NEWS
Back French SMEs or lose competitiveness The French Economy is losing market share in Europe, in part because its SME sector is undercapitalised. Arnaud Vaissié, President of the Chamber and chairman of a working group concerned with developing business at the institut montaigne, calls for a more energetic approach.
Arnaud Vaissié ||| France urgently needs to boost its small and medium size corporate sector or it will continue to lose competitiveness against the German sector and its market share will decline. That is the message of a report entitled “De la naissance à la croissance: comment développer nos PME” published on July 8 by the working group “Création et développement d’entreprises en France” at the Institut Montaigne (One of France’s most influential think tanks). This group is chaired by Arnaud Vaissié. The damage being done by this decline in competitiveness can be seen in the falling share of French exports within the Eurozone. These have collapsed from 17 percent in 2002 to 13 percent in 2011, and the number is falling. Meantime, German share of export markets has grown by 3 percent and the country is gaining competitiveness. Mr Vaissié says that the strength of the German ‘Mittelstandt’ or middle-sized company sector accounts for its export growth. France, in turn, needs to boost its SME sector. This boost needs to take three forms, he says. First, the country needs to increase the incentives for investors
20 - info - july / august 2011
like business angels and venture capitalists. These presently get a tax break of €50,000, a very The damage poor comparison with the UK being done by situation. Mr Vaissié explains, ‘In this decline in the UK you can deduct 30 percent competitiveness of your investment up to £1m, and can be seen you can deduct all capital losses. in the falling If you make an investment of a share of French £1m, the government guarantees exports within you 65 percent of the investment. the Eurozone. That is absolutely massive. The UK has done this in a time of austerity. The prime minister David Cameron has massively increased tax breaks because the UK thinks it is crucial that the UK keeps having new emerging companies. France is miles behind. We are not in the same league.’ Government has an important role in this rebooting of the SME sector, he says. ‘SMEs are dramatically lacking capital. We would like government funds to match investment by private equity funds. Private Equity companies would have the right to go to government and invest on a matching basis in SMEs. This would increase the odds on the investor making money.’ The second critical boost for the SME sector will come from universities who need to bring business more closely into their programme. The priority placed on a civil service career needs to be replaced with that of business and commerce. Students who today study social environment should be encouraged to study business at the terminale level. There is a clear need for closer relations between universities, research and investors. The final piece in the jigsaw sees students learning English, the international language. Mr Vaissié, who has discussed the issue with President Sarkozy, believes government has taken on board the message. It now needs to act upon it. ‘They recognise the problem, they recognise that things have to change. The issue is whether they will be fast enough in facing up to the challenge.’ NK
NEWS
Defeating the French tax that spelt disaster A tax on second homes in France could have ruined French competitiveness and harmed bilateral relations, says Bruno Deschamps. Here the President of the CCE UK branch tells INFO how and why the law was stopped.
||| It took four weeks of intensive lobbying, but for Bruno Deschamps, President of the 70-strong British branch of French Foreign Trade Advisors (CCE), the effort was well worth it. At issue was a proposed tax on all French expatriates and foreigners who owned second homes in France. Bruno Deschamps duly galvanised CCE representatives in Britain, Germany and America, and in June – a month after the French parliament approved the tax on first reading – they persuaded President Sarkozy to abandon the venture. So why did the CCE consider the tax so dangerous, and how did they succeed in stopping it?
Robbing Peter to pay Paul? Understandably any government wants to balance its books, concedes Deschamps. But in application the proposed tax was ‘short-sighted, unfair, inequitable and inefficient – and it would have been tremendously negative for France’s competitiveness and attractiveness.’ The idea for a “second home tax” arose when earlier changes in legislation exempted 300,000 French citizens from paying the wealth tax (ISF). To compensate for the expected shortfall in revenue, the Sarkozy administration turned to foreigners with French homes, including about 200,000 Brits; and French citizens whose primary homes were now abroad, but who maintained properties in their mother country. The latter group consists of some 400,000 in Britain and up to five million worldwide. Driving away Deschamps rejects the argument that second home owners pay no income tax in France yet benefit from state services. ‘This tax on assets was totally absurd’ because owners already pay every levy apart
from income tax. The new law might have netted a few million euros, he says, ‘but the long term impact would have been much worse than the short term benefits.’ Not all Brits in France are super-wealthy either, so another financial burden might have persuaded them to decamp, adds Deschamps. ‘France is wonderful and the people are charming, but in Tuscany or Spain the sun also shines and things are a little less expensive’. Even humble British retirees in Dordogne are vital to the local economy. Their sudden departure would represent a major blow.
Discriminating against expats The President of the CCE UK branch regards L’Elysée’s primary target as the French abroad. ‘I was concerned about this trend of pointing fingers, as if expats are bad people and tax evaders. This is lunacy: who would leave France to pay the UK’s 50 percent income tax bracket?’ Deschamps asks rhetorically. ‘The truth is that expats are hard-working people who took a painful decision to leave their country. They fly the flag for France and contribute greatly to its image abroad.’ The tax might have harmed bilateral relations too. ‘The UK and France have never been as close as now. Relations are excellent, brilliant. Yet small things like the second home tax could cause a lot of collateral damage’, says Deschamps. And maybe the threat of five million disgruntled expat voters also persuaded L’Elysée to reconsider…
Victory and vigilance Deschamps and his fellow CCE members took the matter to assembly deputies and senators, and even gained a direct audience with President Sarkozy. They feel they were merely fulfilling their three-year mandate, to act for France’s better economic interests. ‘We have to stay vigilant’, says Deschamps, ‘because governments can change’. Right now, though, the CCE are pleased that their concerted response won the day. LRJ
info - july / august 2011 - 21
NEWS
The 2011 Coface ‘Opportunities in Trade’ Country Risk Conference at the Emirates Stadium
Xavier Denecker, Managing Director of Coface UK & Ireland
||| During this annual ‘flagship’ half-day conference, high profile speakers assessed the economic developments of the past year and examined the main trends shaping the UK, European and world economies. Companies and their advisers need to be aware of both the opportunities and risks of trading at home and overseas. From protection against the risk of non-payment to maximising domestic and export opportunities, there are steps that can be taken to support corporate survival and success. The Coface Country Risk Conference helps companies and their advisers define strategies that will help them achieve both. With over 260 delegates attending this was the largest UK Coface Country Risk Conference to date. Delegates heard 5 keynote speakers discuss the opportunities and risks of trading at home and overseas. David Smith, Chief Economics Editor of The Sunday Times, analysed the broader world economic picture; Dr Robin Niblett, Director at the international ‘thinktank’, Chatham House, looked at the challenges facing Europe and the Eurozone; and the UK economic picture was updated with the latest market data from Chris Williamson, Chief Economist at Markit, the publishers of the highly-regarded Purchasing Managers’ Indices. Coface’s view on the global trading risks was presented by Yves Zlotowski, Chief Economist, Coface Group. Three
22 - info - july / august 2011
major trading risks were identified by the speakers: 1. The combination of budget cuts and inflation (“an unforeseen and unwelcome invitee”) could choke the recovery in the highly indebted Western economies 2. The Euro crisis has not been resolved yet 3. Overheating may lead some emerging countries to have a hard landing. Companies in the UK & Ireland also face day-to-day risks. The number of insolvencies in the UK and abroad is currently low, mainly because the most fragile companies have disappeared during the recent crisis. However, Coface does expect insolvencies to increase in the coming months – and this is where trade credit insurance has a vital role to play. Coface’s scoring models have improved dramatically over recent years and provide more transparency in risk underwriting. ‘Trust’ and ‘confidence’ were key words throughout the Conference - this being exactly what Coface’s business is about. 18 months on from the financial crisis, Coface is also “confident on China, Brazil and India”, according to its UK and Ireland Managing Director and Conference host, Xavier Denecker. “These are examples of the countries that are generating strong demand and will be able to pull the global economy through the future. They are good countries to export to,” he stressed to the conference delegates.
NEWS
Gordon Innes appointed as London & Partners Chief Executive Officer ||| London & Partners, the official promotional agency for London representing tourism, foreign direct investment and higher education, has announced the appointment of its CEO on the 25 May. Gordon Innes will lead the new agency, launched on 1st April 2011, by bringing together the remits of three separate agencies Visit London, Think London and Study London to create a single vehicle to promote London to visitors, investors and students with one voice. Gordon joins London & Partners in the summer from the Department for Business Innovation and Skills, where he has led the team which oversees the UK’s transition to a green economy and the creation of a Green Investment Bank. The Mayor of London, Boris Johnson, said: “An extraordinary city requires extraordinary leadership. In Gordon Innes, London & Partners has found the skills to take London’s stunning new brand to project our story around the world.” He joins at an amazing point in the capital’s history. With the 2012 Games just over a year away we have this unique, once in a lifetime opportunity, to secure London as the best big city in the world for generations to come.
Gordon Innes
AXA reveals that up to 20 million consumers cut spending as a result of financial pessimism ||| The new “Big Money Index” from AXA reveals that 40 per cent of consumers (up to 20 million people) have made significant spending cutbacks in their daily lives since the end of last year. Recording a dramatic fall in financial confidence over 12 months across eight demographic groups, the Index also reveals that one in five regret some of their pre-recession financial decisions and are not confident investing in British shares. One in four consumers have used their savings in the last quarter in order to make ends meet. AXA’s new quarterly report presents an in-depth view of financial confidence, behaviour and attitudes with a unique, detailed focus on eight distinct demographic groups. It provides a comprehensive portrait of the impact that falling consumer confidence is having on spending habits and confirms that those with least money are feeling the most “squeezed”. As a result of this, a striking 40 per cent of consumers chose to go out less between January and March this year, a five percentage point increase on the previous quarter. Even half (48 per cent) of those in the least pessimistic group, Young Professionals, cut back on going out. The proportion among The Stretched was even higher at 56 per cent. With soaring petrol prices, more than a quarter (27 per cent) of consumers reduced car usage in the first three months of the year (up 10 percentage points on
Q4 last year) and a similar number say they cut back on food shopping. Thirty five per cent tightened the reins on alcohol and takeaway spending while an increasing number cut back on holidays. The last quarter saw an eight percentage point rise in those cutting expenditure on food, oil, gas and electricity. The report also shows a clear lack of enthusiasm for the UK tax system. Not only do almost half (49 per cent) of people in the UK think inheritance tax should be abolished, when asked if they think the top-end 50 per cent UK income tax rate should be kept for the long term, around half of respondents (47 per cent) agreed.
Approximately 27 per cent cut back on food shopping
info - july / august 2011 - 23
NEWS
Capgemini CEO Hermelin Appointed Chairman of France-India CEOs ||| Capgemini’s CEO, Paul Hermelin, has been appointed Chairman of the Board of France-India Chief Executive Officers on the 16 of May. Created by Medef International in 2000, this body informs French enterprises about opportunities in India, promotes and defends French investment there, and organises CEO delegations to India. The appointment is particularly timely as Capgemini is one of the largest French employers in India, employing around 33,500 people and representing 30 percent of total Group headcount. In this role Paul takes over from Guy de Panafieu, Crédit Agricole Corporate and Investment Banking senior advisor. Paul Hermelin Medef International brings together French and foreign companies of all sizes and from all sectors. Through networks with governments and civil services, Embassies, Chambers of Commerce and Industry, and French companies already present abroad, Medef International helps companies develop their business on an international scale.
Luc Oursel replaces Anne Lauvergeon at the head of Areva ||| On the 17th of June, the Government announced that Anne Lauvergeon would not be renewed in her position as CEO of Areva, on the expiry of her term in late June but replaced by the current number two Luc Oursel, Chief Operating Officer in charge of International, Marketing and Projects. Luc Oursel is a graduate of the Ecole Nationale Supérieure des Mines de Paris and is a Chief Engineer of Mines. On January 2007 he became President and CEO of Areva NP and a member of the Executive Committee and Nuclear Executive Committee of Areva. “Luc Oursel responsabilities will include imple- menting a plan to improve the Luc Oursel performance of the company, to strengthen its competitiveness and continue its development” said Francois Fillon, French Prime Minister.
EDF Energy to provide Electric Vehicle recharging solutions to Peugeot UK and Citroën UK ||| The partnership between EDF Energy, Peugeot UK and Citroën UK will create a one-stop-shop for customers, ensuring best in class motoring technology and safe and convenient recharging solutions. It will support the development, future marketing and uptake of fully electric and plug-in hybrid vehicles. Both companies are leaders in electric vehicle research and development, with EDF Energy’s proven expertise in the field of safe recharging and PSA Peugeot Citroën’s recent involvement in European trials. EDF Energy will offer business fleet customers a range of recharging products and services depending on the organisation’s requirements. These include: site survey, technical report, a range of recharging products, installation services and smart metering technology. EDF Energy has been facilitating the site
24 - info - july / august 2011
survey and installation of charge points at all Peugeot and Citroën appointed EV dealers across the UK. In addition, EDF Energy has already provided training to dealership staff on safe recharging. The development of plug-in and other hybrids is also an integral part of Peugeot UK and Citroën UK’s strategic commitment to offering “everyone an ecocar”. For example, the Group is planning to extensively deploy the Stop & Start micro hybrid system across all of the Peugeot and Citroën model line-ups. Peugeot UK and Citroën UK will also offer full diesel hybrids that will deliver radical improvements in both fuel efficiency and CO2 emissions. These developments will enable Peugeot and Citroën UK to consolidate its environmental leadership in the competitive automotive industry.
NEWS
© flickr/areva_Offshore windfarm Alpha Ventus. Borkum, Nordsee_Areva_wind
GDF Suez, VINCI and Areva join forces to develop France’s offshore wind industry
Areva offshore windfarm
||| GDF Suez, VINCI and Areva have signed a partnership agreement on the 18 May 2011 to build up a competitive, sustainable offshore wind industry which will bring thousands of direct and indirect jobs. The alliance has been formed to allow the groups to reply jointly to the call for tenders announced by the French President of the Republic in January 2011. The government is targeting 6000 MW of offshore wind capacity by 2020 (versus 5322 MW today) and intends to build five offshore wind farms along the French coast. This agreement will lead to the creation of an industrial platform around three major players with complementary expertise in renewable energies and construction, applies exclusively to three wind farms at Dieppe - Le Tréport, Courseulles-sur-Mer and Fécamp. These three offshore wind farms should cover the electricity requirements of several million people for an average duration of 30 years. GDF Suez, France’s leading wind power producer with almost 1000 MW of installed capacity, has acquired
comprehensive know-how across the entire chain. For this major offshore wind project in France, VINCI will be mobilising both VINCI Concessions and its Contracting (construction and energies) branch, and will be taking full advantage of its firmly-rooted network of experts and integrators around the country. Areva, which has been present in the sector since 2004 and which is Europe’s second-largest offshore wind industry player, is in a position to propose an offer which is perfectly tailored to the requirements of the French offshore wind market. “GDF Suez is pursuing its strong growth in renewables and confirming its ambitions as regards offshore wind. With its partners, GDF Suez is positioning itself as a key player in the creation of a true offshore wind industry in France. The Group will be providing its expertise as an integrated supplier of energy solutions, combined with that of its specialised subsidiaries”. Said Gérard Mestrallet, Chairman of GDF Suez.
info - july / august 2011 - 25
NEWS
Alstom wins contract to construct Israel’s biggest private power station ||| On the 6 of June, Alstom signed an EPC (engineering, procurement and construction) contract worth approximately €500m with Dalia Power Energies Ltd to build the gas fired Tzafit power plant in Israel. The project represents Alstom’s first entry into the Israeli gas market and will be the country’s largest privately-owned power station. The power plant, located 40km south-east of Tel Aviv, will be commissioned in 2014. It will add 835 MW to the national grid, which corresponds to about 7% of the country’s installed power generation capacity. The Israeli government is encouraging investments by IPPs (independent power producers), while the recent discoveries of major gas reserves near the
Alstom’s gas fired power plant
Israeli coasts is likely to encourage investment in gas fired combined cycle power stations.
3i and Pragma Capital invest €60 million in Loxam ||| 3i and Pragma Capital announced, on the 1st of July, they have taken a minority stake in Loxam Holding, the French and European leader in the equipment rental industry. 3i and Pragma Capital have invested approximately €60 million. Established in 1967, Loxam is a pioneer in rental equipment for the construction and civil engineering industries. By focussing its development on organic growth and strategic acquisitions in France and abroad,
Loxam now has a total of 541 branches worldwide. The investment by 3i and Pragma Capital will accelerate the company’s growth strategy which includes: 1) Further increasing Loxam’s profile and presence across Europe thanks to the international network of its shareholders. 2) Ensuring the liquidity of Loxam’s employee shareholder scheme. 3) Strengthening the equity of the company to facilitate potentially significant acquisitions
||| Cassidian, an EADS company and leader in global security solutions and systems, has won an award for innovative technology at the Soldier Technology 2011 conference in London. At the event, Cassidian received the commendation for its Future Soldier System, in its basic version, which can be fully integrated into Armoured Fighting Vehicles (AFVs) like the Boxer or the Puma. Recent field trials have demonstrated the system’s potency, and the German Army is currently using the FSS during both mounted and dismounted operations in Afghanistan. One key pioneering aspect is the exchange of voice and data between the communication systems connecting soldiers and vehicles.
26 - info - july / august 2011
© flickr/isafmedia
Cassidian receives Innovation Award at the Soldier Technology 2011 conference in London
Soldiers in Afganistan
NEWS
JCDecaux wins prestigious 7th Gold Award at RoSPA awards ||| JCDecaux UK is celebrating winning a Gold Medal at the prestigious RoSPA Occupational Health and Safety Awards on the 1st June 2011. This is JCDecaux’s 7th consecutive Gold Medal in the awards. JCDecaux’s David Dixon accepted the award at a ceremony at the Hilton Birmingham Metropole Hotel in May. The RoSPA awards scheme is not only about reducing the number of accidents and cases of ill health at work; it also encourages organisations to develop robust health and safety management systems. The majority of awards are non competitive and mark achievement which is graded at merit, bronze, silver and gold levels. Organisations maintaining high standards can win Gold Medals, President’s Awards and Orders of Distinction.
JCDecaux’s Health & Safety Manager David Dixon (right) accepted the award at the Hilton Birmingham Metropole Hotel
L’Oréal recognised by Ethical Corporation for its innovative reporting on sustainable development ||| At the 10th Responsible Business Summit (16 May) in London, L’Oréal was recognised for its innovative reporting on sustainable development by Ethical Corporation, an organisation that promotes debate and discussion about Corporate Social Responsibility. L’Oréal has made a firm commitment to sustainable growth and to demonstrating measurable progress
in sustainable development. This award recognises the group’s ability to communicate its achievements in sustainable development. The group published its first Sustainable Development report in 2004. In 2010, L’Oréal decided to make the report more widely available through its website. www.sustainabledevelopment.loreal.com
LinkedIn opens sales office in France ||| LinkedIn, further demonstrated its commitment to global expansion by the opening of a sales office in France last March. Located in central Paris, the new team will offer local support to the growing number of French companies who use the LinkedIn platform to market to and recruit from its professional audience. LinkedIn currently has European offices in London, Amsterdam, Dublin and now Paris. This latest step in LinkedIn’s expansion follows widespread adoption of the site as the professional network for people across Europe. More than 20 million European professionals are now establishing their online
professional identity, networking with their peers, accessing business insights and discovering new opportunities wherever they are. In January 2011, the number of French professionals on LinkedIn passed the two million mark. An exclusive Ipsos study commissioned by LinkedIn in February 2011 found 50 percent of French professionals intend to change their job in 2011. ‘The French have a strong appetite for networking. Our research also shows that 84% of professionals look to their networks to make their professional goals happen’ said Bret Stern, Marketing director for EMEA.
info - july / august 2011 - 27
NEWS Legal
Pension changes in the UK and France: between flexibility and tax ||| Given the public deficits and the recent changes in Public Pensions which took place on both sides of the Channel, private pensions plans are becoming more and more important to all of us. For years, British pensioners have contributed into their private pensions. They have seen many changes through “A-Day” and the recent changes on the Annual Allowances. Whether they had decided to contribute to Personal Pension, SIPP, Company Occupational pension or other schemes, they recently have been given more choices to access the income from their pension after reaching 55 years old. Parallelly, across the channel, new exit rules for Private pensions were put in place over the past few months. New pensioners will gain more flexibility when accessing their pension. It will certainly be considered as a progress as the responsibility of a pension has over time switched from Governments to employers and now to the retirees. Governments seem to acknowledge this, and have made these pension products more attractive to savers. Nonetheless they haven’t forgotten the need to finance the current public deficits and thus the increase of flexibility has been balanced by an increase of tax charges for many.
Pension solutions are becoming more flexible: The French government has intended to modernise the Plan d’Epargne Retraite Populaire (PERP) which hasn’t had a great success since its launch by the Loi Fillon of August 2003. Until recently, the only exits allowed by the French PERP were under the form of annuities for the retiree or his /her spouse. This was also the case in the event of death of the individual during the saving phase. Only a few exit options with a lump sum capital payment were allowed in case of very exceptional situations. By comparison, in the event of death of the plan saver, all funds saved in a UK plan are paid to the nominated beneficiaries tax free. Since November 2010, French retirees can access 20% of the amounts saved in their PERP in capital at retirement. The remaining 80% of the funds will still be accessible via a lifetime annuity which is taxed as an income. Even though it might not seem much to a British retiree who can receive from age 55 a lump sum up to 25% of the funds saved, it is a great improvement on the French side.
28 - info - july / august 2011
The British authorities have themselves amended the Income Drawdown plan which allows the retiree to access 25% of their capital tax free, and to withdraw the remaining funds via annual withdrawals which are limited in value. The Capped Drawdown Plan and the Flexible Plan were introduced from April 6th 2011. In both plans the Tax free lump sum is maintained. The Capped Drawdown plan is replacing the actual plan, the income available from the withdrawal will be lower but is expected to be in line with what could be received from a lifetime annuity. The capped drawdown can be continued up to the end of the retiree’s life whatever his/her age. With the previous legislation at age 75 the retiree had to purchase an annuity or opt for another plan (Alternatively secured Pension) where the sums left to his beneficiaries upon death were taxed up to 82%. The recent introduction of the Flexible drawdown plan provides extra flexibility to the British retirees. It allows the individuals to withdraw all the funds from their plans provided that they can prove when accessing the plan from age 55, that they have a guaranteed income of at least £20,000 from other sources such as lifetime annuity, final salary pensions, or state pension. It is expected that around 200,000 individuals will be able to access this Flexible Drawdown Plan.
In balance for a greater flexibility; some tax charges: For the French PERP, the access to 20% of the funds in capital will not be tax free, as all payments in capital from a retirement plan will be taxed in France at income tax rate. It means for French expatriate or British citizens retiring in France that a careful planning must be set. As it will also include all payments in capital from nonFrench pension plans and therefore the British Tax free lump sum could be caught into this new taxation. In the United Kingdom the increased flexibility will also be balanced by some increase in taxation. Upon death the Income withdrawal Plan can allow the remaining funds to be passed to the beneficiaries provided a charge is paid. This charge which was at 35% will now be at 55% of the remaining funds. All these parameters should be taken into account when one considers changing residency. The retirement age may vary, and depending on one’s personal
NEWS circumstances, planning may vary as well. For those with sufficient funds and retiring abroad, the Qualified Recognised Overseas Plan scheme (QROPS) might be an option to consider, as it could allow a greater flexibility. It is important when considering saving through a pension plan to balance the advantages of the Tax relief concerning the contribution and the gross roll up during the life of the plan, which are being offered in
both countries, and the constraints at the exit of these plans set in place by our governments who would like to ensure that all retirees will have enough to live on to an increasing old age. This should only be used as an overview and not in any way as advice. Only an analysis of one’s personal circumstances will ensure a proper planning. Bérangère Hassenforder is Managing Director of Anthony &CO UK Ltd
hats off to...
Congratulations to Le Manoir aux Quat’Saisons following double wins at the Cateys 2011
At the Cateys 2011 (Caterer & Hotelkeeper’s annual hospitality awards – 6 July 2011), Le Manoir won Hotel of the Year (Group) and Philip Newman-Hall, Director/ General Manager, was also presented with the ‘Manager of the Year’ Award. The judges were particularly impressed with his ability to nurture staff, command the admiration and respect of his boss, renowned Chef Raymond Blanc, and have a direct impact on the success of Le Manoir aux Quat’Saisons. Raymond Blanc, who is filming in France at the moment, has sent a message of support to all his team. He added, “You have supported me in realising my dream and I think we have succeeded in creating a rare thing, a modern classic. It might be that initially I own the vision behind it – but it was always my aim that those who work with me should share its ownership – I always wanted you to own it, too. And now, with this award, you truly do”.
hello, goodbye...
T
he French Chamber of Commerce would like to welcome the new representatives of existing member companies. We would also like to express our gratitude to members who have made outstanding contributions to the Chamber, but who are now moving on to different destinations. We wish them all the best in their new posts.
Alan Jenkins retires from Eversheds ||| Alan Jenkins has retired as a partner from Eversheds and in consequence as a member of the Advisory Council of the Chamber. He was Chairman of the firm from 2004-2010. His successor as Chairman is John Heaps. The Chamber would like to truly thank him for his support and wish him all the best for the future.
Lionel Ravix becomes VINCI Construction Grands Projets new MD for the British Isles ||| In the past ten years, VINCI Construction Grands Projets was involved in major successes in the UK like the completion on time and on budget of the tunnels of the new Terminal 5, large sections of the Channel Tunnel Rail Link or the Widening of the M1 near Nottingham (junction 25 to 28) thanks Eric Chambraud Lionel Ravix to the management of Eric Chambraud. Eric started as MD for the British Isles in 2001 and was promoted MD for the British Isles and North America in 2006. As he is now going back to Paris to be the new Director for Northern, Central and Eastern Europe, Russia and Americas, it’s now to his deputy since 2007, Lionel Ravix to take over and be in charge of the British Isles. This logical move comes after his achievements as deputy MD: securing the signature of the £417M Lee Tunnel and the £238M Crossrail C510 contracts.
info - july / august 2011 - 29