Business News

People and technology working together

Wye Cylinder Engineering in Hereford, have been manufacturing hydraulic cylinders for over 50 years. The introduction of innovative machinery has dramatically changed their manufacturing process.

Rich Williams, Managing Director says “Innovation is at the heart of what we do, we’re continually improving our manufacturing process, products and customer service. We’ve invested around two million on the latest equipment and innovations, alongside factory process control technology. We’ve recently installed a Mazak CNC with Hydrafeed Robo Job, the third addition to the collection. Mazak’s innovative technology has been instrumental in achieving our ambitious growth plans. Many UK manufacturers are reluctant to commit to new technology, due to large investments and future uncertainties. However, we have reaped so many benefits, including improved quality of output, increased productivity, ‘lights out’ manufacturing 24/7, improved customer delivery times, added resilience, reduced waste and reduced carbon emissions.

Brian Edmondson, Area Sales Manager (West Midlands) at Mazak comments, “We understand the needs and requirements of customers to be competitive, productive and at the cutting edge of technology. For many years we’ve led technological innovation and we’re the world’s leading CNC machine tool manufacturer. With over 300 machines in our range, it’s important we understand the needs of our customers and offer the right level of technology to move their business forward.

Investing in robotic machinery was a step change for Wye Cylinder Engineering and they have never looked back. It’s highly encouraging to see a UK manufacturer have the confidence to embrace such significant change and be open to adapting with new technology.” Rich adds “The pace of customer demand has increased, so investment in innovation is critical for us to meet business needs and thrive in this sector.

However innovative technology needs to compliment your workforce, they are not mutually exclusive. Integrating innovation has increased turnover, increased staff levels and enabled upskilling of the current workforce. We believe the key to success is the collaboration of our highly skilled workforce alongside technology.”

Free Carbon Planning Tool

Tackling climate change and helping people, families and businesses with the transition to a low carbon economy is a key part of NatWest’s purpose led approach to banking.

More than half the UK’s carbon reduction ambition could be delivered by UK businesses, and with the energy crisis creating an even bigger impetus to reduce our dependency on fossil fuels, NatWest want to support your business on your climate journey. They know how hard it can be to decide where to focus your efforts however, and that’s why they’ve launched the NatWest Carbon Planner. The Carbon Planner is a free tool that lets you measure your carbon footprint, gives you tailored actions and helps you build a plan to reduce your emissions. You can learn more about Carbon Planner at natwest.com/business/green-banking/ carbon-planner For more information on our Climate Support for Business please visit the Climate Hub at natwest.com/business/green-banking

Cryptocurrency Insights

With cryptocurrency gaining in popularity, more people are seeking information to be able to make informed decisions about potential investment opportunities.

Cryptocurrency is a system that supports peer-to-peer digital transactions. Banks don’t verify these transactions; instead, advanced computer coding records movement between the secure digital wallets of those making and receiving payments around the world.

All data relating to the individual units of any cryptocurrency are held in a public ledger called Distributed Ledger Technology (DLT) or blockchain. Which is highly resistant to hacking. As technology evolves, new financial applications are being identified. It is thought that some bonds, stocks, and shares might be traded using blockchain in the future.

When it comes to understanding your tax liabilities and cryptocurrency; the purchase of cryptocurrency with GBP is not currently taxed in the UK. However, selling tokens, exchanging different forms of cryptocurrency, paying for goods or services, and gifting or donating your cryptoassets, are all activities that are liable to Capital Gains Tax. Selling and exchanging cryptocurrency could also have implications with Income Tax and National Insurance, if HMRC determines that the activity amounts to trade.

For an expert opinion, contact Ormerod Rutter on 01905 777600 or email us at hello@ormerodrutter.co.uk

A celebration of family run businesses

Legal firm, Harrison Clark Rickerbys, recently hosted a celebratory evening for family run businesses at fifth-generation family farm, Churchfields.

Over the past three years, HCR have been delighted to partner with Herefordshire & Worcestershire Chamber of Commerce in sponsoring the award for Family Business of the Year at the Chamber’s Business Awards. They hosted this event to celebrate the lifecycle and evolution of family business during this time. As well as the opportunity to network and share their experiences with other local family businesses, attendees heard talks from Charlotte Thornton-Smith, partner and Head of Worcester Office at HCR and Edward Deacon, founder of media production company Shooting Reels and the most recent winner of the Family Business of the Year award.

The final speaker was Will Kerton, the owner of Churchfields Farm, who gave a fascinating tour of the farm and demonstrated how they had diversified over the years. The evening ended with sampling Churchfields homemade ice-creams, which included an array of delicious and unusual flavours.

Post the event, attendees received a digital copy of HCR’s Family Business Journey Planner – an interactive guide containing practical advice on how to get the most out of your family business.

Steatite Ltd confirm commitment to support the Armed Forces

Steatite Ltd has proudly confirmed its commitment to honour and support the Armed Forces by signing the Armed Forces Covenant.

By doing so, the company recognises the value that serving personnel, reservists, veterans and military families bring to our business and to our country. Steatite Ltd will endeavour in business dealings to uphold the key principles of the Armed Forces Covenant, and will seek to support the employment of veterans, recognising military skills and qualifications in our recruitment and selection process, and work with the Career Transition Partnership (CTP) to support the employment of Service leavers. In the longer term, Steatite will continue to support related local and national charities, namely The Soldiers, Sailors, Airmen and Families Association (SSAFA), the Hoplite charity and the Herefordshire Veteran Support Centre. Managing Director Matthew Richards, commented that “With several members of staff having previously served in the Armed Forces, as well as close ties through customers and partners with current Service personnel, we know the rich levels of knowledge, experience and work ethic that such individuals bring to a commercial business. We also recognise the challenges they can face when making the transition to industry. We are honoured to cement our association with them in signing the Armed Forces Covenant.”