN:
London
High economic and political confidence Longer lease terms Many overseas investors Diverse markets within market Major infrastructure investment Media tech to drive demand
Paris
Strong recovery Large, diverse occupier base Strong investment market Market transparency Limited office supply Stable office rents
info - july / august - 35
COMMERCIAL PROPERTY
focus
The owner-occupier office market London VS Paris
Buying property for your business may be common in Paris, but is less prevalent in London. Marc Reboux, Senior Director at CBRE explains why
W
hile both London and Paris markets offer a range of choices to occupiers in terms of size, type, location and price point, there can be significant differences between them in the typical routes to acquisition. In the UK market, there are three key ways of acquiring office space: 1. Freehold purchase, whereby the owner is also the occupier of the space. This refers to whole buildings only. 2. Long Leasehold, whereby the Freeholder grants a lease to either an investor or occupier. These leases are typically 999 years or 125 years and are common in the West End of London where historic landed estates retain the freehold. 3. Leasehold, where an occupier is granted a lease from either the Long Leaseholder or Freeholder Typical lease term is for a period of 5-20 years.
square metres), and owner-occupiers are priced out of the market due to the lot size, and do not wish to become ‘landlords’ themselves with the letting risk or day-to-day asset management. By contrast, co-ownership of office buildings is common in Paris, giving occupiers plenty of options to buy a floor or part of a floor of an office building. It is also quite usual for a number of family-owned French groups to invest in buildings occupied by their business. As a result, sales to owner-occupiers typically account for approximately 15% of the total annual Paris office take-up. In 2014 this market was supported by attractive borrowing rates although banks have been less flexible on granting loans. 61% of the purchasers came from the service industry, in particular Legal, Consulting and Real Estate Services. It is worth noting that 75% of the transactions were under 500 square metres. I
The owner-occupier Freehold/Long Leasehold market is limited in London as building owners do not like to split the ownership and are under no pressure to do so. As a result, Freehold or Long Leasehold ownership is on whole buildings only. Most occupiers with requirements in excess of 1,000 square metres seek opportunities to acquire space over as few floors as possible and therefore ‘whole buildings’ with small floorplates (i.e. 200 square metres in each of 5 floors) are less preferable. Buildings with large 1,000+ square metre floorplates are typically very large overall (5,000+
Who owns London? The Central London market has a number of large freehold estates including the Crown Estate, Grosvenor, Cadogan, Portman, Bedford, de Walden and also the City of London. These ownerships typically date back over 300 years to when individual families owned open or arable land. Some of this land was sold down through leaseholds to accelerate development and create an income stream. As those leases expired, the original freeholders have either re-sold new leaseholds or undertaken a redevelopment programme.
36 - info - july / august
focus
Commercial propert y rental and acq u isition:
legal processes and pitfalls Sophie Philippon-Thomas, Partner & Notary Public Real Estate at Weightmans LLB pinpoints some of the differences between French and British commercial property transactions
T
here have not been any changes in UK legislation for some time but France introduced measures through the ‘Loi Pinel’ in 2014 to help small businesses through the recent economic downturn, which significantly impacted on French rules affecting commercial leases. Processes and procedures relating to leasehold or freehold transactions differ greatly between the two countries and can be summarised as follows: The agent’s role Negotiations in the UK will often be carried out between the landlord’s/seller’s agents and the tenant’s /buyer’s agents but in France only one agent is appointed by the landlord/seller. The solicitor’s role Each party will instruct their own solicitor in the UK, whereas in France, one notaire is usually appointed. In the UK, the seller/landlord’s solicitors will draft all legally binding documentation. A lease (bail) will be drafted based on the terms agreed between the respective agents. The differences between leases in the UK and in France can be summarised as follows: • The duration of a commercial lease in the UK varies greatly and is subject to trends based largely on the economic climate. A lease can be of any length but is typically for a term of 3, 5, 7, 10 or more years, depending on the type of business carried out by the tenant. Its length is not regulated, whereas in France there is a statutory minimum term of 9 years with a tenant right to break every 3 years. There is no automatic right to break in a UK lease and inclusion of a break is subject to negotiation with the landlord. • Leases in the UK are initially drafted in favour of the landlord and then negotiated to agree a more balanced position. In France, the terms are favourable to the tenant due to regulations. • There is no rent control system in UK leases as opposed to French leases. In France, rents can be
reviewed at the request of either party after three years. In UK leases, the rent can be reviewed as often as the parties agree. • Premium/pas de porte – in France this payment is uncommon and is usually made as a payment of rent in advance to ease the tenant’s burden of future running costs. In the UK, it reflects the commercial value that is attached to a specific property, often based on location and demand. Premiums in prime retail locations such as Soho and Mayfair can therefore be considerable. In the UK, searches and enquiries are carried out by the tenant’s/buyer’s solicitor similarly to French notaries who deal with zoning of the real estate assets, administrative authorisations, use, etc. In France, there are no formal legal requirements to execute a lease in the form of a deed except for leases exceeding 12 years, which will then need publishing at the local land registry. The position is similar in the UK for leases exceeding 7 years. Taxes In the UK, Stamp Duty Land Tax (droit de timbre) may be payable on both freehold and leasehold transactions depending on the value. In France, acquisitions of real estate generally trigger transfer tax. VAT in the UK can be payable on the rent or on the purchase price if the seller/landlord has elected. In France, VAT can be payable on sale of development land. VAT payable on rent is not automatically payable but the landlord can also elect. UK commercial properties are also subject to business rates payable by the owner or the tenant. This is a tax payable to the relevant local authority. In France, the main tax payable on the occupation of business premises is the business licence tax (contribution économique territoriale). Other taxes such as tenancy tax (contribution représentative du droit de bail), land tax (impôts fonciers) and local tax (taxes de la ville) may also be payable. I
info - july / august - 37
RESIDENTIAL PROPERTY
london
hot spots
Whether renting or looking to buy, these are some of the most sought after places in London, as identified by Knight Frank, and Paris
Notting Hill The market has picked up after a rather slow last quarter and we are seeing increasing levels of new applications by relocation agents and tenants looking to move this summer. Rental values remain consistent with the levels achieved last year, however, tenants are placing low offers to test the market and expect good value for money – sophie woolfenden
canary wHarf We have experienced a busy start to 2015 with both stock levels and applicant levels increasing. One bedroom apartments are still in high demand with most being let within 24 hours of coming onto the market – Christopher Paxton
Great Scotland Yard Street SW1
King’s Cross Ongoing redevelopment of King’s Cross Central is increasing the number of high quality rental properties coming onto the market and is also attracting a growing number of high calibre corporate tenants wishing to rent in the area. Due to the profile of tenants in the area, one and two bedroom apartments will always create the most demand – Mark Batty 38 - info - july / august
Hyde Park We are seasonally entering into a rising rental market, which, coupled with the clarity of the election result, has fed through into continued strengthening of business sentiment that in turn is feeding through into a resurgent Corporate Relocation Market – John Humphris
Riverside One bedroom flats are normally the most popular and fastest to go on the basis that they appeal to the broadest base of the market. Typical tenants are young corporates whose budgets range from £400 to £600 per week as well as students. Believe it or not, students are one of the fastest growing sectors in London – giles barrett
PARIS
3RD ARRONDISSEMENT – LE HAUT MARAIS Home to some of the French capital’s oldest mansions and newest boutiques, Paris’s Haut Marais district has a soaring public profile and rising real-estate prices to match. ‘Five years ago nobody wanted to be here,’ says Nicolas Wibaux, a Marais-based agent for Paris real-estate firm Daniel Féau, during a recent tour of the area just north of rue de Bretagne, Haut Marais’s de facto main street. ‘Now everybody wants to be here.’
4TH ARRONDISSEMENT – ILE ST LOUIS One of the most sought after investment locations in Paris is the ‘Ile St Louis’ and in particular, the ‘Quai de Bethune’ overlooking the Seine. Ile St Louis is in the heart of old Paris and is within easy reach of most of the main attractions (monuments, galleries, museums, etc.) on both the left and right banks.
Ile Saint-Louis
6TH ARRONDISSEMENT – SAINT GERMAIN-DES-PRES Saint Germain-des-Prés located on the River Seine, is the quintessential Paris neighbourhood. Home to famous artists and writers in the past like George Sand, Pablo Picasso, Ernest Hemingway and Oscar Wilde, the charming streets and upscale boutiques have attracted sophisticated buyers and residents. Its art culture is booming due to its many highpriced art galleries, antique shops, historic architecture. The iconic Café de Flore at Saint-Germain des Près
7TH ARRONDISSEMENT – EIFFEL TOWER One of the most famous tourist destinations in the world, the Eiffel Tower is found in 7th Arrondissement, which is also understandably one of the most expensive areas to live in. The average property price is around €10,750 per square metre and occupying its residences are mostly French upper class and nobility. This fashionable area is France’s second richest district in average income and Paris’ first. Its highwalled gardens and classical mansions built by nobility are a slice of history all by themselves, making residential properties here an enviable luxury.
16TH ARRONDISSEMENT Increasingly seen as more than just an up market residential area, the 16th is often compared to London’s Borough of Kensington and Chelsea. Home to some of the best schools, museums, parks, and some of France’s most prominent sporting hubs it is easy to see why the 16th retains its crown among the well-heeled. As a result prices have remained firm over the past five years, but importantly remain below the levels seen in the most established 6th, 7th and 8th arrondissements. If you want a safe but attractive area this is it. Development opportunities are small scale and subject to intense competition. info - july / august - 39
RESIDENTIAL PROPERTY
focus London & Paris
A TALE OF 2 CITIES Marie-Cécile Boulle of Boulle International takes stock of the London and Paris residential real estate markets, their evolution since the crisis and current trends in both cities
I
t was the best of times, it was the worst of times’. So opens Charles Dickens’ iconic novel telling the story of the lives of everyday people in Paris and London during the French Revolution. Today’s economic climate is nowhere near as discomforting as those turbulent times, nevertheless the contrast of two extremes is not entirely inappropriate. If we compare the London and Parisian property markets, we do not have to look hard to see who the star is. LONDON In the years following the 2007/08 financial crisis, London’s real estate sector has rocketed, after falling by 4-6%. Since 2009, residential property is estimated to have risen by 9.3% per year on average. In Kensington and Chelsea, an area much-favoured by Continental new arrivals and the location of London’s Lycée Charles de Gaulle, these gains are even greater. Prime London real estate now fetches over £2,000 per square foot according to CBRE. Kensington and Chelsea is closer to £2,400. By comparison, Manhattan costs £1,800, Hong Kong £1,950 and Paris lags at £1,100. The reasons for London’s boom are multiple. London real estate has been one of the major beneficiaries of quantitative easing (QE) and low interest rates. Yields on all assets have compressed and the face value of real estate has risen accordingly. International factors have also played a part. The euro crisis, the strong pound and the slowing of several big emerging markets have brought an influx of international buyers from all corners of the globe. These include the very wealthy buying in cash, as well as upper and middle-ranking professionals relocating with corporate expat packages. In 2014, it was estimated that over 45% of Central London sales were to foreign buyers.
In parallel, the London lettings market has also been stable although forecasts now differ on its shortterm direction. Some agents are forecasting increases of 4% per annum for the next five years. We are more cautious and see an increased trend in flat-sharing, a greater tendency to buy, given record-low mortgages, and ongoing employer cost-consciousness, potentially limiting these gains. PARIS Paris is in many ways the mirror-image. But does this mean it may be time to turn buyer on Paris? The Financial Times posed the same question in April this year: ‘Is Paris now a classic buyer’s market’? During the crisis, Paris property prices fell by 8-9% in total according to the Chambre des Notaires de Paris. Then until 2012, London and Paris’ real estate markets tracked each other closely. However, the developing euro crisis and fears of wealth taxes depressed Parisian demand and since peaking in the third quarter of 2012, real estate prices in Paris have dropped 3.7%, according to notaries and national statistics office Insee. SIGNS OF TURNING IN PARIS? Mark Harvey, Knight Frank’s head of French residential sales, has some optimism. ‘The French government is not going to do anything too radical at this stage. A lot of the sweeping changes that were threatened didn’t happen and the rhetoric has changed with the government becoming more pro-business. The economic indices are improving somewhat, with unemployment decreasing and consumer spending increasing. Consequently, there is a bit of a feel-good factor spreading across France. The thinking is that the worst is over.’ ‘It is a case of controlled excitement,’ says Kerstin Bachmann of the Paris Property Group. ‘We are not in the situation we were in 2011, when property was flying off the shelf and we sold property with a single phone call. Now buyers want to make a more informed decision, they want all the facts.’ However, there are tax and bureaucratic obstacles limiting the recovery. For example, rent caps would make property less attractive as an investment. Foreign buyers of French property are also liable to pay a capital gains tax of up to 19% if they sell the property. THE FUTURE FOR LONDON? Many of the key factors in the London boom still remain
40 - info - july / august
in place. The 2015 elections removed uncertainty. Demand remains strong and it seems the supply shortage will only gradually reverse. There is increasing new build in the capital but this is priced mainly at the premium end of the market and only partially addresses the overall imbalance. The (modest) target set by the Greater London Authority of 49,000 new homes per year will not be achieved. Granted, UK taxes have increased in recent years and since 6 April 2015 non-resident landlords have had to pay capital gains tax. This tax is calculated on the difference between the value of the property at the purchase date on or after 6 April and the value on the date of sale of the property. The tax varies between 18 and 28% depending on the property owner’s status as a basic or higher/additional rate tax payer. Moreover, the Chancellor’s 8 July budget has limited the tax relief landlords can get from the interest payments on their buy-to-let mortgages. Previously they could set the cost off against their entire income tax bill. Now that relief will be reduced to the basic income tax rate of 20%, so higher earners who pay 40% or more will pay more tax
on their rental income. However, the decision by international families to relocate to London is undoubtedly long-term. The families which moved here are staying and their children are being educated in London schools. The whole fabric of the city has changed to accommodate this. This reflects a profound lifestyle choice which will not reverse based on short-term macroeconomic data. Overall, we are extremely positive on the British capital’s prospects and potential. I
uk PROPERTY TAX CONSIDERATIONS Over the last five years, there has been a surge in interest in the London real estate market from French investors. Like most British institutions, English property law can leave the French investor slightly confused, however, of more immediate concern is often the UK tax and succession law implications. UK Tax The UK tax implications will depend on how the property is owned, for example the property may be owned directly by the individual, in a corporate structure or in a fiduciary structure. Whichever ownership structure you decide upon, UK taxes will be charged: 1. on the purchase a. stamp duty land tax 2. during the ownership period a. income tax (if rented) b. the annual tax on enveloped dwellings (if owned by a company) c. inheritance tax (if owned in a trust) 3. on disposal (i.e. on sale or on making a gift) a. capital gains tax (now applies to non-UK residents too) 4. on death a. inheritance tax (if held in personal ownership)
Financing the Purchase and Debt Structuring If you are a UK resident non-domiciliary claiming the remittance basis, then you might consider how you finance the purchase of the property as well as how you structure and service any debt. If you fall into this category of taxpayer, then you might want to avoid using your non-UK income and gains to purchase the property, service the debt or use as collateral in relation to any debt as this may cause an unwanted UK tax charge. Equally, if you purchase the property with debt, you may wish to consider securing the debt against the property at the time of purchase to ensure that it is deductible for UK inheritance tax purposes. English Succession Law Even if you are not UK domiciled, English succession law will govern the succession of your UK real estate. If you die without leaving a Will, English intestacy law will apply. Generally English intestacy law favours spouses and children in priority and if you have neither, then your blood relations in a prescribed order. English law provides for testamentary freedom. Therefore, if you are not domiciled in the UK, you can leave your UK real estate to whom you please. If you are UK domiciled, then you might want to consider your dependants who could bring an action against your estate if you decide to exclude them.
GEORGE MERRYLEES, Solicitor, BERKELEY LAW LTD info - july / august - 41
RESIDENTIAL PROPERTY
focus
PROPERTY ACQUISITION: London & Paris
Buying a property is one of the most stressful times in a person’s life, let alone when doing it in another country, so understanding the differences between the two systems will certainly help. Armel Elaudais, Associate at Clyde & Co, makes the comparison property Rights There are essentially two types of titles to property in England: freehold and leasehold. Leasehold is most common for flats whereas houses tend to be owned freehold. Freehold is the highest title in land and gives the owner perpetual rights to the property, similar to those of a property owner in France. A leaseholder, on the other hand, will only own the property for a limited period of time (usually 99 or 125 years) after which it goes back to the freeholder. This concept is often difficult to understand for French people especially when there can be little difference in price. It can be compared to a lease where all rent is paid in advance in one go. Legislation allows leaseholders to extend their leases before expiry in return for the payment of a further premium to a freeholder.
the notaire and there is no concept of ‘sale subject to contract’. After expiry of a seven-day cooling-off period, the buyer will only be able to withdraw without losing the deposit if one of the condition precedents (clause suspensive), such as the availability of a mortgage or planning permission, is not met. It is therefore essential that all terms are agreed and any condition clearly set out in the compromis. The second stage of the transaction in both countries is when completion takes place with a signature of the conveyance or acte de vente and payment of the balance of the purchase price. In France, this will usually take place 6-8 weeks after signature of the compromis, whereas in England this can be simultaneous with exchange of contracts as all searches will already have been undertaken.
The Transaction Process Under both systems, the acquisition takes place in two stages. The main differences relate to when the parties become bound and the role of the solicitor/notaire. In France, it is common for one single notaire to deal with all legal formalities. The notaire is a public officer who does not act in the interest of either party but is concerned with ensuring the legality of the transaction. The parties become bound much later in England. In practice, all the necessary searches and surveys are done first so that it takes on average 6-8 weeks from acceptance of the offer for contracts to be exchanged and the deposit paid. Until that point, either party can withdraw from the sale without any liability. The purchase price can also be renegotiated if the searches uncover issues with the property. Another important aspect is the principle of ‘buyer beware’: it is the purchaser’s responsibility to make enquiries about the property and the seller only has a duty to disclose servitudes that are not discoverable on inspection. For this reason, the bank providing the mortgage for the property will require a survey and valuation to be undertaken. On the contrary, in France the compromis de vente (sales/purchase agreement) or promesse de vente (option to buy) is signed before searches are undertaken by
Fees and taxes The notaire’s fee scale is set by the State and does not vary like solicitors fees do in England. In fact, the fees will be the same if two notaires are instructed and will be split between them. Although the frais de notaires usually represent 6-8% of the purchase price, the notaire’s actual fees only amount to about 1% of the price and the balance includes the registration taxes and disbursements for the various searches. All fees will be estimated at the compromis stage. In England, solicitors fees will be subject to agreement and the purchaser will also have to pay Stamp Duty Land Tax (SDLT) within 30 days of completion if the price is over £125,000. I
42 - info - july / august
UK Stamp Duty
focus
The Good school Premium London VS Paris
Properties around good schools command a premium in both London and Paris. Sylvie Froger, Director of Simplement Londres, compares the numbers and reasons behind the phenomenon
T
he direction in which education starts a man will determine his future in life,’ said the Greek philosopher Plato. Most parents nowadays will certainly agree with this statement. Whether in Paris or in London, getting children into a good school is the Holy Grail for families wanting to secure a decent future for them. But good education has a price: families wanting the best education are often faced with a difficult choice: paying expensive private school fees, or buying/renting a property near a good state school (‘école publique’ in France), with no school fees attached – we call it the ‘state school strategy’. Whilst the property market around private schools is influenced slightly, the biggest impact is felt around good state schools both in London and Paris, but with differences in the price premiums attached to these and the areas concerned. The economics of private vs state schools London has some of the most expensive private schools in the world. For families, this means that planning to live with your children in the ‘catchment area’ of a good state school can be a more viable alternative than paying private school fees for several children for a number of years. Most private schools in Paris are subsidised by the government, and charge much lower fees compared to their English counterparts. This makes private schools an alternative accessible to a larger share of the population. Therefore, the price premium for the proximity to a state school, ‘l’effet cartable’, is generally lower than in London. Across London’s top 100 state schools, families who want to live near them have to pay an average 34% more than for homes elsewhere in the same boroughs, according to estate agent Savills and The Good Schools Guide. In Paris, according to Meilleursagents. com, the average price per square metre for a flat in the catchment area of the top ‘lycées’ is €9,413, against €7,810 in the rest of the capital, which is a premium of around 20%. The ‘state school strategy’ In London the strategy for state schools’ catchment
areas starts much earlier in a child’s life than in Paris. In Paris, the best ‘collèges’ and ‘lycées’ (middle and secondary schools) will maximise the children’s chances of entering the best universities, whereas in London the selection starts from primary school on, as pupils face tough exams to enter the best selective secondary schools already at the age of 10/11. This translates into a wild property market around the hundreds of ‘outstanding’ and ‘good’ primary schools in London. These are located all around London, in all types of areas, wealthy and less wealthy. For example, some schools in Kensington & Chelsea, one of the wealthiest boroughs in London, command a price premium of more than 80%, but Barnet and Enfield’s best schools will command a premium of up to 245%, according to the London Evening Standard. French schools attract plenty of families and investors to London too. Kentish Town, home to the French Collège, has seen house prices increase by 25% since its opening in 2011. Wembley, where a second Lycée is opening its doors in September 2015, has already experienced an 18% increase in the last 12 months. In Paris, the ‘state school strategy’ concerns primarily a handful of excellent middle and secondary schools, many of which are located in wealthier areas of town. The best examples are the renowned Lycée Louis Le Grand and Lycée Henry IV, both located in the upmarket 5th arrondissement, commanding price premiums of up to 55%, according to Meilleursagents.com. Is investing around good schools a good idea? It is definitely in London that the impact of schools on house prices is the highest and the most widely spread. Paris, thanks to a different education system, shows less inequality in general, however top schools attract prohibitive price premiums that will reinforce social inequalities between families. With no outlook for things to change, families or buy-to-let investors willing to invest in those areas, whether in the British or French capital, are definitely in for a safe property investment. I info - july / august - 43
OVERSEAS BUYERS in th e london mark e t
Jennet Siebrits, head of residential research at CBRE, looks at the phenomenon of overseas buyers in the London residential property market and its impact
O
verseas buyers attract a significant amount of media The primary reason for this difference is the direct coverage in London. You might think that they legacy from the financial crisis; the more dependent a dominate the market and cause massive price rises; but buyer was on mortgage finance the less able he was to the stories are not entirely correct. The reality is that buy. As a result high-net-worth individuals with high overseas buyers in London actually account for a small levels of equity were more able to enter the market. Here proportion of the overall market and they are concentrated buyers were naturally attracted to higher value areas and in specific pockets of the city or in certain new build therefore price rises were largely confined to Central schemes. Rather than being a force to be feared, they London. provide many benefits to the London property market, WHAT ARE THE TRUE FIGURES? allowing development sites to be unlocked which brings many more units to the new build market than would One such category of buyer, overseas investors, have have been created in their absence. The fundamental been active in the London market. These buyers fact that London has simply not built enough homes have been attracted by favourable exchange rates in for its residents over the conjunction with London’s last few decades is a much reputation as a safe haven. The fact that London has not larger driver of price growth These buyers have often build enough homes for its than a small proportion of been cited as the reason for residents over the last few decades overseas buyers choosing rapidly rising prices in the to purchase a home in the capital. However, although is a much larger driver of price city. they play an important role growth than a small proportion in the city’s property market, of overseas buyers choosing to two tier market their overall impact is largely purchase a home in the cit y London’s housing market overplayed. has long outperformed the The true quantum of rest of the UK, and this has never been more true than overseas buyers is much lower than media reports in the post financial crisis period. However, even within would suggest. It is often reported that in excess of 50% London, there is a noticeable two-tier market with a of all buyers are non-British; while this may be true it clear disparity between Central London and the wider is just a point of nationality. Currently, 37% of London’s London market. In Central London the housing market population was born overseas; a statistic which is rebounded fairly quickly post-crash and prices have reflected in the city’s housing market with a broad range grown by almost 90% since May 2009. In contrast, the of nationalities owning property in the capital. Because wider London market has grown much more in line with of its unrivalled business, cultural and educational the local economic recovery, only showing meaningful offering, the city attracts people from all over the world growth in the past couple of years and increasing by 60% to work and live. However, these people are permanent over the same time period. residents and it is misleading to classify all non-British buyers as overseas buyers. True overseas buyers, i.e. those who do not live and work in London, make up a much smaller proportion Greater Prime Central of overall sales. Overseas buyers make up around 46% London London of our sales in prime central London. However, these buyers are typically drawn towards high-end new build Pre-crisis peak £350,420 £720,664 stock. Moving out into the wider city this proportion Now £475,961 £1,165,716 falls dramatically, and in outer London just 7% of sales Change +35.8% +61.8% are to those domiciled overseas. Across London, overseas 44 - info - july / august
Buyer nationalities, Prime Central London, 2014
buyers account for just 15% of all sales. A proportion that has remained relatively stable since the early 1990s. how london has benefited Overseas buyers also bring many benefits to London’s property market. They favour new build stock and are happy to buy off-plan. As such they have been instrumental in London’s development market during the recession. Developers have been able to significantly de-risk their schemes allowing construction to proceed. Perhaps the most prominent example of this in recent years has been the redevelopment of Battersea Power Station. When the first phase launched, it drew attention for the fact that almost all of the 866 units were sold to overseas buyers. However, without the capital injection from these initial off-plan sales, the development would not have been able to proceed and the site would likely have remained derelict. This redevelopment would also not have been possible without direct overseas investment, as it is being backed by a consortium of Malaysian businesses. In addition, there are several other development schemes across the city which would not be going ahead without overseas capital. These include Greenwich Peninsula, led by Hong Kong developer Knight Dragon, and Stratford City, which is being jointly delivered by Qatari Diar (the property development arm of Qatar’s sovereign wealth fund) and the London investment company, Delancey Real Estate. In tandem with enabling development, there are also economic benefits from the construction of these new homes which can be attributed, in part, to overseas buyers. It is estimated that for every 100 homes built in central London, £28 million is contributed to the economy and 550 jobs are created. In addition, overseas
OVERSEAS BUYERS in London in Paris
46% 9.7%
high net worth individuals tend to contribute a lot more to the wider economy. It has been estimated that owners of homes worth more than £15 million spend between £4 and £5 million a year in the UK, while those with homes worth over £5 million spend between £2 and £3 million a year. who are the overseas buyers? In terms of the geography, the main appetite for London property over the last five years has been from Southeast Asia, with new build schemes regularly exhibited in Hong Kong, Singapore and Kuala Lumpur. These buyers remain active although activity from Singapore has abated recently, largely as a result of government intervention to cool their domestic market. Russian and Middle Eastern buyers also remain dominant where political and economic unrest encourages the redistribution of wealth out of the areas, much of which finds a safe haven in London’s property market. Finally, buyers from mainland China are increasingly prominent. They have already surpassed the Russians as the main overseas buyer demographic in Sydney and New York and are now making an impact in the London market. This has been driven by an increasing number of wealthy individuals with global aspirations looking for new investment opportunities, in conjunction with the fear that the residential markets in many of their key cities are now at saturation point. Their children are also a big driver; it is estimated that around 80% of highnet-worth individuals in China would like to send their children to study overseas and London is a top choice. Consequently, many are buying property for their children to live in whilst studying at one of the city’s universities. However, overseas buyers are not an exclusive London phenomenon. The global elite have an interest in a wide range of locations with the residential markets of New York, Paris, Hong Kong, Sydney and Singapore all attracting overseas capital. In addition, British buyers are also active overseas. They have long been snapping up holiday homes across Europe and more recently, the United Arab Emirates (UAE), where buyers from the UK accounted for approximately £1 billion worth of property transactions in the first half of 2014. I info - july / august - 45
RESIDENTIAL PROPERTY
A GUIDE TO LETTING in london
Finding a home is usually at the top of the list of stressors in an international move. But knowledge and preparation go a long way towards alieviating these. Wendy Perez, Department Head Residential Corporate Services at Knight Frank, sets out some key points for a London search
Requirements To get an idea of the type of property you are looking for, you will need to think about the following questions in order to begin the search: 1 How many bedrooms/bathrooms do you require? 2 How many people in your family/party? 3 Will you require furnished or unfurnished? 4 What is your budget per week? 5 What area(s) are you looking in? 6 When do you require a property from and for how long? 7 Will the lease be a Company Lease or a Private Lease (In your name)? 8 Are you bringing pets? This will often limit the properties that will be available. 9 Any special requirements?
management It is worth asking if the property will be professionally managed or if the landlord will be managing themselves. If the landlord is managing the property themselves, definitely enquire as to whether you will have 24 hour access to emergency services, especially if they do not live nearby. Knowing that you will be serviced well after you’ve moved in will go a long way towards peace of mind during your tenancy.
VIEWING The London rental market moves very quickly and, as a general rule, the earliest you should start viewing properties would be 4–6 weeks prior to your move date. Note that it is often difficult to schedule viewings at weekends. break clause It is common to request a break clause in the tenancy should your plans change. Normally, this entails giving two months’ notice after four months, which would make the minimum tenancy length six months. More restrictive, but also more attractive to landlords, is a business break which restricts the ability to break the tenancy unless you move outside of London (usually with a minimum mileage distance.) Note that the landlord can also ask for the ability to break, although this is not as common. This will typically be requested if the landlord is anticipating selling or moving back into the property. renewals If you know that you will be in the tenancy for longer than the initial term, you can ask for the right to renew, for example for the second and third year. In this case, the landlord is obligated to renew the tenancy, however, it will usually come with a higher rental price in subsequent years. This is usually in line with RPI (Retail Price Index) and a minimum and maximum amount will be written into the contract, for example between 3% and 8%. 46 - info - july / august
making an offer Once you have viewed and made your decision, you will need to put an offer forward to the landlord as quickly as possible. This should outline the terms under which you wish to take the property: rental price, length of time, any requests, pets, etc. As you are in the best negotiating position at this time, make sure that your offer addresses any additional items that you would like included (for example, specific furnishings, painting, parking, etc.) reservation fee You may also be asked to pay a Reservation Fee (equivalent to 1 or 2 weeks rent) in order to secure the property and take it off the market. This should always be accompanied by a clear document outlining the terms under which this is taken.
focus
references Once terms are agreed, they will be ‘Subject to Contract & References’ and you will need to provide reference contact details in order to progress the legal administration. Most likely you will then need to complete a reference application form. The agent may then request letters from the following: bank/ employer/previous landlord/personal reference administration fees As well as paying rent as agreed (usually monthly or quarterly in advance), you will also have to pay the following: Before the tenancy starts: • Reservation fee (usually 1-2 weeks’ rent) • Tenancy Agreement fee (£210-£420 inc VAT) • Reference fee (£30-£54 inc VAT per tenant) • Bank reference fee (charges vary) • Deposit (usually equivalent to six weeks’ rent) • Pet deposit (usually an additional two weeks’ rent)
• Deposit protection (£24 per annum inc VAT) • Stamp Duty (on tenancies that amount to over £125,000 cumulative). During the tenancy: • Utilities (gas, electricity, water, telephone) - on usage • Council Tax – property tax fixed by the local Council • Television licence – a requirement in the UK • Installation of/subscription to internet/cable/satellite if applicable • Insurance (for your personal and own contents) • Garden maintenance. At the end of the tenancy: • Professional cleaning of the property • Inventory check-out – the condition and furnishing independently checked at the start and end of the tenancy. Usually split between Landlord and Tenant at approximately£150-£200 each.
Some quirks of London renting
Rental rates: inner London rents are quoted as weekly
rates. To calculate the monthly rent you have to multiply by 52 and divide by 12.
square shared by local residents, all of whom hold keys. Such gardens are privately or jointly owned with sharing of maintenance costs.
Deposit:
School catchment areas: for admission to state schools,
typically landlords require 6 weeks holding deposit and 8 weeks if you bring your pet, but it is negotiable. The deposit is usually paid to the landlord via the agent.
Break clause: it is common in the UK to have a break
clause in your tenancy agreement. Usually it is two months notice anytime after four months.
White goods: in the UK, regardless of whether you rent
a furnished or unfurnished property, kitchens are always well equipped with white goods (washing machine, dryer, dishwasher, refrigerator, etc).
Communal
gardens (jardin privatif): some London properties have access to a private garden or enclosed
most require you to live in their catchment area, but there is no guarantee that you will get a place for your child. The better the school is, the smaller the catchment area will be, and there are often waiting lists! Moreover, you can only apply for a school place once you are living in the catchment area, so there is no way of knowing in advance whether your child will be able to attend a specific school prior to letting a property.
Council Tax (equivalent to ‘taxe d’habitation’): in London,
Council Tax is paid 10 months per year (April to January).
Zones: London is a city divided into 5 zones. Zone 1 is the most expensive!
segolene chambon Director/Founder, FRENCH TOUCH PROPERTIES
info - july / august - 47
RESIDENTIAL PROPERTY
A GUIDE TO LETTING in PARIS
In a market that favours tenants over landlords, Paris is a renter’s paradise. Marie-Cécile Boulle, Managing Director of Boulle International sets out the basics for those looking to let in the city of light
Requirements Typically properties are let unfurnished and ‘white goods’ are not provided. Most properties are offered on a sole agency basis which creates less pressure from competing agents for the home seeker. The concept of commission sharing for the introduction of a property or of an applicant is practically nonexistent. However, contrary to the London market where most properties are let through an agent, the traditionally accepted private landlords’ market accounts for between 50 and 70% of the Parisian residential real estate market. Rental rates Rental values are based on three main criteria: the interior floor space, its location and the quality of the interior, its fixtures, fittings, storage. The date when the apartment block or house was built and the existing mortgage is also taken into account. These rules are set by law. Rental may be revised annually, in accordance with legislation which is revised regularly. New legislation under la loi ALUR applicable from 1 August 2015 includes: • Price control, currently applies to major cities when a property is rented for the first time, the loyer de référence is based on average rental values of similar properties (indices de référence des loyers - IRL) • Capping of tenants’ agency fees, currently the equivalent of one month’s rental to €12/m2 in Paris and €10/m2 in less sought after locations. However, landlords’ fee remain at the equivalent of one month’s rental. Administration fees for the inventory check, document drafting and administrative services still apply • Capping tenant’s fee at the same level or below landlord’s fee. Notice period The tenant may give one month’s notice for a furnished property or three months’ notice when unfurnished. NB: la loi ALUR will also permit the tenant to give one month’s notice, in certain areas. Conditions in Rental Agreements requiring a minimum stay, rental payment of a year in advance and any lifestyle prohibitions (such as having a dog, smoking, etc.) will henceforth be considered void in a trial. 48 - info - july / august
Renewals The Rental Agreement is automatically renewed for a minimum of three years on the same terms unless both parties agree new terms. A renewal is usually instigated by the Landlord. When renewing rental, value is based on le loyer de référence, as stated above. A landlord must give the tenant a minimum six months’ notice, prior to the expiry of the current rental period, of his intention to renew and of the proposed new terms. management There are two models for the management of properties: • Trustees/owner syndicates appoint a manager • Landlord’s managing agent collects rent, pays the charges, takes care of day-to-day maintenance and repairs.
focus
making an offer As a rule of thumb, rentals are fixed and there is no need for negotiation. References A list of documentation which may be required prior to occupation (photocopies and originals to be checked) • Identity card (or passport, residence permit, driving licence) • Proof of bank account and address • Last three payslips • Proof of any other income (retirement, pensions, allowances) • Last tax slip • Proof of payment of most recent property taxes (home owner) • Confirmation of employment dated less than 15 days from occupation date • Most recent three months’ rental receipts • When necessary, joint guarantor’s undertaking with necessary documentation. Moving In An inventory check-in and check-out is the norm. Professional cleaning is not. Administration fees As well as paying rent as agreed (usually monthly or quarterly in advance), you will also have to pay the following:
Before the tenancy starts: • One month’s rental in advance • Administration and agency fees. Traditionally one month’s rental is payable by the tenant and one month by the landlord. This includes the admin fee. Under the new Loi ALUR, the Parisian tenant’s fee is capped. • One month’s security deposit refundable to tenant within a maximum period of two months after vacating the property. During the tenancy: • Utilities (gas, electricity, water, telephone) is payable monthly and is based on the previous year’s bills • In a condominium, the building management charges are partly payable by the tenant and provided by the managing agent • Installation of/subscription to internet/cable/satellite if applicable • Council tax (taxe d’habitation) is payable 80% by the tenant and 20% by the landlord Ownership Tax (tax fonciére) is the property owner’s responsibility • In an apartment block, the tenant is responsible for the management charges, not the landlord as is the case in London • Television licence • Insurance. At the end of the tenancy: • Inventory check-in/out is paid by the landlord.
Disclaimer: This information is given in good faith but without liability on the part of Boulle Ltd or its employees
info - july / august - 49
LONDON & PARIS RESIDENTIAL MARKETS
some of the most crucial legal differences between unfurnished tenancies London
DURATION Any Assured Short-hold Tenancy (AST) created after 28 February 1997 can be concluded either for a fixed term specified in the agreement (with no minimum or maximum duration), or for a contractual periodic tenancy that will run indefinitely from one rental period to another TERMINATION Even if an AST is concluded without a minimum or maximum fixed term, any order for possession from the landlord will, however, not take effect earlier than six months after the beginning of the original tenancy (and provided the landlord gives at least two months’ notice). Also, the tenant under an AST concluded for a fixed term does not have to give notice to end the tenancy when the fixed term expires. LIABILITY FOR THE RENT The tenant remains in principle liable for the rent for the whole of the fixed term, even if they leave the property early. RENT CONTROL In principle, a tenant under an AST in the UK can object to a rent increase asked for by the landlord, but in practice, this power is of limited use to tenants. Indeed, if the landlord is unhappy with the rent determined by the Residential Property Tribunal, they can terminate the AST at the earliest opportunity and re-let the property at a higher rent.
Paris
DURATION The minimum period for an unfurnished tenancy is three years (or even six years if the landlord is a property company and not an individual). However, this period is only binding on the landlord as the tenant can serve a one-month termination notice at any time during the tenancy. TERMINATION To terminate any residential lease in France, the notice served by either party shall be made in writing (by registered letter with acknowledgment of receipt). The notice takes effect one month later if served by the tenant (without any justification), and six months later if delivered by the landlord (but not earlier than on the contractual expiry date, and provided certain other conditions are met). LIABILITY FOR THE RENT In France, the rent is payable until the tenant’s termination notice takes effect (i.e. one month after being served), whatever the duration of the original tenancy is. RENT CONTROL Rent increases in France are becoming more and more strictly controlled. Indeed, as of 1 August 2015, controls will be imposed on rental increases on new, unfurnished lettings within Paris (and, at a later stage, in other major French cities) where the property is the main home of the tenant. Any new letting cannot be any higher than that of the previous letting, adjusted by the inflationary increase in the rental index – the Indice de Référence des Loyers (IRL). There are exceptions to the rule, such as where major works have been undertaken, or where the previous rent was manifestly too low in comparison with other local rents. Once a rent has been agreed, and a tenancy agreement has been signed, specific controls also apply on further increases in the level of the rent during the period of the tenancy.
Hugues Moreau, Avocat au Barreau de Paris Real-estate Partner at Gide Loyrette Nouel (Paris & London offices)
50 - info - july / august
||| This autumn, the Royal Opera House’s core values of creativity, excellence and inclusivity will start taking physical form as it embarks on the ‘Open Up’ project to make its building a better, more inviting place to visit, not only for its regular audience, but also first-timers and passers-by. ‘The Royal Opera House is part of the fabric of London and the cultural life of our country. It belongs to everybody. A central aim of Open Up is to make that clear and remove any impression that somehow our building, and what goes on inside it, is cloistered and reserved for a few,’ says Alex Beard CBE, Chief Executive of the Royal Opera House. Award-winning architects Stanton Williams will be working sensitively and imaginatively with the ROH to create brand new entrances from Bow Street and the Covent Garden Piazza. Certain walls will be replaced with glass, allowing people to see for themselves the life coursing around the building and to invite anyone who wants to taste ‘high art’ to come in. Welcoming foyers will host a range of daytime activities with a ground floor café, digital displays showcasing behindthe-scenes footage of all that goes on both on stage and in the workshops, as well as spaces for exhibitions, education, participation, interaction and special events. Visitors will also be able to soak up the atmosphere from the refurbished amphitheatre terrace restaurant with its views over Covent Garden. While the show goes on over the two-year process with a full programme of opera and ballet in the iconic 1858 theatre, both the Linbury Studio Theatre and the upstairs Clore Studio will be renovated to enhance comfort, accessibility and versatility. Open Up will be financed by private sources to deliver public benefit. According to Alex Beard CBE, the ROH ‘will emerge with an identity shaped by, and responsive to, the needs of a 21st-century audience, providing everything that a contemporary cultural centre should’. I www.roh.org.uk/about/open-up
Images © Stanton Williams 2014
Royal Opera House to ‘Open Up’
Future glass entrance
info - july / august- 51
what ’s on : a selection of exhibitions in london
Compiled by Jeanne Mattei
v i c to r i a a n d a l b e rt m u s e u m , lo n d o n
||| ‘What is Luxury?’ is the final exhibition in a triennial series organised by the V&A in collaboration with the Crafts Council, following the successful ‘Power of Making’ in 2011. This exhibition explores the concept of modern luxury from haute couture to haute horlogerie: how luxury is made and understood in a physical, conceptual and cultural capacity. Extraordinary works of craftsmanship are displayed including Fragile Future 3 Concrete a couture gown by fashion designer Iris Chandelier van Herpen and fine examples of haute
horlogerie by British watchmaker George Daniels, alongside more unexpected projects which explore the cultural value of materials such as gold, diamonds and plastic. The future of luxury is explored, asking questions about the role that time, space, privacy, well-being, social inclusivity and access to resources and skill may play in determining our choices and aspirations. I Until 27 September 2015 / Open daily from 10am to 5:30pm, and until 9:30pm on Fridays / Free admission
© Studio Drift, FF3 CC, Courtesy of Carpenters Workshop Gallery
What is Luxury?
tat e m o d e r n , l o n d o n
© 2015 Agnes Martin / Artists Rights Society (ARS), New York
Agnes Martin ||| This summer, Tate Modern presents the first retrospective of the seminal American artist Agnes Martin, renowned for her subtle, evocative canvases marked out in pencil grids and pale colour washes. The Agnes Martin (1912-2004) exhibition covers the full Friendship 1963, Museum breadth of her practice, of Modern Art, New York reasserting her position as a key figure in the traditionally male-dominated field of American abstraction. This internationally touring show demonstrates Agnes Martin as one of the pre-eminent painters of the twentieth century and traces her career from early
experiments to her final painting from 2004. Born in 1912 in Canada, Martin established her career as an artist in New York, living in the Coenties Slip neighbourhood alongside fellow artists Ellsworth Kelly, Robert Indiana and Lenore Tawney. The exhibition reveals Martin’s lesser-known early paintings and experimental works from this period including The Garden 1958. It charts her experiments in different media and formats with found objects and geometric shapes, before she began making her inimitable pencilled grids on large, square canvases which would become her hallmark. Tate Modern brings together seminal examples of these works from the 1960s such as Friendship 1963, a gold leaf covered canvas incised with Martin’s emblematic fine grid. I Until 11 October 2015 / Open daily from 10am to 6pm, and until 10pm on Fridays and Saturdays/ Full price £12
g a l e r i e s b a rto u x , lo n d o n
||| The family business Galeries Bartoux, which already possesses 16 art galleries both in France and abroad, recently opened its first gallery in London. Located on New Bond Street, this brand new 400 m² gallery space includes pieces of art from renowned artists including Dali, Miro, Picasso, Chagall, Matisse, Warhol and Buffet, among others. Galerie Bartoux is a member of the French Chamber. I www.galeries-bartoux.com 52 - info - july / august
© Galeries Bartoux
Galeries Bartoux open in London
n at i o n a l p o r t r a i t g a l l e ry , l o n d o n
© Leo Fuchs
Audrey Hepburn, Portraits of an Icon ||| ‘Portraits of an Icon’ celebrates one of the world’s most photographed and recognisable stars: actress and fashion icon Audrey Hepburn. From her early years as a chorus girl in London’s West End through to her philanthropic work in later life, a selection of more than 70 images illustrates Hepburn’s iconography, including classic and rarely seen prints from leading twentieth-century photographers such as Richard Avedon, Cecil Beaton, Terry O’Neill, Norman Parkinson and Irving Penn. Alongside these, an array of vintage magazine covers, film stills and extraordinary archival material will complete her captivating story. I Until 18 October 2015 / Open daily from 10am to 6:00pm, and until 9pm on Thursdays and Fridays/ Full price £10 Audrey Hepburn on location in Africa for The Nuns Story by Leo Fuchs, 1958
g a l l e ry e l e n a s h c h u k i n a , l o n d o n
||| This summer, Chamber member Gallery Elena Shchukina presents ‘Essence of Colour’, an exhibition by contemporary artist Annya Sand, who was born in Central Asia, and currently lives and works in London. A self-taught artist, Sand started painting at a very young age. Her artistic talents were nurtured by her father, a jeweller, and her grandfather, an architect. Specialising mainly in oil painting, Annya’s art is deeply influenced by her childhood memories, growing up in Kazakhstan and being exposed to the rich variety of Central Asian and Russian cultures. Her artworks are predominantly abstract in style and characterised by earthy tones and harmonious colours, which can be seen in her Abstract Thinking collection. Her later works have moved into the figurative, as in her Study of Russia collection and the installation, Artistic Block/ Reflection of Our Generation. Annya’s figurative art incorporates more colour, which gives works a sharper concept. Her latest collection, The World of Obsessions, is created in acrylic, the new medium.
© Annya Sand
‘Essence of Colour’ at Gallery Elena Shchukina
Inca era, oil on canvas, approx. 132 x 195
Annya received international recognition after having exhibited her first collection, Abstract Thinking, at the age of 20. This inspired her to pursue art as her main career. I www.galleryelenashchukina.com Open Monday to Friday 9.30am to 5:30pm / Saturday by appointment only info - july / august- 53
ROYAL ALBERT HALL PRIVATE BOX PARTNERSHIPS
$ YHQXH OLNH QR RWKHU D SULYDWH ER[ SDUWQHUVKLS DW WKH 5R\DO $OEHUW +DOO RƪHUV WKH XOWLPDWH entertaining opportunity, with a choice of 350 diverse and exciting events every year and H[FHSWLRQDO IRRG DQG GULQN IURP qUKXEDUEr All partnerships with the Hall also help support our charitable initiatives, including our (GXFDWLRQ 2XWUHDFK SURJUDPPH DQG ZRUN WR PDLQWDLQ WKLV *UDGH , OLVWHG EXLOGLQJ
KEY BENEFITS •
Use of a four, eight or twelve seat box for a variety of shows throughout the year
s 5HJXODU XSGDWHV RQ QHZ DQG XSFRPLQJ VKRZV •
s ,QYLWDWLRQV WR PHQX WDVWLQJV SUHPLHUHV GUHVV rehearsals, exhibition openings and receptions •
A 25% discount on our event spaces for day PHHWLQJV GULQNV UHFHSWLRQV DQG SULYDWH GLQQHUV
•
A dedicated partnership contact for all your booking and catering enquiries
Priority booking
s $ FKRLFH RI GHOLFLRXV WKHPHG PHQXV VHUYHG E\ D private waiter at each event
)LQG RXW PRUH
royalalberthall.com/corporate Call: 020 7959 0512
book reviews These books, recently translated into English, were selected by the French Institute
Birth of a Bridge
Himmler’s Cook
by Maylis de Kerangal Published by MacLehose Press Translated by Jessica Moore Original title: Naissance d’un pont
by Frank-Olivier Giesbert Published by Atlantic Books Translated by Anthea Bell Original title: La cuisinière d’Himmler
||| Coca, Southern California. A small town on a wild river, at the margins of the red-rocked desert and the forest where the last of the state’s Native Americans still make their home. When Boa, the charismatic new mayor, decides to put Coca on the map, he plans a monumental new project: a six-lane bridge, two hundred metres high, designed and destined to catapult the city into the third millennium. Workers from across the globe flock to California to earn a living, escape their pasts and bear witness to man’s mastery of nature. But the project’s majestic scope has no regard for the legacy of this ancient land, and within this monochrome Babel festers a very human cocktail of fears and passions. At once timeless and yet exquisitely of its moment, Maylis de Kerangal’s multi-award-winning novel follows its broad cast of construction workers and architects, diggers and dreamers, as they navigate both the intricacies of their project and the depths of the human heart. I
Reader for hire by Raymond Jean Published by Peirene Press Translated by Adriana Hunter Original title: La lectrice
||| Marie-Constance loves reading and possesses an attractive voice. So, one day she decides to put an ad in the local paper offering her services as a paid reader. Her first client, a paralysed teenager, is transformed by her reading of a Maupassant short story. Marie-Constance’s fame spreads and soon the rich, the creative and the famous clamour for her services. I
||| Aged 105, Rose has endured more than her fair share of hardships: the Armenian genocide, the Nazi regime and the delirium of Maoism. Yet somehow, despite all the suffering, Rose never loses her joie de vivre. As she looks back over her long life – one of survival and, sometimes, one of retribution – she recalls those unique experiences that added such spice to her life, whether it was being a confidante to Hitler, a friend to Simone de Beauvoir or cooking for Heinrich Himmler. I
Sagan, Paris 1954 by Anne Berest Published by Gallic Books Translated by Heather Lloyd Original title: Sagan 1954
||| Before Françoise Sagan, the literary icon, there was Françoise Quoirez, an eighteen-year-old Parisian girl, who wrote a novel and needed a publisher for it. This intimate narrative charts the months in 1954 leading up to the publication of the legendary Bonjour Tristesse. We encounter Françoise, her family and friends close up, in a post-war world that is changing radically; and Mlle Quoirez, in her new guise of Françoise Sagan, will be at the heart of that social change. Sagan was always focused on her writing, though at times the fame of her books was to be eclipsed by her wild-child reputation. Yet, as Anne Berest herself testifies, Sagan’s fearless approach to life lived on her own terms remains an inspiration even now. I
info - july / august- 55
eat
A mpersand Hotel
•
drink •
stay.
&
more…
D
inosaurs, planets and laboratory beakers are unusual components of high tea, but then the Ampersand, where they are served, is no ordinary hotel. It combines the elegance of a Victorian grande dame with a gentle playfulness, quirkiness and originality that is both contemporary and quintessentially English.
Built in 1888, the building has always been a hotel in the heart of South Kensington, and it is suffused with the DNA of its neighbourhood – home to some of London’s best-known museums and cultural institutions. With the Natural History and Science museums just up the road, chocolate dinosaurs, raspberry planet cakes and mango mousse volcanoes start to make sense. In the same vein, subtle references to botany, ornithology, astronomy, geometry and music are incorporated into the hotel’s interior design, from botanical wall paper and crested crane upholstery to specimen jars as vases on
56 - info - july / august
windowsills along its high-ceiling corridors. Wherever you look there is a discovery to be made. But the prize exhibit has to be the custom-made Ingo Maurer ‘Birds, Birds, Birds’ chandelier that ‘flies’ up the stairwell from the basement to the fifth floor – a truly joyful piece that encapsulates the hotel’s soul. An independent hotel, and part of the Small Luxury Hotels of the World collection, the Ampersand is actually bigger than it looks with 111 rooms, including five suites. In true Victorian fashion, they come in a variety of shapes and sizes, and ceiling heights diminish the higher you go, but clever design has made a feature of these quirks, giving each room an individuality and charm of its own. Suites at the top have balconies that offer Peter Pan views over the elegant rooftops of South Kensington. In addition to The Drawing Rooms, where you can take your tea, scientific or classic, the Ampersand has its own Mediterranean bar and restaurant – Apero – located in the basement. Those in the know will book its ‘snug’, a cosy below-street level bay window cubby hole, but Apero has an intimate atmosphere no matter where you sit, and offers an enticing array of cocktails and delectable dishes. As for the hotel’s name, the typologically astute will recognise the symbol ‘&’ everywhere, and make the connection – it is a hotel that aims to offer more – adding, linking and connecting its guests to the best of South Kensington & beyond. I KF www.ampersandhotel.com
Duck ‘n Roll from Pascal Aussignac and Club Gascon ||| Gascon Connection, the team behind Michelin-starred restaurant Club Gascon, has recently launched a pop-up restaurant called Duck ‘n Roll, at Street Feast’s new venue in Shoreditch called Dinerama. Duck ‘n Roll aims to be a celebration of duck incorporating ‘flavours of the world’ with a unique new menu centred on ‘le canard’ each week. Some of the main dishes include the Hot Duck Pastrami Bagel, a ‘play’ on the New York Reuben sandwich using peppered duck breast pastrami and Pascal’s Russian dressing as well as confit fries made with crispy duck fat and piment d’Espelette. Gascon Connection is also introducing its own range of matching flavoured pastis shots to accompany some of the dishes. Until October/ Open Wednesday and Thursday 5pm to 12am, Friday and Saturday 12pm to 12am, Sunday 12pm to 9pm. I www.ducknroll.net
Left: Pascal Aussignac at Duck’n Roll Right: Slow Cooked Crackling Duck Egg Truffle Chantilly
L’Atelier de Joël Robuchon introduces its Salon Privé ||| L’Atelier de Joël Robuchon has recently opened a new private dining room: The Salon Privé. Located on the first floor dining room of the restaurant in Covent Garden, this intimate space is perfect for corporate meetings and events as well as more personal celebrations. It can seat up to 12 guests and is available for private hire seven days a week. I www.joelrobuchon.co.uk
The Connaught wins ‘Best Bar’ award ||| The Connaught Bar (pictured) was named ‘Best Bar’ at the 2015 GQ Food & Drink Awards, presented by Veuve Clicquot and held at the Bulgari Hotel & Residences in April. The ultra-stylish bar at our Chamber member hotel was designed by David Collins to evoke English Cubist and Irish 1920s art with textured walls of shimmering platinum silver leaf overlaid with dusty pink, pistachio and lilac. Its cocktail menu is a fusion of tradition and innovation, using exclusive vintages and limited edition Champagnes, spirits and liqueurs. I www.the-connaught.co.uk info - july / august- 57
C H EESE & WINE P RESS
GABARRE
by la Cave à Fromage
||| A cheese that is named after a boat catches your attention and has you wondering what the story is behind it. In the case of ‘Gabarre’, the name comes from the flat-bottomed wooden sailing boats that navigate near the sandbanks along the Loire River, transporting barrels of wine and other agricultural goods from Nantes in the Middle Ages. Emmanuel and Marguerite Melet took over the Port-Aubry farm in Cosne-Cours-sur-Loire in the 1980s, when Emmanuel decided to pursue his childhood dream of living around animals. Through the years, new cheeses have been created at the farm, which located only metres away from the Loire River.
Emmanuel Melet decided to create this wonderful ship-shaped cheese, matured as a Crottin de Chavignol, with a bluish tinge, smooth texture and delicate outer layer that is followed by various enigmatic flavours that evoke the ‘gabardiers’ sailing along the Loire River at night. I by Eric Charriaux E: eric@cheese.biz T: +44 (0)845 108 8222 W: www.la-cave.co.uk
you r wi n e with GABARRE
by Wine Story
||| I would like to invite you to continue the exploration of the Gabarre’s birthplace with the discovery of the Loire Valley and its wines. The Loire region is well known for its Renaissance castles, its goat cheeses, including Gabarre, Sainte-Maure and Valençay, and above all for its wines. Sauvignon Blanc with its crisp and floral notes is particularly appreciated by British wine connoisseurs. The acidity and the saltiness of the cheese are ideal with a dry and refreshing Sauvignon Blanc such as the organic Cuvée Trinqu’âmes in AOP Touraine from Domaine La Grange Tiphaine. To accompany a more mature cheese, I recommend the UK’s favourite white wine, which is a Sancerre and in particular
the Cuvée Tradition from Domaine Georges Millerioux et Fils in the beautiful village of Amigny. For those who are not too fond of Sauvignon Blanc, the Loire Valley also offers a wide variety of dry white wines. I recommend a ripe Muscadet such as the one from Domaine des Yolais or a Cour-Cheverny, a small appellation, one of the favourite wines of Renaissance King Francis the First. If you fancy a red wine, Gabarre would pair well with either a lightbodied and fruity Ad Libitum from La Grange Tiphaine (blend of Gamay, Cot and Cabernet Franc) or a medium light-bodied Chinon 2014 (Cabernet Franc) from Domaine de la Marinière with more acidity, which is ideal for this creamy cheese. I by Thibault Lavergne E: thibault@winestory.co.uk T: +44 (0)7921 770 691 W: www.wine-story.co.uk
info - july / august- 59
This new column builds on the ‘Eat, Drink, Stay’ section with inspiring travel and destination stories from our members in the industry. This time, Exclusif Voyages takes us on an exotically different adventure in Peru, which is at its best to visit right now...
ON THE INCAN ROAD IN PERU
D
espite our feverish impatience, the journey aboard our luxury boat begins peacefully, along the fantastical meanders of the Peruvian Amazon. We are quickly enthralled by our surroundings, and the tropical scene played out around us as rose dolphins, parrots, howler monkeys and toucans flirt with each other… Having rested, we leave the jungle and make our way towards the mountains, which surround the Sacred Valley, a fertile land blessed by the gods, caressed by the waters of the river Rio Urubamba. The river reveals the Salines de Maras, a tangle of basins sprinkled with white, which we explore on foot. A few days suffice to cycle around and visit Pisca’s unmissable market before we leave the region from the picturesque station of Aguas Calientes, on board
60 - info - july / august
the legendary Hiram Bingham train. Climbing the summit towards Machu Picchu, the enigmatic lost city of the Incas, we admire the rolling countryside while sipping a cocktail. Suddenly, in an eerie silence, the ramparts of Machu Picchu come into view, standing guard, jealously protecting their secret. At first light, we wander around the deserted site under a veil of morning mist. The journey continues on board another train, which takes us to the gates of ancient Cuzco, renowned for the beauty of its baroque churches, old convents, patios and wooden sculpted balconies. The many museums in the city recount the history of the Spanish Conquest, while the famous Monasterio hotel, built on the ruins of an Incan palace, offers epicureans a sampling of Peruvian dishes.
Clockwise L to R: a traditional village on Lake Titicaca; the Amazon; Cuzco architecture; a toucan
At the climax of our journey, we reach the breathtaking heights of the celestial plateau of the Andes and the banks of the mythical lake Titicaca where the floating islands of Uros drift indolently. On board a pirogue, women with prominent cheekbones and skin weathered by the wind, thread brightly coloured woollen shawls. At twilight, these keep us warm as we savour the traditional ‘Happy Hour’ on the terrace of the minimalist hotel Titilaka, overlooking the lake… The best season to discover Peru is from May to end of September. Exclusif Voyages can organise bespoke holidays to Peru and all over the world. I www.exclusifvoyages.co.uk T: +44 (0) 7931 099 269 E: info@exclusifvoyages.co.uk
info - july / august- 61
ici
londres magazine
Plus de 400 points de distribution à Londres
Février 2015
n° 191 – 10-12 Exhibition Road, South Kensington, London SW7 2HF, 020 7581 1588 – © Maciek Pozoga
Magazine
Gratuit
p.10
Le magazine des Français à Londres www.ici-londres.com 10-12 Exhibition Road, South Kensington, London SW7 2HF
020 7581 1588
62 - info - july / august
News at the Chamber M
ay and especially June have been incredibly busy months at the Chamber with a raft of Forum and Club sessions as well as events, ongoing projects in our Business Support Services and preparation of our Annual Report, which members will be receiving in early July. Although we report on the Annual General Meeting in this INFO, timing issues meant it was not possible to include reports on all the events which took place towards the end of June, so these will be covered in the next issue. We have recently welcomed 11 new members to the Chamber – five Corporates and six Actives. Our Forums and Clubs grappled with some very topical issues in recent sessions, including EU Data Protection reform and the upcoming COP21 Climate Change Conference in Paris. A wide variety of events included two ‘second editions’: the Luxury Dinner and ‘From Scratch to Success: Business Stories’, which lived up to its name, generating interesting and searching questions from the audience in response to the inspirational stories of entrepreneurs Bernaud Liautaud and Antoine Flamarion. You can read the reports on these and other events in the following pages. We have some new faces on our Chamber team with the arrival of Benedicte Lecuyer and Christelle Van-Patier to run our Recruitment Service, and Sophie Bertoux, who takes over as Business Support Coordinator. They are very experienced in their particular fields and already working with members and clients to meet their recruitment and business support needs. Over the quieter summer months there will be a chance to contemplate the rich programme being planned for La Rentrée, including the customary dinner on 22 September, headlined by Vincent de Rivaz CBE, Chief Executive of EDF Energy and EDF Group Executive Committee Member, and our first Franco-British Digital Conference on 12 November. Axelle Lemaire, French Minister of State for Digital Affairs, has already accepted our invitation to speak. More details can be found in our events calendar at the back of the magazine. I KF
Discover the French Chamber:
55%
of member companies involved in our FORUMS & cLUBS in 2014 info - july / august- 63
new members 5 new corporate members
AccountsCo
|
Chartered accountants and tax advisors
Represented by Simon Edrich, Director | www.accountsco.fr AccountsCo is a UK chartered accountancy and tax advisory firm that specialises in helping non-UK businesses and nationals expand their UK interests. With a French focus, services include, company formation, tax returns and accounts, and more complex VAT and payroll advice. In 2014, AccountsCo was voted Best UK Advisor to European Start-ups by Wealth and Finance International Magazine.
Euronext London Ltd
|
European exchange
Represented by Lee Hodgkinson, Head of Markets & Global Sales, CEO London | www.euronext.com Euronext is the primary exchange in the Eurozone with more than 1,300 listed issuers, an unmatched blue-chip franchise and a strong, diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices.
Galeries Bartoux
|
Art gallery
Represented by Isabelle Bartoux, Director | www.galeries-bartoux.com In the Arts for three generations, the Bartoux group, led by Isabelle and Robert Bartoux, today comprises 16 galleries in France and abroad in Singapore, New York and London, its newest. Specialising in contemporary art, Galeries Bartoux promotes new artistic currents and offers the possibility of rediscovering works from the modern day Surrealist and New Realism movements, as well as the great masters of Pop and Street Art.
Legendre UK
|
Construction company
Represented by Olivier Roualec, Company Director | www.groupe-legendre.com Legendre UK is a subsidiary of Legendre Group, a family company specialised in Construction, Development and Energy. With a turnover of €400 million, Legendre is a well-established company and a historical key player in the building and civil engineering industry. Employing 1,400, Legendre Group is a recognised actor within five sectors of activities, namely Construction, Engineering, Materials, Property, and Renewable Energy.
Strutt & Parker
|
London residential estate agents
Represented by Sabaya Verger, Lettings Negotiator | www.struttandparker.com At Strutt & Parker we have a passion for homes – whether we are helping to sell or let them, build or invest in them. And we love sharing that passion with others. That’s what makes us different and why our clients choose us. From our estate agency offices throughout prime Central London, we sell properties ranging from tiny one-bedroom flats to multi-million pound houses and super prime developments.
6 new Active members
Bernard Controls
mc2i UK Ltd
Electric actuator Represented by Sébastien Grateloup, VP Northern Europe www.bernardcontrols.com
Information technology consulting Represented by Julien Grimault, Manager www.mc2i.co.uk
Goldman Sachs Asset Management International
Proman Employment Ltd
Asset manager Represented by Tim Muehlenbach, Executive Director - Global Liquidity Sales https://assetmanagement.gs.com
Recruitment agency Represented by David Harper, Branch Manager www.proman-recruitment.co.uk
RationalFX Grands Vins de Gironde Wine merchant Represented by Fabienne Egeland, Head of HR www.gvg.fr/en
64 - info - july / august
French payment institution and currency exchange Represented by Salim Hadji, Head of Business Development & Dealing Room Europe www.rationalfx.fr
hats off to ann kenrick Congratulations to Ann Kenrick, Secretary General of the Franco-British Council (FBC), who received the honour of Chevalier de L’ordre national du Mérite from the French Ambassador to the UK, HE Ms Sylvie Bermann, on 15 April at the Résidence, in recognition of her work promoting Franco-British relations. Ann has been at the helm of the FBC for 20 years and is also one of this city’s greatest urban cycling advocates as Chair of the London Cycling Campaign. Speaking of her work, the Ambassador said: ‘Chère Ann, you have indeed played a major role in our bilateral relationship, wholeheartedly and effectively committing yourself to the post of Secretary-General of the Council’s British Section. By deploying your talents in management, event organisation and fundraising, for 20 years you have used your great abilities Ann Kenrick with the Ambassador and Sir Simon Fraser, Permanent Under and innovative spirit to serve FrancoSecretary of the Foreign and Commonwealth Office British friendship.’ On behalf of the French Chamber, which works closely with the Franco-British Council to organise our Franco-British conferences, we would like to congratulate Ann. I
hello / goodbye Florence Siebert has been appointed Head of Business Relationships at the Royal Opera House, taking over from Jane Storie. She initially trained as a ballet dancer in Wiesbaden and studied opera in Zurich before turning to global marketing communications where she had a successful career spanning over 15 years. Digitally savvy, she spearheaded consumer insights and created innovative business strategies as VP Business Development at the Universal Music Group International. In 2013, she decided to strengthen her non-profit skills at Amnesty International, where she supported the Major Donor Team until March this year, prior to joining the Development Team at the Royal Opera House. In her role, Florence puts the emphasis on diversification of partnership opportunities and accessibility of an eclectic range of repertoire by enriching the traditional offer with exciting sponsorships such as the Royal Opera House Live Cinema. We would like to thank Jane Storie for her role in launching and developing our valued partnership with the Royal Opera House, and wish her well in her new role at London Film School. I
info - july / august- 65
chamber shorties
New staff at the Chamber New Recruitment team Our Recruitment Service has grown since being set up in 2012 to assist member companies in finding the talent they need for their businesses. As part of the development of this service, we have brought two experienced professionals into the team: welcome to Bénédicte Lécuyer and Christelle Van-Patier. Both Bénédicte and Christelle have the experience and knowledge to help you in your recruitment needs and will be delighted to assist you. Bénédicte, Head of Recruitment, has been in London for over 25 years. Her experience includes in-house recruitment for British Airways and Nestle Purina as well as developing the market between London and Paris for a recruitment agency. She is also an accredited career coach for a wide range of professionals. blecuyer@ccfgb.co.uk
+ 44 (0) 207 092 6624
Christelle, Recruitment Consultant /HR Officer, has a Masters in International Business from Cambridge and previously worked for an international recruitment agency in London, and in a more generalist HR role for the subsidiary of CEGEDIM in New York. cvan-patier@ccfgb.co.uk
+ 44 (0) 207 092 6625
New Business Support Co-ordinator Sophie Bertoux has joined the Chamber as Business Support Co-ordinator, replacing Irène Régnier, who after five years at the Chamber, recently joined a member company. Sophie worked for 10 years as sales executive across various optical companies in France, before moving in 2007 to Canada, where she worked for Ubifrance helping French companies to settle in Canada and was in charge of the VIE programmes. When she moved to the UK in 2011, she worked for Capital Property and Infrastructure in their commercial property branch, prospecting for large retail companies looking to move to the UK. We would like to thank Irène for her years of dedication and hard work in our Business Support Service, and wish her well in her new role. I sbertoux@ccfgb.co.uk + 44 (0) 207 092 6606
Chamber organises two successful trade missions The Chamber’s Business Consultancy team welcomed nine companies from the Lorraine and Burgundy regions in June. A variety of sectors were represented from luxury crystalware, high-end art framers to power transmission products. Thanks to very precise specifications, a total of 48 B-to-B meetings were organised with decision makers from key companies including Ocado, Lotus, Aston Martin, the Victoria & Albert Museum, SPIE and Veolia. I
Annual Report published The Annual Activity Report 2014, which showcases all the Chamber’s activities and results for last year, is out. A record of all the events and activities, the report also provides many interesting facts and figures, an overview of all the Chamber’s services, as well as the outlook for 2015. Printed versions will be sent to all members’ main representatives and a digital version can be viewed online at www.frenchchamber.co.uk I
66 - info - july / august
luxury dinner 25 APRIL
Lucy Yeomans on luxury for the new generation The ‘crème de la crème’ of luxury houses gathered for the second edition of the Chamber’s Luxury Dinner held at Claridge’s, with Lucy Yeomans, Editor-in-chief of Porter magazine and content director of net-a-porter.com as guest speaker
L to R: Bertrand Michaud (MD, Hermès), Jo Levin (Fashion Editor & Stylist, GQ UK), Richard Brown CBE, Christophe Billard, Lucy Yeomans, Olivier Chambard (Consul Général de France)
Christophe Billard, Group Commercial Director of sponsor SGPB Hambros says a few words before dinner
G
the stage. In a fascinating Q&A session, Lucy Yeomans revealed that she started her publishing career in Paris, working as an intern for the magazine Boulevard for three years. On her return to the UK, she worked at various publications including Tatler, Condé Nast, Vogue (briefly!) and Harper’s Bazaar before embarking on the NET-APORTER adventure in 2012. She explained how PORTER magazine was born from the numerous conversations she had had with her friend Nathalie Massenet when they both used to work at Tatler. They identified a gap in the market for a ‘magazine exposed to the new, global and hyper mobile luxury audience’ and wanted to shake the traditional world of glossy magazines. Starting PORTER magazine from scratch was both ‘exciting and challenging’ according to Yeomans, who spoke about having to work globally, from Paris to New York to Tokyo. Over the course of the evening, guests were entertained by singers from the Royal Opera House Jette Parker Young Artists Programme, who gave beautiful performances from La Bohème (Puccini) and La Traviata (Verdi). SGPB Hambros provided a lucky draw prize presented by Christophe Billard. At the end of a glamorous evening, guests went home with goody bags courtesy of our members: Hermès for the perfumes, Caviar Petrossian and Pierre Hermé. I
uests from the most prominent luxury houses – among them Chanel, Louis Vuitton, Hermès, Dior, Piaget and Lalique – gathered for dinner at Claridge’s, the perfect setting for an evening dedicated to elegance and luxury. After a Champagne reception, Richard Brown CBE, then President of the French Chamber, kicked off proceedings by thanking Société Générale Private Banking Hambros for sponsoring the dinner for the second year running, as well as the wine and Champagne partners: Laurent Perrier, les vins du Médoc, les vins de Pessac-Léognan and Chivas Brothers. Christophe Billard, SGPB Hambros Group Commercial Director, said the dinner was a special moment of friendship between those in the luxury sector who share the same clients and approach to business. ‘It is a good way to highlight what luxury means to all of us,’ he said, ‘in an environment that is neither commercial nor competitive, under the umbrella of the French Chamber.’ Bertrand Michaud, Chairman of the Chamber’s Luxury Club and Managing Director of Hermès GB, then invited the evening’s guest of honour, Lucy Yeomans, Editor-in-Chief of PORTER magazine and Content Director of NET-A-PORTER.com, to
info - july / august- 67
ambassador’s brief
25 APRIL
What the election outcome means for Franco-British relations
H
E Ms Sylvie Bermann, French Ambassador to the UK, gave a privileged briefing to Patron and Corporate members of the Chamber at the French Residence on the consequences of the General Election outcome on Franco-British relations and the European Union. As David Cameron puts his demands for reforms to his European partners ahead of a referendum on UK membership, due to be held by the end of 2017, the French Ambassador stated clearly that it was in both France and the The Ambassador giving her briefing at the French Residence UK’s interests for the country to remain a member of the EU. For France, given our to play. Organisations in the economic sector, for close bilateral relationship in economic, cultural and example the Confederation of British Industry (CBI) defence matters, the UK is in fact a key player in the during its annual dinner, have already begun to take European Union. The Ambassador also recalled that a stance. the French President was one of the first heads of Finally for Sylvie Bermann, in the face of the state to telephone David Cameron to congratulate major challenges Europe faces – security and the fight him on his re-election, and that he had invited him to against terrorism, the Ukraine crisis, climate, energy, the Élysée Palace. migration in the Mediterranean and the challenges The Ambassador emphasised that, in the upcoming of globalisation in our societies – it is vital that the debate, the voice of the business world will be essential UK remains an active player in the EU and in the and that the Chamber of Commerce will have a role international arena. I
indulgence at caudalie
13 MAY
O
ur popular PA-only event took place for the first time in the cosy atmosphere of Caudalie’s Covent Garden boutique and spa, where around 25 personal assistants enjoyed an evening of pampering, networking and shopping. It was a great opportunity for participants to discover the wide range of Caudalie products while receiving personal tips from skincare experts and free pampering mini treatments. Guests were also treated to wine from Caudalie’s own Bordeaux vineyard and delicious canapés. The winner of the evening’s lucky draw took away a set of four Caudalie masks, and each guest left with a goody bag filled with Caudalie products. I JM
PAs getting acquainted with Caudalie’s products
68 - info - july / august
rendez-vous chez la maison maille
A
round 30 members enjoyed a great night of networking while diving into the wonderful world of condiments of Maison Maille’s iconic Piccadilly Arcade boutique. After an introduction to the history of Maison Maille and its corporate tastings and private events, guests participated in a ‘mustard master class’ and discovered more than 40 flavoured mustards. Everyone had the chance to prepare their own mustard based
rendez-vous chez porsche design
29 APRIL
on their individual preferences and a range of ingredients. They also sampled ‘mocktails’ prepared at the dedicated cocktail station with Maille vinegar and mustard, as well as delicious canapés. In a cosy and relaxed atmosphere, the winner of the evening’s lucky draw took away a private tasting for four and all the guests left with their bespoke jars of mustard. I
11 JUNE
T
he latest ‘Rendez-vous chez…’ took place in Porsche Design’s prestigious Brompton Road boutique in the heart of Knightsbridge. Around 50 fellow Chamber members attended the event, which was hosted by Sophie Charbonneau, Country Manager UK, and her very friendly team. Over the course of the evening, guests found out about the history of the luxury brand and discovered its wide range of products, including the world’s first black watch. While networking amidst the high-tech chic, some were tempted by the 50% discount on all clothing and shoes offered exclusively to members on the night. I JM
High tech chic at the Porsche Design boutique where members networked in style
info - july / august- 69
from scratch to success : business stories
3 JUNE
Shooting for the moon The second edition of the Chamber’s celebration of entrepreneurship, which was sponsored by HSBC Global Banking and Markets, heard from two very different entrepreneurs, Bernard Liautaud and Antoine Flamarion, who built up multi-million dollar businesses from scratch
A
s the first speaker, Bernard Liautaud told a real ‘Scratch to Success’ story, with highs and lows of fortune and failure, recounting how he and Denis Payre, his colleague at Oracle at the time, co-founded Business Objects, a company that pioneered the concept of business intelligence, using facts and data to make business decisions. It all started in 1990 when they bought an embryo product developed by an engineer, and created a software that enabled users to query data in familiar vocabulary rather than an alien computer language, using the ‘objects’ of their own business, hence the name. ‘As we had no money, it was really important to sell the product right away,’ he related, and that emphasis on sales saw the company make its first $1 million in its first year. ‘We had great ambition and realised that we needed to do things like Silicon Valley companies,’ he said. ‘That meant raising venture capital, hiring great people and shooting for the moon.’ By 1993, they had raised $5 million in capital, made $15 million in revenue, and had offices in California and London, and the following year they went public, becoming the first European software company to be 70 - info - july / august
listed on the NASDAQ. The company grew extremely rapidly to a market cap of $1 billion, but disaster struck in 1996/97 when it rebuilt its software, which was not well received. Profits plunged and no longer the darling of Wall Street, Business Objects lost market cap, shareholders, people and even Denis Payre. Bernard was left to resolve the crisis alone, and set about creating a new product and relocating to the US in order to restore the company’s fortunes. Back in profit, Business Objects became one of the top 10 tech stocks on Wall Street, and continued to grow during the downturn between 2001 and 2003. Betting big on the acquisition of competitor Crystal Decisions for $1bn, Business Objects increased in size dramatically and by 2007 had become the world leader in business intelligence with $1.5bn revenue, 6,700 employees and 45,000 clients. Oracle, which had originally turned down the chance to develop the software internally, then tried to buy Business Objects, triggering a wave of interest, and paving the way for SAP’s ‘friendly European acquisition’ of the company for $6.8bn – the third largest software acquisition of all time.
We real ised that we needed to do thi ngs l i ke Si l icon Val ley companies... raisi ng ventu re capital, hi ri ng great people and shooti ng for the moon
Think big; realise it is a full-time job; get out of your comfort zone; always say yes; be on the ball, and above all, be curious, as without it, a business will die
Bernard Liautaud
Antoine Flamarion
Before Antoine Flamarion told his story of how he built up Tikehau Capital, a global investment and asset management firm with €5bn under management, from a paltry €4m scraped together from family and friends, he questioned what success really is. ‘Is it commercial? Financial? Brand recognition? Peer recognition? Size?’ he asked, concluding that success means different things for an entrepreneur. He told how he had given up all the trappings of success and financial security as a Goldman Sachs banker to go it alone in his Paris flat in 2004, armed only with the belief that he was doing what he was good at, which is raising money and investing. ‘I opened my first trading account at the age of 13,’ he admitted. Based on his experiences, Antoine crystallised the key attributes of a successful entrepreneur into what he called a few recipes: ‘Think big; realise it is a fulltime job; get out of your comfort zone; always say yes; be on the ball, and above all, be curious, as without it, a business will die,’ he concluded. Asked by the moderator Eric Albert, City Correspondent for Le Monde, about how they became entrepreneurs, Antoine spoke about spending a year knocking on doors without success, which counter intuitively spurred him on. Bernard Liautaud pinpointed his time at Stanford University when he saw entrepreneurship in action, was exposed to lots of different mindsets and points of
view, and heard a young Steve Jobs say he was going to change the world. ‘You have to have the desire but you also have to seize the opportunity,’ he said. Other questions concerned the difficulties – or not – of starting a business and raising capital for a start-up in France. Both speakers were positive about the environment for starting businesses there and the improving funding situation, but noted that scaling up is difficult as is attracting talent. ‘Good projects always get financed,’ said Bernard, ‘but you have to have ambitions beyond France.’ A final question on how to have a balanced life as an entrepreneur was answered by Bernard: ‘You have to have support at home, but you also need to build an amazing team that makes you smarter and helps the firm. You can’t manage everything, so inspire people to do things on their own and make sure everyone is going in the same direction.’ The debate, which took place in the French Institute’s Ciné Lumière, was followed by a delicious buffet supper prepared by Le Bistrot with wines provided by Domaine de Nizas. Participants and speakers had the chance to network informally, and put more questions to the entrepreneurs. Our thanks go to HSBC Global Banking and Markets for sponsoring the event, the speakers for their time and sharing with such honesty, and last but not least, Eric Albert for so expertly moderating the discussion. I KF info - july / august- 71
annual general meeting
25 JUNE
A new era for the Chamber The Annual General Meeting on 25 June provided the opportunity for over 120 members to review the activities and achievements of the Chamber in 2014, as well as set a future course for the Chamber by electing a new President and Deputy President.
L to R: New Deputy President Stephen Burgin and President Estelle Brachlianoff; HE Ms Sylvie Bermann, French Ambassador to the UK
I
n the absence of outgoing President Richard Brown CBE, who had a prior engagement, Peter Alfandary, Vice President of the Chamber, chaired the meeting, moving through all the business of the day swiftly and efficiently. First up was the Managing Director, Florence Gomez, who gave her operational report on the year in which the Chamber had a turnover of £2.082 million, an increasing proportion of which came from business services. In her overview of what had been new in 2014, she highlighted the Chamber’s logo and visual identity, adopted in common with other French Chambers abroad, the Communication Award presented to the Chamber by CCI France International, the launch of four new events, a partnership with the Royal Albert Hall and the publication of The HR Guide, as well as giving key figures such as the 969 SMEs the Chamber had met and advised, and the 267 clients for which it had provided services over the course of the year. Attending her first Chamber AGM, the French Ambassador to the UK, HE Ms Sylvie Bermann praised the Chamber’s dynamism and paid tribute to the ‘tireless work’ of former Presidents Arnaud Bamberger and Richard Brown. She noted that while remaining faithful to its customs, old and new, the Chamber’s ‘work is 72 - info - july / august
defined by an uncompromising forward-looking focus’, and singled out the Franco-British Transport Conference and forthcoming Digital Conference among others as examples of this. Turning to Franco-British relations, the Ambassador pointed out that economically they had never been stronger with France now the second largest investor in the UK in terms of new projects, and Britain the third largest investor in France in 2014. She reiterated that France wanted the UK to remain a fully engaged member of the EU ‘because Europe is stronger with the UK in, and because the UK is stronger in Europe.’ In this debate, she said, the Chamber can play its part. ‘Its vast and tightly knit business network, linking French and British business communities on both sides of the channel, is a remarkable asset. This community epitomises a long history of French-British, and ultimately European, friendship. It can serve as a basis for conveying the simplest of messages: stay in the EU! We are all the better for it.’ She concluded by thanking the Chamber for ‘its tremendous work in forging closer economic ties between our two countries.’ This was followed by presentations by all the chairs of the Forums and Clubs on their respective achievements over the year and outlook for 2015, a presentation of the Financial Report for 2014 by Nicolas Ribollet, Treasurer and Director of the Board and the Auditor’s report.
The AGM in full swing
Then, in a special presentation, the office of Honorary Councillor was conferred upon Elisabeth Delahaye. Now retired, she was the founder and director of Delahaye Moving, which she recently sold, and has been involved with the Chamber since 1979, as well as an Advisory Councillor for many years. Visibly moved, Elisabeth thanked the Chamber for helping her over those 35 years. Formal proceedings continued with the renewal of Carolyn McCall OBE, CEO of easyJet, Arnaud Vaissié, Chairman & CEO of International SOS, and Peter Alfandary, Head of French Team at Reed Smith, as Board Directors, and the approval of four Directors appointed during the course of the year, namely Stephen Burgin, Regional Vice President, Alstom Power; Paul Kahn, President, Airbus Group UK; Olivier Morel, Partner & Head of International Corporate Investment at Cripps LLP and President of CCE UK; and Helena Kavanagh, Managing Director, JC Decaux. Finally, with their nomination unopposed, Estelle Brachlianoff, Senior Executive Vice-President, UK & Ireland, Veolia, was voted in by members as President and Stephen Burgin as Deputy President. Estelle thanked members for their support and said it would be both a pleasure and a duty to serve as President. She paid tribute to the hard work of the former three presidents, Richard Brown CBE, Arnaud Bamberger and Arnaud Vaissié,
as well as the ‘great job done’ by Managing Director Florence Gomez and the Chamber team, and praised the scope and quality of the Chamber’s activities which offered so much for SMEs and blue chip companies alike. Noting that diversity was one of the new themes being developed, Estelle said: ‘The ticket you have in front of you is diverse, not only because it is Franco-British and male/female, but also because of the businesses we represent. French business in this country ranges from luxury and gastronomy to waste, water and energy, and the Chamber is testament to this variety.’ Stephen Burgin added he was ‘absolutely delighted’ to be Deputy and was looking forward to this chance to contribute. ‘You might hear from my accent that I also represent the north of England,’ he said, ‘so hopefully I can help to be a catalyst for doing more beyond London, and following George Osborne and the Northern Powerhouse to encourage French organisations to enjoy that growth in the UK.’ Members then convened for a networking reception, kindly hosted by Reed Smith in its beautiful Epping Forest board room, the venue for the AGM for the sixth year running thanks to Peter Alfandary, Head of their French Team. With unsurpassed views of London, good wines and a sumptuous spread, many members drew out the evening well beyond its official end. Thank you to Reed Smith and the team. I KF
French busi ness i n this cou ntr y ranges from lu xu r y and gastronomy to waste, water and energ y, and the Chamber is testament to this variet y
info - july / august- 73
sme
&
entrepreneurs club 5 MAY
How to attract capital Jonathan Snade, corporate law partner at Thomas Eggar LLP with expertise in the technology sector, gives an overview of different funding sources that entrepreneurs can explore when looking to launch or grow their businesses, and a few tips on each
Early stage businesses have often struggled to raise finance from traditional sources. However, the investment landscape for start-ups and early stage businesses has been changing over more recent years. Entrepreneurs are now able to access a variety of different funding sources to launch and grow their businesses, including: • • • • •
Grants: High demand and application levels often means that grants are run via a competition with strict eligibility criteria and application deadlines. Start-up loans: These have relatively low interest rates and favourable repayment terms. However founders may need to give personal guarantees to secure such loans. Incubators and accelerators: These offer a limited investment (c.£10,000-£20,000) for a small equity stake and also provide mentorship and resources, e.g. technical expertise, office space, PR and marketing services. Legal documentation is often in ‘standard’ form with little room for negotiation, but it is always recommended to ask a lawyer to check for onerous obligations and restrictions. Friends and family: Friends and family members may invest or provide loans to start-ups. As with any investor, such investments should be documented in legal agreements to avoid disputes and uncertainties. Business angels: Angels may typically invest between £10,000 and £100,000 each. Angels may be entitled to Seed Enterprise Investment Scheme (SEIS) relief, which offers generous income tax and capital gains tax reliefs to private investors who are UK taxpayers. Businesses should ask what other benefits the angel(s) will bring to the table, e.g. in terms of market knowledge, contacts and experience.
74 - info - july / august
• •
• •
Crowd funding platforms: These facilitate fundraising from large numbers of individual investors, each investing relatively small amounts of cash. There are different crowd-funding models, based on equity investment, loans and ‘rewards’ (i.e. where a company provides products or services in return for investment). Several other innovative fintech businesses are facilitating peer-to-peer fundraising, such as ‘crowd’ invoice discounting and debt factoring platforms. Venture capital: A ‘series A’ round would typically involve a VC firm investing in excess of £1m. However a number of earlier stage VC firms have emerged, with a focus on smaller ‘pre-series A’ investments, e.g. £150k-£500k. Legal advice should be sought on VC deals, so that the proposed deal terms are understood, negotiated and correctly implemented. Banks: Banks, particularly the so-called ‘challenger banks’, are becoming more innovative in terms of developing products and services aimed specifically at earlier stage businesses and SMEs. Corporate venturing: Larger corporates often invest strategically in smaller, disruptive companies with innovative business models and technologies.
So that a fundraising process (particularly one involving VCs or angels) runs as smoothly as possible (thereby reducing delays and minimising deal costs), businesses raising funds should ensure that their paperwork and records are in good order before the process begins. There are various ways in which lawyers can help companies get ‘investment ready’, focusing on certain key areas (including ensuring Companies House records are up to date and documenting the ownership of business intellectual property relating to the business). I
climate change forum
9 JUNE
COP21: Analysis of the UN negotiations’ impact on business Governments and business broadly accept that the climate is changing. Failing to tackle climate change will amplify existing risks and create ones for the economy, business, society and the environment. Robert Milnes, Sustainability & Climate Change Manager at PwC puts across the issues at stake in the lead up to COP21
Analysis in PwC’s annual Low Carbon Economy Index shows that global average carbon intensity (tCO2/$m GDP) is currently falling by around 1% each year.1 However, the annual decarbonisation rate needs to be over 6% to stay within the two degrees carbon budget (beyond which is considered dangerous). Recognising the severity of this issue, governments will meet in Paris, in December 2015, to negotiate a global climate deal to limit warming to two degrees. This meeting follows on from the unsuccessful attempt to agree a global deal in Copenhagen in 2009. There has been significant political change in the last five years since Copenhagen. Scientific knowledge has been updated with the publication of the Intergovernmental Panel on Climate Change (IPCC) reports. Businesses are becoming more active and vocal in their actions on tackling climate change. As part of a Paris agreement, major economies have proposed, or are expected to propose, emissions
reduction targets. For example, the EU’s target is to reduce emissions by 40% on 1990 levels by 2030. The US target is a 26-28% reduction on 2005 levels by 2025.2 Both the EU and US will have to decarbonise at approximately 4% each year (assuming their economies grow as expected in PwC’s ‘World in 2050’ forecasts3) to hit their Paris targets. This equates to a near doubling of their current decarbonisation rates. In other words, the US target appears to be as ambitious as the EU one and both will need a step change. However, these 2030 or 2025 targets fall short of their 2050 aspirations of a 6% decarbonisation rate consistent with two degrees. This leaves more work still for the 2025 – 2050 period. National ambition is a proxy for the levels of incentives and penalties to shift businesses and consumers down the low carbon pathway. Incentives could be a committed tariff level for renewable energy technologies while penalties could include carbon costs for big emitters. This is the direct impact on business. An indirect impact also exists through knock-on effects. For example, such incentives for renewables provide demand for auxiliary clean technology sectors, and carbon costs drive secondary changes in the underlying fossil fuel market. Changes to the demand and prices of fossil fuels will impact business cost structures in countless ways; through the costs of energy, transport, materials, water and food. A strategy to maximise the opportunities and minimise exposure to the risks of climate policy – which will become increasingly common and stringent after December this year – should be a top priority for business. I
BAU: Business as usual
1 Low Carbon Economy Index 2014: Two Degrees of Separation – ambition and reality 2 UNFCCC, INDC Submissions, 2015 3 PwC, The World in 2050: Will the shift in global economic power continue?, 2015 www.pwc.com/gx/en/issues/the-economy/the-world-in-2050.jhtml
info - july / august- 75
legal forum
European data protection reform is on its way – are you ready? Krysia Sturgeon, solicitor at PwC Legal LLP and Laurie-Anne Evra-Ancenys, a dual-qualified Avocat à la Cour / solicitor at Gide Loyrette Nouel LLP highlight the key changes proposed by the EU General Data Protection Regulation which is set to be finalised by the end of 2015, and look particularly at the role of the Data Protection Officer Background Data protection law reform is on its way in Europe. The reforms, in the form of the General Data Protection Regulation (GDPR), were first proposed by the European Commission back in January 2012. The aim of the GDPR is to ‘enable people to better control their personal data’ and ‘allow businesses to make the most of the opportunities of the Digital Single Market by cutting red tape and benefitting from reinforced consumer trust’. The GDPR will replace the current EU Directive (Directive 95/46/EC) (the Directive) on data protection and will establish a single set of rules so organisations with operations throughout the EU will only need to deal with one law and not 28. The GDPR negotiations took an important step forward on 15 June 2015, with the adoption by the European Council of its general approach. This means that the three EU Institutions (Commission, Parliament and Council) have now formulated their negotiating positions for the final stage of the reform process (the Trilogue). The Trilogue is a political negotiation between the EU institutions, which will conclude with an agreed text for the GDPR. At that point we have the new law. The Trilogue starts on 24 June 2015. The European Commission has expressed confidence that the institutions will conclude the Trilogue by the end of 2015. There will be a transposition period (usually two years) after the GDPR is adopted before the new law will come into effect. Key changes The GDPR is still in draft and the final wording is being negotiated as part of the Trilogue. The following key changes are based on current understanding and may change. • Scope: Companies based outside of the EU will have to apply the same rules when offering services to people in the EU, which will create a level playing field for all organisations wanting to offer products and services to EU citizens. Processors will also be included in the scope of the legislation for the first time, meaning that the GDPR will be directly applicable to data processors. 76 - info - july / august
• One stop shop: Companies will only have to deal with one supervisory authority in the country where they have their main establishment (which will generally mean the organisation’s ‘place of central administration in the EU’). • Enhanced rights for citizens: The existing right to be forgotten will be reinforced to ensure that when people no longer want their data to be processed, and there are no legitimate grounds for retaining it, data controllers will be required to delete the data (unless they can show that it is still needed or relevant). The GDPR will also require controllers to make it easier for people to transfer their personal data between service providers. Individuals will only have to deal with their home national data protection authority, in their own language and will have the right to take an organisation to court in their home Member State (even if their personal data is processed outside of their home territory). • Breach notification: Organisations must notify their supervisory authority of personal data breaches which are likely to result in a high risk for the rights and freedoms of individuals without undue delay and, where feasible, no later than 72 hours after having become aware of the breach. Notification may not be required where the controller: (1) has implemented appropriate technological and organisational protection measures and those measures were applied to the data affected by the personal data breach, in particular those that render the data unintelligible to any person who is not authorised to access it, such as encryption; or (2) has taken subsequent measures which ensure that the high risk for the rights and freedoms of individuals is no longer likely to materialise. So implementing appropriate technical and organisational protection measures and the ability to respond quickly to breaches will be more important than ever. • Increased fines: National data protection authorities will be able to issue penalties of up to €1 million or up to 2% of worldwide annual turnover of the preceding financial year of a company for breaches of the GDPR (the European Parliament has proposed to raise this to 5%).
• Data protection by design and default: Data protection by design and data protection default will become essential principles in the GDPR. This means that data protection safeguards will need to be built into products/services from the start and privacyfriendly default settings should be the default settings. • Abolition of notification: The obligation for organisations to notify their processing with national data protection authorities will be abolished under the GDPR. • Data protection officers: Where the processing is carried out in the public sector, by a large private sector enterprise or where an organisation’s core activities (regardless of its size) involve processing operations which require regular and systematic monitoring a data protection, a person with ‘expert knowledge of data protection law and practices’ may be appointed to assist the organisation to monitor internal compliance with the GDPR.
What organisations should be doing Organisations should consider how they are likely to be affected by the GDPR and identify and fill any gaps in compliance programmes and documentation. The principles are similar to the current Directive, so compliance with current best practice will prepare organisations for compliance with the GDPR. We would recommend that organisations start by carrying out a data protection review to understand: (1) existing compliance programmes and structures; (2) EU personal data held (including employee); (3) existing data processing activities and flows; and (4) potential gaps and weaknesses. Organisations should also consider the Data Protection Officer (DPO) role and whether to train existing employees/recruit or outsource the role. I Krysia Sturgeon
The question of the Data Protection Officer (DPO) Data Protection Law has become a hot topic now that European Data Protection Regulation1 is on its way. There has been some debate on several issues including the prominence given to the Data Protection Officer (DPO). Looking for compliance with existing data protection legislation is a good way for companies to prepare for the implementation of EU Data Protection Regulation. Under the current legislation, the DPO’s role and duties may vary depending on different European countries’ legislations. For example, the French Data Protection Act2 already includes a provision related to the DPO, which is the French Data Protection Officer, namely the ‘Correspondant Informatique et Libertés’ (CIL). One French specificity (Article 22-III), is that if the data controller has decided to appoint a CIL, he is exempted, in some cases, from filing specific notifications with the French Data Protection Authority, the Commission Nationale de l’Informatique et des Libertés (the CNIL). From this perspective, the CIL represents benefits for companies as it reduces administrative burden. The main role of the CIL is to assist the company
it represents with data protection compliance and warn the CNIL in case of infringement. The CIL fosters security on personal data and communicates within the firm about important Data Protection guidelines. In addition, the CIL also holds a role of adviser in case new forms of processing emerge. Finally, the CIL ensures that data subjects can make use of the rights they are entitled to under the French Data Protection Act. Although the appointment of the CIL does permit the company to escape from the control of the CNIL, it eases a lot the communication with the CNIL. The legal basis of Data Protection Law is rapidly evolving both from European and national perspectives. We will have to wait for the three European institutions to find an agreement on all the EU Data Protection Regulation provisions to find out precisely what DPOrelated measures will become applicable two years after the adoption of the final text. In fact, whether the appointment of the DPO will be mandatory or not is still not clear. In the meantime, companies should get prepared. I Laurie-Anne Evra-Ancenys
1 European Commission, Proposal for a Regulation of the European Parliament and of the Council on the protection of individuals with regard to the processing of personal data and on the free movement of such data 2 Act n°78-17 of 6 January 1978 on Information Technology, Data Files and Civil Liberties
info - july / august- 77
forums
& clubs : interviews of new chairs HR Forum:
Mark Pautz, HR Director for Europe, International SOS You became Chair of the Chamber’s HR Forum within weeks of joining International SOS. What made you decide to take up the role? My predecessor, Jennifer Westen, extolled the virtues of the Chamber and asked me to consider filling her shoes. When we met with Florence Gomez, it quickly became apparent to me what a dynamic and energised organisation the Chamber is, and what a golden opportunity being the Chair of the HR Forum represented. So I seized the moment, and have no regrets.
acumen proportional to the number of rubber stamps I’ve collected in my passports over the years!
What are your impressions so far of the HR Forum and the issues it tackles? Having spent the best part of the past quarter century working for the same multinational, the move to International SOS and the role with the French Chamber have been breaths of fresh air and an opportunity to reinvent myself. The HR Forum is probably one of the most active at the Chamber and has been a wonderful opportunity for me to develop new networks while You come from a very multinational background – do tapping into thought leadership of the highest quality. you find this helps to Chair the HR Forum? The issues we have focused on are real, relevant and engaging. I appreciate the When people ask me opportunity to regularly ‘Where do you come The forum is an elegant way to stay on the spend quality time with from?’ I generally respond with a subject matter experts leading edge of developments and to incubate confused look and say and national/global new ideas that can be taken back to work ‘What do you mean?’. leaders in their field. It’s an elegant way to stay on Half of my progenitors emigrated from the UK in the 1920s, the other half from the leading edge of developments and to incubate new Pomerania in the 1850s, making new lives for themselves ideas that can be taken back to work. in the Eastern Cape of South Africa. I was born there and in the mid-1990s relocated to the Czech Republic What do you view as the most challenging issues in and spent a decade working in a region of 18 Central HR today and how do you see the Forum responding? European countries before spending the next 10 years The recession is still real and, as anyone in HR will confirm, in a global role, based out of London. I also spent the we live with the (frequently difficult) implications and best part of a year working in Princeton in the USA and consequences on a daily basis. With the inflation rate have been privileged to travel to about 80 countries over in the UK recently dipping below zero percent, we are the past few decades. All of this has made me feel like in uncharted, unfamiliar, and challenging waters. The the much-clichéd ‘global citizen’, but I think it helps to implications of this are far reaching and the HR Forum bring a neutrality and sensitivity to my work and to the will continue to evolve in order to adapt and respond French Chamber’s HR Forum. I hope I have the global to both internal pressures and the demands of the perspective, broad cultural awareness and business ‘new normal.’ I Interview by KF
f o rt h co m i n g f o ru m s & c lu b s
Climate Change Forum
Chair: Richard Brown CBE, former CEO & Chairman of Eurostar When: 8 September, 10.00am–12.00pm Theme: Multi-comfort house and buildings: visit to SaintGobain’s Innovation Centre in London By application only 78 - info - july / august
SME & Entrepreneurs Club
Chair: Arnaud de Montille, Co-founder & Finance, Admin and Operations Manager of Merci Maman Personalised Gifts When: 22 September, 8.30 - 10.00am Theme: Changes in the labour laws By application only
SME & Entrepreneurs Club:
Arnaud de Montille, Co-founder & Finance, Admin and Operations Director of Merci Maman How have you found going from being an active member to Chair of the SME & Entrepreneurs Club? It has been a fascinating experience to find the right ingredients to attract a very diverse population (age, size of companies, industry, etc) around a single subject. It is also a fantastic opportunity to network and to encourage everyone to network within the Club. It’s only been three months but there is a very strong momentum. I feel privileged to choose the speakers and prepare our breakfasts with them to make sure all participants can take something out of them.
and there is a core group of regulars. We will continue to run its well attended breakfast workshops on subjects as diverse as ‘Cross-cultural communication in business’, ‘How to attract capital’, ‘The use of social media for SMEs’ and ‘Changes in the labour laws’. We will also innovate with new formats and subjects. One of our ideas is to have pitch competition. Watch this space! I would also like to involve more high growth start-ups and medium sized SMEs
HR Forum
Legal Forum
What do you see as some of the most pressing issues for SMEs and entrepreneurs in the UK? Entrepreneurs are typically very fond of their products or their technology, As an entrepreneur yourself (co-founder of Merci Maman, they have ideas about ...the benefits have been absolutely profiled in INFO May/June innovation, they are passionate and have 2014) what would you say fantastic in terms of networking, getting energy. I would say that are the greatest benefits of new ideas, sharing best practice, gaining being part of the SME & one of the toughest – and visibility... I could carry on! Entrepreneurs Club? most critical – aspects When I joined the SME & is building a team and spreading the entrepreneur’s vision and energy to the Entrepreneurs Club two years ago, I did not know what to expect apart from the fact it would allow me team. Competition for talent is fierce in the UK and you to ‘get out of the office’, meet other entrepreneurs. I need to hire and keep a triple A team. wasn’t even really sure what the role of a Chamber of What is the best advice you have been given or wish Commerce is. But I have been a very regular comer and you had been given as an entrepreneur? the benefits have been absolutely fantastic in terms of networking, getting new ideas, sharing best practice, I’ll repeat myself a bit here, but I think that gaining visibility... I could carry on! As an entrepreneur entrepreneurship is a lot about personalities working you sometimes need to be opportunistic and the Club together on a project. You need to have great individuals working well together. I would also say that you need is a great place to challenge yourself and ‘expect the unexpected’. lots of energy, passion, self-belief as it won’t be easy every single day. You need to take risks, sometimes rely How do you hope to see the Club evolving? on your gut feeling and just go for it! I Interview by KF The Club has been performing well for a number of years
Chair: Mark Pautz, Human Resources Director for Europe, International SOS When: 23 September, 8.30–10.00am Theme: Diversity in the workplace By application only
Chair: Olivier Morel, Partner, Cripps Deputy Chair: Ken Morrison, Legal Director, Eurotunnel When: 30 September, 9.00am–11.00am Theme: Commercial contracts By application only
All forums and clubs events take place at the French Chamber unless otherwise indicated. info - july / august- 79
f o rt h co m i n g e v e n t s
6
August 18.00 - 20.00
8
Sept 18.00 - 20.00
9
Sept 19.00 - 21.00
15 Sept
9.00 - 10.45
16 Sept
Rendez-vous chez Pierre Hermé Where: 38 Monmouth Street, Covent Garden, London WC2H 9HA Cost: £20+VAT per person Famous in France, Japan and the United States, the man that Vogue Magazine called ‘the Picasso of pastry’ has revolutionised pastry making with regard to taste and modernity. Created in 1997 by Pierre Hermé and Charles Znaty, the company now has 45 boutiques across 10 countries. Discover Pierre Hermé’s new collection of macarons and be part of a ‘truly Parisian gourmet experience’ while networking with business contacts from a wide range of industry sectors. Contact Sonia Olsen: solsen@ccfgb.co.uk / 0207 092 6643
PA Club: Indulgence at La Maison Maille Where: La Maison Maille, 2 Piccadilly Arcade, London SW1Y 6NH Organised exclusively for Personal Assistants By invitation only - free of charge Explore an extraordinary world of 31 different flavours of premium mustard and make mustard to your own taste, while sampling the new trend in mustard and vinegar cocktails. Contact Anne-Claire Lo Bianco: alobianco@ccfgb.co.uk / 0207 092 6643
cocktail reception celebrating french & British luxury In partnership with: Walpole and the Financial Times Where: The Connaught, Carlos Place, Mayfair, London W1K 2AL Champagne and Cognac partner: Pernod Ricard UK By invitation only - free of charge Contact Matthieu Alibert: malibert@ccfgb.co.uk / 0207 092 6634
ECONOMIC UPDATE Theme: How would Brexit impact businesses and the economy in the UK and Europe? Speakers: Alberto Alemanno, Jean Monnet Professor of Law, HEC Paris; Andy Bagnall, Director of Campaigns, CBI Where: French Institute, Médiathèque, 17 Queensberry Place, SW7 2DT Cost: £25+VAT per person; £40+VAT special price for two Contact Matthieu Alibert: malibert@ccfgb.co.uk / 0207 092 6634
Trade Delegation to Manchester By invitation only Where: Manchester Cost: £350 + VAT per person In partnership with Manchester City Council
This trade delegation, led by HE Ms Sylvie Bermann, French Ambassador to the UK, and Estelle Brachlianoff, President of the French Chamber, is a unique opportunity to meet key local decision makers, including Councillor Paul Murphy OBE, the Lord Mayor of Manchester and Sir Richard Leese, the Leader of the Council, as well as businesses, whether you already have a subsidiary in Manchester, are planning to expand your business there or have recently responded to calls for tenders. There are also opportunities to sponsor this trade delegation, which is an excellent way of gaining visibility and promoting your company to decision makers within the framework of an official French visit. For further information or to enquire about sponsorship opportunities,contact Cécilia Gonzalez: cgonzalez@ccfgb.co.uk 80 - info - july / august
17 Sept
19.00 - 00.30
Dîner des Chefs at belmond Le Manoir aux Quat’ saisons Where: Belmond Le Manoir aux Quat’ Saisons with Chef Raymond Blanc OBE Cost: £120 + VAT per person In partnership with Pernod Ricard UK Transportation kindly provided by Renault
Join Chamber members for an exclusive dinner at Belmond Le Manoir aux Quat’ Saisons with one of the UK’s most celebrated chefs, Raymond Blanc OBE. Le Manoir has now held two Michelin stars for 30 years. Contact Matthieu Alibert: malibert@ccfgb.co.uk / 0207 092 6634 Raymond Blanc is acknowledged as one of the world’s finest chefs. Completely self-taught, his significant influence on British cuisine has brought scores of awards. Raymond arrived in Britain in 1972 to work as a waiter. One day, when the cook was ill, Raymond took over the kitchen. That started his career. He opened Le Manoir aux Quat’Saisons in Great Milton, Oxfordshire in 1984. It was awarded two Michelin stars in 1985, which it has retained ever since. Its gardens are the envy of botanists, and Le Manoir is also home to the acclaimed Raymond Blanc Cookery School. An acknowledged champion of sustainability, he is also the President of the Sustainable Restaurant Association. In 2007, Raymond was appointed an OBE by Her Majesty The Queen. In 2013, he was awarded the National Order of the Legion of Honour, the highest French decoration.
22 Sept
19.00 - 23.00
Dîner de la Rentrée
Sponsor:
Where: At the Four Seasons Hotel Park Lane, Hamilton Place, London W1J 7DR Cost: £110 + VAT per person; £1,200 + VAT for a table of 12 Guest speaker: Vincent de Rivaz CBE, Chief Executive of EDF Energy and EDF Group Executive Committee Member Champagne partner: Vranken Pommery Wine partner: Les Crus Classés de Graves Dress code: Business lounge
Every September, the Dîner de la Rentrée brings together top-tier French and British business representatives for a most enjoyable evening. Contact Sonia Olsen: solsen@ccfgb.co.uk / 0207 092 6644 Vincent de Rivaz is the Chief Executive of EDF Energy, one of the UK’s largest energy companies and a wholly owned subsidiary of EDF Group, of which Vincent is a member of the Executive Committee. EDF Energy is the largest producer of low-carbon electricity and the biggest supplier of electricity by volume in Great Britain. He led the incorporation of the UK nuclear operator, the former British Energy, into EDF Energy from 2009, and the creation of EDF Energy through the merger of the former London Electricity Group, Eastern Networks and Seeboard in 2003. He had been appointed Chief Executive of London Electricity Group in 2002. A hydroelectric engineer, he joined EDF in 1977 in the External Engineering Centre, being part of several projects in Africa, Guyana and New Caledonia. From 1985 to 1991, he managed the Far East region for the International Division of EDF, between 1991 and 1994, was Managing Director of the Hydro Power Department of EDF, and between 1995 and 1998 worked as Deputy Head of EDF International Division, creating and leading the new Projects Department. He joined the EDF Finance Division in 1999 as Deputy Chief Financial Officer and in 2000 became Director of Strategy and Finance with group wide responsibility for the financial strategy and operations for EDF Group. Vincent was awarded The Energy Institute’s 71st Melchett Award in 2006. He was named National Ambassador by HRH the Prince of Wales in 2009, for his significant contribution to the Prince’s Business in the Community projects. He is an Honorary Fellow of the Institute of Mechanical Engineers. He was made Chevalier de la Légion d’Honneur in 2009, and an honorary Commander of the British Empire (CBE) in 2012 for services to the electricity and gas industries.
info - july / august- 81
23 Sept
18.30 - 20.30
8 Oct
18.00 - 20.00
3
International Wine and Spirit Tasting Where: Church House Conference Centre, Dean’s Yard, London SW1P 3NZ Cost: £30+VAT per person In partnership with 13 Chambers of Commerce Network in a wider community, with members of 14 different Chambers, while enjoying an international tasting with a selection of wines and other drinks from Argentina, Austria, Belgium, Canada, France, Georgia, Hungary, Italy, Japan, Luxembourg, Mexico, Portugal, Spain, and Switzerland. Contact Sonia Olsen: solsen@ccfgb.co.uk / 0207 092 6644
Rendez-vous chez Armorial Where: Armorial, 19 South Audley Street, London W1K 2BN Cost: £20+VAT per person Armorial was founded in 1958, and from the very beginning established themselves as Master Engravers with a passion for preserving the finest techniques of artisan printers. Join us to discover Armorial Paris in South Audley Street, the London’s most beautiful stationery shop while networking with 40 new business contacts from a wide range of industry sectors. Contact Sonia Olsen: solsen@ccfgb.co.uk / 0207 092 6644
Women, Inspiration & Leadership
Where: The May Fair Hotel, Stratton Street, London W1J 8LT Guest speakers: Estelle Brachlianoff, Senior Executive Vice-President UK & Ireland, Veolia and President of the French Chamber in Great Britain; Helena Morrissey, Founder of The 30% Club and Nov Chief Executive Officer at Newton Investment Management Cost: £30+VAT; £50+VAT special price for two 18.30 - 21.00 Dress Code: Lounge suit For the second year running, join us to hear from two exceptional women with extraordinary career paths, speaking about their experiences and routes to success. This inspirational evening will be followed by a cocktail reception. Contact Anne-Claire Lo Bianco: alobianco@ccfgb.co.uk / 0207 092 6643 Estelle joined the Veolia group in 2005 as Special Advisor to the CEO of Waste Management. Prior to becoming Veolia Senior Executive Vice-President - UK & Ireland in 2012, she was in charge of Waste Management in the Greater Paris area and also the Facility Management and Cleaning Services branch. She started her career heading a team managing major infrastructure projects and constructing highways and tramways within the Val D’Oise region of Greater Paris. She was then appointed as Advisor to the regional government in Greater Paris responsible for transport and development. Estelle also sits on the Veolia Executive Committee. Estelle is involved in the work of many influential organisations such as Business in the Community (BITC) and the Confederation of British Industry (CBI). She heads up the Environment Leadership Team for the BITC and sits on the Infrastructure Board and President’s Committee for the CBI. Estelle was elected President of the French Chamber in Great Britain in June. She is married with two children.
82 - info - july / august
Helena joined Newton in 1994 as a fixed income fund manager and was appointed CEO in 2001. During her time running Newton’s bond funds she was twice-winner of Investment Week’s Global Bond Fund Manager of the year. Helena is involved in many aspects of the UK fund management industry and was named the Financial News ‘Most Influential Woman in European Asset Management’ in 2010. She was the first female director of the UK’s Investment Management Association, serving from 2005 till 2012. She represents the investment industry on the FSA’s Practitioner Panel, a statutory body providing input to the regulators from practitioners’ perspectives. She is a member of the University of Cambridge Endowment Investment Board and chairman of the Eve Appeal, which funds research into gynaecological cancers. Helena is also the Chair of the Corporate Board of the Royal Academy of Arts. In 2010, Helena founded The 30% Club, a cross-business initiative aimed at achieving 30% women on UK corporate boards by 2015 through voluntary, business-led change. She was appointed CBE in the 2012 New Year’s Honours list. A Cambridge philosophy graduate, she began her career as a global bond analyst with Schroders in New York. She is married with nine children.
12 Nov
Franco-British Digital Conference: ‘small meets big’ Where: One Great George Street, 1 Great George Street, London SW1P 3AA Dress code: Business attire Early bird costs for members / non-members: £70+VAT pp / £110+VAT pp For further information, contact Anne-Claire Lo Bianco: alobianco@ccfgb.co.uk / 0207 092 6643
8.00 - 17.00
About the Franco-British Digital Conference: The French Chamber of Great Britain is organising, in partnership with the French Embassy in the UK and the Franco-British Council, its third Franco-British Conference. This Conference aims to bring together blue chip companies as well as innovative start-ups in the digital sector to discuss digital transformation and the challenges of ‘making digital happen’. With the participation of HE Ms Sylvie Bermann, French Ambassador to the UK; Axelle Lemaire, French Minister of State for the Digital Sector; and Ed Vaizey MP, Minister of State at the Department for Culture, Media and Sport and the Department for Business, Innovation and Skills, with responsibility for digital industries. Sponsors so far: Main sponsor:
Supporting sponsor:
Partners:
To enquire about sponsorship opportunities, contact Cécilia Gonzalez: cgonzalez@ccfgb.co.uk
Sponsor so far:
26 Nov
19.00 - 22.30
Franco-British Business Awards 2015 Venue: May Fair Hotel Cost for members: £100+VAT per person; £900+VAT – for a table of 10 Cost for non-members: £160+VAT per person Champagne partner: Vranken Pommery Wine partners: Le Conseil des Vins du Médoc, Les Vins de Graves and Les Vins de Pessac-Légnon Dress code: Black tie About the FBBA: The Franco-British Business Awards, organised by the French Chamber of Great Britain under the high patronage of the French Ambassador to the United Kingdom and the British Ambassador to France, were launched in 2000 to celebrate the bilateral trade and economic links between France and the UK. They acknowledge the accomplishments of French and British companies of all sizes, from start-ups to blue chip companies on both sides of the Channel, in 3 categories: SME/Entrepreneur Award, Large Corporate Award and Jury Award. Contact Anne-Claire Lo Bianco: alobianco@ccfgb.co.uk / 0207 092 6643.
To enquire about sponsorship opportunities, contact Cécilia Gonzalez: cgonzalez@ccfgb.co.uk
info - july / august- 83
Patron Members of the French Chamber of Commerce in Great Britain
LONDON BRANCH
84 - info - july / august
Renault CAPTUR Capture life
Integrated Touchscreen Navigation Handsfree keycard Removable and washable seat covers
Book your test drive today at renault.co.uk
The official fuel consumption ďŹ gures in mpg (l/km) for the Renault Captur Dynamique Nav dCi 90 are: Urban 67.3 (4.2); Extra Urban 83.1 (3.4); Combined 78.5 (3.6). The official CO2 emissions are 95g/km. EU Directive and Regulation 692/2008 test environment ďŹ gures. Fuel consumption and CO2 may vary according to driving styles, road conditions and other factors.
WE ALWAYS MAKE TIME FOR YOU! +44 (0)20 7221 5429 SALES ACQUISITION INVESTMENT RENTALS RELOCATION SCHOOL SEARCH MANAGEMENT +44 (0)20 7221 5429 | www.boulle.co.uk | property@boulle.co.uk | 1 Norland Place, London W11 4QG
Copyright © Boulle International
L’ÉDUCATION À LA CARTE !