Message from the Master

SIR JONATHAN PORTAL BT, MASTER 2019-20

Greetings, fellow Clothworkers! I’m writing having just been elected and installed as your 500 th Master. That is a great landmark for usall. I am looking forward to a busy year ofcelebration and evolution, as I outlinedat the Annual General Meeting (thispast June). I’m taking this opportunityto share with you some of the aspects ofClothworker business that have been ofparticular interest to me on my journey tothe Master’s chair.

I’m a chartered accountant, so it wasno surprise that, when elected to theCourt in 2007, I was steered towardsthe finance committees. I specialise inmanaging and growing small companies,and have also enjoyed being involved with commercialising textile-related ideas at Leeds University and more broadly with The Company’s textile strategy.

Helping run and grow any organisation valued at more than half a billion pounds is interesting, and The Clothworkers’ Company and its Foundation are no exception. Our evolving investment policy requires continual debate: Should we be active investors or passive, which is less expensive? What is our appetite for risk? What is the appropriate balance between using the pro bono talent pool of our livery and external (and therefore expensive) professional advice?

I have also played a part in managing our extensive property portfolio, the bedrock of The Company’s recent growth in value. Those transactions are complex; our advisers skilful.

The recent results – the new Angel Court, Moorgate and Fenchurch Street buildings – have contributed to the doubling of our property income in the past five years.

On The Company’s textiles agenda, my involvement began with the two textiles-related departments in Leeds University. The fascination for me is their endless flow of extraordinary inventions. The Clothworkers’ saw the opportunity to help these departments identify potentially commercial ideas and bring them to market. In partnership with the university, we developed a process and provided early stage funding. Waterless washing machines, Xeros, was the first success and is now an AIM-listed company. Waterless dyeing is equally ‘disruptive’ to the industry, and the university should start seeing a return on its investment this year. Among other pioneering inventions are natural hair dye products, anti-frizz products and a new kind of ostomy bag (one that safely contains matter, but can be flushed away – magic!). We are also excited by medical technology to develop textile-based scaffolds to be used for repairing softtissue, nerves and bones. The challenge and interest for me is in selecting and progressing the best inventions and encouraging the academics to get behind the commercialisation agenda.

Our aim is to increase our influence in the textiles industry and to encourage UK employment in that industry. To that end, I’m pleased that we have also begun to work more closely with the industry bodies. For instance, we have co-funded the development of apprenticeship schemes to address the skills shortages in the industry and are now working with them to find ways to improve take-up and grow employment. In parallel, we are planning to support UK textile exports by co-funding UK textile stands at the three main international trade shows in Milan, Paris and Shanghai.

To entertainment…

I am looking forward to hosting a dinner for the Huguenot Society on 17 October. My four-greats-grandfather was a Protestant (Huguenot) and – along with thousands of others – escaped the late 17 th -century massacres in France. His escape was particularly dramatic as he and his brother were hidden in an empty wine barrel on a ship from Bordeaux. They safely landed in England, and here I am! It’s an extraordinary story, as are all the Huguenot stories, so I encourage you to come to our dinner – you won’t be disappointed. There is a lecture before the dinner given by former Bishop of London, Lord Chartres, who is himself a Huguenot and a very engaging speaker. Tickets are selling fast. Contact David Guyon for more information: dguyon17@gmail.com.

To celebrate the previous 499 Masters, The Company will display information boards in the Entrance Hall for the Huguenot Society dinner and several members’ events. The small exhibition will highlight some of The Company’s most colourful and interesting past Masters. Have a look when you visit the Hall!

I’m also delighted to announce that The Company will be hosting a special event next year, the 500 th Master’s Ball. Save the date: Friday, 15 May 2020. This will be a glittering evening and suitably different from our other events. The objectives are to have fun, but also to raise money for the Clothworkers’ Charity Fund, mainly by means of a silent auction. Formal invitations and ticket information will be sent this autumn to all Livery and Freedom members, as well as staff, who will be welcome to attend with a guest (which may include spouses, partners, friends, etc). I do hope you will come and celebrate with me!

Finally, I would love to meet you. Please come and find me when you’re next in the Hall.