July / August 2014
Fiona le Poidevin
Finance - innovation, innovation, innovation THE SWITZERLAND OF ASIA
INNOVATION THE KEY TO SUCCESS
A MATTER OF (CIVIC) PRIDE
A look at the relatively young international finance centre, Singapore, and the reasons for its growing success
Chief executive of Guernsey Finance, Fiona Le Poidevin, talks about the challenges faced by the finance industry and the importance of being first to market
Chris Brock gets a few things off his chest and explains why we should look after the small stuff
G U E R N S E Y ’ S
B U S I N E S S
M A G A Z I N E
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Wealth and Investment Management Barclays offers wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Private Clients International Limited, part of Barclays, is registered in the Isle of Man. Registered Number: 005619C. Registered Office: Barclays House, Victoria Street, Douglas, Isle of Man IM99 1AJ. Barclays Private Clients International Limited is licensed by the Isle of Man Financial Supervision Commission, registered with the Insurance and Pensions Authority in respect of General Business, and authorised and regulated by the Financial Conduct Authority in the UK in relation to UK regulated mortgage activities. Barclays Private Clients International Limited, Jersey Branch, is regulated by the Jersey Financial Services Commission. Barclays Private Clients International Limited, Jersey Branch, has its principal business address in Jersey at 13 Library Place, St. Helier, Jersey JE4 8NE, Channel Islands. Barclays Bank PLC, Isle of Man Branch, has its principal business address in the Isle of Man at Barclays House, Victoria Street, Douglas, Isle of Man IM99 1AJ. Barclays Private Clients International Limited, Guernsey Branch, is licensed by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended, and the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended. Barclays Private Clients International Limited, Guernsey Branch, has its principal place of business at Le Marchant House, St Peter Port, Guernsey, Channel Islands GY1 3BE.
Welcome to my first message as Chamber’s new president. I write this the day after having been elected as president of Guernsey’s Chamber of Commerce and I am looking forward immensely to my two year term in office. Although I have sat on Council as head of the retail sub group for a couple of years I wanted, when I was nominated for president, to look more closely at Chamber and what it represented to the island. So I did a little historical research. There’s not much that can’t be found on the internet and this included Chamber’s history. Chamber, at least the Chamber that we know, was founded in the early 1800s and so has been going, with the odd interruption, for over 200 years. In 1808 there were some 70 members and I found a list of not just their names, but also their business interests. Not unsurprisingly the most heavily represented sector was shipping, though I do wonder whether back then this was a polite description for privateering. However, banking, farming, brewing and merchant activity were all listed. But what struck me were the similarities between Chamber then and Chamber today. Guernsey was then, as it is now, a trading island. Our harbour and airport allow us to import and export everything we need, consume and produce. Today our exports may no longer be stolen French brandy, but nowadays we export our skills, creativity and knowledge. So the ability to travel freely and trade economically, along with connectivity in all its forms, is of paramount importance. We must recognise that all businesses are connected, the health and vitality of each sector directly affects the others. Put simply we are all in this together. So where does that take Chamber over the next few years? Fragility continues to exist within our economy so the business sector is looking further afield for new sources of revenue. Support, particularly financial, must be expanded to allow that to happen.
Editor Trish Grover editor@collaboratecommunications.com Advertising sales Julie Todd sales@collaboratecommunications.com Design & production Mojoe joe@mojoecreative.co.uk
At home, Chamber members face issues and challenges relating to workforce skills, transport, infrastructure, taxation and legislation. The business community is constantly seeking to overcome these difficulties and to innovate, but we all know that the past few years have seen limited financial growth. Looking forward, the recent Business Trends Survey indicates uncertainty regarding future growth potential. I wonder if this message is one that our deputies have truly understood? Some I believe have, but for many - I am not convinced. How many of us are aware that over the five-year period, 2008 to 2012, States revenue rose by only 3.7% but outgoings rose by over 16%? Yet we continue to see increasing calls for expenditure. In my view the key objectives of Chamber and Government should be aligned. Broadly these must be to increase business output and so increase revenue, but to constrain costs. I hope that the States really grasps the nettle and controls its expenditure, resolves the pension issues, sweats its assets, and seriously investigates and implements outsourcing of both essential and non-essential services to bring down its cost base. The public and private sectors must jointly shoulder the burden of fiscal responsibility. Earlier this year we commissioned a new website which I am hopeful will be up and running within the next month. This will move Chamber from the Stone Age into the 21st century and will operate on all devices - desktop, tablet and mobile. As a platform the website will allow us to engage with our members much more closely and receive feedback more accurately so that we can reflect members’ concerns and aspirations as we lobby Government. The next two years will prove to be interesting, challenging and I hope for all of you, even profitable. Tony Rowbotham
Contact is produced six times a year by Collaborate Communications. To receive Contact magazine call Julie Todd on: communications 01481 715 222 or email: sales@collaboratecommunications.com www.facebook.com/ContactmagazineGuernsey @collaborateCI
www.guernseychamber.com
Contact is published by Collaborate Communications. Copyright 2014. All rights reserved. Any reproduction without permission is prohibited. Contact contains editorial content from external contributors which does not necessarily reflect the views of the publishers. Contact does not accept or respond to unsolicited manuscripts and photographs. The publishers do not accept responsibility for errors in advertisements or third party offers.
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office@guernseychamber.com 01481 727483
GuernseyChamber
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FE AT U R ES
15
29
58
Fiona le Poidevin
Singapore
Grumpy old (wo)man
Innovation, innovation, innovation
Switzerland of Asia
With Chris Brock
66
68
Contents 6 Business news 10 Chamber news 15 Fiona Le Poidevin 20 A focus on finance 29 Jurisdictions - Singapore 33 A focus on finance - continued 58 Grumpy old (wo)man 62 Business in the community
All in a day’s work
If I were in charge
66 All in a day’s work
With Vikki Freeman
With Rupert Dorey
68 If I were in charge 70 Directory
CONT RIBU T O R S Zoe Ash - writer
Simon Boucher-Harris - photographer
James Arklie - writer
John O’Neill - photographer
Gemma Long - writer
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BUSINESS NEWS
An impressive line up of speakers confirmed for AO Hall’s fraud conference Uncovering fraud, forgery, orders to freeze assets, locating assets and the enforcement of claims have been confirmed as some of the topics being discussed by leading experts at this year’s event, which takes place on Friday 26 September. The island’s conference will consider the complexities of catching fraudsters who are using increasingly sophisticated methods and recovering their ill-gotten gains. It will include speakers from Guernsey, Jersey, the UK and Cayman. ‘We have worked closely with all our guest speakers, who are leading fraud experts, to provide a comprehensive programme of the latest developments in catching fraudsters and tracing their assets in multiple jurisdictions. As legal expertise and police investigations become more sophisticated, so does the criminality of fraud and it’s imperative that we try and remain one step ahead,’ said AO Hall partner Alison Ozanne (pictured). ‘As this is the 5th AO Hall fraud conference we have decided to do something a little different with the format. We have devised a case study which will develop during the day and each of our speakers will use that to illustrate his or her particular subject. We hope that this will be an insightful way of showing delegates how the topics we are discussing can be applied practically in every day cases.’
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The conference, which is again being hosted in conjunction with the GTA University Centre, will be opened by Advocate Ozanne and GTA deputy chief executive Simon Le Tocq. Keynote speaker Detective Chief Superintendent Oliver Shaw, who heads the 300-strong Economic Crime Directorate of the City of London Police, will then talk about ‘what’s hot and what’s not’ in fraud. Other speakers and contributors include AO Hall’s Matt Sanders, Dr Audrey Giles, a leading forensic scientist and forgery expert, and Elspeth Talbot Rice QC and Daniel Warents from leading offshore Chancery Chambers, XXIV Old Buildings, who will discuss issues about the availability of court orders to freeze assets and obtain disclosure in different jurisdictions. In addition, Jersey Advocate Stephen Baker, from Baker & Partners, will deal with the issues arising from pursuing parallel civil and criminal proceedings and Claire Broadbelt from Mishcon de Reya Solicitors will speak on the eventual means of enforcement of claims. Practical breakout sessions will see Penny Cassell, director of Krys Global’s Cayman office, looking at the practicalities of locating assets, obtaining disclosure and tracing techniques and AO Hall group partner Paul Buckle and senior associate Sarah Brehaut will discuss personal claims for recovery against other parties involved. ‘The aim of this year’s AO Hall Fraud Conference is to give delegates the insight and the knowledge to identify possible fraud and the practical tools to gather evidence and pursue a claim. We have some outstanding speakers and I am confident this year’s conference will be the most successful yet,’ said Alison.
B U S IN E S S N EWS
International Asset Monitor has re-branded as IAM Advisory International Asset Monitor has announced that they have rebranded as IAM Advisory. The change has been effected to reflect the comprehensive range of investment advisory
JT data centres achieve global quality certification
independent process, which inspects the full detail of a company’s controls, processes and procedures in a wide range of business critical areas from HR to security, financial management and operations.
JT has become the only Channel Island data centre provider to achieve the coveted ‘SOC’ quality certification.
After a year’s work, JT has now achieved this standard for its three Channel Island data centres including First Tower Lane in St Peter Port.
Becoming SOC (Service Organisation Certification) certified is a rigorous,
New undersea cable link lands in Jersey Work is underway on Long Beach in Jersey in preparation for the landing of the new undersea cable link, Normandie 3. Normandie 3 links the Channel Islands to France and forms part of the Channel
services that the company provides. Whilst the original focus of the business was providing investment advice to sovereign wealth funds, now, in addition, it covers a complete range of clients from HNWI, pension plans, trusts, corporate trustees, IFAs, corporate treasuries, and insurance captives. Michael Strachan, managing director, said: ‘Since establishing the company 27 years ago, the core values remain the same, we offer value added investment advisory services with integrity and complete independence.’
‘We are delighted to become the first, and only, Channel Island data centre provider to achieve this level of independent certification. Many clients are now asking whether JT has achieved SOC certification before agreeing to trust us with their valuable corporate data; making sure that their partners have achieved this standard is an important part of their own corporate governance.
Paul Taylor, managing director of JT’s global enterprise business unit said:
‘We work in a very competitive market, and this certification is an important differentiator for JT.’
IslandElectricity Grid (CIEG) along with Normandie 2, an existing 100MW cable between Jersey and France and GJ1, a 60MW cable between Guernsey and Jersey. Its 100MW capacity will be utilised by both Jersey Electricity and Guernsey Electricity. Guernsey Electricity managing director Alan Bates said:
from the CIEG. This project is good example of the islands working together and it’s an important joint venture for the CIEG.
‘The landing of the Normandie 3 cable link is a major milestone in the project but there is still a lot of work to be completed in both France and Jersey before the cable is operational. ‘The cable laying process is extremely complex and has involved the expertise of a number of contractors and engineers
What makes us different is our ability to do ‘whatever it takes’… …and our commitment to the very highest standards. We provide professional fund services for large institutional clients who need expert, individual attention rather than an off-the-shelf product.
‘This new cable, once commissioned, will provide both islands with extra capacity allowing Guernsey Electricity to increase the amount of cheaper, lower carbon energy we import, reducing on-island generation to less than 20%.’ The project is expected to be complete before the end of the year when commissioning tests will begin. The link should be fully commissioned and able to add power to the grid in both islands by 2015.
B U S I NES S NE WS
Acquisition in the trust sector Imperium Trust Company Limited has completed the acquisition of Guernsey-based trust and corporate services business – Saltire Trustees. The integration of the business will further strengthen Imperium’s service provision, particularly in the area of family wealth structuring. David Gilmour, director of Imperium sees the acquisition as a part of the continued growth programme for the company: ‘We have seen a steady increase in our client base since Imperium was established in 2011. Taking on the Saltire business will add further scale to our business as well as diversifying our range of corporate and private fiduciary structures. This agreement almost doubles the size of Imperium’s business base. We have on-going plans for developing the company and this opportunity was a perfect strategic fit.’
As part of the arrangement, Jonathan Robbins a director of Saltire Trustees, has joined the Imperium Board. Jonathan specialises in managing structures for HNW clients and in corporate administration for listed or regulated companies. He also has experience administering AIM listed companies with particular expertise in the natural resources sector. David said: ‘Jonathan’s skill set complements that of the existing Imperium board. His technical expertise will help build on the high quality service provision Imperium already delivers. I am sure that he will make a valuable contribution to the on-going development of Imperium.’ The Imperium team has re-located to the Saltire offices in Rue du Pré to accommodate the larger team. Picture left to right Imperium directors: Casey Jonkmans, David Gilmour, Rhona Humphreys, Jonathan Robbins.
New look for Touchstone
enhancements over the past year to its system, which is built on the latest version of the Microsoft Dynamics NAV2013 R2 platform.
Touchstone, one of the leading providers of wealth management administration systems, now has a new corporate identity.
‘We are delighted to be launching NavOne. We believe this is a world-leading wealth management system powered by the latest version of Microsoft’s leading business software platform - Microsoft Dynamics NAV2013’, said Peter Le Brocq, managing director of Touchstone’s wealth management division.
The company has launched a new, more modern identity, and re-branded its TrustDynamics and FundDynamics systems to ‘NavOne’ following many
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Guernsey best in class Guernsey has been named ‘best in class’ for Insurance Linked Securities (ILS) at the Professional Adviser International Fund and Product Awards 2014. Now in their 15th year, the awards are run by Professional Adviser, a weekly trade magazine focusing on the issues facing the investment advisory market in the UK. Fiona Le Poidevin, chief executive of Guernsey Finance, said: ‘I am delighted that Guernsey has been named ‘best in class’ for ILS. It is an asset class which has gained significant momentum during the last few years and is particularly attractive to investors because returns are uncorrelated with the general financial markets. ‘Guernsey’s expertise across both the investment and the insurance sectors and our proximity to London and Zurich means that we are very well placed to meet the needs of the marketplace. This is demonstrated by the substantial growth we have seen in the past few years, with 99 new international insurance entities licensed in the 12 months to the end of March, a significant number of which are related to ILS. ‘I know from speaking to industry that more have come on-stream since then and we are trying to capitalise on the opportunities by actively marketing our proposition. We want Guernsey to be top of mind for those involved in putting together ILS deals. ‘It’s rewarding to get recognition for our offering, the success we are enjoying and the way we are continuing to grow ILS as a business stream in Guernsey.’
B U S IN E S S N EWS
The average fraud detected across all types of insurance products was £10,813. While there was a small fall in the number of detected frauds, their value, at £1.3 billion, was up 18% on 2012. But in the Channel Islands, the problem of insurance fraud is not as serious.
Insurance fraud – Channel Islands fare better than the UK The insurance industry is taking a tough approach to fraud as national figures show that the value of fraudulent claims has risen to a record £1.3 billion. The latest figures from the Association of British Insurers show that insurers detected 118,500 bogus or exaggerated insurance claims in 2013, equivalent to 2,279 a week.
Chinese stamps make their mark Channel Islands based Stanley Gibbons has released figures from its recent China Market Study showing 21.1% growth in the price of ‘vintage’ Chinese stamps since 2012.
‘The figures from ABI are quite shocking when you consider that insurance fraud is not a victimless crime and actually impacts on every person with an insurance policy. Not only do fraudulent claims take time to deal with, which in turn means a delay in genuine claims being looked at, but it also increases premiums,’ said Rossborough director Tony De Sousa. ‘The UK motor insurance market for example has experienced lots of problems from the issuing of unlawful and illegal documentation by so-called ‘ghost brokers’ and ‘crash for cash’ organised criminal rings. Thankfully in the Channel Islands, it is a different story and we don’t suffer as much. It’s a much smaller, close-knit community and so insurers and brokers have a much closer relationship with each other and their customers and so the opportunities simply aren’t there.’
Looking at prices from 1989 to April 2014 for a cross-section of 200 rare, investment-grade stamps, the data sample shows a rise in value of more than £4million, starting at £358,254 in1989 and valued at £4,522,300 in 2014. The stamps rose £787,950 between 2012 and 2014 alone. The best performer in the study between 2012 and 2014 is stamp SG44b – a 9ca Empress Dowager stamp from 1897- which grew in value 108.3% (£120,000 to £250,000). The best performer over the 25 years since 1989 is another 1897 stamp, a horizontal 2ca
The ABI figures show that fraudulent motor insurance claims were the most expensive and common, with the number of dishonest claims at 59,900, up 34% on 2012. The value of the claims was £811 million, up 32% on the previous year. However, the number and value of property insurance frauds fell by a quarter to 35,000 frauds worth £137 million. ‘Thankfully the lengths people go to in the UK are not reflected here but it’s important to highlight them so that the industry as a whole and the companies quoting for repairs and replacements are vigilant.’ Examples of convictions in the UK in 2013 included 60 people, including seven members of the same family, convicted for ‘crash for cash’ staged accidents, a woman jailed for 22 months following a series of invented street robberies and a vet jailed for two years for inventing claims totalling nearly £200,000 for treating non-existent pets. ‘Insurance fraud is something that the industry and the police take very seriously. Thankfully the vast majority of customers are honest but they rightly expect tough action to be taken against fraudsters,’ said Tony
pair, pale green with a 2c surcharge, which shows a compound annual growth of 22.7% over that time. With a developing investment climate in both China and the wider Asian region and with many Chinese wishing to acquire prestigious, heritage items both to preserve and grow wealth, Stanley Gibbons opened an investment office in Hong Kong in 2012 and in Singapore in 2013. They will also be one of the primary sponsors of the major International Philatelic Exhibition in Singapore in 2015, which will no doubt re-ignite collecting and investing interest in SE Asia.
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CHAMBER NEWS Turnover. 52% of businesses reported an increase in turnover in 2013 compared with 2012; 26% reported a decrease; and 22% stayed at the same level. Matt explained there had been a steady improvement since the height of the financial crisis in 2009 but there was still ground to make up to reach the turnover levels businesses were enjoying between 2005 and 2007. Profitability. 48% of businesses reported an increase in 2013 compared with 2012; 28% reported a decrease; and 24% stayed at the same level. Similar to the position with turnover, there had been improvement in recent years and Matt pointed out that 2013 showed the best net position over the previous six years.
2014 YBG Guernsey Business Trends Survey presentation Chamber’s annual presentation of the Guernsey Business Trends Survey, sponsored by BWCI, took place in June. The survey is organised by YBG and undertaken by Island Analysis. It aims to establish the opinion of local businesses on the current economic situation both within the sector in which they operate and in the island in general. Levels of response were similar to previous years and included a cross section of business sectors and therefore constituted a representative sample of the target group. Matt Stanbury, an actuary with BWCI and a YBG council member presented an overview of the survey results. Key findings were as follows: Employment. Levels of employment showed a similar result to the previous year. 31% of businesses reported an increase in staff numbers in 2013 compared with 2012; 18% reported a decrease; and 51% reported numbers staying at the same level.
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Matt also explained that since the survey had begun, there had consistently been a higher number of businesses reporting an increase in turnover than profit. However in this year’s survey, the two figures were the closest they had ever been. Matt suggested this could indicate that businesses are now successfully converting more turnover into profit; that they are operating with increased efficiency; or that they have cut costs without affecting service or product delivery.
Generally businesses seem to be a little more optimistic about their own prospects in the medium term The survey also questioned businesses on their predictions for 2014. Employment. Unsurprisingly the majority (61%) of business as anticipate keeping staff numbers at current levels; 11% predict a decrease in numbers; and 28% predict an increase in numbers. Predicted turnover. 52% predict an increase in turnover this year, with nearly half
of these anticipating it to be substantially higher than 2013; 16% anticipate a decrease in turnover; and 31% predict staying at the same level. Predicted profitability. There was a similar response to the question related to predicted profits. 51% predict an increase in profitability this year again with nearly half of these anticipating it to be substantially higher than 2013; 11% anticipate a decrease in turnover; and 38% predict staying at the same level. Matt pointed out that this is an improvement on the previous two or three years’ surveys, with businesses showing a more optimistic outlook. The next section of the survey asked questions about the levels of confidence regarding the island’s business performance as a whole, both over the next year and in the medium term. Generally medium term confidence is higher than short term confidence indicating that businesses anticipate being able the meet any immediate challenges they are facing. Interestingly businesses indicated a higher level of confidence in their own sector than in the island as a whole. Finally businesses were asked to rank a list of issues that the island is facing indicating which they felt are the most pressing. The three highest priorities were: adopting an effective economic diversification strategy; addressing the level of skills in the Island particularly amongst younger members of the community; ensuring there is a sustainable population strategy in place including managing an aging population. Matt summarised the findings saying that generally businesses seem to be a little more optimistic about their own prospects in the medium term. He suggested that was a reflection of the global market with some of the larger economies now beginning to show early signs of recovery following some difficult years.
CH AM B E R N E W S
(Pictured left to right: Anne Richardson, Nicole Bromley and Barry Cash.)
A new member of the Chamber team
An avid user of social media, Nicole will also be responsible for building these channels into chambers overall communications programme.
Nicole Bromley has joined Chamber as its communications and events coordinator.
Nicole previously worked for ‘thebestof Guernsey’ as client liaison manager where she was responsible for online and offline marketing including website content, social media management, training and newsletters.
With a broad range of experience from across many aspects of the communications sector she will play a key role in developing Chamber’s own communications and event planning activity.
IBZ.TV wins the 2014 Bill Green Award for Entrepreneurial Spirit The winner of this year’s Bill Green Award for Entrepreneurial Spirit was awarded by YBG to IBZ.TV Ltd at the group’s summer ball held on Friday 20 June. IBZ.TV was up against two other shortlisted companies - Storm Force Fitness Ltd, and a Books & Company Ltd - and was selected by the judging panel as the overall winner.
Director Barry Cash is delighted to have Nicole on the team:
The judges agreed that Russell Meakin from IBZ.TV delivered an impressive presentation, demonstrating how a passion for something you love can be turned into a successful business. They were also impressed with how, within a short timescale, the company had developed extensive partnerships with leading companies in the UK and Ibiza and that it now has further plans to expand. The Bill Green Award for Entrepreneurial Spirit was established in 1996 in memory of Bill Green who was a well-known local businessman with an infectious passion for Guernsey and a drive to develop the island’s business community. The award is presented to a local Guernsey business that has demonstrated a desire to succeed and
‘Nicole’s skills set complements those of the rest of the team perfectly. I am looking forward to working with her and to the valuable contribution she will make to developing our digital communications strategy. She will also play a key part in the roll out of Chamber’s new website. More news on this very soon!’ Nicole is working full time in the Chamber office and in her odd spare moment she also enjoys writing, singing with local choir, Johnny’s Angels, pilates and charity work.
the ambition, vision and drive to turn ideas into a successful business. Previous winners of the Bill Green Award for Entrepreneurial Spirit include Fusion Leisure Limited, The Learning Company, Living Room Estate Agents, Focus HR, Sueco Cookery School and Pet Porte. YBG president Gill Mabbett said: ‘Each year the Bill Green Award for Entrepreneurial Spirit attracts applicants from different sectors of the Guernsey business market. The judges were impressed with the high standard of applicants this year and had a difficult task. YBG would like to congratulate IBZ.TV and we look forward to seeing how the business develops in the future.’
Strength and depth – talented people at every level… We tailor our solutions to fit our clients’ individual needs and offer high levels of flexibility, underpinned by meticulous attention to detail: something only true experts can bring.
C H A M B ER NE WS
Island collaboration Director Barry Cash and head of Chamber’s tourism and hospitality sub group, Luke Wheadon attended a meeting in Sark last month with Sark’s Chamber of Commerce. The meeting was very much a knowledge sharing exercise looking at how the respective Chambers operate and where future collaboration might be of mutual benefit. ‘We explained how Guernsey Chamber supports its members and how it works with the States of Guernsey to underpin the success of Guernsey’s business,’ said Barry.
New member
Chescoe Chartered Surveyors launched in March and provides a professional chartered surveying and architectural design service, which is regulated by the Royal Institute of Chartered Surveyors. In a 30-year career, founder Nigel Chescoe has worked in construction management and as a regulator in building control and over the last 10 years as the senior building control officer for the States of Guernsey working on more than 10,000 building projects both here and in the UK. Chescoe acts as agent to manage planning, building licence applications and assists clients -with appeal processes.
B usiness Diary
Coming up… A few key business events for your diaries Date
Event
Time
Venue
Booking
15 July 21 July 12 Aug
Rise and Shine networking breakfast
0800
Muse
Tel Anne 07911 721759
Chamber monthly lunch Harvey Marshall Former Lord Mayor of Westminster
1200
OGH Hotel
events@guernseychamber.com
Rise and Shine networking breakfast
0800
Muse
Tel Anne 07911 721759
18 Aug
Chamber monthly lunch Jo Cox Enterprise sales director, Sure
1200
OGH Hotel
events@guernseychamber.com
1200
OGH Hotel
events@guernseychamber.com
0800
Muse
Tel Anne 07911 721759
0830 (all day event)
St Pierre Park Hotel
Sarah.eliott@gta.gg
15 Sept Chamber monthly lunch David Kingdom chairman Kingdom Architects + Planners 16 Sept Rise and Shine networking breakfast 24 Sept AO Hall fraud conference
If you would like your event included in our diary please email details to editor@collabratecommunications.com
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CH AM B E R N E W S
Peer to peer lending (P2P) P2P is a relatively new phenomenon that has attracted media attention in recent months, not least due to the speed at which the market is growing.
TRIED OUR NEW PLACE YET?
Essentially P2P lending sees cash-rich investors bypass banks and lend directly to borrowers. Both the investor and the borrower benefit as the lender achieves higher interest rates and the borrower lower interest rates than would be on offer if either had gone through a bank. There was £0.5 billion of new peer-to-peer loans arranged in 2013 (150% more than the previous year) as the sector continued to grow at an increasing rate. 14 new companies entered the P2P space. Chamber’s April lunch welcomed Paul Moore of Assetz Capital (pictured) as guest speaker who outlined some of the trends in the market and emphasised the benefits of this type of ‘alternative funding’, which he claims will be: ‘The fastest growing area of finance in the world in the next five years.’ The message was loud and clear. If the island wishes to be part of this burgeoning market it needs to act quickly to gain full benefit.
Congratulations to Sarah Allisette. Sarah is the winner of Contact’s May competition. Sarah wins a two-night stay for two people at THE INN Jersey with a bottle of bubbly thrown in.
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F I O N A LE POIDE VIN
Innovation innovation innovation Fiona Le Poidevin, chief executive of Guernsey Finance, is positive about our island’s future in the global finance industry arena as long as we find ways of staying ahead of the game.
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F I O N A LE POIDE VIN
A maths graduate and tax accountant, Fiona has made a successful, if unusual, transition into the marketing and communications field but with a knowledge base and the financial technical skills that have undoubtedly stood her in good stead to take on her role heading up Guernsey Finance. Fiona could probably be a useful contributor to the 2014 Guide to Conference Centres – if such a publication exists – spending as she does, a considerable amount of her working time travelling to large international finance events around the globe. Juggling a hectic travel schedule with local commitments and day-to-day life is something Fiona takes in her stride. ‘I am away a lot – sometimes arguably too much. But it’s important to build relationships within the markets we are targeting and so attending or exhibiting at these events is a key part of our communications strategy.’ Guernsey Finance’s promotional activity can be broadly divided into two areas: developing new geographic markets and what Fiona refers to as ‘recessionary protection’ activity which is essentially maintaining Guernsey’s profile within established markets, such as Europe and the US. ‘It’s a question of balancing our activity between ensuring Guernsey retains a profile within our more mature markets, where the island is already known, and at the same time
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diversifying into new geographic regions where we see that there is real opportunity for Guernsey to succeed. ‘We are seeing threats from competitor jurisdictions who are focusing on similar markets to ours. It is therefore extremely important that Guernsey maintains visibility in our more established markets to show the world that we are very much open for business. There is always someone out there who wants to eat your lunch! Monitoring competitor activity can be quite complex. The threats come from a wide spectrum of jurisdictions depending on both the geographic market and the industry sector, as Fiona explained. ‘For example we have a comprehensive Chinese marketing programme. BVI is active in China, promoting its private wealth services; the Cayman Islands are also there but focusing on their expertise in investment funds. Mauritius markets aggressively in South Africa and in Russia, Cyprus is the main competition.’ As far as ‘threats’ from the UK government are concerned Fiona is fully supportive of the position that the States has recently
taken on issues such as the registration of beneficial owners. ‘The States, regulators and the industry itself have worked together extremely closely to tackle this and other issues that have arisen over the past couple of years. Guernsey is doing all the right things – the States is talking to the UK government, to HMRC and HM Treasury and ensuring that our point of view is heard. There is an incredible amount of work that is going on behind the scenes that isn’t ever seen by the general public and Guernsey should take comfort from that. Guernsey’s position regarding a registry of beneficial ownership has been made quite clear. We will only consider this when it’s a requirement of all jurisdictions. Why would we put ourselves in a disadvantageous position? ‘In many respects, Guernsey already employs higher regulatory and reporting standards than the UK and many other major economic powers across the globe. Individual corporate service providers in the island have been keeping beneficial ownership records since 2000.’ So is one solution moving away from the UK market?
F ION A L E POID E V IN
‘Certainly it’s important for us to diversify into new markets and we already have some real success stories in that regard. But it’s important to remember that London is still our key introducer base. Much of the business that the island is attracting from places like China, Russia, India and Brazil often comes through London lawyers. They continue to be a key source of introduction to this work. We therefore need be very active in London but at the same time spend time in these markets to gain a comprehensive understanding of the culture, legislation and regulation. That way we can tailor our service offering appropriately.’ The role of Guernsey Finance, while primarily one of promotion, also includes technical research into new jurisdictions as well as providing general support and an information resource to local industry. ‘We are an extension of individual companies’ marketing departments,’ said Fiona. ‘We also provide a platform for businesses to access markets, for example at third party events and conferences. It’s very much a partnership though. Some of the large multi-nationals with a presence in Guernsey can equally open doors for us via their local offices in a given jurisdiction.’ Budgeting for such a range of activity is a challenge in itself. Guernsey Finance is enjoying increased funding this year following the unanimous decision by the States to allocate an additional £300,000 annually for three years, bringing the overall annual budget to around £1.5 million which includes the contribution from industry of around £400,000. On the face of it - a reasonable sum. But considering the size of the industry it supports and comparing with other jurisdictions’ spending levels, the team has to be extremely targeted in where it chooses to invest, as Fiona explained.
demonstrates the real commitment of local government to the industry. However we do need to consider the future funding of Guernsey Finance beyond the next two to three years. To put it in context, Jersey out-funds us by about four to one. ‘Funding is limited so we have to ensure that our promotional spend is carefully targeted. Opportunities exist in markets around the world but it’s essential for Guernsey to focus on those where we can gain most value from the work that we undertake.
Guernsey is doing all the right things – the States is talking to the UK government, to HMRC and HM Treasury and ensuring that our point of view is heard ‘We also need to balance the needs of the various sectors within the finance industry. ‘Diversification’ is a real buzz word in Guernsey at the moment but I think many people don’t realise that there is massive diversity within finance itself. It’s common knowledge that there are four main pillars of the industry – banking, insurance, funds and fiduciary - but even within each of these there is incredible product and service range. This spectrum of knowledge and expertise is unquestionably one of Guernsey’s strengths.’
‘Local businesses also give us significant amounts of time, attending meetings, overseas events and offering specialist advice and assistance. We have calculated that this equates to roughly £850,000 worth of additional time each year.
Strategically this presents its own challenges for Guernsey Finance. The team represents so many different groups with such a diverse range of products and services there are often conflicting demands. The key driver for Fiona is to make sure that any initiative undertaken delivers as much benefit as possible and generates maximum opportunities for Guernsey.
‘The fact that the States’ decision to grant us the additional funding was unanimous
‘A good example of this is China, a market in which we have been active for around
eight years. We have invested a good deal of time building relationships and trust and the Chinese regulators and government are very comfortable dealing with Guernsey. Initially we concentrated on developing the private wealth management opportunities for HNW individuals. Now we are looking at extending our service provision to include investment funds and in the future there may well be opportunities for the insurance and banking sectors. We have done the ground work so it’s logical to develop the market further in order to maximise the return on the investment we have already made and build on the foundations now in place.’ Fiona is very clear about what she sees as Guernsey’s key strengths. ‘Identifying niche markets is something that historically the island has been very good at. Insurance linked securities (ILS) is a relatively new growth area for us. It is a very specialised area and that plays to Guernsey’s strengths because we have expertise in both investment funds and insurance – many of our competitor jurisdictions can’t offer the same spectrum of sector expertise. This type of product is a great example of ‘cross-fertilisation’ across two distinct industry sectors. Innovation like this will be the key to our island’s continuing success in the future.’ As far as the financial crisis is concerned Guernsey seemed to fare pretty well compared with other jurisdictions, something that Fiona is keen to stress. ‘I think that sometimes there is just too much doom and gloom reported. Yes, it’s true that our funds and insurance sectors are doing a little better than fiduciary and banking at the moment but the island managed to grow parts of the business throughout the crisis, something that most jurisdictions aren’t able to boast. Guernsey is doing pretty well and I think we should give ourselves credit for that. ‘Industry is very positive about how 2014 is panning out and reporting high levels of new business activity for the first half of the year. Licence applications made to the GFSC are also up on last year.’ Guernsey’s funds sector continues to be the strongest growth sector particularly in the private equity asset class. The island has also retained its leading position as the jurisdiction outside the UK with the highest number of listings on the London Stock
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Exchange (LSE). ‘This gives such a great message to the investment world,’ said Fiona. ‘We are ahead by some margin which makes Guernsey the ‘go to’ jurisdiction for any LSE listing. We have seen some very significant listings over the past 12 months, particularly in the energy/renewable energy sector. Encouragingly these listings are a healthy mix of repeat business and new fund promoters. In May, HitecVision, a Nordic fund manager, set up its seventh fund which is a fantastic endorsement of the quality of service delivery and expertise it has received.’ A very recent announcement was the official launch of CITCO (global name in the fund administration field), which has set up an office in Guernsey recently having recognised the island as a leading jurisdiction in the private equity arena. ‘It’s excellent for Guernsey to have another global name in the island and sends out a really positive message to the international funds community.’ One of the much-cited threats to the future of our finance sector is the cost of doing business here. Whilst Fiona acknowledges that there are cost differentials between the island and some of its competitors, she doesn’t regard this as ‘all bad’. ‘Would we want to be the cheapest? Probably not. Our message on the cost question is clear. You pay for quality. If you want a secure, bespoke service there will be some sort of premium to pay. An ‘off-the-shelf’ solution that neither offers the client the right levels of protection nor is appropriate to his/her unique situation might be cheap but this is not what Guernsey’s offering is or should be about.’ Fiona recognises that regulatory changes such as FATCA and AIFMD will inevitably impose layers of cost but is keen to emphasise that these are global requirements which will affect many jurisdictions. ‘Many of our competitors are behind us with regard to reporting standards and therefore have a much bigger task ahead to put procedures in place to adhere to these new regulations. It will be less of a burden for
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Guernsey service providers and therefore cost increases should be comparatively lower.’
market, some other jurisdiction will, and we will have lost the advantage before we even get off the blocks.’
Fiona’s unerring optimism about Guernsey’s future in the international finance market is not without certain caution.
A perhaps obvious example of when Guernsey got this right is that of the cell company. Guernsey was first to market with the protected cell company (PCC) which created significant business for the insurance sector. But for Fiona an important part of its success story was the subsequent second phase.
‘Guernsey over the last century has thrived on its ability to adapt quickly to changing external factors and trends.
‘The follow-on innovation for the development of the cell company diversified its use into other sectors including the fund and wealth industries. The legislation has been copied by many other jurisdictions around the world but Guernsey is still seen as the jurisdiction of choice because we were the pioneers.
We are a small jurisdiction and we should be able to make things happen quickly and at the moment we don’t seem to be able to
‘This is testament to what Guernsey can and should be all about - innovation, creativity and speed to market.’ Although not an issue that falls within her remit, Fiona also feels strongly about succession planning within the Guernsey finance industry.
‘But legislation simply takes too long to come to fruition. We are a small jurisdiction and we should be able to make things happen quickly and at the moment we don’t seem to be able to. The Guernsey foundations law took years to be introduced; Jersey’s consultation process began later than ours and yet its foundations law was introduced three years earlier. I think government has to look carefully at the process to see if and how it can become more effective.’
‘The industry really took off in the ‘80s. Over the subsequent 30 years a whole generation of specialists and leaders has developed. Many of them are now approaching retirement so we need to be asking ourselves who our business leaders of the future will be. It’s essential that businesses have the appropriate development programmes in place for Guernsey’s ‘future stars’, bringing them through with the right knowledge base and skills set to ensure we maintain the levels of service and quality we already offer. Succession planning is something that needs to feature on board agendas.’
Beating the competition to market, she sees as absolutely key for Guernsey going forward.
Fiona’s final message to the industry is simple.
‘If Guernsey is going to survive as an international finance centre we need first mover advantage. We need to encourage entrepreneurship and innovation but equally we need the means to make these great new ideas a reality. Whether it’s a brand new concept or an innovative product for a specific market, it will inevitably require legislation and if we don’t move quickly to
‘Guernsey Finance creates a platform for industry to then develop business. It’s essential businesses pick up opportunities and run with them. There are companies which are investing in developing new markets and service lines and those which aren’t. I wonder which ones will still be around in a few years’ time.’
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FATCA - 1 July and beyond PwC’s Debbie Payne and David Waldron warn how FATCA compliance must now be part of ‘business as usual’
When FATCA was first proposed in 2010, many thought that it would never become a reality. Four years and hundreds of pages of legislation later, it is clear that this could not have been further from the truth. Not only are companies faced with US FATCA, which is now domestic law in over 35 countries and expected to be in place in at least another 40 countries by the end of the year, the UK has agreed its own version with 11 jurisdictions including Guernsey and the Common Reporting Standard is expected to commence on 1 January 2016 with nearly 50 countries in the early adopters group. The message from tax authorities around the globe is clear - tax evasion will not be tolerated. Any organisation which fails to heed this message risks serious reputational damage, financial penalties and potentially the ability to carry on business if there is a finding of significant non-compliance. So what does 1 July mean in reality? From a UK perspective the start date for on-boarding FATCA compliant new accounts was 1 July 2014. This applies to both the UK agreement with the US and the UK agreements with the Crown Dependencies and certain Overseas Territories. The UK government made it clear that this date would not move. A key reason for this is that they want reporting to take place on 2014 data because they see this as crucial to their battle to tackle tax evasion. For many Guernsey financial institutions, the start of UK FATCA is in many ways more important than its more famous US counterpart because UK tax resident individuals regularly invest in trusts and other structures operated from the island. From a US perspective, it was announced on 2 May 2014 that calendar years 2014 and
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2015 will be regarded as a transition period for the purposes of IRS enforcement and administration with respect to the implementation of FATCA. Further financial institutions and withholding agents may treat an obligation (including an account) held by an entity (but not an individual) that is opened, executed, or issued on or after 1 July 2014 and before 1 January 2015 as a pre-existing obligation. It is not clear how other countries, excluding the UK, will respond to this announcement but the effect of the difference in approach between the UK and the US is that for any organisation with UK based operations, or for those based in jurisdictions such as Guernsey which have separate agreements with the UK, they must comply with the UK start date of 1 July. This can only lead to further confusion. In addition, the IRS Notice provides that 2014 and 2015 will be transition periods with respect to certain related due diligence and withholding provisions. This relief means that the IRS will take into account the extent to which withholding agents, foreign financial institutions and other entities are making a good faith effort to comply with FATCA until calendar year 2016. There are several important factors the IRS may consider in determining whether a taxpayer has made a ‘good faith effort’ in the context of granting the transition relief described in Notice 2014-33. These include whether the taxpayer has written compliance policies and procedures, internal controls showing that the procedures have actually been followed and that roles and responsibilities for compliance and oversight have been adequately allocated to appropriate personnel within the organisation.
Or to put it another way, doing nothing is not an option. Further relief would only apply to any potential penalties or the accrual of late payment interest, as the IRS and Treasury have noted that transition relief does not include relief from withholding tax liability. So, if you are wondering what to do next: •
Classify all your entities and, where appropriate, register them on the IRS database. Registration is straightforward once you have collated all the data to hand and over 2,400 Guernsey entities are already registered. Whilst the deadline for Guernsey resident entities is strictly 31 December 2014, many organisations including banks are using the 1 July date to implement a single global policy. You may find business as usual challenging if you are not registered.
•
Ensure you have put in place new account opening procedures which take effect on 1 July 2014. These need to include self-certifications to enable you to determine whether reporting is required under UK or US FATCA. US Forms W-8 can be used but these only cover US FATCA and not UK FATCA or the Common Reporting Standard.
•
Remediate your existing accounts by the required deadline and ensure that no accounts can be closed before they have been remediated. Closure of an account does not relieve you of your obligation to report under FATCA.
• Put in place appropriate compliance policies and procedures to ensure that you are compliant going forward. Finally, ensuring that FATCA compliance is part of business as usual is your only way to protect both your business and your reputation.
ALL SET FOR FATCA?
Since July 1, a spreadsheet is no longer a viable compliance tool for KYC and CDD under FATCA. New regulations mandate the use of electronically searchable data and paper record searches are not required when electronically searchable databases are properly deployed within a Reporting FI.* All of which means it’s time to look for a better alternative. BLUE BISON KYC © is a competitively priced, US and UK FATCA-ready compliance solution. Why build what you can buy?
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FACTA has arrived Chris Eaton from Blue Bison Software looks specifically at the technical issues relating to the new reporting standard The rush to Register Ok, the results are in, the count complete and the first tranche of registrants under FATCA have been identified. FATCA, the US much-maligned global tax law, mandates that all foreign banks and other foreign financial institutions, disclose details of American accounts with an aggregate balance over US$50,000. Failure to participate has significant consequences. Non-US firms that do not comply potentially face a 30% withholding tax on their US investment income and could be frozen out of US capital markets. Ouch. With the sudden acceleration of inter-governmental agreements and now some 70 countries signed up to help the IRS, FATCA has arrived and is here to stay. So, cue the rush to register and get onto the first list which was published on June 3. 77,000 banks and financial institutions have registered Cayman, home of hundreds of banks and a high concentration of hedge funds leads the way with 14,837, (19% of the total). Other jurisdictions include the UK (6,264), Luxembourg (3,561) Guernsey (2,406) and Jersey (1,619). The registration process itself is not overly complex, but the choices made can have profound impact if not given due consideration. Many financial institutions have made significant investments in securing professional advice to ensure that entity classification is appropriately structured to get over the registration hurdle. But the fun really begins with fine-tuning operational processes and systems to ensure ongoing compliance with the regulations from July 1. And breathe – and begin operational compliance. The plethora of recent regulation means that clients are now well versed in deploying technology to address compliance concerns. Unfortunately, many opted to pursue point solutions for each regulatory thread and are now looking at integration projects to bring it all together.
Data collection, cleansing and consolidation challenges dominate; institutions are grappling with multiple data repositories and no single “golden source” of client data. Emerging against that backdrop is a trend towards a more holistic approach. There are some common best practices which will help put the foundations into place for that approach in the areas of counterparty data, data quality and address standardisation. These are applicable to all regulatory topics, represent initiatives that are platform agnostic and can commence immediately. Broader systems initiatives should have adaptability to cater for the likely rapid introduction of new regulatory variants. In the narrower context of systems relating to FATCA, there are the US and UK variants to consider today and soon the OECD is looking ahead to the Common Reporting Standard. This introduces four additional data points to the seven US indicia, which may not be based on tax citizenship but tax residency. Some key questions to keep in mind: • Once the data is in one place, how do you code that system to look for US and UK indicia ? • Will be flexible enough for other versions or global iterations of FATCA? • Can you set up your process for FATCA and any other regulatory requirements that may come later? A flexible system architecture must adapt on an ongoing basis and the need to have something in place is pressing. The prospect of managing against the regulations using the legacy approach of paper-based, point and manual systems by “throwing people at the problem” simply does not scale to even medium client volumes and introduces significant levels of risk. FATCA, KYC and on-boarding: better together. There are fundamental differences between KYC and FATCA. One is intended to mitigate
money-laundering risk; the other to identify US tax evaders. The due diligence indicators are also different, but the significant overlaps in information collected, represent an opportunity to align processes and deliver an integrated, cost-effective solution. Identifying Ultimate Beneficial Owners, performing Customer Due Diligence and Enhanced Due Diligence have historically been the function of the AML/KYC department. The area has been a focus for incremental attention via the European Commission’s 4th AML directive, the US Treasury FinCEN CDD initiative and FATF recommendations. The coming together of FATCA with global changes to AML/KYC means that coordinating FATCA and compliance initiatives should be considered. FATCA does not state specifically that AML/ KYC processes be adopted, but it does require that information collected during the KYC process be reviewed for US indicia. FATCA adds an additional level of complexity to the on-boarding process by requiring extra tax-related information. The challenge is to unify fragmented operational processes and their associated technology silos which store customer data and documentation. Harmonising on-boarding and on-going account maintenance processes will be critical to successfully implementing FATCA with the added benefit of consistent client data. With FATCA almost here, the industry is mostly in the final stages of preparation, dealing with data integration issues, catering for and organising information held in paper records. Addressing this phase of the process requires the allocation of technology resources, whether through external platform solutions, technology advisory help or purely through more staffing to complete everything that needs to be done. And, of course, balancing this with focusing on business priorities and the client experience are key concepts the industry must keep in mind throughout. Interesting times ahead. 23
A F O C U S ON F INA NC E
Making things happen Ian Kirk of Collas Crill believes Guernsey must act far more quickly in updating its commercial and financial services legislation if it is to maintain or enhance its competitive position as a leading international financial centre. What has Guernsey done right? It is easy to be negative and I don’t intend to be. Guernsey, in terms of legislation, has done a lot right. I have been practising in Guernsey now for about 20 years. When I arrived the 1908 Company Law was still being used. It was updated in 1994 but it was still not a comprehensive piece of legislation and advocates worked with and around it. We worked with companies, in the fund space, and with unit trusts. However, since 1994 we have introduced a number of new corporate vehicles. The best example is the protected cell company, with the relevant legislation coming into force on 1 January 1998. Guernsey was the first jurisdiction to introduce a company which had segregated pools of assets and liabilities within a company, and this vehicle has provided a tremendous boost for the insurance and funds industries. Let us not forget however, the protected cell company was a novel corporate vehicle. Some of our competitors said it didn’t work. Those same competitors now have similar vehicles but to ease their embarrassment have called their protected cell companies something else. In 1996 we introduced a limited partnership law; 2006 saw the first of Guernsey’s new intellectual property laws which established Guernsey as a leading jurisdiction for the development of intellectual property rights; in 2008 the new company law was introduced which resulted in a modern, flexible law, moving away from the English model and offering a wide range of corporate vehicles; and in May of this year a
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further flexible vehicle, the limited liability partnership, was introduced.
suggested but six years on they have not been implemented.
In summary we can now offer ‘plain vanilla’ companies, protected cell companies, incorporated cell companies, guarantee companies, ’hybrid’ companies, unlimited companies, limited partnerships, limited liability partnerships and foundations.
Many of the new developments listed above spent years in consultation and development as others trumpeted their ability to already offer our intended ‘new products’.
The problem is that things do not happen quickly enough. I believe I spent about 10 years on the Company Law Review Committee before specific legal resource was obtained to give impetus to the production of this legislation
To state the obvious we have to be ahead of the international game. Guernsey must move swiftly to adopt and amend legislation, offering new corporate and financial services products before the chasing pack if we are to maintain momentum in an increasingly competitive world.
So what’s the problem? The problem is that things do not happen quickly enough. I believe I spent about 10 years on the Company Law Review Committee before specific legal resource was obtained to give impetus to the production of this legislation. No law is perfect and when practitioners apply it they can always suggest improvements. Amendments have been
So what’s the solution?
Guernsey needs therefore to: • devote resources to a dedicated legislation team of corporate lawyers; •
consider outsourcing some of the legislative tasks to the commercial legal sector if necessary (I may be accused of self-serving in this regard);
•
adopt tight but realistic timetabling (ensuring however, that the financial services industry is involved in the consultation process) to avoid delays that frustrate industry at home and abroad; and
• ensure that the regulators support and understand the need for the products and services being offered. The changes in approach above would give Guernsey the ability to react to market needs in a faster, more considered way than our competitors can. Doing that will preserve and enhance our reputation across the business world.
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Technology - a new hope, or a busted flush? Andy Finch of Canaccord Genuity Wealth Management Guernsey
The technology sector has certainly been front and centre of the investment landscape so far this year.
Are the travails of certain segments of the tech industry justified? In some instances the answer would certainly appear to be yes.
Whether it be Facebook’s $18 billion acquisition of WhatsApp, the forthcoming stockmarket debut of Alibaba, China’s largest e-commerce company, or the media frenzy which has surrounded the plunge in certain social media stocks, there has certainly been no shortage of commentary and analysis. Technology is so intertwined with our everyday lives that technology stocks tend to provoke strong passions; investors often believe that the sector should either be lauded for its unrecognised growth potential, or denounced as an over-hyped sensation, whose fortunes are likely to end as brutally as they did following the 1999/2000 technology bubble. It is difficult to imagine the oil sector inflaming quite the same passions.
At the end of 2013, according to data provided by Polar Capital, Linkedin was trading on an eye watering price-earnings (p-e) multiple of 134. To put this into context, some investors are questioning whether the US equity market as a whole may be over-valued given that it is trading of a forward p-e of 15. However, both of these multiples pale in comparison to the valuations applied to certain other technology stocks.
Regarding the recent ‘collapse’ in the technology sector, it is important to recognise that some areas within technology have performed well. Certainly some of the previous high-flying social media stocks have been struggling for ‘likes’ recently, with Twitter trading some 47% below its December 2013 peak as at the end of April, while LinkedIn shares fell 5%, 9% and then 17% during February, March and April. However, they were not alone. Small cap growth companies in the technology sector, as measured by the Russell 2000 technology growth index, fell 12% between February and April. This compares to the broad US equity market return (S&P 500) of +1.6%. It has therefore been the higher growth, higher valuation stocks which have suffered disproportionately. By sharp comparison, the Russell 1000 (large cap) technology value index continues to flirt with all-time highs, returning 5.56% over the first four months of the year.
Cisco estimates that, by 2020, 25-50 billion ‘things’ will be on-line; ultimately, everything will be ‘smart’, not just phones. 3-D printing company Voxeljet briefly boasted a market capitalisation of $1 billion last year, despite the company recording sales of just €11.7 million. So too, Sourcefire, a cybersecurity company, was acquired by Cisco at a price equivalent to approximately seven times revenue. This could be considered equivalent to a mortgage provider not just extending a loan which equates to a multiple of average annual salary, but instead being prepared to offer a multiple relative to the total salary one might earn over an entire career.
So certainly there are certain stocks where valuations require many favourable assumptions to be made to anywhere near justify current prices. However, that has always been the nature of small cap technology investing. As one prominent technology fund manager has remarked to us, it is only when the size of a particular market for technology is known, that true valuation metrics can be established. What will be the ultimate market size for cloud computing, 3-D printing, or the ‘Internet of Things’ - a reference to the belief that, in a short space of time, everything will be connected to the internet. Cisco estimates that, by 2020, 25-50 billion ‘things’ will be on-line; ultimately, everything will be ‘smart’, not just phones. However at a headline level, valuations in the technology sector do not appear excessive. The S&P Technology sector trades on a forward p-e of 14.3 times, not far from its all-time low and well below its near 20 year average of 21.5. With expected earnings growth of 9.8%, there are certainly other sectors which have less appealing characteristics. But what about the growth prospects for the industry? In terms of the more ‘cutting edge’ developments, the inexorable move towards cloud computing seems assured. Possibly the most notable development in this regard last year was the decision by the CIA to award a $600 million cloud infrastructure deal not to technology stalwart IBM, but to Amazon. It is a less well-known fact that Amazon, via AWS, dominates public cloud computing, generating an estimated $3.2 billion of revenue.
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A F O C U S ON F INA NC E
Whether other themes are yet ready to move into the stage of mass adoption is open to debate, but it would appear that the technology sector as a whole is likely to be boosted by a number of supportive developments moving forward. With the corporate sector faced with flagging productivity growth, companies must better equip workers with new technology in order to maintain competitiveness. Technology investment has grown below trend for nearly five years and US private technology investment is at levels which last prevailed in the 1990s. IT new orders growth has been improving and the technology sector will likely benefit disproportionately from an upswing in the capital spending cycle. Meanwhile, government spending accounts for nearly 20% of total tech investment and a continued move away from austerity will remove a major headwind. So too,
to us seems less about the attractions of technology investment per se, and more to do with the focus of that investment. Should one target the large incumbent operators which appear cheap, but where the fear of obsolescence is present?
consumers appear on the verge of increasing their share of tech spending and positive growth is poised to be reported for the first time in three years.
With the corporate sector faced with flagging productivity growth, companies must better equip workers with new technology in order to maintain competitiveness
Or instead should one aim to invest in the more unpredictable, faster growing, market disruptive small caps, which may yet become the future dominant technological forces, but where valuations require several leaps of faith.
With the technology sector demonstrating positive pricing power and yet with little good news seemingly priced in, the question
With all technology stocks being far from the same, we would suggest that a strategy which incorporates both the potential stars (disruptors) of the future, as well as large cap established names is the most appropriate strategy. Technology investment brings with it enough uncertainty. There is little need to exacerbate this uncertainty at a portfolio construction level.
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S I NGA P O RE
Singapore full of far eastern promise
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S I N GA P O RE
‘If you were smart in 1807 you moved to London; if you were smart in 1907 you moved to New York City; and if you are smart in 2007 you move to Asia’.
Every successful international finance centre creates an image for itself and a strapline to match that is used to promote that image to the world at large. Guernsey uses a friendly ‘Your leading international finance centre’; the Singaporeans position their jurisdiction as the ‘Switzerland of Asia’. It is a grand claim given the centuries-long history, expertise and experience of Swiss fiduciaries and, in comparison, the relatively recent entry of Singapore into the finance centre space. However, the justification can already be demonstrated by the influx of big corporations and high profile entrepreneurs into Singapore. General Motors moved its international headquarters there from Shanghai this year; Facebook co-founder Eduardo Saverin moved to the region in 2009 and subsequently gave up his US citizenship and became a permanent Singapore resident. Several US research surveys seem to confirm the trend. A Telegraph report states that 27% of bankers surveyed would like to work in Singapore and the Boston Consulting Group
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listed Singapore as the country with the highest density of millionaires. So the question becomes, what is it about Singapore that is attractive to multinational corporations, business entrepreneurs, wealthy individuals and professionals alike? Tax rates Let’s begin with taxes - normally at the top of any agenda for this type of entity or person. Corporate tax rates on profits up to $S300K are below 9% and capped at a flat rate 17% for anything above that; there are no dividend or capital gains taxes; there is no estate/death/inheritance tax; and, personal tax rates start at zero per cent and rise to a maximum of 20% above $S320K. There is, however, GST, but this is maintained at 7%, one of the lowest in the world. Attractive tax rates are one thing, but there are a number of other key factors such as the ease of either establishing a new business or being able to relocate an existing one; location in relation to available market and access to that market; and quality of
workplace and lifestyle for the professional. An attractive tax regime will not be enough on its own. Location, location, location Singapore sits in an absolutely strategic location, right in the heart of Southeast Asia – one of the (if not the) fastest growing and developing regions in the world. It offers business access to nearly three billion people within just a few hours’ flight from the premier airport in the Asia-Pacific region (Changi Airport) that has been voted ‘Best Airport in the World’ for 20 consecutive years. Add to this a basketful of other accolades – rated number one in the world by World Bank for ease of doing business; the third wealthiest nation in the world by Forbes; the third most globalised economy (Ernst and Young 2011); the number one politically most stable country in Asia; number one for best labour force and best quality of life – and you have a jurisdiction that is clearly taking full advantage of the position it is in by offering businesses and individuals the opportunity and means to utilise Singapore for their own advantage.
S IN GAPO R E
Singapore at a glance (source Contact Singapore; singstat.gov.sg)
Area:
710.3 sq km
Climate:
tropical
Government:
parliamentary republic
GDP:
US$274.7 billion
Population:
5.3 million
Non-resident population: 1.5 million
Legislation and regulation The all-important legislative and regulatory frameworks clearly cannot go unmentioned. The Monetary Authority of Singapore (MAS) is the central bank and has the mandate and responsibility for supervising and regulating the banking, insurance, securities, and futures industries, as well as intermediaries, financial advisors and the stock exchange. In short, it controls, regulates, supervises, promotes and supports Singapore as an international finance centre – a pretty wide remit. The MAS mission statement is simple, straightforward and all encompassing – ‘to promote sustained, non-inflationary economic growth and a sound and progressive financial centre’. That they have achieved this is borne out by the figures and the external reviews. The IMF has assessed the regulation and supervision of Singapore’s finance sector as one of the best in the world (2013). The Ministry of Trade and Industry reports a year-on-year growth figure of 4.9% for 2013 although the finance and insurance sectors out-performed this with 5.5% growth.
Population growth rate:
2.1%
Workforce:
3.2 million
Currency:
Singapore dollar
Median age:
38 years
New businesses incorporated were up 11.7% quarter-on-quarter. A quick look at the assets under management in the fund industry is another good indicator of the success of a finance centre and (based on the annual MAS survey of fund managers) these show a five-year average growth rate of 9% since 2008. Against the economic uncertainty of that period it reveals resilience and it also shows that while Europe was wallowing in doom and gloom and investor disinterest, the smart money was being invested into the Asia Pacific region. Also, the Asia Pacific region – which includes Singapore - continues to be the biggest source of investment into Australian managed funds at 66% ($S36.2Bn); Europe (including the UK) comes in at 24% (source: Australian Investment Management Cross Border Flow Report 2013). This clearly reflects strong world-wide investor interest in this region and, at a time when we frequently refer to finance centres as conduits, it shows that Singapore has in
recent years found itself in the right place at the right time and developed that niche – a location in the heart of Asia that offers global investors easy access to one of the world’s fastest growing regions. Singapore is growing, but in terms of time against Switzerland is only just entering nursery school. It offers everything corporations, entrepreneurs and HNW individuals require, including one of the best education systems and some of the best healthcare in the world. ‘Go West young man’ may have been Horace Greeley’s advice to pioneers back in the 19th century but the mantra has become go East, Far East in fact. And to leave you with a quote, made a few years back by Jim Rogers, an American-born businessman, recognised as a giant of Wall Street: ‘If you were smart in 1807 you moved to London; if you were smart in 1907 you moved to New York City; and if you are smart in 2007 you move to Asia’.
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A F OCU S ON F IN ANC E
Focus on data security Jason Connolly, of Next Generation IT, looks at how data security is intrinsically linked to the island’s reputation The Guernsey Financial Services Commission recently carried out a review of data security of local fiduciary companies. The aim was to measure current security practices and benchmark against industry best practices. Maintaining confidence in the local fiduciary sector is paramount to its continuing success. Guernsey, like other offshore jurisdictions, is under intense scrutiny and needs to be seen to be whiter than white. In the past, the high profile thefts of customer data in the banking sector have caused some serious concerns, and the Commission believes that the same reputational risk applies to the trust sector. The Commission benchmarked local businesses against industry best practice using ISO 27001. As a standard ISO 27001 covers all aspects of data security (although it is worth noting that this standard is not enacted in legislation and acts only as a guide). Local trust companies completed a self-assessment questionnaire comprising 79 questions. On-site visits to a representative sample of organisations followed.The compiled results were recently published on the Commission’s website to outline current practices and areas for increased focus. Key findings Businesses were measured against a number of criteria. The highlights of the findings include: Security policies and governance – These were found to be generally good, with 68% of organisations having a security policy that had been reviewed in the last 12 months. However, the majority were not placing enough focus on security matters in the boardroom. Security awareness – Awareness of security risks among staff members throughout organisations was an area for improvement, with 64% of businesses providing less than
an hour of security training per annum. Security awareness is the single most effective weapon against cyber-threats and data leakage. Business continuity – Respondents ranked highly in this area, with 87% having a business continuity plan and 80% testing it in 2013/2014. The report author ecommends that we build on that strength by carrying out further business impact analysis (BIA) which examines the full gamut of scenarios and risks, incorporating these additional security risks into the business continuity plan. Remote access – 87% of businesses provide remote access for their staff, but only half of these secure their remote access with two factor authentication. This presents a significant security risk. Two factor authentication (using hard or soft security tokens to augment standard username and passwords) is viewed as a minimum standard of security for remote access. Data leakage prevention – An area of particular concern to many businesses with the potential to harm reputation in the longer term, in addition to the immediate impact of the data loss. Organisations employ a wide variety of control measures to protect themselves, which is important because the mechanisms for data loss are myriad. For instance, 56% of respondents block webmail and 69% block USB ports and removable media. This is a fast developing area though, and businesses need to be continuously vigilant, adapting their security practices as new threats emerge. Compliance and audit –Over 50% of organisations review their user privileges less often than annually; 54% only review data security risks annually. Whilst most organisations identified data security as a specific risk, the author reports a distinct lack of detail in risk assessments, and a focus on a few easily understood areas at
the expense of others. The Commission encourages assessment of a broader scope of security risks, to address the weakest areas. Conclusions The Commission concluded that most organisations have adequate up-to-date security policies and generally business continuity plans are up-to-date and tested. It did outline several areas for improvement. Wider risk assessments; more thorough due diligence/vetting procedures for staff, temps and outsourced service providers; and also increasing awareness of security in the boardroom and throughout the organisation. The Commission also highlighted the increasing focus on data security, and the recent high profile data leaks that have heightened the focus on safeguarding sensitive client information. Greater awareness is encouraged at board level, and vigilance to the threats is imperative across the entire organisation, and should form part of everyday practices, procedures and ongoing monitoring. Protection of data security is a rapidly developing area. In the past a single line of defence behind a good firewall and desktop antivirus was all that was needed. But threats are evolving; IT systems are now very complex; and cloud computing, remote access and mobile devices mean that there is no longer a single line of defence. Phishing emails and social engineering attacks penetrate traditional edge protection measures. Only a constant focus on security awareness and education throughout the organisation, coupled with regular proactive review and monitoring of security measures will protect against the ever evolving threats. This can be carried out in-house, or with the assistance of security specialists, such as Next Generation IT, who carry out one-off security audits, and also ongoing monitoring, penetration testing and health checks of IT systems on our clients’ behalf. 33
A F O C U S ON F INA NC E
A small company with global reach Georges Gutmans of E.I. Sturdza gives insight into the company’s unique business model E.I. Sturdza Strategic Managment may not be a well-known name in Guernsey but the company has, perhaps surprisingly, been doing business in our island for nine years. Now wanting to take its light from under the bushel, the company is keen to start telling the local business community what it’s all about and how it managed to ride out the difficulties of recent years relatively unscathed. The company forms part of the Sturdza Private Banking Group based in Geneva. It was registered in Guernsey as far back as 1999 and has operated since 2005. When Georges Gutmans, managing director arrived in Guernsey to open the office he and his PA comprised the entire workforce. Nine years on and the organisation now has a staff of 18 people. Reflective of many Guernsey business successes, E.I. Sturdza has developed a niche offering within the investment funds sector and puts much of its success down to what Georges sees as the company’s unique business model. ‘Unlike many of our competitors, we don’t employ any portfolio managers directly. We create, manage and distribute funds but the advisory role is outsourced. This allows us to work with literally the world’s best portfolio managers in turn delivering above average results for clients.’ And Georges doesn’t deny that sometimes, as well as proven strategy and solidjudgement, luck can play a part in business development. ‘Top quality advisors are incredibly difficult to find. We only work with those with a proven track record and who have consistently out-performed the market over a sustained period. A rare find, so we rely on both our
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network to locate them and sometimes on a bit of luck.’ As with so many ‘outsourcing’ arrangements, the success of this structure for E.I. Sturdza is that it is very much a partnership, as Georges explained: ‘Typically when we identify potential advisors they will be working for a large institution. We enable them to set up their own company and concentrate solely on what they do best without the daily encumbrances that are the norm in any global institution – meetings, reports, staffing. They get all the freedom they need and at the same time ‘delegate’ potentially onerous administrative and risk management responsibility to us. And of course we are also responsible for the all important fund distribution – it’s a ‘win-win’ situation.’ Guernsey has proven to be the right choice. ‘We couldn’t manage offshore funds from Switzerland so we had to find an offshore location. We already had a good network of contacts in the island so to a large extent it was the natural choice. It has worked extremely well for us and we are very happy here.’ The Guernsey operation was a success from day one. ‘We caught the upswing in the market in 2006 and had some fantastic results. At the time we were focusing on Japan where we had the best portfolio manager in the country. There was great interest in the market so we did exceptionally well.’ Despite some decrease in volume during the financial crisis, E.I. Sturdza fared comparatively well. ‘We had taken some important strategic decisions a couple of years before,’ explained Georges. ‘We had done away with multi-strategy hedge funds and funds of
funds – areas of the business that were affected most – so we didn’t suffer the major hits others in the market faced.’ For Georges, the other factor that has and continues to play an essential role in the organisation’s on-going success is the reputation and trust it has successfully built. ‘Our clients are blue chip institutions. They include pension funds, well known Swiss private banks, foreign banks and sovereign wealth funds. We have never faced any litigation nor had any complaints from clients – even at the peak of the financial crisis. This level of trust is a message that is at the very heart of how we operate.’ The company’s reputation and levels of credibility could not be better demonstrated than by its recent accolades from Lipper. Earlier this year E.I. Sturdza won three Lipper Funds awards – Best Small Equity Asset Manager in Austria, Germany and then what Georges described as ‘the cherry on the cake’ - the company also won the Best Small Equity Asset Manager Europe award. These awards are based on a three-year risk-adjusted performance. ‘There were 116 companies in our category so it was a huge achievement. The scoring process is very competitive and tracks performance over three years. Lipper is a highly respected fund monitor which recognises firms that have excelled in consistently strong risk-adjusted performance, relative to their peers.’ Looking ahead Georges is confident about the company’s continued growth. ‘We are always on the look out for new funds but they must fit with our existing portfolio. Our Guernsey office is growing and with our fund registration in Dublin (ensuring our ability to distribute across Europe) our business model is a solid base for future development. We are a small company but with funds in the US, China, Japan, Europe and emerging Europe we are a global company by the same token.’
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A F OCU S ON F IN ANC E
Listening and learning Gavin Parker of Barclays Guernsey, discusses how the banking sector is developing a more relevant, sector-specific offering for many businesses, based on the changing needs of clients Current market conditions are dictating that across the finance industry, certain areas of business are experiencing strong growth whereas others are relatively static. The sector has come to the realisation in recent years that businesses simply can’t be all things to all clients. While servicing a wide variety of different businesses and structures is laudable, the simple fact is, that increasingly high levels of expertise are needed to ensure the best results for clients. This demand for expertise is itself driving a requirement to have ever-stronger expert advice and staying one step ahead of your competition has therefore never been more important. This trend is especially apparent in the banking sector. The importance of being fit for purpose has led to a honing of the services and products being offered to clients, adapting to market conditions and listening to feedback so that their needs can be met. Banks are recognising that it is more important than ever to listen and respond to client feedback. This feedback supports strategic change and has an impact on the alignment of internal resources to reflect the needs of the market. Banks are regularly reaching out to their clients and canvassing sentiment toward the work they are doing but also, and critically, seeking constructive feedback to enable them to assist with their clients’ growth. In a local context, growth areas include captive insurance and fund administration. These clients are experiencing growth and therefore need their banking partners to evolve and improve their offering to support their aspirations. Without specialist knowledge and dedicated resources, this would not be possible. Restructuring internal resources allows banks to sharpen product offerings and improve efficiency.
Growth in specific sectors will tend to lead to a critical mass of clients and new opportunities for all service providers choosing to work with them. Internally, strategically speaking, this is also a beneficial factor and creates a virtuous circle. New products and services are created and introduced, creating more business opportunities for clients and therefore service providers to this sector. More business equates to steady, supported growth and further products or services. Enhancements to existing schemes can be effectively introduced on the back of this success as companies see the return on their investment and so commit to these enhancements. This creates an upward trend for growth, built on client service and product development, led by listening to the needs of clients and reflecting consistent trends in the market. Insurance linked securities (ILS) is just one example of a niche area that is becoming increasingly more important. Expertise in both the investment funds and insurance sectors has led to Guernsey quickly becoming a specialist centre for ILS. ILS permit an insurer to purchase additional protection for low frequency high severity losses, including natural and non-natural perils, operating in the traditional insurance market, typically in the form of catastrophe ‘cat’ bonds, collateralised reinsurance or industry loss warrants. Guernsey Finance says that Guernsey’s offering for ILS is strong. It says that a major differentiator for Guernsey is the ability to offer two innovative cell structures; incorporated and protected cell companies with some ILS funds using both structures in their ILS growth strategies. These structures provide a low cost, low administration vehicle to access returns from the reinsurance market.
Banks are adapting quickly to this growth area and looking at ways they can support this approach to the reinsurance market. Banks are also using their sector-specific expertise to devise new products and services. In the captives sector, Barclays has introduced products utilising its banking and trust expertise. The security trust agreement (STA) is one of these new products, developed as an alternative to the traditional letter of credit used by captive managers for holding collateral in favour of a fronting insurer. The STA is akin to the Reg 114 Trust used in the US captive market, but very much a European version, based largely on well-known trust laws in respected captives jurisdictions. The STA has been developed in response to the demands of captive managers for more sophisticated banking arrangements, offering them better, more secure returns. By focusing the expertise of the bank and creating a specific team to develop new products, the sector has progressed and has seen further growth. The STA product originated from a round of client satisfaction surveying carried out in Guernsey. Through a combination of genuine feedback from clients, including clients outlining the need for a specific product to answer a specific industry concern, and the bank’s ability to build the desired product, this came to market and is now a viable alternative being used by numerous captive structures on the island. This continual drive for growth and development of product sets and solutions in the finance sector is creating a similar drive within banks to ensure that they keep pace with their clients’ demands, respond to their needs and above all create an environment where dialogue can take place. Listening to what clients are saying and identifying their needs has to be one of the most important factors in developing the banking sector today. 37
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A F OCU S ON F IN ANC E
Guernsey – the place to run a business Peter Mills of the Optimus Group explains how the company helps new financial businesses get established in Guernsey, and what the island must do the stay ahead of the competition Outsourcing a business function to third party specialists, whether it be marketing, HR or IT, is a common and growing practice. But in an environment like Guernsey where an extremely high percentage of the business community is made up of SMEs (90% of companies in Guernsey employ less than 25 people) it’s perhaps unsurprising that many companies are set up with the aim of providing a niche product or service to other local businesses. One such organisation is the Optimus Group - established in 2010 offering consultancy services to the finance sector. Peter Mills, who wears many hats in the island – head of GIBA, deputy chairman of Guernsey Finance to name just two – is director and founder of the Optimus Group. Peter believes that Guernsey is not only a great place to do business but it’s relatively easy to set one up. ‘One of our service offerings is to help finance businesses set up here. We guide them through the regulatory requirements, source office accommodation, create operational policies and procedures and anything else they might need. Typically clients are fund management companies but we have helped businesses from other sectors too. Having done it ourselves, plus having between us more years’ finance sector experience than we like to admit, this area of the business is one we are keen to develop.’ The group’s other services include both regulatory support, providing day-to-day and consultancy help to local finance companies to ensure that their procedures adhere to the local regulatory requirements and, unique to Guernsey, corporate governance services as Peter explained: ‘We undertake reviews and advise boards on their corporate governance framework. We are also able to do board evaluations and peer reviews. Much of this work is for FTSE 350 companies, which are required to have a third party evaluation carried out every three years. With Guernsey leading the market
as the non-UK jurisdiction with the highest number of LSE listings there was a clear need for locally based business to provide this service and we are the only one doing so.’ But whilst Peter is pretty upbeat about future business he does have some concerns. ‘The beauty of setting up an operation in Guernsey is that the whole process is reasonably simple - a real selling point. If you don’t know how to do something, it’s easy to find. Adding layers of complexity such as GST could be a real disincentive to new business start-ups as well as adding an onerous administrative burden on the small business sector.’ Like so many local businesses, Optimus’ on-going success is intrinsically linked to that of the local financial services industry. ‘The island needs to have a medium to long term plan to ensure the sustainability of the local finance sector,’ said Peter. ‘It’s a tough market out there. Guernsey is up against competitor jurisdictions, which are developing comprehensive marketing campaigns. We promote Guernsey and our own services to potential new start-ups who will be considering a number of jurisdictions. And Guernsey isn’t winning this business as often as it should. Jersey is investing large sums into economic development, tourism and finance and Guernsey has lost ground. The island was, at one point, the ‘go to’ jurisdiction for private equity; nowadays Luxembourg and Jersey are both doing well in this area. ‘Equally local policies aren’t wholly conducive migrating a business here. Housing is an obvious example. Optimus helps newcomers through this migration process but they are often asked for forecasts and metrics to a level of detail that on day one of a new business start up are almost impossible to provide. Who would have predicted at its inception that Doug and Mary Perkins’ operation would have developed into the successful
multi-national enterprise they now run?’ Peter also shares the concern regarding the slow process for introducing legislation and explained how Optimus and therefore the island lost a potential business opportunity as a direct result. ‘Two years ago a payment services provider was ready to come to the island and approached us for help. There were legislative changes required but to date we haven’t even reached the States report stage. Why did the image rights legislation take seven years to get on the statute books? Guernsey has been successful in the past because we have pioneered and moved quickly. It’s all about first mover advantage. ‘If Guernsey doesn’t attract new business, that would be a serious concern for Optimus. We would continue servicing existing clients but our future, as is the case for so many local operations, depends on a vibrant finance economy creating new opportunities for us all.’ Peter hasn’t looked back since setting up Optimus and loves the variety business ownership offers from boardroom debate to making the tea. The small team of three is driven to ensure clients receive a first class bespoke service. ‘That’s why we have kept our team small,’ Employing junior staff would necessitate standardising some of our services and that’s not what we are about. But that doesn’t mean that our pricing isn’t keen. Our clients range from one-man-bands to large banks and we are very conscious that they, and Guernsey, have to remain competitive in the market place.’ Clearly passionate about the island and its potential, Peter’s view is straightforward: ‘Guernsey is a great place to run a business; why wouldn’t you want to?’
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A F O C U S ON F INA NC E
The art of strategy Jon Trigg of Moore Management (part of the First Names Group) considers what’s behind successful strategic planning
Strategy My early career was in professional sport, so it is not surprising that I have always regarded healthy competition as extremely beneficial. Canadian ice hockey legend Wayne Gretzky once said: ‘A good ice hockey player plays where the puck is. A great player plays where the puck is going to be.’ That, to me, completely sums up the practical application behind the theory of strategy, which was defined to me many years ago as ‘the means by which you manoeuvre yourself into a position of advantage,’ and it originated, I believe, on the battlefield. The key to a successful strategy is to first be absolutely clear on what your objectives are. The right strategy ensures you achieve them. Objectives are unlikely to change – but the plan of attack and approach will vary according to what the opposition or competition does. In business, the objectives are typically related to financial targets, markets and staying ahead of the competition – and it’s vital that your approach remains relevant because the pace of change is relentless.
Alexander the Great is held up as history’s shining example of how to ensure that when you’re leading the charge, you can be sure you have 100% commitment from those who are (or should be) following you. In business, the decision-making unit typically comprises a very small number of stakeholders in the organisation and it’s essential that no-one underestimates the importance of making sure that those responsible for implementing the strategy fully understand what’s been decided, why, and their part in making it happen.
Stripped down, strategy is no more complicated than deciding on which opportunities to focus your time, people and money, and equally importantly – which ones not to Professional services organisations are not alone in failing to learn from the past and tend to struggle with the execution of their carefully crafted plans for this very reason.
Stripped down, strategy is no more complicated than deciding on whichopportunities to focus your time, people and money, and equally importantly – which ones not to. Something that was very evident during the lead up and aftermath of both of this year’s senior inter-insular football and rugby matches.
Without a strategic plan – and robust sharing of it – actions are often taken only to address immediate problems, a crisis management approach. Planning provides the structure to make day-to-day decisions that follow a defined vision and clear path.
The local Jersey media concentrated on the respective strategies of both of the islands’
In a bid to define a clear strategy, most start with some basic questions:
football and rugby teams rather than the score lines and results themselves, with the discussions surrounding Jersey football’s future, continuing many months after the Muratti final.
What do you do better/worse than anyone else in your current environment compared to your competitors?
I have no strong views on whether Jersey should establish a football team to compete in UK competitions, thereby seeking to mirror Guernsey’s approach. I do feel, however, that it’s important that Jersey does not become so obsessed with a rival’s strategy that they adopt it themselves. Whatever the strategy, in any environment, clarity and alignment are absolutely vital. In business, this seemingly obvious fact is often neglected, with quite serious results. The key is communication. 40
A critical factor to creating a successful strategy is firstly to assess your current strengths and areas for development in a bid to identify how you can improve. It must be remembered that when we consider strategy for a business, it is much wider than the ‘bricks and mortar’ and vehicle itself. Just like in a football team, the people within are the differentiators. Highly experienced and highly motivated individuals are crucially important to an organisation and valuing them and their contribution
A F OCU S ON F IN ANC E
is pivotal. Placing people within the right environment and with the right support will naturally provide benefits to them and to the wider organisation. Any analysis must also include comparison and benchmarking against others, although statistics and data can be obtained on competitors, the challenge lies in that such data is usually historic, focusing on past trends rather than the future. Determining where your competitors will be in the future and what challenges and opportunities they may present is a real challenge. What do you need to know now in terms of the market and competitors to consider the future state, rather than the present? ‘Ultimately if you play where the puck is now you will only be good, never great.’ What is unique about what you provide? It’s extremely difficult nowadays to have a USP – a unique selling point. Most markets have long since been saturated, and in the main, for professional services providers, the only place left to differentiate is in service delivery. So I would contest that being unique in this context is about being distinctive rather than without an equal or equivalent. However, where innovation is possible, it will always provide the competitive edge for a business.
The critical point is that if you do not change and, instead, dare to stand still in any arena, business or sporting, you will be overtaken by a competitor – something that even Jersey football is now starting to come to terms with. You may not be able to control or predict the future, but ensuring your objectives are clearly defined – and understood – combined with strategic planning, will determine your direction and maximise your options for success, something I am sure Jersey football is hoping for in the Muratti next year.
A critical factor to creating a successful strategy is firstly to assess your current strengths and areas for development in a bid to identify how you can improve
If you were to ask an audience to name a brand that epitomises innovation, you would expect Apple to be high on the list of responses. However, the major key to Apple’s continued success is its ability to keep pushing the boundaries of innovation. The success of the iPod and iPhone would not have been nearly so significant or had as much impact if iTunes or Apps had not existed. Being a pioneer like Apple has obvious advantages; however, there are also benefits to not being first to market. Seeing what your competitors do well can teach you much about your business and the state of the market. Their practices can provide you with valuable insight into the demands and help to show you what works – and what doesn’t; Apple TV has certainly not yet had the revolutionary impact that was expected when launched in 2007. How can you continue to increase value and stay ahead? A business must continue to evaluate and change to succeed above others, whilst remaining independently minded. Businesses talk about managing change as if it is a form of transformational exercise. Often a business is merely evolving and flexing with the demands of the markets and customer demands – adapting its strategy. Healthy competition can contribute to change, helping drive through new technology, product alterations or enhance the level and quality of the customer experience.
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P EO P LE
Marc Beavan and Matt Thornton, C5 Alliance Two of C5’s senior consultants have been promoted to director roles. They both have extensive experience within the industry and will play an instrumental role in shaping the Guernsey arm of the business going forward. Marc (pictured left) has a background in delivering complex software solutions to clients in the financial, telecommunication, travel and public sectors. Matt (pictured right) has more than 13 years’ experience in application design and software development, Marc Lainé, managing director Guernsey, said: ‘Marc and Matt are both remarkably talented and dedicated members of C5 Alliance. Each has been involved in extremely large-scale projects, yielding consistently impressive results for clients.’
Angus Taylor, JTC Group Angus Taylor is JTC’s new head of fund services. Angus will be responsible for leading the growth strategy for the JTC Fund Services division across all of the group’s international jurisdictions. Having held a number of senior positions within the Channel Islands finance industry, Angus will head up JTC Group’s international funds team which administers both closed and open ended funds established in Guernsey, Jersey, Luxembourg and the UK. Chairman and CEO, Nigel Le Quesne, commented: ‘Angus has significant knowledge of both onshore and offshore fund administration services and I am confident he will use his expertise and strong leadership skills to drive the fund operations forward.’
Michael Adkins, Collas Crill
Michelle Le Prevost, Rossborough
Michael, who was sworn in as a Guernsey Advocate earlier this year, has been promoted to a partner of the firm.
Michelle has been promoted to personal insurance manager at Rossborough Guernsey.
Michael works in the dispute resolution team specialising in contentious work in the financial services sector, focusing on insolvency and regulatory disputes.
Having joined the company seven years ago, Michelle holds a Cert CII qualification, and is continuing with her studies, currently working towards a diploma in insurance.
Head of dispute resolution Christian Hay, said:
Ian Stewart, managing director, said the promotion was well deserved:
‘Michael is an exceptionally committed lawyer and an integral part of Collas Crill’s commercial dispute resolution team. His considerable experience has been at the core of the firm’s risk and regulatory practice, and he plays a significant part in the firm’s most significant cases.’
‘Michelle’s knowledge, confidence and ability has grown tremendously in the seven years she has been with us and we wanted to recognise this. Not only was she a very able broker, she is personable, enthusiastic and throws herself into everything she does, from day-to-day insurance work to organising social occasions and charity events.’
Ben Shenton, Channel Islands Co-operative Society
Emma Bailey, Guernsey Financial Services Commission
Former Jersey Senator Ben was elected president at the society’s annual meetings held in both Guernsey and Jersey. All of the existing directors were re-elected. The directors then elected Ben president from among their number.
Emma is the commission’s new director of investment supervision policy.
He replaces Peter Roffey who decided to step down after serving five years in the role. Colin Macleod, CEO commented: ‘We are incredibly grateful for the significant contribution Peter made in his five years. The society’s turnover has increased and our business interests expanded. I’d like to take this opportunity to welcome Ben to the role of president. I am looking forward to working with him.’
Emma joined the commission in March 2002 as a senior analyst in the investment business division subsequently becoming assistant director and then deputy director. William Mason, director general, said: ‘I am very pleased that we have been able to appoint Emma to this very important position which follows a rigorous internal selection process, with a number of able candidates applying for the role.’ Emma will take up her new role in August when the current director, Carl Rosumek, leaves the commission.
TRUST RELATIONSHIP MANAGER (permanent)
CREDIT RISK MANAGER (permanent)
This leading financial services specialist is seeking a qualified (ICSA/STEP) professional to manage a diverse portfolio of clients. Individuals should have at least five years’ relevant experience to manage back and front office functions.
This senior role is to provide independent credit risk management and control within the company’s own risk appetite, whilst adhering to local regulations. Applicants should have sound credit analysis skills and judgement, with the ability to manage tricky client situations sensitively.
For further information on these positions please visit www.
Realise the potential of your people PE OPL E
Sam Johnson, Barclays Wealth
Sandie Lyne and Paul Chanter, Ogiers
Darren Penney, Offshore
Barclays Wealth and Investment Management has strengthened its cash management service by appointing a new local specialist cash manager, Sam Johnson.
Two new associates have joined law firm Ogiers.
Darren has been appointed client services fund accountant for Offshore.
Sandie is a commercial litigation and contentious trusts lawyer who previously worked at London law firm, Penningtons Manches LLP.
Darren recently moved to Guernsey following several years working in the accounts departments of two large multi-jurisdictional law firms and latterly in a role as corporate accounting manager for the major shopping centre, Westfield.
Sam has nine years’ banking experience in a variety of cash management roles working predominantly with clients within across a range of professional services. He joined the company in London in 2011 and in his new role will continue to apply his consultative approach to providing cash management solutions. Alex Clark-Hutchison, head of intermediaries said: ‘We’re pleased to be able to offer our business clients experienced local cash management specialists like Sam. It’s great to see the local team growing and Sam is a fantastic addition.’
Katharine Dean, AO Hall AO hall has appointed Katharine as senior associate in its fiduciary team. Katharine has a varied and extensive background in both private practice and in-house roles in the trust services and business/entrepreneurial sectors both on and off the island, including a period based in Dubai. In her new role, she will deal with contentious and non-contentious trust work. Partner Alison Ozanne said that Katherine would be a fantastic asset to the fiduciary team: ‘Katharine brings with her vast experience in a wide variety of areas and that will be invaluable to the fiduciary team as well as to AO Hall as a whole.’
Paul Chanter joins Ogier from multi-national law firm Eversheds LLP where he gained significant experience in corporate, banking and finance law. Marcus Leese, partner, said: ‘Sandie and Paul join us from two respected law firms where the experience they have gained makes them an excellent fit in undertaking the work and advising the client base we have here in Guernsey.’
He is looking forward to the new direction this role will give him: ‘Working for a small but growing firm is great because it ensures that there is a large variety of work which lands on my desk and my opinion is heard within the team.’
Matt Knowles, C5 Alliance
Rebecca Honey, Praxis Group
C5 Alliance has appointed Matt Knowles as a consultant in its business solutions division.
Rebecca has been appointed to the board of directors of Praxis Trust Limited.
Matt he will join a team of 14, which develops and implements bespoke business solutions to meet the increasingly complex requirements of Channel Island businesses.
Rebecca is director of trust operations and will also be involved with developing client relationships.
Matt worked for eight years with the Royal Navy, maintaining on-board computer infrastructure, then spent periods as intrastructure engineer for Barclays (UK) and Credit Suisse in Guernsey. Managing director, Marc Lainé, commented: ‘Matt is set apart by his ability to solve sophisticated and unfamiliar problems with highly effective solutions. His background has armed him with a vast knowledge of complex systems and great fault-finding skills.’
CLIENT RELATIONSHIP MANAGER, FUNDS (permanent) A highly successful independent fund administration specialist is seeking a client relationship manager to administer a portfolio of fund structures. Applicants should have two to three years’ fund administration experience and a professional qualification.
She joined the group in 2008 as trust manager with the responsibility of overseeing the day to day management of the trust administration department before being promoted to associate director in 2012. Rob Fearis, group director, said: ‘Rebecca has been an integral part of the group since she joined in 2008 and it’s great to see Rebecca take on this extra responsibility. We are very pleased to welcome her to the board.’
BUSINESS DEVELOPMENT AND MARKETING ASSISTANT (permanent) A law firm is seeking someone to support the team with a range of business development and marketing activities as well as day-to-day operational support to the local practice manager. Previous marketing experience is preferred as are excellent IT and organisational skills.
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Logicalis is the most experienced hosted desktop provider with 1100 users across the Channel Islands, so if you would like more information on how we could assist you in providing secure and bespoke hosted desktop solutions, please call our experts in Jersey on 288088 or in Guernsey on 737000 for a free no obligation and confidential discussion.
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GUERNSEY AWARDS FOR ACHIEVEMENT
Searching for something ‘out of the ordinary’ The Guernsey Awards for Achievement is synonymous with celebrating and rewarding the elite, the unique, and the exceptional. This year, with the creation of a new award, they are also looking for something ‘out of the ordinary’. Having revitalised the awards two years ago, with the introduction of four new business categories, the organisers have introduced a further new business award; the Investec Sustainability in Action Award. 20 years ago this would have been the ‘Radical Green Award’, for those businesses who adopted ‘way out’ green principles. Today, in the modern business world, sustainability is an important concept in most companies and indeed on the FTSE 100 share index, something which investors and stakeholders study as part of a company’s performance. Investec is no stranger to the Awards for Achievement. It has entered three times; in 2006 it was shortlisted for the BWCI Best Medium Business Award; in 2008 it won the Healthspan Best Large Business Award and earlier this year it took home the trophy for the Condor Ferries Employer of the Year. Following this recent success, the company felt it was time to give something back to an event which it had benefitted from and believed in. Investec championed the idea of sustainability in business long before it became trendy to do so. Head of corporate and social responsibility at Investec (CI), Michelle Le Clerc, said sustainability in its business model is a top priority and a company-wide commitment.
projects working alongside teachers and children at Amherst School. Examples include reading initiatives, which have now been endorsed by the Education Department and adopted by local charity, ‘Every Child Our Future’, the Big Talk initiative, Max’s Marvellous Maths, a Breakfast Club and they have supported trips to Lihou Island. In 2012, Investec was recognised for its efforts and awarded the Community Foundation’s Corporate and Social Responsibility Award. ‘Our work with Amherst School is not just about CSR though,’ said Michelle. ‘The initiatives we launch are introduced in a sustainable way. For example, at our Breakfast Club, activities such as recycling the cardboard from the cereal packets we use and not using disposable cutlery and crockery, is one element of our sustainable approach to this project.’ Whilst sustainability is widely recognised as being a necessary part of a business model, the question can still be asked whether a truly sustainable business can be competitive and successful. Michelle believes it can and says it’s often small changes that can have big impacts and help to shift the balance.
‘It’s not just words, it really is about action,’ she said. ‘This new award is not looking for examples of companies recycling a lot or engaging in a number of corporate social responsibility (CSR) projects. It’s much more niche than that. We are looking for businesses who adopt sustainable values within those projects - values which impact positively on society, the environment and the economy.’
‘By offering our staff free bus passes we hope to reduce the number of people travelling to work by car, which has a wider positive impact on the environment. By providing showering facilities at Investec we hope to encourage staff to bike or walk to work. This has the knock-on effect of contributing to the well-being of our staff, who are then happier and more likely to do better at their work, thereby increasing the overall success of our business. We also hope that our staff take these ethics that we promote at work back home, and adopt them in their own lifestyles. In addition, Investec supports and encourages recycling and is currently undertaking a project to monitor, manage and reduce its electricity consumption.’
Investec has, over the past three years, invested in a series of social investment
Michelle said that Investec is not unique in its sustainable approach and that it is keen to
encourage and reward other companies who are working on projects that positively impact on society, the environment and the economy. The Investec Sustainability in Action Award is open to entries from the public, private and third sectors that have been in existence for a minimum of two years. There is no restriction on the number of employees within the entering company or organisation and sole traders can also enter. Nominations have to show a proven excellence in sustainability across the board in their business model. The judges will look at sustainability in action across seven separate areas; growth, customer service, staff engagement, financial performance, innovation, leadership and ethics. ‘We are looking not just for examples in these areas, but for what is exceptional or industry-leading,’ said Michelle. ‘Investec’s trademark is ‘out of the ordinary’. In presenting the first Investec Sustainability in Action Award we are looking for another ‘out of the ordinary’ business.’ The Guernsey Awards for Achievement 2014. Six main business awards • NatWest Best New Business Award • BWCI Innovation Award • Healthspan Excellence in Marketing Award • Investec Sustainability in Action Award • Condor Ferries Employer of the Year • Commerce & Employment Business of the Year Closing date: Midday, Wednesday 5 November 2014 Two individual awards • Specsavers Unsung Hero Award • The Guernsey Press Ambassador of the Year Gala Awards evening: Thursday 5 February 2015
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A F O C U S ON F INA NC E
Banking on the move - the next revolution has begun Gary O’Neill, from the corporate, commercial & business banking team at NatWest talks through recent changes in mobile banking and what we might see next According to a report by the British Bankers’ Association (BBA) , mobile phone banking transactions made by British customers have nearly doubled in a single year. Customers are now making more than 5.7 million transactions a day using smartphones and other internet-enabled technology. Just five years ago, mobile banking seemed futuristic, the stuff of sci-fi, but today it is a ‘must have’ and a channel that continues to evolve as a game changer for customer service, providing greater flexibility and convenience. At NatWest in the UK, the busiest branch is now the ‘virtual’ one with over £30 million transferred every day through the mobile banking app. By placing the power to manage their money in their hands, mobile banking service is transforming the way our customers do their banking. At the touch of a button personal and business customers can check their balance, transfer money between accounts, view their transaction history or pay their contacts. Locally, NatWest was the first bank to provide mobile banking for smartphones. Since introducing apps for both personal and business customers, the bank has continued to lead with innovations providing customers with choice and flexibility and today remains the only bank providing clients with a multi-currency app. The app, which is available to customers with accounts held in the Channel Islands, the Isle of Man and Gibraltar, has been used in over 160 countries and had over 460,000 logins in the last 30 days. Since the launch of the first mobile banking app in 2011, there have been two million transactions made using mobile devices. Among the latest app features for personal customers is ‘Get Cash’ which enables customers to withdraw
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money without using their bankcard at an ATM. The customer chooses the amount they wish to withdraw from the app and a secure cash code is sent to their phone, which is then valid for three hours at any NatWest/RBS cash machine. Another new facility is the ‘Pay Your Contacts’ service that enables customers to pay anyone with a Visa debit, credit or prepaid card using just their mobile number, even if they are not bank customers.
The most important advantage of the digital revolution for the branch is that it has freed staff up so they can spend more time with customers when they need it in branch. From a safety perspective, client security is taken seriously. NatWest gets independent experts to test, update and confirm regularly that the systems meet the highest standards of security. Before clients use the mobile banking app service, we make sure we validate their details and a robust registration process and passcode login unique to the device helps us ensure that clients are protected from fraudsters. Four million users of the NatWest banking apps are expected by the end of the year and offshore NatWest has seen a significant increase in take-up of the business-banking app. In the last six months alone, usage has
grown by 49%. The business banking app allows clients to pay staff by transferring money instantly to anyone set up on online banking and check invoices and manage their business finances 24/7, on-the-go. The most important advantage of the digital revolution for the branch is that it has freed staff up so they can spend more time with customers when they need it in branch. A client’s relationship manager is on hand when they need to talk through development plans and lending requirements and provide support to fulfil their business ambitions but the app gives them greater control of their money so they can focus their attention on running their business and serving customers. It is this balance between mobile and traditional that is designed to give the customer the best of both worlds. There will always be a place for traditional banking, where branch and telephony teams and relationship managers are on hand to meet with customers and discuss their specific needs. However, for everyday transactions, banking has changed beyond recognition and technology is driving this trend. This year the bank is supporting customers on this journey with live demonstrations available in larger branches to walk through its mobile service proposition, providing customers with opportunities to learn about the mobile revolution and how the new services can be used, in combination with the branch to help our clients bank with us in the way most convenient to them. A revolution is underway in how people spend, move and manage their money. What remains clear is our commitment to serve customers through a wide range of channels and continual investment in leading edge developments.
Banks aren’t lending to businesses. Are they? At NatWest we’re committed, and always have been, to supporting and lending to local businesses. Our Relationship Managers are specialists in business banking and our NATWEST in depth knowledge of the local market means weADVERT understand your challenges. From starting out to supporting expansion, we will work with you to give you the guidance and tools you need to succeed.
Talk to your Relationship Manager or Gary O’Neill, Head of Business and Commercial Banking, Guernsey +44 (0) 1481 706622 GaryONeill@rbsint.com natwestinternational.com/business
The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. NatWest is a participant in the Guernsey Banking Deposit Compensation Scheme. The scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Details are available from: Website: www.dcs.gg. Telephone: +44 (0)1481 722756. Post: P.O. Box 380, St Peter Port, GY1 3FY. Deposits made in a Guernsey Branch will not be covered by any equivalent scheme in any jurisdiction outside of the Bailiwick of Guernsey. Under the scheme (s) customers are entitled to make only one claim per licensed entity regardless of the number of brands or trading names contained within that licensed entity and customers are entitled to make one claim only per licensed entity in the jurisdiction where the deposits are held. Therefore as NatWest brand is operated by RBS International it is not licensed in its own right. A person with a deposit in NatWest and a deposit in RBS International would thus only be entitled to make one claim. Over 18’s only. (Security may be required.) Calls may be recorded. Internet e-mails are not necessarily secure as information might be intercepted, lost or destroyed. Please do not e-mail any account or other confidential information.
In these taxing times, seek out the local experts. Governments around the world are under pressure to reduce the levels of national debt that have accumulated during the deepest and longest recession for a generation. Guernsey is also struggling to balance its books, and the need to raise finance has concentrated media attention on the amount of tax paid by businesses and private individuals. Our Guernsey-based, director-led team of experts has the experience and know how to guide local businesses and individuals through the complexities and the opportunities of the local, UK and international tax systems. For more information call: Mark Colver T: 01481 753448 mark.colver@gt-ci.com
www.GT-CI.com Grant Thornton Ltd is a member firm within Grant Thornton International Ltd (Grant Thornton International). Grant Thornton International is one of the world’s leading organisations of independently owned and managed accounting and consulting firms. Grant Thornton International and the member firms are not a worldwide partnership. Each member and correspondent firm within Grant Thornton International is a separate national firm. These firms are not members of one international partnership or otherwise legal partners with each other (with the exception of certain limited instances), nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis. Any and all references to Grant Thornton International are to Grant Thornton International Ltd.
A F OCU S ON F IN ANC E
FATCA - the start of a new era! With the FATCA regime having come into force on 1 July, Neil Hoolahan from Grant Thornton explains what’s expected from those firms affected For readers of this article who are directors or owners of Guernsey businesses that do not provide financial services they do not need to read on, those that do, must, and please enjoy …
the definition of an FFI - and therefore within the scope of the regime - or whether they are classed as an active or passive non-financial foreign entity (NFFE) which is outside of the scope of the regulations.
search of data bases as well as potentially paper files search to identify clients with ‘US indicia’ such as US place of birth, passport green card etc.
Aimed at US tax, as we describe below, there has been a chain reaction of all countries now wanting automatic exchange of information which will take us into a wholly new era for taxpayers.
Then for FFIs…
For those clients who are identified as US persons, from 2015 reporting will need to be made to the Tax Office which will share this information with the US. The reporting period is a year ended 31 December with a 30 June deadline.
FATCA requires foreign financial institutions (FFIs) - such as banks, trust companies, custodians and investment funds - to enter into agreements with the Inland Revenue Service (IRS) which require them to review their customer base to identify US persons and to then report information to the IRS. Due to the difficulties for local financial institutions to comply with a foreign government’s tax law mainly due to data protection laws, the States of Guernsey (and many other countries) entered into what is known as a Model 1 Inter-Governmental Agreement with the US. This provides requirements under Guernsey law and subsequent reporting is then made to the Guernsey Income Tax Office which passes it on to the IRS. After many delays to the commencement of FATCA the regime took full effect from 1 July this year, and therefore if not already prepared now is the time to act. We have highlighted below the main tasks that need to be completed to ensure FATCA compliance: Entity classification Typically we would expect many institutions to be analysing their status under FATCA and also the status of their managed entities to understand if they meet
Registration All Guernsey resident FFI entities must register with the IRS. Guidance notes issued by the Tax Office help to explain exactly who is ‘resident’ for these purposes as well as trying to answer many other details of how the regime operates in Guernsey. The favoured method of registration is via an on-line portal which is now accepting registrations. Guernsey FFIs have until the 31 December 2014 to register although we expect many will want to register before this date to appear on the IRS list of participating FFIs which is updated on a monthly basis. The first list already published showed Guernsey institutions have made it to number eight in the world. As ever Guernsey has shown it is a well regulated environment dealing with new standards. On-boarding Once registered, FFIs will need to ensure their on-boarding documents and processes are sufficient to identify potential new clients which are US persons (i.e. citizens or residents of the US). This can be achieved by obtaining a self-certification from the new client of their status including their tax residence position, using forms W8-Ben or W9.
Reporting
The reporting detail is staggered over the first three years to include personal details and value of account in the first year, then details of income and other payments made to and from the account in year two and then in year three an FFI will also need the gross proceeds on the disposal of assets paid credited to the account. The future? Many readers will be aware of the UK version of FATCA to which the Crown Dependencies and British Overseas Territories signed up which also becomes effective from 12 July and is commonly known as ‘Son of FATCA’. In addition, from mid 2015 onwards we can expect the OECD Common Standard for Tax Information Exchange to become effective which consists of at least another 86 countries adopting the US style FATCA. Therefore in years to come it is likely that we will be reporting information about our clients to just about every country in the world and of course they will all be reporting back to Guernsey about us.
Pre-Existing Account Searches Existing clients’ accounts must also be reviewed to identify any US persons. The search process involves an electronic
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A F O C U S ON F INA NC E
Earning trust, through thick and thin Chris Blampied of RBC Wealth Management outlines recent findings from the 2014 World Wealth Report Trust is notoriously hard to build and easy to lose, and there are few situations where this is more pertinent than the relationship between high net worth individuals (HNWIs) and the managers of their wealth. Now more than ever, people are searching for sources of stability to help insulate them following a period of economic and geopolitical uncertainty. Trust under these circumstances can only be earned by understanding the unique circumstances of each client, what drives their asset allocation decisions and their preferences when it comes to information and transaction. Published in June and produced by RBC Wealth Management and Capgemini Financial Services, the 2014 World Wealth Report is one such way of understanding the drivers of HNWIs’ behaviour and the wider trends observable in the wealth management industry. It shows that the population and wealth of HNWIs (those with US$1 million to US$5 million in investable wealth) is growing, and that confidence in wealth managers, firms and financial markets is on the rise. These factors, combined with their growing optimism concerning their ability to generate wealth into the future, paint a positive picture for wealth managers and for the financial centres that can earn the trust of these individuals. Wealth across the globe According to the report, the global population of HNWIs rose at its second fastest rate since 2000 - the fastest was recorded following the post-crisis recovery year in 2009 - to reach a record high of 13.7 million. Meanwhile their collective wealth grew by almost 14% to reach a second consecutive record high of US$52.62 trillion, building on a strong five-year trend. HNWI
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wealth is expected to reach another record of US$64.3 trillion by 2016, representing 22% growth over 2013 and almost US$12 trillion in new HNWI wealth. This growth is by no means even across the globe. North America and Asia-Pacific continue to lead the way, accounting for over half of the global HNWI population. While Europe continued to trail these two regions, its growth of 12.5% was significantly up on the previous two years, pushing the European HNWI population to 3.83 million. Meanwhile, the population growth in Latin America and Africa lagged, registering just 3.5% and 3.7% compared with the previous year. These trends are certainly instructive, but it is important to drill down further into the key drivers behind these figures. Despite the challenging economic conditions that have persisted over the course of the past year, a global environment of reduced risk led to improved investor sentiment. That said, different factors were at play in different markets, with the equity market and real estate performance driving the wealth growth in the UK for instance. Who can you trust? The World Wealth Report also included a revealing survey of 4,500 HNWIs in 23 countries, who were asked about the nature of the relationships with their advisors. Starting from an already strong base, HNWIs globally expressed strong trust in wealth managers and firms, with levels increasing by 13.5 percentage points and 15 percentage points to reach 74.7% and 76.4%, respectively. Despite strong wealth growth and confidence, wealth management firm performance ratings decreased by four percentage points to 63%. The drop was strongest in the ultra-HNWI segment (those
with US$30 million or more in investable wealth), falling by 8.6 percentage points to 64.6% from 73.2%. This disconnect between the high level of trust and the comparatively low performance scores suggests that significant opportunities exist for wealth managers and firms to address unmet needs, and is a strong indication that the performance of wealth managers is not just about achieving market returns. This is particularly important as these investors gradually become more confident and take cautious steps out of cash into riskier asset classes. While HNWIs across the globe are still slightly more focused on preserving their wealth (28.6%) than growing it (27.6%), the percentage of respondents focused on preservation has come down from 32.7% a year earlier to 28.6%. In particular, the ultra-wealthy individuals polled showed a significant preference for growth (30.7%, from 18.0% in 2013), while the focus on preservation declined from 44.8% to 27.6%. Which model works best? With trust in existing wealth management relationships on the rise, it is only natural that HNWIs should prefer to consolidate their holdings with a single firm – 41% said they preferred to work with a single firm compared with 12% who preferred to be multi-banked. This is an encouraging indication that full-service financial services firms with integrated banking models are best positioned to provide the full range of complementary products and services suitable for HNWIs. 77% of the HNWIs said they were confident in their ability to generate wealth in the near future. The current environment is ripe for wealth management firms to broaden and deepen relationships with high net worth clients, and ensure that they can earn and maintain their trust.
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A F OCU S ON F IN ANC E
Business Roaming Cara Murphy of JT looks at the changing connectivity needs of customers when they are away from the island
The whole point about your mobile phone is that well, it’s mobile – it just goes where you go, whether you’re at home, in the office, in the car, with friends or in the pub. As handset designers and app developers have created ever more innovative ways for us to use our phones, they have become increasingly indispensible in our professional as well as our personal lives. These devices are not just for social media, games and apps – they’re also hugely important as communication and productivity tools when we’re out of the office. The idea of not having the ability to access emails because you’re away on business may have been acceptable ten years ago, but that is no longer the case, especially now the development of technology, both in terms of devices and infrastructure, that allows you to access emails, check calendars and share work files. In simple terms the device you carry around in your pocket is effectively a portable office – and that becomes hugely important when you’re out of the Island on business. The increasing use of tablets, such as iPads in a business environment has only increased that connectivity – it’s one of the major reasons why we have seen a huge 82% increase in roaming data traffic in just the last 12 months. That trend has been obvious for some time, and as further innovation makes handsets and tablets more useful, that trend is only set to continue. Our customers understandably expect us to be able to support them whilst they’re roaming and to provide a consistent and robust service wherever they are and also, just as importantly, to be able to use those services without having to worry about their bill when they return back to the Island.
It’s for these reasons that over the last ten years our dedicated roaming team has worked hard to increase the range and depth of our coverage around the globe, to the extent that we now have 509 agreements with our roaming partners around the world, including 448 data roaming agreements. What that means in practical terms for our customers is that there are very few places on earth where a JT customer would not be able to get the coverage they need, at a price they can afford.
The idea of roaming on different networks is more than 20 years old, but it’s never been more necessary as our businesses expand into new markets and our customers are no longer necessarily based in the Bailiwick One of the reasons that we have had so much success in negotiating agreements with other networks is due to our acquisition of ekit, which is an innovative roaming telecommunication specialist. The size and scale of ekit as a roaming business, has helped us to secure economies of scale when negotiating globally, as more than a million customers have used the ekit systems. In addition, because the roaming data volumes are growing at an exponential rate, we’re able to pass on savings that you would never normally see in an island of
around 66,000 people. In short, due to the success of ekit, coupled with the hard work and dedication of our roaming team we are pleased to announce we are now able to pass some significant discounts onto our customers; discounts that really will make a difference. JT is now proud to be the cheapest provider of data roamed services in the Channel Islands reducing the price from £3.99 per MB to as little as 10 pence per MB of data used in the UK, France (where the vast majority of our customers tend to take their phones) and the US. Through providing such an affordable price point, we know that our customers will be able to roam with confidence whilst they are away, whether it be business, or pleasure. Moreover, because our customers are at the heart of everything we do, we have also introduced a cap for roamed data to help ensure our customers are able to stay in control of their costs. It works by simply not allowing your device to access any more roamed data once you have incurred £50 worth of roaming charges, therefore preventing any unwanted bills. However, you are still able to access WiFi. The idea of roaming on different networks is more than 20 years old, but it’s never been more necessary as our businesses expand into new markets and our customers are no longer necessarily based in the Bailiwick; we need to be able to communicate wherever we are. At JT we’ve adapted to our customers’ requirements, to make certain that what we provide our customers reflects their changing needs. This commitment to provide our customers with worldwide, affordable and seamless connectivity is just another step closer to us fulfilling our vision: to be partner of choice for global telecommunications innovation.
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P R O M OTI ON
Effective brand communication How bringing all your marketing under one roof can provide multiple benefits for your brand The talent, individuality and experience of two of the Channel Islands’ longeststanding creative agencies have been brought together to form Betley Whitehorne Image, the largest creative agency in the Channel Islands. With offices in Guernsey, Jersey and Gibraltar, we provide a full range of cost-effective, integrated marketing and design services. It’s well documented that consistency in messaging helps build stronger brands, and it’s at the core of everything we do. Much like the matryoshka dolls featured in our advertising, our range of marketing knowledge and skills can be accessed individually or used as a whole, depending on budget and requirement. Whether it’s one or all, we make sure the experience and delivery is seamless, giving you a cohesive and cost-effective way of communication. Who wants the hassle and extra cost of employing several different media agencies? Our team continuously communicates across all departments and locations ensuring client messages are spoken with a single voice. And much like we require our people to work together, you’ll notice your brand will speak with one voice, both on and offline. Digital media has revolutionised the way we interact with each other and with brands. People are now just as likely to form an impression of your company through a website or perhaps social media than from a print or radio advertising campaign. What matters is that whenever and wherever your brand and marketing message is seen or heard, is that it is consistent. This is what we do for our clients, day in, day out. Our experienced digital team provides robust e-commerce solutions, highly technical intranet builds, corporate websites and apps for mobile, tablet or desktop. The team at the Le Bordage offices, in St Peter Port.
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We believe in ideas that can grow and design that lasts as key in making our work distinctive, not just for the now, but for the future.
Warburtons Warburtons is the largest baker in Britain. Betley Whitehorne Image has been instrumental in launching Warburtons bread across Guernsey and Jersey with a comprehensive launch plan, including press and radio advertising as well as in-store tasting sessions.
Completing our multi-channel approach, our public relations team builds and maintains your reputation by communicating the right messages to the right people at the right time, either as part of a larger marketing campaign, or in isolation, on an on-going or ad hoc basis. We work for large organisations and household names right through to small start-ups and approach each and every project with the same passion and commitment and integrated approach. Is your company speaking with one voice? www.wearebwi.com
White Rock Brewery Selected to brand Guernsey’s first micro-brewery, White Rock Brewery, we have crafted a playful and quirky design to communicate the Brewery’s uniqueness. In addition to the brand direction, we’ve created a distinctive advertising style and pump clips for the Brewery’s Wonky Donkey and Lost Tourist craft beers.
Our range of marketing knowledge and skills can be accessed individually or used as a whole, depending upon requirements
COMMUNICATE YOUR MARKETING WITH ONE VOICE
wearebwi.com Guernsey. Jersey. Gibraltar.
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T H E AR T OF C OMMUNI CATI ON
Mojoe’s working Joseph Smith looks back on taking the plunge into setting up his own business ‘Mojoe’ and looks ahead to exciting times
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T H E ART OF COM M U N ICAT IO N
Having developed a very successful career in a number of prominent local advertising agencies, holding senior and creative director level roles and amassing a wealth of knowledge and expertise in his field over a 20 year period, it’s fair to say that Joe has been around the block when it comes to Guernsey’s advertising and marketing scene. But that all changed three years ago when he made the bold move to set up his own business. ‘I just woke up one morning and thought that’s it, I’ve got to do this. If I don’t I’m going to regret it for the rest of my life. I had discussed it with my partner Sarah for some time, but I think even she was surprised when I eventually made the decision to go it alone. I’ll always remember that morning. She said, ‘what are you doing at work today?’ ‘I’m resigning’, I said, and off I went. ‘We still laugh about that today’. For some time Joe had recognised an opportunity to harness his talents and provide his creative services to businesses in a far more personal and direct way.
their brief into tangible and effective creative communications.
going to get high quality results from me wherever I am, and that’s all that matters’.
Joe admits that he had some initial concerns about how such a small specialist business like Mojoe would be received by the business community, but those fears were very quickly allayed as the business soon found its feet and its niche.
As the business has developed, Joe has purposely fostered a wide-ranging client base, both on-island and further afield in the UK and Europe, but what has really worked for Mojoe is the virtual connectivity that we all enjoy today.
We’ve never lived in such a connected world. I have one particular client in the UK that I did a very successful re-brand for over a period of about six months and continue to work with, but we’ve never actually met in person. Not so long ago that would have been an unthinkable notion
Rather than following a typical business model, ’Mojoe’ was born as a boutique style creative services studio specialising in brand identity, advertising, design for print, packaging and to a lesser degree, digital media.
But how does a small business like Mojoe compete with larger agencies in what is a highly competitive industry? ‘I’ve never seen myself as competing with full service agencies, although that said, I have developed an excellent network of like-minded strategic partners who I can call upon if I have a big project that needs specialist skills outside of my own’, he said. ‘I can get a team together that can collectively handle pretty much anything a client would want with people who are passionate about what they do’. So what does the future hold for Mojoe, and is expansion just around the corner? ‘I’m working on some really exciting projects at the moment which should come to fruition in the next six months or so, and things are looking very positive generally, despite the economic outlook from some quarters. As to expanding the business? it’s not something I feel I need or want to do.
‘I just had a feeling that this could work’ said Joe. ‘The business model is so simple but extremely effective and efficient. I wanted to strip everything back to basics, remove the layers of people and processes and provide effective high quality creative solutions working directly with my clients. Obviously, I had a lot of experience and knowledge of the creative process from my time in agencies so I knew what worked and what didn’t. What really came through loud and clear was that clients wanted, and more importantly, needed to be talking to the person who was actually interpreting
‘We’ve never lived in a more connected world’ he said. I have one particular client in the UK that I did a very successful re-brand for over a period of about six months and continue to work with, but we’ve never actually met in person. Not so long ago that would have been an unthinkable notion’.
My Mojoe’s working just fine’. ‘My business model isn’t exactly typical of the industry I work in, and basing myself in a converted barn in the middle of the Guernsey countryside doesn’t exactly give you a highly visible presence’, he said laughing. ‘The reality is that it really doesn’t matter to my clients. They know they are
www.mojoecreative.co.uk
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GRU M P Y OLD (WO)MA N
grumpy Chris Brock is
old (wo)man. Royal thrones, signposts and the ‘too difficult’ tray – Chris Brock ‘is not amused’
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G RU M PY OL D ( WO) M AN
As chief executive of research and benchmarking company Island Analysis, Chris is more used to asking the questions than answering them but Contact put him in the spotlight to find out what gets under his skin.
‘It just seems that the logistical challenge all became too difficult and there was probably a reluctance to spend the money. It fell off the radar and then everyone forgot about it - which I think is a real shame. Apart from anything else it was a great PR opportunity lost.’
Anyone who knows Chris would no doubt agree that ‘grumpy’ is not the first word that springs to mind to describe him. But Chris like most of us can get worked up about a few things and nothing is closer to his heart than issues relating to Guernsey’s image.
‘There is one project that the States undertook back in the ‘90s when the layout of the Crown Pier was re-configured and landscaped, creating the walkway along the south side of the main arm and installing benches overlooking the marina. The changes came as a direct result of an accident when a local bus went straight through the railings along the seafront taking a (thankfully empty) bench with it. From a safety perspective, it was felt the benches should go and hence the Crown Pier project was initiated.
This was very much part of the overall plan. Many people may not even be aware that the ‘plinth’, which is used as a mini roundabout by hopeful parkers taking a second circuit around the pier, was built specifically to house the statue. As for reasons why Victoria never moved home - Chris puts it down to a mix of apathy and cash.
‘There are great examples of where the island gets it just right. We don’t have a graffiti problem; our town as well as other parts of the island is a real picture with its hanging baskets and planted areas. ‘But I don’t understand why the island is awash with bent, rusty, tatty and often superfluous sign posts; why St Peter Port is home to unpainted dirty benches long overdue for replacement; and why all this has been the case for years. The town welcomes thousands of cruise visitors each year, the island is focusing on increasing its visitor numbers and economy. To have this type of unkempt appearance gives an impression of a lacklustre attitude and singular lack of pride.’
Unfinished projects and things ‘filed’ in the ‘too difficult’ tray Chris finds difficult to tolerate. But one in particular is a real irritant.
‘Of course there was the inevitable local debate over the loss of, if I recall, about six car park spaces which was resolved. But the project to this very day remains incomplete. Part of the plan was to relocate the statue of Queen Victoria from her less than glamorous location facing the toilets behind Candie Museum (and I bet if you asked locals, many would have no idea where she currently resides) to sit at the head of the pier. That way she would have been reunited with her husband who overlooks the Albert Pier and maybe people would start to refer to the pier by its proper name – Victoria Pier.’
Guernsey Tourist Board and so perhaps his interest in Guernsey’s image comes as no surprise. He believes that in some respects the island has lost a certain amount of ‘civic pride’ in its appearance.
Still on the topic of signage, Chris pointed out that a road with the word ‘BUS’ painted on it can hardly be classified a bus stop.
But I don’t understand why the island is awash with bent, rusty, tatty and often superfluous sign posts; why St Peter Port is home to unpainted dirty benches long overdue for replacement; and why all this has been the case for years Born and educated in Guernsey, Chris is an islander through and through. He spent nine years at the helm of what was then the
‘Taking a walk recently in St Martin’s I was asked by some visitors what time the next bus was due. There was absolutely no information as to timings or routes – I would have thought a basic need at a so-called bus stop!’ Chris is also concerned about our cliff paths where those who are not familiar with the pathways can find themselves very confused as to which way to go due to a lack of tasteful signposting. ‘The paths in Bluebell Wood have become wider and wider over recent years due to walkers trying to bypass the muddy conditions in the centre of the pathways and it worries me that some of our precious fauna may never rejuvenate. I appreciate that the Environment Department has a difficult job in ensuring that the paths are properly maintained but I would hate to see our beautiful cliffs and their wild flowers destroyed. ‘We have a fabulous island – we need to make sure that we look after the small things so it stays that way.’
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T R AVE L SOLUTIONS
Travel Solutions comes of age Amanda Eulenkamp of Travel Solutions describes the journey her own business has been on and how booking patterns have in some respect come the full circle Amanda has been in the travel business since 1988, initially working in the inbound conference business for Guernsey Conference Services, which she eventually bought. She and her husband became franchisees of Uniglobe in 1993, which was just the start Amanda explained: ‘Uniglobe’s focus was business travel and mainly targeted the SME market. We were pretty successful but recognised the need to diversify so we expanded into the leisure market and sought opportunities to purchase agencies outside Guernsey to expand our client base.’ 21 years on and the company – now TravelSolutions – has five offices in Guernsey, Oxford, Bromley, Bristol and most recently Jersey, with the Bristol office dealing solely in business travel. The company employs 26 staff, including two home workers and boasts a national client base. As with any other sector, Amanda has seen incredible change in the industry, particularly with regard to technology. ‘When I started in this business faxing was the big innovation; we used telexes and if you booked an inter-island trip with Aurigny, you didn’t even supply the passengers’ names – they just used a blackboard to log numbers travelling.’
These days the company uses technology to its full advantage to ensure that customers receive the best service and that response times for booking requests are kept to a minimum. ‘We have a Mitel telephone communications system in place,’ explained Amanda. ‘Mitel has won awards for the comprehensive way in which we use its system. For example bigger corporate clients are supplied with dedicated numbers; it’s programmed to ensure that calls are distributed across the staff so if someone has just taken a call, the next one will go to another extension; it recognises a client’s number and automatically directs the call to that client’s primary contact in the office. It’s all about harnessing technology and using it to best advantage both for the client and for our operation.’ Amanda acknowledges that the internet has changed the way people view the travel industry but explained how the initial trend towards ‘DIY’ has shifted. ‘With the internet revolution, everyone thought they could do everything themselves and there was definitely a drop off in business. But the corporate market has come full circle and started outsourcing to travel managers again. They save a significant amount of time,
Guernsey FC is one of the many sports teams for which Travel Solutions organises group travel. Photo copyright Chris George/Coast Media.
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particularly for more complicated trips and we take on all the ‘hassle’ when things go wrong or when plans change. Change and fog are just a way of life for us! ‘Clients do want everything a lot quicker now though. Speed of response is key to our success and technological advances certainly help that.’ Perhaps a surprising advantage for a business is that outsourcing to a travel manager can also mitigate risk. If a booking is made in-house, the company directors can be liable for the traveller’s safety. This risk is transferred, by using a third party supplier. Business travel accounts for around 40% of the work undertaken by TravelSolutions. They also handle a lot of group business, including all Guernsey Football Club’s travel needs. Amanda is confident about the future. ‘Our Bromley and Jersey offices are relatively new and so we are focusing on developing the business opportunities they now offer rather than seeking new locations for the time being.’ Amanda feels that losing Flybe from the Gatwick service was a real loss but said there are other opportunities. ‘We have good relationships with all the airlines that service the island. It would be great if Aurigny was ever able to offer through-ticketing over Gatwick but equally Southampton can be a useful alternative. Some airlines even offer taxi transfers from Southampton to Heathrow – that’s the sort of knowledge and help we can offer customers.’ Travel Solutions is a real Guernsey success story. Hitting 21 years might mean the key of the door for some; Amanda and her team have certainly found the key to success.
Travel Solutions is celebrating 21 years of being locally owned and run. Our team can help you with worldwide business travel, group bookings and tailor-made experiences in luxury locations. 1 The Albany, South Esplanade, St Peter Port, Guernsey.
guernsey@travelsolutions.uk.com
CONTACT US
01481 715145
B U S I NE SS IN THE C OMM U N IT Y
The Channel Islands Co-operative Society Out and about in the islands Co-operative Fortnight Volunteers. Photo courtesy of the Guernsey Press The Channel Islands Co-operative Society has more than 28 stores across the islands and employs a workforce of just over 1,000. The Society is wholly owned by its 100,000plus members and operates to serve consumers and invest profits back into the islands. It operates as a ‘not for profit’ and its business model is the epitome of engagement with the community. That is why playing a meaningful role in the community, especially in charity and environmental matters, is at the heart of the Co-operative business. In 2013 alone the Society donated £189,000 to more than 250 charities and projects in the Channel Islands.
respond willingly in a number of wild and whacky ways, with the aim of reaching a goal and fundraising firmly in their sights. They are the eyes, ears and in many ways heart of the business and form a seamless link with the communities in which they work,’ said Jim One of the initiatives involved En Route Forest colleagues donating their time and effort in support of Le Rondin School, which provides services for children with special needs. They organised a table at a car boot sale in aid of the school, helped maintain the school vegetable patch during the summer holidays and collected over £100 worth of prizes for the school’s fundraising raffle.
‘It never ceases to amaze us at the Co-operative when we see how tirelessly some of these charities and groups or organisations work for others,’ said Jim Plumley, the Society’s chief commercial officer. ‘There are some truly remarkable people in the Channel Islands and it’s always heartening to see that a new iPad, sports kit or set of chairs can make such a huge difference to the lives of people within a group or organisation.’ The Society has a number of long-term schemes and one off projects that support the local community. Last year the Co-operative launched the ‘Community Engagement’ project and each Society store was set the task of proactively increasing their involvement with the community. Activities included fitness challenges, car boot sales, raffles, sponsored events and volunteering with Meals on Wheels. ‘We take a great interest in the islands’ appeals and needs and our colleagues 62
The operations team completed a 42 mile sponsored walk for local charities
‘It never ceases to amaze us at the Co-operative when we see how tirelessly some of these charities and groups or organisations work for others The Co-operative’s Helping Hands Fund, now in its 20th year, provides annual donations to worthy causes. This year more than £16,000 was donated to 35
Channel Island charities and organisations, including schools, social-welfare and health care providers. The fund gives assistance to as many causes that qualify across the community as possible, rather than making larger single donations to a few. Recipients have often been ‘getting by’ with old or broken equipment and have applied to the fund for sometimes relatively small amounts. Jim said that every year it was difficult to choose who should receive support. ‘We always want to help as many local initiatives as possible being a local community retailer in the Channel Islands. Every year there are so many deserving causes in need of help and we try to understand from each applicant how the money will be used to the maximum benefit of islanders.’ Its Eco Fund, now in its seventh year, distributes the funds raised from the sale of carrier bags to environmental initiatives. In 2013 over £24,000 was distributed amongst 12 initiatives. The Co-operative supports around 250 local charities annually with fundraising prizes and sponsorship. In 2013 this was to the value of approximately £8,300. The business helps charities raise money through bag packing and other fundraising events in its stores and last year supported more than 90 charities, schools and organisations. The Society also has an in-store charity box scheme, ‘Donate Your Dividend Stamps’, and supports numerous colleague fundraising activities including monthly ‘dress down’ days. In recognition of its on-going efforts across the islands, the Society was shortlisted for the Community Enterprise Award at the 2014 Jersey Awards for Enterprise.
B U S IN E S S IN T H E COM M U N IT Y
C5 Alliance’s speed quiz raises £941 for Guernsey Mind
RBC launches Harbour Carnival corporate duck race
Sure give Scouts a new internet network
Resolution IT donates goals to Vauvert School
State Street Manager of the Year, Andrew Thompson donates paddle boards for Youth Centre
Imperium director to cycle from London to Paris in aid of Parkinson’s UK
KPMG accountants head to Tanzania to work with Tumaini Fund
Investec buys kit for Guernsey Disability Football Club
Lloyds donates £30,000 towards uro-oncology nurse secured by MUG (photo courtesy of Guernsey Press)
Lloyds donates £51,000 to Headway Guernsey
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YO U NG B USINE SS GROUP
A family affair. Contact talks to Emma Joy about what it’s like to join the family firm. When Joy’s Production Services started 30 years ago, it was little more than one man and a projector. These days, the specialist production company is one of Guernsey’s most successful home-grown international businesses, with offices in Guernsey and London and clients in the Channel Islands, the UK and Europe. Although Joy’s core staff is relatively small, at eight people, the company has a huge bank of freelance specialists to draw on when it produces larger events, such as Guernsey’s Awards for Achievement or the yearly Media Business Course in Brighton. At the latter event, young up-and-coming media professionals listen to presentations from the leading lights of major media companies such as Channel 4, Yahoo and Google and work on their own three-day project. The course has been produced by Joy’s for the last 30 years. The Media Business Course’s co-founder and administrator, Rosemary Michael MBE, was one of Joy’s first clients. It was the faith of those early clients – and the fact that Joy’s offered a niche service in Guernsey – that helped to make the company what it is today. Emma Joy has been working at Joy’s for five years, and the man with the projector all those years ago is her father, managing director Peter Joy. But it was never a given that Emma would join the company, she says. ‘When I left school I worked at Deloitte for a year and a half training to be an
auditor, then I found out that Joy’s needed an accountant. I applied and I was given the job on the condition that I completed my accountancy exams.’ Emma has just finished the last of her ACCA exams and now works day-to-day as an accountant at Joys, but the production side of things also interests her. ‘A lot of people associate Joy’s with corporate work but in fact there are many different sides to the business. ‘There’s video production – high definition filming, short videos for new media, clips for Twitter. We produced a video for Guernsey’s ‘Safety Calling’ initiative, which shows children what happens when they call the emergency services. That was one of the first jobs using our new motorised jib – the shots look amazing.’ Joy’s also offers graphic production, such as PowerPoint presentations and real time graphics, which look like a static presentation but in fact can be edited as they are shown on screen. There is also a technical production side to the business for use in events such as fundraisers and corporate receptions. ‘We use the latest technology, for example a keypad voting system, which is really useful for silent auctions or polls. It’s a very varied business – recently we did the British Irish Conference on a Thursday and Friday, then a Latin dance night on Friday evening, then an event in Herm on the Saturday.’
The Young Business Group is a dynamic networking organisation for the young and young at heart. The organisation represents a diverse range of local businesses. We provide members with an opportunity to broaden their contacts and to network in an informal environment.
Joy’s also hires out, sells and installs audio-visual equipment, and offers its own boardroom with video conference facilities for hire to other businesses. This has been used for board meetings and even court sessions. However there is little to match the adrenaline rush from a big event. ‘When we’re preparing for the Awards for Achievement, which is what many people know us for, we start installing equipment on Tuesday in preparation for Thursday – there’s so much to do. But it’s amazing when you walk in there and see it all in action. ‘We also produced a recent dinner with Bradley Wiggins, which was great fun, with a lot of great details like custom-made bicycle shaped table confetti, and a Tour De France Xbox game on an 80” plasma.’ Fittingly, Emma became aware of YBG via new media technology. She and fellow YBG member Russell Kellaway decided it would be a good idea to join the group to meet other young professionals. ‘I found YBG on Facebook and thought it would be a great thing to join – the perfect opportunity to network and a nice way to meet new people. We have made an effort to go to every event. The speakers are really interesting, for example we enjoyed Will Morgan’s talk at a recent lunch. It’s such a good idea to support YBG, good for young people and a great way of developing professional experience.’
The main focus of our events is a monthly, lunch, dinner or networking night (one a month in rotation). Our events provide something for everyone. Topical guest speakers at our lunches and dinners provide interesting and lively presentations, whilst our networking events are activity based.
Contact secretary@ybg.gg for further information
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Diamonds are a girl’s best friend
ALL I N A DAY’ S WORK
For the past 18 months there has been a new face at Catherine Best. Vikki Freeman is a jewellery designer and is Catherine’s eldest daughter.
Vikki turns 23 at the end of July and has worked with her mother designing commissioned and stock jewellery for 18 months. She returned from university in 2012. ‘I can’t imagine doing anything else; every day is different. I’ve been fascinated with jewellery from a young age. My mum is a jewellery designer and I really enjoyed art at school. I used to look at her sketchbooks when I was little and find them fascinating. I’m not one for sitting in an office all day. Jewellery design is such a creative job.’ Last year, the first in her chosen career, Vikki won a major award at the prestigious
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Goldsmiths’ Craft and Design Council Awards. ‘It was a bit of a shock and a lovely surprise, but the real satisfaction came from knowing that the standard of my work was suitable for our business.’ Vikki said no day is typical as a jewellery designer.
stone with silver; instead you would use gold or platinum. Then I will work on a design, show mum and we will then work together to tweak it, because she’s more experienced and knows what will work. Ultimately, she will decide if we go ahead with the design or not.’
‘It can consist of working on commissioned designs for a client, such as an engagement ring, or designing new stock. If a stock line has reached the end of its limited edition number the store’s manager will ask us to design new stock. Mum and I will look at the current stock lines and discuss stones and metal. We need to take into consideration the combination of stone and metal. For example, you wouldn’t put a rare
As well as designing, Vikki is also the second person to provide support in the shop when it is required. She works Sunday to Thursday and has regular clients and visitors to the island for whom she designs and helps to choose jewellery. Vikki is often called upon to design engagement rings and the work can vary depending upon the taste of the bride-to-be
AL L IN A DAY ’ S WO R K
and the expectations of the client making the proposal. Once Vikki has a few designs drawn she will meet with the client to present them. ‘Sometimes it takes one meeting and other times it takes more. It is possible to design and make a piece of jewellery, such as an engagement ring, in a week, but it depends how complicated the design is.’ Vikki said her busiest time for engagement rings was January, in the run up to Valentine’s Day in February. ‘We also get quite a few in January coming in for their wedding rings after the proposal has been made at Christmas. The reason the design of an engagement ring is so important is that it is a ring that signifies your love for your partner and it is going to be worn for life; it’s not something you are going to wear every now and again.’ Vikki has worked with yellow gold, white gold and platinum, when it comes to engagement rings. ‘We would always recommend platinum for rings because it stays white, unlike 18 carat white gold which is often plated, and can wear off, needing re rhodiuming every year.’
existing piece or design a piece of jewellery to match a stone that a client already has. This is very special because often the jewellery has sentimental value. For example, it may have been inherited, but it may not be to the taste of the recipient so we will work with the client to design a piece that suits them.’
My favourite colour is pink and tourmaline is definitely my favourite stone. And while I enjoy designing using all sorts of jewellery media, I especially like working with gem stones because of their amazingly unique qualities
Some pieces of jewellery can take weeks or even months to design but Vikki is also able to turn pieces around in a matter of days for clients.
‘At uni we learnt to design a piece of jewellery and then to make it.’ Her designs are often influenced by gemstones. ‘Their beauty really stands out to me. I particularly like faceted ones, as the hues tend to be more vibrant. My favourite colour is pink and tourmaline is definitely my favourite stone. And while I enjoy designing using all sorts of jewellery media, I especially like working with gem stones because of their amazingly unique qualities.’ The first piece of jewellery she designed and made was a heart pendant, which she divided in half. ‘I created one for myself and one for my friend,’ she said. Although Vikki does not make the jewellery she designs - Catherine Best has five full time jewellery makers in Guernsey and two in Jersey - she said it was important for her to understand the process in order to design pieces that can be made well, in time and on budget. ‘I didn’t really enjoy it in the UK so I knew I wanted to come back to Guernsey, to work and to live here. I love Guernsey.’ What she is most looking forward to now is travelling to meet suppliers and learning the ropes from her mother and father in the art of negotiation. Vikki’s debut collection will be included in this year’s Catherine Best catalogue, which is issued in November. ‘I’m designing something that is very different from what mum does,’ she said. Vikki said she is proud to be able to continue the family business.
‘I had a customer, who was in Guernsey on holiday for five days, who wanted me to design a bracelet to go with an existing pendant and earrings. She came straight from the airport so that I could measure her wrist and discuss the design. I designed and had the bracelet made while she was here. On her way back to the airport, before leaving Guernsey to return home, she collected her new bracelet. It was rewarding to see how much she loved the bracelet and to have turned it around so quickly.’
‘If I had not come back we probably would not be developing areas of the business as much as we are currently,’ she said. ‘I am working hard, with mum and dad, to continue to develop.’ Vikki said her ambition is to continue to drive the business forward. ‘I’m going to continue to learn and grow as a designer.’
Vikki said that jewellery is a very personal thing. ‘Usually you are looking for a piece for someone to mark a special occasion. Sometimes we are asked to add to an
Her mother studied there before her.
Vikki studied silversmithing, goldsmithing and jewellery at the University for the Creative Arts, Rochester, one of the best places to study such a skill in the UK.
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If I were in charge
I F I W ER E IN C HA RGE
68
IF I W E RE IN CH AR GE
Contact asked Rupert Dorey, Chamber’s outgoing president and a seasoned businessman, what he might do if he walked the corridors of power. A fairly keen political watcher when the mood grabs him, Rupert enjoys sailing and all things nautical in his spare time. What type of leader do you think you would make? Autocratic and consensual in equal measure. The skills I have that would be key in the role are: Four things come to mind: I am meticulously organised. Digital technology plays a large part in that these days, but I have always been that way. I get involved - it’s so important to ‘get your hands dirty’. Rolling up your sleeves and getting stuck in is the only way to learn and improve. Self-belief is another ‘skill’ or attribute that I have and I believe this would be vital to the role. Finally, I listen to criticism – so long as it is constructive. However, that doesn’t mean I always accept it! What have your learned from being president of the Chamber of Commerce? It’s a highly visible position and you need to be conscious at all times of the organisation you are representing. It has been a huge honour to serve as president and I have met some truly exceptional people.
What’s the one thing you would change on day one of being in charge? I’d clear my head by going sailing!
What’s your view of the current political structure and its suitability to take Guernsey through the next decade? What improvements would you make? Nothing much really gets done at present, does it? I believe the structure is designed that way. I recently read a backlog of the Guernsey Press from 30-35 years ago and – do you know – nothing at all has changed. Same headlines, same problems, same challenges. Less people but with more passion in government would make more, and better decisions perhaps? More competition for limited places? Can you name six people who you would select for your ideal cabinet/policy council and why?
sincerity, huge intelligence and he’s not afraid of sending himself up. A ‘toff’ he may be, but he also understands real life and, when he gets something wrong, he apologises immediately. And finally my father - An astute businessman with an incredibly busy life, who still made time for his family. Always fair and just and respected by all he came into contact with. If I were in charge, there would be no more… Chewing gum on pavements; noisy exhausts; rubbish on beaches, or inconsiderate people on this island.
Abraham Lincoln - An inspiring orator, a unifier of beliefs ,a man with vision and an ability to sell it.
People would love/hate me as their leader because…
Gandhi - A man small in stature but hugely influential and charismatic without any of the usual posturing.
I seek to tell the truth. As the saying goes: ‘Don’t tell people how to do things, tell them what to do and let them surprise you’.
Frank Field - A politician of the 1970-80s who was way ahead of his time on welfare reform. He achieved virtually nothing back then, but his ideas are now being embraced and welcomed with open arms.
But if I didn’t get the job….. I wouldn’t worry – I’ve got plenty of other things to do.
Christine Lagarde - Head of the IMF, she takes no prisoners, is highly intelligent, and would soon sort out most of the politicians who drag their heels. Boris Johnson - He’d be entertaining, yes, but he is also a man of great charisma and
69
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233151
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235851
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peter.cornell@metric-capital.com johnnypcurran@hotmail.com
724000
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240613
becky.elliott@kaybooksonline.co.uk
Mark Eban
meband@spencerstuart.com
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robins@cwgsy.net
Mr Peter Daley
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02702 298 8304
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Mr Jeremy C S F Smithies
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Mr Daniel de Lisle
266338
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232790
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230711
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07781 117980
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245134
daniel.delisle@cwgsy.net rupertdorey@mac.com
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70
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martin.msci@cwgsy.net jardincache@cwgsy.net
jenny@taskeronline.com
crozatier@gmail.com
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anthonywebber@cwgsy.net offshore.properties@cwgsy.net hrw@cwgsy.net
D IRE CT ORY
A
2mi Financial Services Limited
Financial Services 01481 726277 www.2mi.gg
Anson Group Ltd
A1 Distributors Ltd
Cleaning Supplies 01481 726556
AO Hall Advocates Louise Hall enquiries@aohall.com
ABN Amro (GUERNSEY) LTD Banking Graham Thoume 01481 751000 graham.thoume@gg.abnamro.com www.abnamroprivatebanking.gg
AP Group Ltd
Active Group Ltd
Apax Partners Guernsey Limited
Sean Martin sean@2mi.gg S Lesbirel orders@a1.gg
Wayne Bulpitt info@activeoffshore.com
Finance 01481 711822 www.activeoffshore.com
Fund Management & Share Registar John Le Prevost 01481 722260 reception@anson-group.com www.anson-group.com Advocates 01481 723723 www.aohall.com
Employment 01481 715757 www.apgroupglobal.com
Andrew Cullen andrew.cullen@apgroupglobal.com
Fund Management 01481 810000 www.apax.com
Denise Fallaize denise.fallaize@apax.com
Adam & Company International Ltd
Banking 01481 715055
Appleby Advocates Gavin Ferguson 01481 755600 gferguson@applebyglobal.com www.applebyglobal.com
Admiral Training & Development Corporation
Training 01481 251095
Aquarius Accounting Services Limited Tracey Van Zanten tracey@aquariusaccounting.gg
John Judge adamint@adambank.com
Derek Knowles admiral@guernsey.net
Accountants 01481 715611
AFR Advocates Advocates Mark Ferbrache 01481 743999 vwoodward@afradvocates.com www.afradvocates.com
Aquastar Ltd
Aircraft Servicing (Guernsey) Ltd
Arborcraft Ltd
M Parr info@flyasg.co.uk
Engineering 01481 265750 www.flyasg.co.uk
Airtel-Vodafone Ltd Telecommunications Ian Campbell 01481 230030 ian.campbell@airtel-vodafone.gg www.airtel-vodafone.gg Albany Trustee Company Ltd
Anthony Holt info@albanytrustee.com
Administration 01481 724136 www.albanytrustee.com
Albecq Trust Company Limited
Mik Underdown mu@albecq.com
Financial Services 01481 740300 www.albecq.com
Geoff Wilson aquastar@guernsey.net
Jonathan Skillett arborcraft@cwgsy.net
Arrowsmith Marlowe Holdings (1980) Ltd
Hugh S E Roe maria@arrowsmithmarlowe.com
Artemis Trustees Ltd
Robert Sinclair info@artemisci.com
Alderney Shipping Group
Shipping 01481 724810
Ashton Barnes Tee Keith Pengelley keith.pengelley@guernseylegal.com
Alliance Cash & Carry Ltd
Wholesale 01481 246827
Aslett Architects Ltd
Estate Agents 01481 729891 www.alphaestates.net
Atec Engineering Ltd
Bruno Kay-Mouat bruno@aldshp.co.uk Christopher Fish alliance@cwgsy.net
Alpha Estates Ltd
David Ingrouille david@alphaestates.net
Alternative Solutions Ltd
Neil Jordan solved@asl.gg
Computing 01481 701234 www.asl.gg
Garden & Land Preparation 01481 265296
Archivist Bryan Smitheram office@archiviststorage.com
Marine 01481 244550 www.aquastar.gg
Archive Services 01481 251484 Cleaning Contractors 01481 728801 Finance 01481 729466 www.artemisci.com
Advocates 01481 724124 www.guernseylegal.com
Architects & Surveyors Liz Aslett 01481 736441 info@aslettarchitects.co.uk www.aslettarchitects.co.uk
Adrian Marsh atec@cwgsy.net
Engineering & Manufacturing 01481 244977
Amalgamated Facilities Management Ltd Property Darren Etasse 01481 252111 darren.etasse@amalgamatedfm.com www.amalgamatedfm.com Annandale Ltd
Richard Ogier richardo@annandale.gg
Building 01481 253088
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Atlantis Marine Ltd Marine Patrick Wheeler 01481 258514 info@atlantismarine.biz www.atlantismarine.biz
BDO Limited
Atlas Offshore Ltd David Thompson dt@atlasguernsey.com
Beckford’s Funeral Services Ltd
Consultancy 01481 730500 www.atlasguernsey.com
Aurigny Air Services Clive Acton cliveacton@aurigny.com
Airlines 01481 266444 www.aurigny.com
Lara Bullock lara.bullock@bdo.gg Jane Duquemin jane@beckfords.com
Accountants 01481 724561 www.bdo.gg Funeral Services 01481 264202 www.beckfords.com
Bedell Cristin Advocates
Advocates 01481 812812 www.bedellgroup.com
Annie Zunino mark.helyar@bedellgroup.com
Avant Garden (Guernsey) Limited Retail Nick Martel 01481 246611 avantgarden@cwgsy.net www.avantgardenguernsey.com
Bella Luce Hotel & Spa
Avenue Flowers & Design Retail Alison Lythgoe 01481 724442 flourist@avenueflowers.net www.avenueflowers.net
Best Books Ltd Colin E Langlois admin@BestBooks.gg
Book Keeping 01481 253332 www.BestBooks.gg
AWS Design & Sign Group
Betley Whitehorne Chris Betley hello@betleywhitehorne.com
Advertising & Marketing 01481 725115 www.betleywhitehorne.com
Signs 01481 728283
Steve Free awsgroup@cwgsy.net
Black Horse Offshore Ltd
Black Vanilla Retail 01481 713005
Babbe Advocates Simon Howitt mail@babbelegal.com
01481 713371 www.babbelegal.com
Babbe McCathie
Engineering 01481 713371 www.bmlgsy.com
Don Babbe dbabbie@bmlgsy.com
Bailiwick Of Guernsey Guild Of Accredited Guides
Tourism 07781 103808
Carla bauer carla.bauer@cwgsy.net
Bank J Safra Sarasin Ltd Guernsey Branch
Banking 01481 739801 www.jsafrasarasin.com
Nicolla Tanguy nikki.tanguy@jsafrasarasin.com
Bank Julius Baer & Co Ltd
Banking 01481 726618 www.juliusbaer.com
Tony Crawley tony.crawley@juliusbaer.com
Bank Of Cyprus (Ci) Ltd
Banking 01481 716026
Andrew Dempster andrew.dempster@gg.bankofcyprus.com
Barclays Private Clients International Ltd (Guernsey Branch)
Banking 01481 755367 www.barclayswealth.com
Barclays Wealth
Banking 01481 755367 www.barclayswealth.com
Jade Isabelle jade@black-vanilla.gg
Blenheim Group
Peter Howe info@blenheimgroup.com
Building 01481 822722 Administration 01481 715200 www.blenheimgroup.com
Bleu It Consultants Limited
Computing 01481 715200 www.bleuit.com
Matt Le Huray matt.lehuray@bleuit.com
Blix Ltd Dominic Bennett dom@blix.co Blue Diamond Ltd
Alan Roper alan@bluediamond.gg
Internet 01481 706740 www.blix.co
Garden Shops & Centres 01481 210280 www.bluediamond.gg
Boatworks +
Marine Mark Nightingale 01481 726071 info@boatworksguernsey.com www.boatworksguernsey.com
Bonsai (Mal Trading Ltd)
Mathew Rolfe info@bonsaigroup.gg
Manufacturing, Retail, Services 01481 200011 www.bonsaigroup.gg
Books & Company Ltd Accountants John Merrien 01481 726655 john.merrien@booksandcompany.gg www.booksandcompany.gg Bordage Monumental Works Ltd Martyn C Renouf
Bordeaux Services (Gsy) Ltd
Baudains Trade Supplies (Bts)
Bougourd Ford
Merchant Peter Baudains 01481 248822 peter@btsgsy.com www.btsgsy.com
Advertising & Marketing 01481 729229 www.black-vanilla.gg
Blanchard Building Supplies James Roberts jamesr@blanchard-ald.com
Barras Car Centre Ltd Motor Garage Martyn Torode 01481 249915 martyn@barrascarcentre.co.uk www.barrascarcentre.co.uk
72
Finance 01481 710411
Phillip Le Cheminant phillip.lecheminant@blackhorse.co.uk
B&Q (Retail) Ltd Michael Penney moneypenney@cwgsy.net
Garry Dayes garry.dayes@barclayswealth.com
Hotel & Catering 01481 238764 www.bellalucehotel.com
Betway Limited, Guernsey Branch Leisure Bob Dutnall 01481 746411 guernsey@betway.com www.betway.com
B
Simon Veron simon.veron@barclayswealth.com
Luke Wheadon wakeup@bellalucehotel.com
Building & Monumental Masons 01481 721415
Fund Management Peter Radford 01481 715167 peter.radford@bordeauxservices.com www.bordeauxservices.com
Jonathan Bell jonathan.bell@fordretail.com
Motor Garage 01481 724774 www.bougourdford.co.uk
Boulangerie Victor Hugo R Karim boulangerievh@cwgsy.net
Hotel & Catering 01481 714714 www.boulangerie.gg
Cantus Consulting
Human Resources Jani Burwood 78397 722518 janiburwood@cantusconsulting.com www.cantusconsulting.com
BPP Professional Education Sarah Colley sarahcolley@bpp.com
Training 01481 266176 www.bpp.com/guernsey
Brehon Ltd Sarah Hancock sarah@brehon.co.uk
Accountants 01481 233009 www.brehon.co.uk
Capital Pvc Building Supplies Ltd
Brewin Dolphin Ltd Adrian Clayton adrian.clayton@brewin.co.uk
Banking 01481 736682 www.brewin.co.uk
Caplain Glasshouse Services Ltd Building Eric J Caplain 01481 244159 caplainglass@guernsey.net www.caplainglass.com
Capelles Building Stores Limited Andy Le Flem andy@capelles.co.uk
Careers Events Limited
Brittain Hadley Partnership Graham Hollingsworth graham.hollingsworth@bhg.eu.com
Carey Group
Business Services Anthony Reynolds 01481 727100 info@careersevents.co.uk www.careersevents.co.uk
Pension Providers Tim Bush 01481 737203 tim.bush@careygroup.gg www.careygroup.gg
Brooks Macdonald Group Investment Advisers & Managers Kevin Boscher 01481 815555 kevin.boscher@brooksmacdonald.com www.brooksmacdonald.com
Carey Olsen
Browns Advocates Advocates Adrian Brown 01481 740002 adrian.brown@brownsadvocates.com www.brownsadvocates.com
Catherine Best
BSG Resources Limited Administration David Clark 01481 812001 david.clark@bsgresources.gg www.bsgresources.com
CBO Projects
Bumblebee Marine Ltd Marine Dan Meinke 01481 720200 skipper@bumblebee.gg bumblebee.gg
Celaro Ltd Allison Forman celaro@cwgsy.net
Butterfield Bank (Guernsey) Ltd John Robinson john.robinson@gg.butterfieldgroup.com
Chain Limited, The
Banking - Private 01481 711521 www.gg.butterfieldgroup.com
BWCI Group Actuary Stephen Ainsworth 01481 728432 mail@bwcigroup.com www.bwcigroup.com
Merchant 01481 726151
Andre Lenormand capitalpvc@cwgsy.net
Bridgewater Limited Accountants Barry Le Pelley 01481 722221 barry@bridgewater.co.gg www.bridgewater.co.gg Surveyors 01481 713573 www.brittain-hadley.com
Building Services 01481 245897 www.capelles.co.uk
Emma Mauger emma.mauger@careyolsen.com
Advocates 01481 727272 www.careyolsen.com
Jewellers Paul Freeman 01481 237771 paul@catherinebest.com www.catherinebest.com Project Management Consultants Philip Smith 07781 128208 philip.smith@cboprojects.com www.cboprojects.com
Carl Ceillam carl@chainci.com
Retail 01481 724721 Security Specialists 01481 257008 www.chainci.com
Channel Island Ceramics
Distribution John Litchfield 01481 234000 mail@channelislandceramics.com www.channelislandceramics.com
Channel Island Toys
Embroiderers Andrew Deane 01481 723871 citoys@channel-teddy.co.uk www.channel-teddy.co.uk
C
Channel Islands Co-Operative Society Ltd
Retail Colin Macleod 01534 879822 colin.macleod@channelislands.coop www.channelislands.coop
C T Freight (CI) Ltd
Freight Distribution 01481 201121
Christopher J Torode ctfreight@cwgsy.net
C5 Alliance Limited
Computing - IT/Communications Marc Laine 07781 101145 marc.laine@c5alliance.com www.c5alliance.com
Calligo Ltd Cloud Computing Jamie Harkness 07700 812 184 jamie.harkness@calligo.net www.calligo.net Campbell & Bloese Ltd Nick Barton admin@campbell-bloese.com
Consultancy 01481 244433 www.campbell-bloese.com
Canaccord Genuity Wealth Management
Andy Finch andy.finch@canaccord.com
Channel Islands Motor Factors Ltd
Motor Garage 01481 248411
Channel Islands Skills Academy
Training 01481 244904 www.cisa.gg
N Robert nigel.roberts@cimotorfactors.com
Wealth Management 01481 712889 www.canaccordgenuity.com/offshore
Susie Andrade susie@cisa.gg
Channel Islands Stock Exchange
Finance Georgina Sines 01481 713831 georgina.sines@cisx.com www.cisx.com
Channel Islands Training & Development
Stephanie Bass mail@citd.co.uk
Channel Welders Ltd
Toni Clayton toni.clayton@channelwelders.gg
Chateaux Estate Agency Ltd David Corson david@chateaux.gg
Training 01534 737701 www@citd.co.uk Engineering 01481 246262 Estate Agents 01481 244544 www.chateaux.gg
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Cherry Godfrey Finance Ltd Banking David Cherry 01481 711666 dcherry@cherrygodfrey.com www.cherrygodfrey.com
Coppolo & Coyde Limited Jonathan Coyde jonathan@copcoy.com
Cherry Godfrey Insurance Services Ltd
Corporate Risk Solutions Limited
Insurance 01481 711666 www.cherrygodfrey.com
David Cherry insurance@cherrygodfrey.com
Architects Nigel Chescoe 01481 713137 nchescoe@cwgsy.net www.chescoecharteredsurveyors.com
Cranford Estate Agency Ltd
Christies Leisure Group
Cream Services (Guernsey) Ltd
Hotel & Catering 01481 724379 www.christiesrestaurant.com
Management Consultants 01481 742135 www.risk.gg
Darren Wadley info@risk.gg
Chescoe Chartered Surveyors & Architects
Philip Collinson manager@christiesrestaurant.com
Consultancy 01481 247248 www.copcoy.com
Estate Agents 01481 243878 www.cranfords.co.uk
Brian Castle sales@cranfords.co.uk
Import/Export P Kluyver 01481 246324 p.kluyver@guernsey-cream.com www.guernsey-cream.com
CI Lighting Ltd Wholesale
Creasey’s Ltd
CIA Limited Nick England nick@cia.gg
Create Limited
Roy Rogers cilighting@cwgsy.net
01481 728911
Fund Management 01481 725020 www.cia.gg
Credit Suisse (Channel Islands) Ltd
Peter Webber peter.webber@credit-suisse.com
Clegg Gifford & Co Ltd
Credit Suisse Trust Ltd
Insurance 01481 728987 www.cglloyds.co.uk
Cleland & Co Ltd A H G Dick-Cleland info@cleland.gg
Accountants 01481 740205 www.cleland.gg
Anne Bigeard anne.bigeard@credit-suisse.com
Clos De Vaul Creux Leigh Gibbins leighgibbins@cwgsy.net
Crowd Media
James Blower james.blower@clydesdalebankinternational.gg
Banking 01481 754929 www.clydesdalebankinternational.com
Coast Media
Design & Marketing 01481 735450 www.coast.gg
Katie Blampied katie@coast.gg
Cogent Ltd
Nick Ferris nick.ferris@cogentlimited.com
Trust & Company Administration 01481 706789 www.cogentlimited.com
Trust & Company Administration 01481 719100 www.cstrust.com
Architects Andrew Dyke 01481 726461 mail@ccd-architects.com www.ccd-architects.com
Criteria Wealth Managment Mark Penney mark.penney@criteriawealth.com
Clydesdale Bank International
Banking 01481 719000 www.credit-suisse.com/guernsey
Cresswell Cuttle & Dyke
Climate Controls Ltd Engineering B H Bisson 01481 263860 mail@climate-controls.com www.climate-controls.com Catering 01481 832527 www.closdevaulcreux.co.uk
Architects 01481 259333 www.create-architecture.com
James Barker info@create-architecture.com
Claire Boscq-Scott Customer Services Business Services Claire Boscq - Scott 07797 828950 contact@cbscustomerservices.com www.cbscustomerservices.com Cilla Thompson gsy@cglloyds.co.uk
Retail 01481 720203
A Creasey anthony.creasey@creaseys.com
Jo Porritt jo@crowdmedia.co.uk
CT Plus
Lee Murphy leemurphy@htcgroup.org
D
Financial Services 01481 726375 www.criteriawm.com Advertising & Marketing 72163 721632 www.crowdmedia.co.uk Bus Company 01481 700456 www.buses.gg
D.D.S. Archive Storage Ltd J B Kempson ddsarchive@cwgsy.net
Archive Services 01481 720113
Collaborate Communications Marketing Julie Todd 01481 715222 sales@collaboratecommunications.com www.collaboratecommunications.com
Da Nello Ltd
Hotel & Catering 01481 721552 www.danello.gg
Collenette Jones Ltd Gareth Nicolle gareth@cjco.gg
Accountants 01481 246324 www.cjco.gg
David Jackson
Comprop (C.I.) Limited
Property 01534 631409
Collas Crill Group Services (Guernsey) Ltd Iain Beresford iain.beresford@collascrill.com
Steve Marie enquiries@compropci.com
Condor Ferries
James Fullford
Advocates 01481 723191 www.collascrill.com
Ferry Operator 01481 729666 www.condorferries.com
Cooper Brouard Limited Estate Agents Matt Brouard 01481 236039 matt@cooperbrouard.com www.cooperbrouard.com
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Nello Ciotti danello@cwgsy.net
Accountants David Jackson 01481 712090 davidjackson@cwgsy.net www.guernseyfinancialmanagers. com
De Jersey, B R B R De Jersey bdejersey@cwgsy.net
French Polisher 01481 247356
Deloitte LLP Rick Garrard rgarrard@deloitte.co.uk
Dawn Bagnall deltatraining@live.co.uk
Digimap Ltd
Direct Social Services Ltd T/A DPS Locums
Training 07839 123011
Agencies 01481 255588 www.dpslocums.com
Roger Seaforth rseaforth@guernsey.net
Dixcart Trust Corp Ltd John Nelson john.nelson@dixcart.co.gg
Fiduciary 01481 723996 www.dixcart.com
Dominion Fund Management Limited
Fund Management 01481 734342 www.dominion-funds.com
Lason Le Roux jason.leroux@dominion-funds.gg
Investment Advisers & Managers 07799 417018 www.doreyltd.com
Dorey Lyle & Ashman Ltd Adrian Ashman home@dla.gg Pierre J Payne pierre@doylemotors.co.uk
Consultancy 01481 258123 Motor Garage 01481 724025 www.doylemotors-honda.co.uk
Duke Of Normandie Hotel Alan Sillett enquiries@dukeofnormandie.com
Hotel & Catering 01481 721431 www.dukeofnormandie.com
Duke Of Richmond Hotel, The Lukas Laubscher manager@dukeofrichmond.com
Hotel & Catering 01481 740862 www.dukeofrichmond.com
DWA (Arundell, D W & Co Ltd)
Retail 01481 246844 www.dwaflooring.com
H B Sarre dwa@dwaflooring.com
E
Management Consultants 01481 712826 www.east-harbour.com
Eaton Place Investments Ltd O E Faborsky centrumgsy@aol.com
Investment Services 01481 721069
Ecoscreed (Ci) Limited Building Andy Allen 07781 457217 andy@ecoscreedci.com www.ecoscreedci.com
Consultancy 07781 109289 www.elmcompliance.com
Emma Mauger emma@elmcompliance.com
EY Mike Bane eyguernsey@uk.ey.com
Accountants 01481 717400 www.ey.com/channel_islands
Evans & Co Brian Evans info@evansofficeinteriors.com
Retail 01481 253277 www.evansofficeinteriors.com
Executive Car Services Ltd
Andy Ogier executivecars@cwgsy.net
F
Transport 07781 155545 www.executivecarsguernsey.com
Falla Associates International Ltd
Architects 01481 728020 www.falla.com
Feel Unique At Au Caprice Gee Marsh ocapel@feelunique.com
Retail 01481 729721
Ferryspeed (Guernsey) Ltd
Freight Distribution 01481 249094 www.ferryspeed.com
David Falla dfalla@falla.com
Martyn Langlois mlanglois@ferryspeed.com
Tina Quertier info@firstcall.co.gg
Fund Management 01481 742380 www.eisturdza.com
Banking 01481 15.04.14 723432 14:25 www.efggroup.com
ELM Compliance Consultants Limited
Firstcall Recruitment Ltd
Adam Turberville a.turberville@eisturdza.com
Jonathan Guillemet jonathan@east-harbour.com
Edmond de Rothschild Asset Management (C.I.) Limited Hirzel Court - St. Peter Port - Guernsey GY1 2NH T. +44 (0)1481 716 336 - info@groupedr.gg - edmond-de-rothschild.gg
Finigan & Gibson D J Finnigan
E I Sturdza Strategic Management Limited
East Harbour Associates Ltd
01481 716336 www.groupedr.gg
Mapping EFG Private Bank (C.I.) Ltd 01481 700321 EdR_Guernsey_93x37.indd 1 The directors www.digimap.gg info@efgci.com
Colin S Le Conte colin@digimap.gg
Doyle Motors Ltd
Banking 01481 702000 www.dboffshore.com
Delta Training & Consultancy
Martyn Dorey martyn.dorey@doreyltd.com
Accountants 01481 724011 www.deloitte.co.uk
Deutsche Bank International Ltd Andreas Tautscher andreas.tautscher@db.com
Dorey Limited
Edmond de Rothschild Asset Management Ltd Investment Managers
Stuart Perfitt s.perfitt@groupedr.gg
Fletcher Sports Ltd Terry Ferbrache fletchersports@hotmail.com
Focus HR Solutions Ltd Becky Machon becky@focushrs.com
Forest Stores Ltd K Bienvenu foreststores@cwgsy.net Fort Group, The Jos Ensink info@thefortgroup.com
Building 01481 247290 Employment 01481 714634 www.firstcall.co.gg Retail 01481 724114 Human Resources 01481 728824 www.focushrs.com Retail 01481 238395 Trust and Company Administrators 01481 234460 www.thefortgroup.com
75
French Connections Ltd
Gary Ward gary@islebc.com
Freight Services 01481 722388 www.francetoguernseyfreight.co.uk
Fuel Supplies (C.I.) Ltd Jennie Hamilton j.hamilton@fsci.co.uk
Fuel & Energy Distribution 01481 200800 www.fsci.co.uk
Fuller Group Ltd Alex Fuller contact@fullergroup.co.uk
Property 01481 730702 www.fullergroup.co.uk
Fultura Ltd
Computing 01481 710047 www.fultura.net
Steve Vowles info@fultura.net
Fumoto Engineering Of Europe Ltd
Agencies 01481 716987 www.fumoto-valve.com
Richard Fleming sales@fumoto-valve.com
Fusion Systems Ltd
Computing 01481 721031 www.fusion-systems.com
Paul N Briggs enquiry@fusion-systems.com
G
Gold & Silver Workshop Martyn Guille martynguille@cwgsy.net
Manufacturing/Jeweller 01481 236161
Goldridge Estate Agents Ltd Kelvin Seeds sales@goldridgeestateagents.com
Estate Agents 01481 715600 www.goldridgeestateagents.com
Gower Group Ltd The
Jeff Barnett lorna.barnett@gowerfinancial.com
Financial Services 01481 700155 www.gfs.gg
Graham Scott & Co
Manufacturing 01481 259380
Graham Scott gscott@cwgsy.net
Granite Le Pelley Ltd Phil Le Roy phil.leroy@granitelepelley.gg
Building 01481 257610 www.granitelepelley.gg
Dave Clark dave.clark@gt-ci.com
Grant Thornton Services (Guernsey) Ltd
Accountants 01481 753400 www.gt-ci.com
Greg Forino Flooring Ltd Greg Forino gregforino@gff.gg
Retail 01481 235936 www.gff.gg
Greyhound Ltd
G2A Architecture
Architects 01481 237360 www.g2a.gg
Laura Priaulx laura@g2a.gg
G4s Secure Solutions (Guernsey) Limited
Security Specialists 01481 265133 www.g4s.gg
Bob Le Bargy bob.lebargy@gg.g4s.com
Galaxy Computer Brokers Ltd
Computing, IT/Communications 01481 740022 www.galaxyci.com
Stuart Mosley stuart@galaxyci.com
Aviation Consultants 01481 264192 www.greyhoundgg.com
Steve Page stevepage@greyhound.gg
GTA University Centre Simon Le Tocq admin@gta.g
Training 01481 721555 www.gta.gg
Guernsey Auto & Electrical Supply Co Ltd
P R Sandwith autoelec@cwgsy.net
Motor Services & Supplies 01481 726644 www.guernseyautoelec.co.uk
Guernsey Careers Service Alun Williams awilliams@education.gov.gg
Education 01481 733044 www.careers.gg
Guernsey Coal
t: 01481 740022 e: info@galaxyci.com w: www.galaxyci.com ✔ Secure shredding of hard disk drive and tape media ✔ Recycling and disposal, or purchase, of redundant computer hardware Garenne Construction Group Ltd
Richard Jones enquiries@garenne.gg
Building 01481 254262 www.garenne.gg
Generali International Ltd Insurance Richard Mahy 01481 714108 richardmahy@generali-guernsey.com www.generali-gi.com Generali Worldwide Insurance Company
Ian Robinson josmeed@generali-guernsey.com
Insurance 01481 715400 www.generali-worldwide.com
Geomarine Ltd
Chris Wrench chris.wrench@geomarine.gg
Giroscope Employment & Payroll Services
Jo Robilliard jo@giroscope.gg
Global Computing Ltd Les Bichard info@globalcomputing.co.uk
76
Engineering 01481 201015 www.geomarine.gg Employment 01481 729020 www.giroscope.gg Computing 01481 817000 www.globalcomputing.co.uk
Merchant 01481 249858
David Meeks jo.guernseycoal@cwgsy.net
Guernsey College Of Further Education
Education 01481 737500 www.cfe.edu.gg
Steve Dudley college@gcfe.net
Guernsey Competition & Regulatory Authority Lisa White info@circa.gg
Utilities Regulator 01481 711120 www.circa.gg
Guernsey Conservatories Ltd Dave Hollingsworth gcs@conservatoryspecialist.com
Guernsey Dairy, The Andrew Tabel andrew.tabel@guernseydairy.com Guernsey Disability Alliance
Shelaine Green info@disabilityalliance.org.gg
Guernsey Electricity Ltd Alan Bates admin@electricity.gg
Guernsey Event Company Limited, The Alex Bridle alex@eventguernsey.com
Guernsey Event Medical Services Ltd John Atkins contact@gems.gg
Building 01481 244789 www.conservatoryspecialist.com Food Processing 01481 237777 www.guernseydairy.com 07781 467316 Fuel & Energy Distribution 01481 200700 www.electricity.gg Event Management 01481 728686 www.eventguernsey.com Health 01481 266799 www.gems.gg
Guernsey Finance LBG Fiona Le Poidevin info@guernseyfinance.com
Finance 01481 720071 www.guernseyfinance.com
Guernsey Flowers Ltd Bridget Foss bridget@stanbrouard.com
Horticulture 01481 251929 www.sendabunch.co.uk
Guernsey Gas Ltd
Fuel & Energy Distribution 01481 724811 www.i-e-g.com
John Davis jsd@i-e-g.com
Guernsey Glass & Window Co Ltd
Manufacturing 01481 243535 www.guernseyglass.gg
Chris Wrech info@guernseyglass.gg
Guernsey Housing Association
Social Housing 01481 245530 www.gha.gg
Steve Williams steve.williams@gha.gg
Guernsey Mind
Guernsey Mind 01481 722959 emily.litten@guernseymind.org.gg www.guernseymind.org.gg
Guernsey Occupational Safety & Health Association Gordon Snell jcoyde@newtelsurf.com
Guernsey Pearl Ltd Andy Ison andyison@hotmail.com
01481 255774
Jewellers 07781 138288 www.guernseypearl.co.uk
Guernsey Photographics Ltd Tim Harland arcade@guernseycomputers.com
Guernsey Post Ltd Boley Smillie amuir@guernseypost.com
Retail 01481 724001
Postal Services 01481 733540 www.guernseypost.com
Guernsey Press Company Ltd J Marquand jmarquand@guernsey-press.com
Guernsey Recycling Ltd
Alan Crowe guernseyrecycling@cwgsy.net
Guernsey Registry
Emma Walton enquiries@guernseyregistry.com
Publishing 01481 240240 www.guernsey-press.com Engineering 01481 245402
Administration 01481 743800 www.guernseyregistry.com
Guernsey Sheet Metal Co (1993) Ltd
Engineering 01481 723617
Guille-Alles Library laura Milligan lmilligan@library.gg
Education 01481 720392 www.library.gg
A R Vaudin gsmco@cwgsy.net
H
Hamilton Brooke
Jessica Torode post@hamiltonbrooke.com
Harbour Trustees Ltd Sally Wilkinson mail@harbour.co.gg Harsco Infrastructure John Herbert jherbert@harsco.com
Haskins Legal
Hassell Blampied Associates Human Resources Lesley Harrison 01534 750106 lesley.harrison@hassellblampied.com www.hassellblampied.com Headway Guernsey
Philippa Stahelin fundraisinghg@yahoo.co.uk
Building 01481 723771 www.harsco.com
Mail Order 01481 711321 www.healthspan.co.uk
Henderson Green Partnership Guernsey Consulting Engineers Richard Spinney 01481 729967 richard@hgp-guernsey.com www.hendersongreen.co.uk Heritage Group Ltd
Financial Services 01481 716000 www.heritage.co.gg
Richard J Tee info@heritage.co.gg
Heritage Ltd Karl Bradley enquiries@heritage.co.gg
HFL Limited Margaret Spencer admin@hfl.co.gg
Insurance 01481 740000 www.heritageinsurance.gg Trust & Company Administration 01481 722066 www.hfl.co.gg
Holeshot Ltd
Retail 01481 721313
Marc Maubec holeshot@cwgsy.net
HSBC Bank Plc Kieran Rose kieran.s.rose@hsbc.com HSBC Private Bank (CI) Ltd
Gary T Miller gary.miller@hsbcpb.com
HSSD Occupational Health Department Emma Wood ewood@hssd.gov.gg
Hunt Brewin Julian P Hunt peter@huntbrewin.com
I
Ian Brown’s Cycle Shop
Trust & Company Administration 01481 704800 www.harbour.co.gg
01481 265623
Healthspan Group Ltd Ann Outram headoffice@healthspan.co.uk
Banking 01481 717705 www.hsbc.co.uk Banking 01481 759000 www.hsbcprivatebank.com
Health 01481 707411 Surveyors 01481 728236 www.huntbrewin.com
Retail 01481 721581
Ideal Furnishings Ltd
Retail 01481 736249
Ian Brown admin@ianbrowns.net Advertising & Marketing 01481 714437 www.hbgroup.com
Advocates 01481 721316 www.haskinslegal.com
Felicity Haskins info@haskinslegal.com
Steve Argo steveargo@cwgsy.net
Ilex Lodge Ltd R Berry berry@selfcatering.co.gg Immuno Biotech Ltd David Noakes davidjnoakes@yahoo.co.uk
Hotel & Catering 01481 237491 www.selfcatering.co.gg Pharmaceutical Manufacturers 01481 722787 www.gcmaf.eu
77
Indulge Media Ltd
Advertising & Marketing 01481 740073 www.indulgemedia.com
Russell Isabelle russell@indulgemedia.com
Inspired Estate Agents Limited Chris Carr chris@inspiredestateagents.com
Estate Agency 01481 726599 www.inspiredestateagents.com
Isla Ltd
Jose Romanillos enquiries@isla.gg
07781 146898 www.isla.gg
Island Analysis Limited
Marketing 01481 716227 www.islandanalysis.com
Chris Brock info@islandanalysis.com
Insurance Corporation (C.I.) Ltd Insurance Glyn Smith 01481 713322 glyn.smith@insurancecorporation.com www.insurancecorporation.com
Island Coachways Ltd
Transport 01481 720210 www.icw.gg
Integrated Skills (Guernsey) Ltd
Technical Consultancy Matthew Polson 01481 242700 info@integrated-skills.com www.integrated-skills.com
Island Electrics Ltd
Building 01481 263598
International Asset Monitor Ltd Michael Strachan michael.strachan@internationalassetmonitor.com
Island Fm Ltd
Investment Advisers & Managers 01481 716575 www.internationalassetmonitor.com
International Energy Group
Fuel & Energy Distribution 01481 715634 www.i-e-g.com
Tony Nicholls energy@i-e-g.com
International Law Systems Ltd Chris Meinke info@ils-products.com
Manufacturing 01481 723494 www.ils-products.com
Intersport Nigel Hurford intersportguernsey@newtelsurf.com
Retail 01481 200091
Intersurgical (Guernsey) Ltd
Manufacturing 01481 710767
Mark Levrier mol@intersurgical.co.uk
Intertrust (Guernsey) Ltd
Hannah Beacom hannah@icw.gg
Richard Cowling ric@cwgsy.net
Island Lock & Safe Co Guernsey Ltd
Island Marine Craft Ltd Ian Moxon islandmarine@cwgsy.net
Richie McCurdy 07781 146007 info@islandposturecentre.com www.islandposturecentre.com
Island Waste Ltd (Skips R Us/Circuit Skips/Rf Mills)
Dan Hubert circuit@cwgsy.net
Intertrust Fund Services (Guernsey) Ltd Trust & Company Administration
Isle Of Sark Shipping Co Ltd
Intertrust International Management Ltd
M Cahill mark.stone@intertrustgroup.com
Trust & Company Administration 01481 211000 www.intertrustgroup.com
Intertrust Read Private Clients Ltd Mark Stone jane.lemaitre@intertrustgroup.com
Intransit Limited
Lauren Le Feuvre info@intransit.gg
Investec Asset Management Guernsey Ltd Grant Cameron sheila.ozanne@investecmail.com
Tax Advisers 01481 211000 www.intertrustgroup.com Hire 01481 700066 www.intransit.gg Fund Management 01481 710404 www.investecfunds.com
Investec Bank (Channel Islands) Ltd
Banking Mort Mirghavameddin 01481 723506 stephen.henry@investec-ci.com www.investec-ci.com
Ipes
Accountants,Administration, Finance, Fiduciary, Andrew Whittaker 01481 713843 andrew.whittaker@ipes.com www.ipes.com
Ips Ultraprint Ltd Tom Peek tom@ipsultrprint.com
Isabelle Vets Ltd
Helen Dyke hdyke@isabellevets.co.uk
78
Printing 01481 259188 www.ipsultraprint.com Veterinary Services 01481 723863 www.isabellevets.co.uk
Marine 01481 249294 www.islandmarinecraft.co.uk
Island Posture Centre
Islands Insurance
01481 211000 www.intertrustgroup.com
Security Installations 01481 714050
Trevor Mahy trevor@ilsg.co.uk
Administration Paul Schreibke 01481 211000 paul.schreibke@intertrustgroup.com www.intertrustgroup.com
Ian Clarke ian.clarke@artemisci.com
Radio Station 01481 242000 www.islandfm.com
Martyn Parr martyn.parr@islandfm.com
P Rowe insure@islands-insurance.com
Sarah Roberts-Byrne companysupervisor@sarkshippingcompany.com com
Itchyfeet Recruitment Agency Jodie Burtenshaw jodie@itchyfeet.gg
Services 01481 235762
Insurance 01481 710731 www.islands-insurance.com Ferry Operator 01481 724059 www.sarkshippingcompany. Business Services 01481 722817 www.itchyfeet.gg
Itex (Guernsey) Ltd Computing, It/Telecommunications Richard Parker richard.parker@itexoffshore.com
ITV Channel Television Gillian Mabbett gillian.mabbett@channeltv.co.uk
J
J K Window Blinds Kevin Philp jkwindowblinds@cwgsy.net
01481 710881 www.itexoffshore.com
Television Broadcasting 01481 241888
Retail 01481 725991 www.jkblinds.com
J T (Guernsey) Ltd
Telecommunications 01481 888134 www.jtglobal.com
Jacksons (CI) Ltd
Motor Garage 01481 235441 www.jacksonsci.com
Paul D Taylor pauldtaylor@jtglobal.com
Peter Campbell petercampbell@jacksons.gg
Johansen Executive Coaching Cato Johansen cato@johansenexecutivecoaching.com
Coaching & Mentoring 01481 736215 www.johansenexecutivecoaching.com
Joy Guernsey Ltd
Johanna Herring johanna.herring@joythestore.com
Joys Production Services
Retail 01481 724244 www.joythestore.com Conference Organisers 01481 727117 www.joys.com
Peter Joy info@joys.com
Emma Adkins enquiry@lawatworkci.com
Business Services 01481 727155 www.lawatworkci.com
Le Coin Trophies Steve L Le Le Prevost info@lecointrophies.co.uk
Services 01481 713277 www.lecointrophies.co.uk
Le Friquet Plant Centre
Retail 01481 259220
T Ingrouille tony.ingrouille@lefriquetgardencentre.gg
Le Mont Saint Garage
K
Motor Garage 01481 264811 www.lemontsaint.co.uk
David Beausire dave@lemontsaint.co.uk
Le Nautique Restaurant
Hotel & Catering 01481 721714
Le Page Robert W.
Architects & Chartered Surveyors 01481 725239 www.rwlp.co.gg
G Botzenhardt lenautiquerestaurant@msn.com
K De P Glass Ltd
Manufacturing 01481 246861
Alan Tacon alant@kdep-glass.com
Kemp Le Tissier Angus Kemp angus@kempletissier.com Kesell Ltd
Accountants 01481 253050 www.kempletissier.com Renewable Energy 01481 727388 www.kesell.co.uk
Keith Hounsell info@kesell.co.uk
Kingdom Architects
Architect David Kingdom 01481 713440 kingdom@kingdomarchitecture.com www.kindomarchitecture.com
Kings Mills Hotel Ltd Ian Walker info@fleurdujardin.com
Law At Work (Channel Islands) Ltd
Hotel & Catering 01481 257996 www.fleurdujardin.com
Kosangas (Guernsey) Ltd Fuel & Energy Distribution Chris Marquis 01481 728844 accountkgas@i-e-g.com www.gsygas.com
Robert W Le Page architect@rwlp.co.gg
Leapfrog Ltd
Employment 01481 711188 www.leapfrogjobs.com
Chris Gnapp jobs@leapfrogjobs.com
Learning Clubs
Marketing Specialist 01481 246973 www.learningclubs.com
Carol Railton c_railton@yahoo.com
Learning Company Ltd, The
Education 01481 730598 www.thelearningcompany.ws
Legis Group Ltd Stuart Platt-Ransom stuart.plattransom@legisgroup.com
Trust & Company Administration 01481 726034 www.legisgroup.com
Kathy Tracey kathy@thelearningcompany.ws
Les Buttes Holiday Cottages
Martin Ozanne info@lesbuttes.com
Hotel & Catering 01481 266363 www.lesbuttes.com
KPMG Channel Islands Ltd Accountants Mark Thompson 01481 721000 mrthompson@kpmg.guernsey.gg www.kpmg.com/channelislands
Les Cocquerels R T Pipet
Hotel & Catering 01481 254468
Krys Global Tim Le Cornu timothy.lecornu@krys-global.com
Fiona Naftel fiona@lescotils.com
L
La Collinette Hotel Ltd Andrew Chambers reservations@lacollinette.com
La Fregate Hotel
Simon Dufty s.dufty@lafregatehotel.com
Accountants 01481 711211 www.krys-global.com
Hotel & Catering Michael de Garis 01481 256879 grangesdesfleurs@cwgsy.net www.grangesdesfleurs.com
Les Merriennes Self Catering
S A Paine paine@cwgsy.net
Hotel & Catering 01481 710331 www.collinette.guernsey.net Hotel & Catering 01481 724624 www.LaFregateHotel.com
Hotel & Catering K Gallichan 01481 267169 lapointefarm@guernsey.net www.lapointefarm.com G A Power reservations@lavillettehotel.co.uk
Langlois Robertshaw & Delbridge
Melissa Rees mel@lrd-thebigidea.com
Conference Centre 01481 727793 www.lescotils.com
Les Granges Des Fleurs
La Pointe Farm
La Villette Hotel & Leisure Club
Les Cotils Christian Centre
Hotel & Catering 01481 235292 www.lavillettehotel.co.uk Advertising & Marketing 01481 750490 lrd-thebigidea.com
Les Vaugrats Campsite J Laine enquiries@vaugratcampsite.com
Hotel & Catering 01481 263262
Camping Sites & Equipment 01481 257568 www.vaugratcampsite.com
Liberation Group Limited, The
Hospitality 01481 724444 www.liberationgroup.com
David Robilliard daverobilliard@bucktrouts.com
Liberation Management Ltd Steve Kail info@liberation.gg
Financial Services, Pension,Trust & Comp 01481 740145 www.liberation.gg
Lince Salisbury Ltd Gregory Robert grobert@lince-salisbury.com Lindum Consult Andrew Morley lindumconsult@gmail.com
Accountants 01481 735000 www.lince-salisbury.com Consultants 01481 264526
79
Links Communications
Telecommunications 01481 248360
Richard Bird links@guernseynet
Liquid Katrina Bray katrina@weareliquid.com
Public Relations 01481 728841 www.weareliquid.com
Livingroom Ltd Simon Torode simon@livingroom.gg
Property 01481 233008 www.livingroom.gg
Lloyds Bank International Ltd
Banking 01481 708023
Lloyds TSB Offshore Ltd
Banking 01481 708023
Mike Starkey mike.starkey@lloydstsb-offshore.com
Mike Starkey mike.starkey@lloydstsb-offshore.com
Logicalis Guernsey Ltd
Computing 01481 737000 www.gg.logicalis.com
Rene Brun sales@gg.logicalis.com
Long Port Properties Ltd
Property 01481 728721
Charles S Billson steve.brehaut@long-port.com
Louvre Group Ltd
Colin Bridle haidee.stephens@louvregroup.com
Trust & Company Administration 01481 727249 www.louvregroup.com
Lovell Ozanne & Partners Ltd
Architects 01481 235397 www.lovellozanne.com
Andrew Ozanne admin@lovellozanne.com
LR&D - The Big Idea
Advertising & Marketing 01481 750490 www.lr@d-thebigidea.com
Lucas Freight Ltd
Freight Distribution 01481 724480 www.lucasfreight.com
Jim Delbridge jim@lr@d-thebigidea.com
Adam Prosser mail@lucasfreight.com
M
Business Services 01481 264164 www.themallardcomplex.com
Mappin And Webb
Retail Robert Read 01481 723621 m&wguernsey@mappin-and-webb.co.uk www.mappin-and-webb.co.uk
Marine & General Engineers Ltd David Coleman gcc@mge.gg
Marlborough Trust Company Ltd Nick Hannah info@marlboroughtrust.com
80
Engineering 01481 245808
Marine 01481 253181 www.marine-electronics.co.uk
Mark Davies & Associates (Offshore) Limited
Liz Meades lmeades@nondom.com
Martel-Dunn Recruitment Sandra Martel-Dunn recruit@martel-dunn.com
Employment 01481 730565 www.martel-dunn.com
Martin O’Meara Ltd
Wholesale 01481 734444
Mauger D P, Electrical Contractor
Building 01481 265892
Gary Willcocks garyw@momeara.co.uk
Dave Mauger davemauger@cwgsy.net
Mawson Collins Ltd
Property Services 01481 244244 www.mawsoncollins.com
Howard Mawson howard@mawsoncollins.com
Mayfield Investments Ltd
Archive Services 01481 239075 www.guernseyselfstore.com
Ray Blakely ray.blakely@cwgsy.net
Mayside Recycling
Recycling Michael Grime 01481 247599 mayside.recycling@cwgsy.net www.maysiderecycling.co.uk
Meadow Court Farm Ltd
Ray Watts meadowcourtfarm@cwgsy.net
Meadowcroft Ltd Paul Meadowcroft mail@meadowcroft.gg
01481 236771 www.meadowcourtfarm.co.uk Electrical & Mechanical Engineering 01481 727715
Medical Specialist Group
Health 01481 238565 www.msg.gg
Neil Robilliard neilr@msg.gg
Mercator Trust Company Ltd
Administration David Preston 01481 234200 david.preston@mercatortrust.com www.mercatortrust.com
Michele Hilton info@michelehilton.com
Mallard
Alan Green sales@marine-electronics.co.uk
Estate Agents 01481 713463 www.martelmaides.co.uk
Michele Hilton Design Accountants 01481 252800 www.machonaccounting.com
Marine Electronics Ltd
Richard Fox info@martelmaides.co.uk
Mercury Distribution Ltd James Greening jgreening@mercurydistribution.com
Machon Accounting Limited Adrian Machon Adrian@machonaccounting.com David Brown david@themallardcomplex.com
Martel Maides Estate Agents
Tax Advisers 01481 738750 www.nondom.com
Trust & Company Administration 01481 713100 www.marlboroughtrust.com
Catering Equipment Suppliers 01481 721122 Property Services,Retail,Architects 07781 464600 www.michelehilton.com
Marketing Sales Customer Service
t: 07781 157655 e: hello@michellemorley.co.uk Michelle Morley Consultancy Michelle Morley hello@michellemorley.co.uk Millard & Co Ltd Tim Millard millards@cwgsy.net Milroy Capital Ltd Robert Milroy
Miss Nob Ladies’ International Fashions
Mary L Le Poidevin lepoidevinlaforge@cwgsy.net
Business Services 07781 157655 www.michellemorley.co.uk Motorcycle 01481 720777 www.millards.org Fuel & Energy Distribution 01481 714942 rmilroy@milroycapital.com Retail 01481 721800
Miton Optimal Portfolio Managment (Ci) Ltd
Fund Management Mark Margetts-Smith 01481 740044 info@mitonoptimal-ci.com www.mitonoptimal-ci.com
Sue Garrett sue.garrett@nordben.com
Monarch Vulcanising Systems Ltd
Norman Piette Ltd
Toni Elderfield toni.elderfield@monaflex.com
Manufacturing 01481 241024
Montagu Evans Channel Islands Ltd
Estate Agents Tony Rowbotham 01481 742280 tony.rowbotham@montagu-evansci.com www.montagu-evansci.com
MOO Ltd Jamie Falla jamie@moo.gg
Architects 01481 728886 www.moo.gg
Moore Stephens
Accountants 01481 721769
Mora Restaurant And Grill
Restaurant 01481 715053 www.mora.gg
Lance E Spurrier lance.spurrier@moorestephens-guernsey.com Nello Ciotti mora@cwgsy.net
Morgan Sharpe Administration Limited Serena Tremlett serena@morgansharpe.com
Financial Services 01481 231100 www.morgansharpe.com
Mourant Ozannes
Advocates Robert Shepherd 01481 739344 robert.shepherd@mourantozannes.com www.mourantozannes.com
MS & Co Martin J Sandle FCA MJS701521@aol.com
Accountants 01481 701521
MSD International Limited Consultancy Simon Golland 01481 241200 simon.golland@msdinternational.com www.msdinternational.com Muse Steve Le Poidevin steve.lepoidevin@cwgsy.net
N
N St J Paint & Son Ltd M Paint paint@guernsey.net
Nashcopy Channel Islands Ltd Clive Le Tissier i@nashcopy.com
Neenam Ltd
R Piper rpiper@quantum-medmarine.com
Nerine Trust Company Ltd
Catering 01481 727101 www.muse.gg
Retail 01481 721096 Office & Business Equipment 01481 712808 www.nashcopy.com 01481 715399
Insurance 01481 701400 www.network.gg
Nick Brett Property Ltd
Normandie Group Ltd
Chris Schofield cshcofield@normandiehs.com
Insurance 01481 253953 www.normandiehs.com
Nova Investment Management Ltd
Investment Advisers & Managers 01481 231997 www.novagroup.com
Nova Wealth Limited
Investment Advisers & Managers 01481 231997 www.novagroup.com
Ross Preston info@novagroup.com
Ross Preston info@novagroup.com
Np Holdings Limited Tony Gallienne tonyg@np-group.com
Building 01481 244383
O Â
Oak Trust (Guernsey) Limited David Willis dwillis@oaktrust.co.uk
Ocs - One Complete Solution
Mike de Laune mike.delaune@ocs.co.uk
Computing - IT 01481 750750 www.ngit.co.uk Property Services 01481 720123 www.brettproperty.com
Finance 01481 749273 www.oaktrust.co.uk
Property Support Services 01481 244048 www.ocs-ci.co.uk
Odey Wealth Management (CI) Limited Investment Advisers & Managers
Geoff Marson s.thomson-kennedy@odey.com
Office Solutions (Guernsey) Ltd
Network Direct Ltd June Goater admin@network.gg
Nick Brett nick@brettproperty.com
Building 01481 245801 www.norman-piette.com
Tony Gallienne tonyg@np-group.com
Matthew Sirett matt@osguernsey.com
Trust & Company Administration 01481 701300 www.nerine.com
Jason Connolly info@ngit.co.uk
Insurance 01481 702900 www.nordben.com
01481 743603 www.odeywealth.com
Office Projects Tony Veron tonyveron@officeprojects.gg
Robin H Smith robin.smith@nerine.com
Next Generation I.T.
Nordben Life & Pension Insurance Co Ltd
Office Supplies 01481 234490 Office & Business Equipment 01481 722992 www.osguernsey.com
Offshore Business Focused Solutions Limited Sean Conlan sean.conlan@obfsl.com
Offshore Consulting (Guernsey) Limited Will Morgan will@offshore.gg
Consultancy 07781 105494 Consultants 01481 736040 www.offshore.gg
Offshore Electronics Ltd
Manufacturing 01481 712721 www.offshore-electronics.co.uk
Offshore Logic Ltd
Computing - Software Services 01481 728334 www.offshorelogic.co.uk
Steve Marshall steve@offshore-electronics.co.uk
Gary Hill gary@offshorepayroll.com
Ogier Claire Long gsy@ogier.com Old Government House Hotel & Spa Andrew Chantrell achantrell@rchmail.com
Oliver & Company
Chris Oliver chris@oliver-company.com
Advocates 01481 721672 www.ogier.com Hotel & Catering 01481 738502 www.theoghhotel.com Management Consultants 01481 251683 www.oliver-company.com
81
Optimus Group Limited Consultants Peter Mills 01481 755690 peter.mills@optimusgrouplimited.com www.optimusgrouplimited.com
Placing People 1st
Opus Private Limited
Polar Instruments Ltd Nigel Mann nigel.mann@polarinstruments.com
Trust & Company Administration 01481 754700 www.opusprivate.com
Shane Giles info@opusprivate.com
Orchard Press & Public Relations Ltd
Public Relations 01481 240600 www.orchardpr.com
Steve Falla steve@orchardpr.com
Orion Insurance Management Ltd
Insurance 01481 728864 www.orion-insurance.co.uk
Janet Le Poidevin jan@orion-insurance.co.uk
Human Resources 01481 736444 www.1strecruit.co.uk
Lynda Sims julie@placingpeople1st.co.uk
Polygon Group Limited
Amanda Groves amanda.groves@polygon.co.gg
Manufacturing 01481 253081 www.polarinstruments.com Venture Capital, Property, Private Equity 01481 704657 www.polygon.co.gg
POS Interiors David Inglis info@posinteriors.com
Design 01481 244718 www.posinteriors.com
OSA Recruitment
Employment 01481 712891 www.osa.gg
Potting Shed
Ounsworth Decor Ltd
Building 01481 266194
PPF Partners Limited
Nick Graham nick@osa.gg
M B Gallienne ounsworth@cwgsy.net
Outdoor Guernsey Limited
Leisure 01481 267627 www.outdoorguernsey.co.uk
Ant Ford Parker ant@outdoorguernsey.co.uk
Precision Plastics (Guernsey) Limited
Building Services 01481 242311 www.precisionplastics.co.je
Kevin Brown kevin@precisionplastics.co.gg
Accountants 01481 715669 www.pricebailey.gg
Pricewaterhousecoopers C.I. LLP John Roche john.roche@gg.pwc.com
Pandora Hotel
Hotel & Catering 01481 720971 www.pandorahotel.co.uk
C Ryan pandora@cwgsy.net
Paper Box, The
Retail 01481 712877
Phillip Morgan pmorgan@ukonline.co.uk
Parish Group Ltd
Trust & Company Administration 01481 729002 www.parish-group.com
Heidi Soulsby info@parish-group.com
Partners Group (Guernsey) Ltd
Finance Annika Domaille 01481 711690 anikka.domaille@partnersgroup.net www.partnersgroup.net
Paul Davis Freight Services Ltd
Freight Distribution 08455 196995 www.pdfs.com
Nigel Dutson nigel.dutson@pdfs.com
Paul Jonkmans Finance Limited
Finance 01481 267647
Perkins Chartered Certified Accountants
Accountants 01481 724966
Paul Jonkmans paul@pauljonkmansfinance.co.uk
Mr R A Laurent perkins@guernsey.net
Personnel Appointments Ltd Chris Blin recruit@pa.gg
Pet Technology Store Ltd
Helen Chamberlain helen@pettechnologystore.com
PJ Web Design Limited
82
Investment Services 01481 754951 www.ppfpartners.com
Mel Carvill info@ppfpartners.com
Price Bailey Ltd Kirsty Warner kirsty.warner@pricebailey.gg
P
Paul J Ninnim enquiries@pjwebdesign.co.uk
Advertising And Marketing 01481 727699 www.thepottingshed.gg
Jay Aylmer jay@thepottingshed.gg
Business Services 01481 723221 www.pa.gg Mail Order, Wholesale 01481 266066 www.pettechnologystore.com Internet 01481 230966 www.pjwd.net
Prime Practice Nick Guillemette nicklg@cwgsy.net
Accountants 01481 752000 www.pwc.com Health Services & Office Suppliers 07781 156118
Project Hire & Sale (Guernsey) Ltd
Tony Gallienne tonyg@np-group.com
Q
Quantum Cabling Installations Ltd
Data, Voice & Electrical 01481 263224
Mark Addlesee support@quantum.gg
Quayside Ltd Russ Fossey admin@quayside-gsy.com
Building 01481 242047
Retail 01481 245881 www.quaysidedirect.com
Quintessential Relocation Consultants Jo Stoddart jo@qrcci.com
Relocation Services 01481 257200 www.quintessential-relocation.com
TO ADVERTISE HERE FOR JUST ÂŁ75 contact us on 01481 715222
R
Royal London Asset Management C.I. Ltd
PLF Paul ACIB info@rlam.co.gg
R G Falla Ltd
P Gregory enquiries@rgfalla.gg
Building 01481 256585 www.rgfalla.gg
R W Randall Ltd
Brewing 01481 720134
Jayne Langlois ianrogers@rwrandall.co.uk
Motor Garage 01481 244551 www.rabeys.com
Gary Rouget gary.rouget@rabeys.com
Ravenscroft Ltd Stockbrokers & Investment Managers Simon Melling 01481 729100 smelling@ravenscroft.gg www.ravenscroft.gg Ray & Scott Ltd
Manufacturing 01481 244610
Regency Bedding Ltd
Retail 01481 249544
Jeff Fox ray.scott@cwgsy.net
Trust & Company Administration R J Bach 01481 723925 marine@safehaveninternational.com www.safehaveninternational.com
Saffery Champness Jeremy Ellis jeremy.ellis@saffery.gg
Accountants 01481 721374 www.saffery.gg
Samuel Pepys David Whitby info@samuelpepys.com
Retail 01481 727616 www.samuelpepys.com
Sandpiper CI Limited
N Swan sales.regencybedding@cwgsy.net
Tony O’Neill tonyoneill@sandpiperci.com
Sark Estate Management
Resolution It Limited
Computing 01481 267338 www.resolution-it.co.uk
Olly Duquemin info@resolution-it.co.uk
Richard Stapley Ltd Chartered Accountants Richard Stapley rs@richardstapley.com
Rihoy, F W & Son Ltd
Rock & Small Ltd
Advertising & Marketing 01481 724705 www.rockandsmall.com
Matt Collas matt@rockandsmall.com
Rock Commercial Ltd Peter Van de Velde peter@rockcommercial.co.uk
Estate Agents 01481 728559 www.rockcommercial.co.uk
Rocquette Cider Company Ltd James Meller jrmeller@cwgsy.net
Accountants 01481 267460 www.richardstapley.com Building 01481 245231
Ivan Rihoy rihoyelectrics@cwgsy.net
Steve Roussel steve.roussel@aggregate.com
S
Safehaven International Ltd
Rabeys Group Ltd
Ronez Ltd
Investment Advisers 01481 711261 www.rlam.co.uk
Cider Maker 01481 232501
Building 01481 256426 www.aggregate.com/ourbusinesses/ronez
Ross Gower Group Dean de la Rue ddelarue@rossgower.com
R.A. Rossborough, R A (Guernsey) Ltd Ian Stewart istewart@rossboroughgroup.co.uk
Rothschild Bank International Limited David Oxburgh david.oxburgh@rothschild.com
Rotorswing Uk Ltd
Nick Piper nick@rotorswing.co.uk
Insurance 01481 722222 www.rossgower.com Insurance 01481 241555 www.rossborough.co.uk Banking 01481 705150 www.rothschild.gg
Dawn Manger kevin.delaney@sarkestatemanagment.com
Sapphire Underwriters
Nigel Brand nigel.brand@sapphire.gg
Sarnia Estate Agents
Alex Ford alex@sarniaestateagents.com
Retail 01481 708528 www.sandpiperci.com 01481 832704 Insurance 01481 737414 www.sapphire.gg Estate Agents 01481 713463 www.sarniaestateagents.com
Sarnia Hotels Ltd Hotel & Catering Karel Harris 01481 724452 karel@mooresguernsey.com www.sarniahotels.com Sarnia Management Corporation Ltd Lisa Davey sarnia@smcl.co.gg
Sarnia Mutual Ltd
Finance 01481 723501
Vernon Etherington spectrum@cwgsy.net
Sarnian Roofing Ltd Gary Gavey andy@sarnianroofing.com
Administration 01481 728444 www.smcl.co.gg
Building 01481 715475 www.sarnianroofing.com
Sausmarez Manor
Conference Organiser Peter De Sausmarez 01481 235571 sausmarezmanor@cwgsy.net www.sausmarezmanor.co.uk
Schroders (CI) Ltd
Financial Services Julian Winser 01481 703700 julian.winser@schroders.com www.schroders.com/channelislands/home
Scope Furnishing Ltd A J Bourgaize sales@scopefurnishing.co.uk
Retail 01481 723197 www.scopefurnishing.co.uk
07781 126267 www.rotorswing.co.uk
Royal Bank Of Canada (C.I.) Ltd Banking Lindsay Ozanne 01481 744041 lindsay.ozanne@rbc.com www.rbcwminternational.com Royal Bank Of Scotland International
Banking Robert Girard 01481 703873 robert.girard@rbsint.com www.rbsinternational.com
83
SG Hambros Bank & Trust (Guernsey) Ltd
Banking 01481 726521
Mark Didcott mark.didcott@sghambros.com
SH Accounting Services
Chartered Accountants,Tax 07781 123546
Sara Harborow sara_harborow@cwgsy.net
Sidlocks Of Guernsey
Hotel & Catering 01481 713883
Roy Kilpatrick roy@sidlocks.co.uk
Sigma Group, The
Complete business solutions 01481 241111 www.sigmagroup.gg
Robert Sillars robert.sillars@sigmagroup.gg
Simon Cottell - Chartered Architect Simon Cottell studio@simoncottell.com
Architect 01481 725355 www.simoncottell.com
Specialist Construction Supplies Ltd Simon Kerin simon@scs-global.com
Specsavers Optical Group D J D Perkins debbie.torode@gg.specsavers.com
Retail 01481 723530
SPF Private Clients (C.I.) Ltd
Finance 01481 715234 www.spf.gg
Pierre V Blampied pblampied@spf.gg
Spicer & Partners Guernsey LLP Shelagh Mason dharry@spicersllp.com
Retail 01481 710781
St Emilion Ltd
Simon Lovell Interiors
Retail 01481 728695
St George’s Hotel
Simon Lovell simonlovellinteriors@cwgsy.net
Hotel & Catering Steve Durey 01481 721027 stgeorges@guernsey.net www.georges-guernsey.com
St John Training Services Guernsey
St Peters Trust Company Ltd
Call us: 710639 Stay Connected
Situations Recruitment Agency Ltd Melissa Campbell team@situations.gg
Employment 01481 710639 www.situations.gg
Skill Set CI Limited Sharon Alvarez sharon@skillsetci.com
Leisure 14817 735440 www.skillsetci.com
Skipton International Ltd
Banking Jim Coupe 01481 727374 Jim.Coupe@skiptoninternational.com www.skiptoninternational.com
Smith Signs Ltd Dan Smith enquiries@smithsigns.co.uk Sofsync Ltd
Susan Watson swatson@sofsync.co.uk
Printing 01481 247749 www.smithsigns.co.uk Computing - Software Services 07781 122449 www.sofsync.co.uk
Sommelier Wine Company Ltd Richard Allisette rallisette@cwgsy.net
Import/Export 01481 721677
SOUP Architects Ltd
Architects Max Babbe 07781 147667 max@souparchitects.com www.souparchitects.com
Source Recruitment Specialists Limited Julia Martin julia@source.gg
Sovereign Trust (Channel Islands) Limited
Employment 01481 701616 www.source.gg
Trust & Company Admin Stephen Hare 01481 729965 share@sovereigngroup.com www.sovereigngroup.com
84
Solicitors 01481 710315 www.spicersllp.com Hotel & Catering 01481 726059
N Cirigliano
Steve Ford firstaidtraining@cwgsy.net
We’re always here for you
Distribution 01481 232458 www.specsavers.net
Specsavers Opticians Chris Goldsborough dir.guernsey@st.uk.specsavers.com
Simon Larbalestier Opticians
S Larbalestier
Business Equipment, Joinery 01481 245124 www.scs-global.com
Martin Priest info@stpeterstrust.com
Health & Safety Training 01481 247979 www.sja.org.gg Trust & Company Administration 01481 723674 www.stpeterstrust.com
TO ADVERTISE HERE FOR JUST £75 contact us on 01481 715222 St Pierre Park Hotel Dina Le Lacheur reservations@stpierrepark.co.uk
Hotel & Catering 01481 728282 www.stpierrepark.co.uk
St Sampsons Constable & Douzaine Parish Authority The Constables 01481 244130 stsampsonscontables@gov.gg Stan Brouard Group
Irrigation Bridget Foss 01481 252521 bridget@stanbrouard.com www.sbpi.co.uk
Standard Chartered Trust (Guernsey) Limited Trust & Company Admin
Trevor Kelham trevor.kelham@sc.com
01481 721787 www.standardchartered.com/gg/en/
State Street Trustees (Guernsey) Ltd Finance Gerald Hough 01481 734700 ghough@statestreet.com www.statestreet.com Steve Ferbrache & Co Ltd
Building 07781 100685.
Stonelake Ltd
Retail 01481 720053
Steven Ferbrache steveferbrache@cwgsy.net
J R Herschel hersch@guernsey.net
Stopcost Ltd David Holt dh@theexchange.co.uk
Payments Solutions 07781 413083
Style Office
Office & Business Equipment 01481 737044 www.stylegroupguernsey.com
Paul Watson office@stylegroupguernsey.com
Trust Corporation of the Channel Islands Limited Ken Wrigley ken.wrigley@trustcorpci.com
Sueco Outside Catering Ltd
Outside Catering/Cookery School Hugh Tabel 01481 720969 team@sueco.gg www.sueco.gg
TT Software Ltd
Sure (Guernsey) Limited
TTC Travel Group Ltd
Telecommunications Jessica Bisson 01481 757552 jessica.bisson@sure.com www.sure.com
Swallow Apartments M Hesse swallowapt@aol.com
Hotel & Catering 01481 249633 www.swallowapartments.com
Swoffers Ltd
Estate Agents 01481 711766 www.swoffers.co.uk
Matthew Henry sales@swoffers.co.uk
Sydney Charles Group Insurance Philip Lepp 01481 739970 info@sydneycharles.co.uk www.sydneycharles.co.uk
Business Services 01481 754773 www.thetravelcorporation.com
Tyrrell Dowinton Associates Ltd
V
Architects 01481 259959 www.tda.gg
Marketing And Manufacturing 01481 263548
Valley Computer Services Ltd Computing Gordon Dutton-Queripel 01481 239460 sales@valley-computers.co.uk www.valley-computers.co.uk
Taste Of India Restaurant, The
Hotel & Catering 01481 723730
Technical Field Services International Ltd
Human Resources Gail F Batiste 01481 729298 tfsi@cwgsy.cnet www.tfsi-ltd.com
Tiara Software Consultants Ltd
Computing - Software Services Tim Rawles 07781 443475 timr@tiara-ci.com www.tiara-ci.com
TISEF Ltd
Chris Russell chris@tisef.com
Investment Consultancy And Research 01481 714292 www.tisef.com
Town Centre Partnership Ltd Jack Honeybill jackhoneybill@hotmail.com
07781 113464
TPA Ltd Tony Tostevin tony.tostevin@tpagency.com Trafalgar Travel Ltd
Suzanne Rouxel suzanne@trafalgarleisure.com
Advertising & Marketing 01481 700070 www.tpagency.com Travel Agent 01481 728121 www.trafalgarleisure.com
Travel Counsellors - Debbie Freestone-Roberts
Travel Agent 01481 712549 www.travelcounsellors.com/d.freestoneroberts
Travel Counsellors - Vaughan Davies
Travel Agent 01481 726837 www.travelcounsellors.com/vaughan.davies
Travel Solutions Fred Eulenkamp fred@travelsolutions.uk.com
Travel Agent 01481 715145 www.travelsolutions.uk.com
Trinity Trust Co Ltd
Vaudin Stonemasons Ltd
Building Services Lance Vaudin 01481 248316 vaudinstone@cwgsy.net www.vaudinstone.com
Vazon Energy Ltd
Vazon PR & Events (Metasis Ltd) Fleur Curzon fleur.curzon@vazon.co.uk
Vets4pets Ltd Peter Watson peter.watson@vets4pets.com Victoria Fine Jewellery Chris Brazier-Creagh victoria@victoriafinejewellery.co.uk Vision Networks Ltd
Bill Mead sales@cctv.gg
Vortex PR Nigel Robson nigel@vortexpr.com
W
Waite RS Chartered Surveyor R S Waite, FRICS waiteprop@cwgsy.net
Waitrose Guernsey
Troalic A J & Sons Ltd
Watts & Co Limited
Retail 01481 245363
Consultancy 01481 729981
David Robson vazon@vazon.gg
Trust & Company Administration K Le Poidevin 01481 727429 info@trinitytrust.co.uk www.trinitytrust.co.uk Andrew Troalic ajtroalics@cwgsy.net
01481 700202 www.ttsoftware.gg
Paul Dowinton pdowinton@tda.gg
Jeff Whittaker Xk120@cwgsy.net
T Fernandes joyce@cwgsy.net
Vaughan Davies vaughan.davies@travelcounsellors.com
Kevin Bunney guernseyfinanceteam@bookttcuk.com
Valhalla Industries Limited Design
T
Debbie Freestone-Roberts d.freestoneroberts@travelcounsellors.com
Tony Trenker tonytrenker@ttsoftware.gg
Trust & Company Admin 01481 730430 www.trustcorpci.com
Consultancy 01481 722424 www.vazon.co.uk Veterinary Services 01481 239200 www.vets4pets.com
Retail 01481 740050 www.victoriafinejewellery.com Security Installations 01481 255414 www.cctv.gg Public Relations 01481 233080 www.vortexpr.com
Arbitrator 01481 722121
Retail Allen Edwards 01481 729222 manageradmiralpark@waitrose.co.uk www.waitrose.com Joanna Watts jo.watts@wattsandco.co
Estate Agents 01481 740071 www.wattsandco.co
85
Weighbridge Trust Ltd Trust & Company Administration P Conway 01481 720581 paul@weighbridge-trust.co.uk www.weighbridge-trust.com White & Company Plc
Removals 01481 736868
S Hammer whiteandcompany@cwgsy.net
White House Hotel Hotel & Catering Jonathan Watson 01481 722377 jonathan@herm-island.com www.herm-island.com White Rock Brewery Co. Limited
Brewing 07911 760302 www.whiterockbrewery.gg
Willis Management (Guernsey) Ltd
Management Consultants 01481 735630
Ross Gledhill enquiries@whiterockbrewery.co.uk Dominic Wheatley wheatleyd@willis.com
Wiltshire Property
Estate Agents Vijay Wiltshire 01481 723919 info@wiltshireproperty.gg www.wiltshireproperty.gg
Window Service Centre Ltd Manufacturing Mark De la Rue 01481 248743 wsc.ltd@cwgsy.net www.windowservicecentre.com World Travel
Travel Agent 01481 252211
Ken Baker ken@worldtravel.gg
WT Partnership (Guernsey) Ltd
Architects & Surveyors Nigel Carter 01481 723163 nigel.carter@wtpartnership.com www.wtpartnership.com
XTEC Ltd Computing Tony Mealing 01481 700004 info@xtecltd.com www.fortress.gg X-Ware Ltd, T/A Jcs Barry Pitfield barry.pitfield@talkjcs.com
84500 049599
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