Chartwell Magazine - Issue 2

INTER NATIO N AL | L U XU RY | PRO PE R T Y

SE C O N D ED ITIO N | S U MME R 2 0 1 1

T: +44 (0) 207 409 0545 E: enquiries@chartwell-london.co.uk W: www.chartwell-london.co.uk

BESPOKEPROFESSIONALSERVICES

BESPOKECONSTRUCTION

BESPOKERENOVATION

BESPOKEMANAGEMENT

BESPOKEDESIGN

Welcome

Welcome to the second issue of Chartwell Magazine, which provides a showcase for our exclusive range of services and luxury living across the world.

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The Chartwell Group specialises in the sale, purchase and development of the most exclusive residential properties worldwide, and in this magazine we hear from leading experts in property and finance about market conditions and investment both in London and in the South of France.

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We have recently acquired new offices in Berkley Square and we are extending our services to include a private office division – offering locations in prestigious off-market locations across the UK and Europe.

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In this issue we reveal London’s most affluent postcodes and find out why the capital continues to be a prime target for investors.

We meet businessman Freddie Achom, whose boundless energy and refusal to accept second best have seen him acquire a sizeable international business empire.

In London we visit Savile Row tailor Henry Poole & Company, which has been creating suits for discerning gentlemen since 1846. And on the road we enjoy a spin in the new flagship Bentley Mulsanne.

Then it’s off for fashionista-themed afternoon tea at The Berkeley and a meet with renowned chef William Drabble at St James’s Club before we head to Syon Park, where a new Waldorf Astoria hotel in the west London estate is now welcoming guests in style.

From fine dining to fine jewellery, we reveal the latest collections from Backes & Strauss before finding out why now is the time to invest in gold.

Despite challenging economic times, demand for trophy properties in The Chartwell Group remains at an all-time high, with our portfolio now including some of the most prestigious private homes and business premises in the world.

We hope you find the magazine a rewarding read.

Andrew Butler CEO

Victoria Sheppard Director of Marketing

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Contents HIGH RISER

Chartwell goes from strength to strength

The bentley mulsanne

Iain Dooley finds the new flagship model very much to his liking

meeting of the masters Backes & Strauss diamond watches

capital gains Chartwell Estates Office: 49 Berkeley Square London W1J 5AZ T: +44 (0)207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

Chartwell Monaco Office: Le Mirabel 4 Avenue des Citronniers MC 98000, Monaco T: +377 97 97 56 67 E: office@chartwell.mc W: www.chartwell.mc

Chartwell Magazine offers advertisers an exclusive target audience of discerning, affluent readers. The magazine is distributed to Chartwell clients on an international scale. The next issue will be published in October 2011.

Chartwell Magazine is published and printed on behalf of Chartwell Estates by bh Publications Ltd. bh Publications, Unit 8, Branksome Business Park, Bourne Valley Road, Poole, Dorset BH12 1DW Tel: +44 (0)1202 765988 | Fax: +44 (0)1202 763997 | www.bh-publications.co.uk Managing Director: Editor: With thanks to:

Simon Rodway Production Director: Sam Dykes Liz Kavanagh Sales: Louise Dykes, Charlotte Skinner Iain Dooley, Liam Bailey, Trevor Gabriel, Peter Custer, Edward De Wolfe, Ian Brodie, Ben Davies, Chris Ewbank, James Harrison, Andy Brearey, and David Semaya

Whilst every attempt has been made to ensure that the content in this magazine is accurate, neither bh Publications nor Chartwell Estates can accept, and hereby disclaim, any liability to any party for loss or damage caused by errors or omissions resulting from negligence, accident or any other cause. All rights reserved. No part of this magazine can be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of bh Publications Ltd. Information is correct at time of going to press. Views expressed are not necessarily those of bh Publications or Chartwell Estates. Every effort has been made to trace the copyright holders of material used in this magazine. If any copyright holder has been overlooked, we will be happy to make any necessary arrangements.

Neither bh Publications nor Chartwell Estates endorses any advertisements or opinions expressed within this magazine.

For all advertising and editorial enquiries please contact bh Publications Ltd.

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Why London’s top postcodes have never been more in demand

the best of british

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William Drabble, executive chef at St James’s Hotel and Club, shares his passion for fine food

london investment

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Property demand continues to make the capital a prime target for investment

pan peninsula

Luxury London living in a league of its own

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life at the top

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join the elite

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on the crest of a wave

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One to one with London entrepreneur and international jet-setter Freddie Achom

Why Monaco residency has become highly sought-after Yacht management pays dividends for owners looking for savings at sea

understanding the gold market

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five star spas

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limited edition

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A very stately retreat

50

fit for a queen

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making the most of your assets

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afternoon tea with a fashionista twist

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Why gold is undervalued, under owned and misunderstood Our top five out-of-London sanctuaries

How economic uncertainty has created a buoyant art and antiques market Introducing London’s Syon Park Hotel, a new Waldorf Astoria in an imposing parkland estate London’s Opera Gallery unveils a new contemporary art exhibition

Tax avoidance at its best

Prêt-à-Portea at The Berkeley

recovery sees millionaire NUMBERS grow 62 As the wealthy recover from the downturn, the UK’s millionaire population is growing

suits you sir

A great tradition of tailoring at Henry Poole

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HIGH RISER Chartwell goes from strength to strength

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hartwell is a name that until recently has been associated exclusively with the Mediterranean Principality of Monaco.

Chartwell Monaco is busier than ever, and now Chartwell’s stellar reputation has arrived in London with the opening of its

offices on Berkeley Square in the heart of Mayfair.

“With such a strong link between the best that Monaco has to give and the UK, it was entirely logical that Chartwell should extend its operations to London. Britain’s capital city is an international gateway for the growing number of very wealthy individuals from Russia and the Middle and Far East, attracted to England partly because of its universal language, but also by all London has to offer as a world capital,” said Andrew Sheppard, Chartwell’s founder and group Chief Executive.

Chartwell’s three UK arms are Chartwell Estates, offering prestigious properties for sale to high net-worth individuals, Chartwell Bespoke, providing, as its name suggests, a tailor-made design and refurbishment service, and Chartwell Private Office.

Chartwell Estate’s CEO, Andrew Butler, has been enlisted to head Chartwell’s Private Office. Bringing more than 20 years’ experience to the table, Andrew explains Chartwell’s Private Office: “We are not a high street operation. We invite buyers to register

with us and we then search for the properties we believe will best suit their requirements or market their property. This could be through our website and magazine or very discreetly. Our clients place great value on their privacy, our by-words are confidentiality and discretion.

“Chartwell sells, seeks and offers properties, again with the greatest respect for privacy; many of the properties we offer to clients will never have been advertised. Through our extensive contacts we are able to do much more for them than a traditional agency.”

“There is no limit to the properties and services that Chartwell offers.” says Andrew Butler. “Our clients can come in to our Berkeley Square offices, or we can fly to wherever they are in the world to discuss their needs, whether it’s an apartment in Paris, a ski chalet in Switzerland, a London town house or a villa in Barbados.”

“Chartwell can help you find you the perfect home, assist from start to finish in the buying process and arrange a turn-key

renovation through Chartwell Bespoke. When our clients are ready to move on or update

their property portfolio we are there to assist.

“Private banks have private offices for their discerning clients, and we operate in exactly the same way. It’s a very personal service.

Chartwell Private Office is a Andrew Butler total package. It’s a natural development for us from Chartwell Estates.

“Apart from our expertise, we offer our clients time. If they don’t have the time, we’ll do the hard work for them.”

Andrew Butler has experience of every sector of the market, having worked his way up in the country house market in Yorkshire before relocating to a top-branded international firm in Mayfair.

“I have the same vision as Andrew and Stephanie Sheppard.

Chartwell magazine is a great addition to the quality property press and ties in naturally with everything we do.”

Andrew is certainly a man of property. To date, he has worked with a number of influential business people, sports and media personalities and entrepreneurs – always with the utmost discretion.

He has previously written for the Sunday press and has appeared regularly on television.

“You won’t find anyone better than Chartwell Private Office for locating and negotiating the most interesting property transactions.

Client service is our absolute mantra.”

Andrew Butler can be contacted on +44 (0)20 7409 0549 or +44 (0)7711 697014. andrewbutler@chartwellestates.co.uk.

Written by Ian Brodie, publisher of Monaco Life and Monaco Today. To receive the daily newsletter, Monaco Today, please email monacotoday@gmail.com.

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THE BENTLEY MULSANNE IaIn Dooley fInDs the new flagshIp moDel very much to hIs lIkIng

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The Mulsanne is the first all-new Bentley for a very long time and it doesn’t disappoint

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ou won’t find four-year product cycles and constant technical updates in the super-luxury sector of the car market. To put it bluntly, progress is as serene and as measured as the cars themselves.

At least that used to be the case until the public break-up of RollsRoyce and Bentley. The former decamped to a new site at Goodwood under BMW’s stewardship, while the latter stayed at the historic Crewe site under the guidance of Volkswagen.

And then the new models flowed. Seriously, it was as if the rule book had been ripped up. In the case of Bentley a coupe, borrowing heavily on Volkswagen technology, reignited the brand and sought to attract the attention of a new, younger buyer. A saloon followed, along with numerous variants offering varying levels of luxury and performance.

Parallel to this wave of new models Bentley was still producing its older-generation Arnage, a traditional saloon offering old-school luxury along with velvet-glove levels of performance.

The arrival of Bentley’s new Mulsanne completes the first level of the company’s regeneration, and consequently sees the Arnage bow out as the firm’s long-serving flagship model.

This is significant because the Mulsanne is the first all-new Bentley for around 80 years. It’s often forgotten that during the long partnership with Rolls-Royce the two companies shared much in the way of chassis and powertrains.

The Mulsanne is, if you like, a line in the sand, and is a significant statement of Bentley’s engineering independence. And the company is heavily promoting not only the car’s newness but also the fact that it has been developed in-house at Crewe – design, engineering and construction.

A quick stroll around the many updated elements of the facility is all the proof you need that VW is in this for the long haul, and keen for Bentley to fully exploit its independence as a maker of British luxury cars.

It’s no easy task designing a new flagship model, yet the various teams at Bentley have managed to strike a sensible balance between contemporary design and traditional values. As befits a flagship model, the Mulsanne is big – 5.5 metres long – and sports a bonnet that takes up a suitably decadent amount of space.

There are shades of the Arnage at the rear, what with the car’s sweeping, fast-back lines. And it’s this agile character that Bentley is keen to promote. It insists that the Mulsanne is a car you’ll want to drive as much as sit in the back of. Bentleys were always the sportier relation in the old Rolls-Royce family dynamic, and the same is true today post split.

It might have something to do with what’s under the bonnet, where you’ll find a 6.75-litre V8 petrol motor. The engine capacity might be familiar to traditionalists, but the addition of turbocharging won’t be. The all-new unit is cleaner and more powerful than of old, too. When else could you describe the Mulsanne’s 505bhp output as being ‘ample’?

More importantly there’s also plenty of torque on tap: all 752lb/ft of it. In reality this is the more important number. Take-off from rest is effortless, and acceleration is smooth and drama-free when on the move. The Mulsanne might come with an eight-speed auto gearbox but it might as well have only two gears – forward and reverse – as the changes are as seamless as the overall driving experience.

And yes, you will enjoy driving the Mulsanne. The regularsize steering wheel delivers enough feel to make piloting the car

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FACTS AT A GLANCE: Model:

Bentley Mulsanne

Price:

From £245,000

Engine:

6.75-litre turbo petrol unit developing 505bhp

Transmission: Eight-speed automatic transmission as standard, driving the rear wheels Performance: Maximum speed 184mph; 0-62mph 5.3 seconds

No expense has been spared, while the attention to detail and scope for personalisation is truly mind-blowing.

confidence-inspiring and rewarding. The raised driving position, good all-round visibility and progressive brakes all help to put the big Bentley on a par with sportier mainstream luxury saloons.

Factor in the clever adaptive suspension and, although it really shouldn’t be possible to hustle the car along twisty A and B-roads, this is one car that really does shrink around you and inspire confidence. And with pitch and roll kept in check even when tackling big roundabouts and fast, switchback roads – the two biggest enemies of cars like the Mulsanne – occupant refinement is never compromised.

The perceived wisdom in super-luxury circles is that cars like the Mulsanne exist for other people to drive while you sit in the back.

In this context Bentley’s latest doesn’t disappoint. In fact, it excels and shows how far the company has come in a few short years. No expense has been spared, while the attention to detail and scope for personalisation is truly mind-blowing.

The Mulsanne also highlights the depth and breadth of talent housed within the famous Crewe facility. From the designers and engineers to the equally talented people tasked with trimming the cabin and creating an opulent but not over-the-top experience, the Mulsanne is a moving testament to their passion and skill.

Bentley’s Mulsanne continues the company’s proud tradition of cars that look good, are good to drive and are rewarding to own. It has been well worth the wait.

The Mulsanne can be test driven at Jack Barclay Bentley, 18 Berkeley Square, Mayfair, London.

Tel. +44 (0)20 7629 7444. www.jackbarclay.co.uk.

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Economy:

16.7mpg

CO2 rating:

393g/km

TREVOR PLACE, KNIGHTSBRIDGE, LONDON A superb recently refurbished period town house situAted in this exclusive AreA within 5 minutes wAlk to hArrods And hyde pArk. The splendid accommodation which is planned over five floors and extends to approx. 2600 sqft has five bedrooms and has the highest quality fixture and fittings throughout. There is a small patio / outside terrace to the rear. An exceptional property in a most sought after area.

GUIDE PRICE:

ÂŁ5.8 million

T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

MEETING OF THE

MASTERS Backes & strauss diamond watches

Above: The Piccadilly 45, with one row of diamonds hand-set in 18-carat rose gold, features 45 diamonds weighing 8.67 carats. It is priced at ÂŁ85,715.

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s a master of diamonds since 1789, Backes & Strauss, the world’s oldest diamond company, has launched an exclusive luxury watch brand.

Reflecting Backes & Strauss’s London provenance, the design team has created three unique collections: The Berkeley, The Piccadilly and The Regent. Crafted in either 18-carat white or rose gold and elegantly set with diamonds, these watches are inspired by London’s Regency architecture, notably the work of John Nash.

Backes & Strauss is currently planning its return to Monaco this year on Friday 30 September, Saturday 1 and Sunday 2 October at The World Presentation of Haute Horlogerie & Jewellery, which once again will be held at the renowned Grimaldi Forum.

Here the Franck Muller Group and friends will each exhibit their new collections in a stunning location of 5,000 luxurious square metres housing horology and jewellery with beautiful views of the Mediterranean Sea. It’s an ideal environment for the exclusive debut of new Backes & Strauss collections and ‘pièces uniques’ that are currently being planned and crafted.

The most exclusive and luxurious masterpiece to date from Backes & Strauss, the bespoke Royal Berkeley 43, with 330 diamonds weighing a total of 106.45 carats, sold for over 1.5 million Swiss francs on the first day of The World Presentation of Haute Horlogerie in Monaco last year.

There are many satisfying parallels between the master diamond cutter and the master watchmaker. Both are supreme craftsmen. Both share the same mathematical precision, the same combination of art and science, the same almost elemental understanding; one works with light, the other with time.

These parallels are apparent in their watches. On the outside the face and case evoke the geometric symmetry of the ideal cut. On the inside their handcrafted movements are often described as jewel-like. The simile is perfect. Not only do their movements have a jewel’s brilliance and complex perfection, but their intricate workings and the interplay of one piece on the next are suggestive of the way light moves within their diamonds.

It is this meeting of masters of diamonds and watchmaking, this elemental genius for light and time, that make a Backes & Strauss watch unique. It is a masterpiece inside and out. And the attention to detail is extraordinary.

“It took us two years to collect and match lime-coloured diamonds for one model,” says managing director Vartkess Knadjian, “and we are now looking for natural vivid pinks and canary yellows, which are very rare, for our new collection to show in Monaco.”

Backes & Strauss is known for quality and craftsmanship and, as its long heritage demands, only the best diamonds are used. The clean clarity of the diamonds used is the extremely rare Flawless/VVS+, with the near-perfect F+ colour collection.

Right: The Piccadilly Princess aptly debuted this year and is a young, vibrant and elegant addition to the Royal Collection. This Princess holds a total of 327 ideal-cut round brilliant diamonds weighing 24.15 carats, each hand-set in 18-carat white gold, 162 of which surround the white mother-of-pearl centre dial. It is priced at £162,860.

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With over 200 years of experience, Backes & Strauss knows diamonds better than anyone else. It has perfected the art of the ideal cut, which shapes a diamond for perfect symmetry and proportions, where all the light that enters the stone refracts internally from 57 precisely placed facets and disperses through the top of the diamond, resulting in maximum fire and brilliance.

All diamonds set in the watches are ideal-cut.

Every watch has at least one diamond, set into the crown by hand; it is the Backes & Strauss signature: the jewel in the crown, which is designed to look like the pavilion of a diamond. The pavilion is the lower portion of the diamond, below the girdle, sometimes referred to as the base.

As a master of diamonds since 1789, Backes & Strauss possesses exceptional expertise to create bespoke pieces. These master creations feature custom-cut diamonds of unique shapes, polished and set to perfection. The outstanding skill of the craftsmen and master polishers offers endless possibilities for creating the ultimate diamond watch. The sumptuous Prince Regent model

has 388 diamonds cut individually and invisibly set into the dial, with a further 122 stones set into the case.

Left: The Regent Classic, £15,000, and The Regent Diamond Dial, £34,385, in 18-carat rose gold, in size 3643.

Hearts and arrows The proof of Backes & Strauss’s expertise in diamond cutting is the hearts and arrows pattern shown by each Backes & Strauss diamond when viewed with a special instrument called a hearts and arrows viewer. The pattern is a series of eight arrowheads when viewed from above the crown with one eye and eight heart shapes when viewed from below the pavilion. The hearts and arrows viewer (included in each Backes & Strauss watch box) is merciless when it comes to detecting any deviation from perfection.

Hearts and arrows diamonds are the ultimate, most magnificent and brilliant ideal-cut diamonds. The team of expert diamond cutters and polishers at Backes & Strauss takes extensive care to manually polish each diamond to perfection, a skill they have refined in over 200 years of the company’s existence. Each natural diamond is planned, cut and polished in an effort that requires

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hundreds of hours of meticulous work. Almost 50% of the rough diamond is lost in the achievement of the perfectly polished Backes & Strauss diamond.

Backes & Strauss, 113A Jermyn Street, First Floor, Mayfair.

London. Tel. +44 (0) 20 7839 8709. www.backesandstrauss.com.

Chartwell readers are invited to view Backes & Strauss’ latest collections in Monaco from Friday 30 September to Sunday 2 October at The World Presentation of Haute Horlogerie & Jewellery, which takes place at The Grimaldi Forum. www.hautehorlogerie.org. For more details contact Backes & Strauss on Tel. +44 (0)20 7839 8709.

Email. info@backesandstrauss.com.

The Regent Baguette 4452 in rose gold

Accra Africa Watch Trading Abu Dhabi FM Watchland Athens Patseas Beirut FM Watchland Bergamo Serafino Consoli Berlin Jundef & Co Delhi Kapoor Doha Ghadah Jewellery; Al Fardan Dubai Azal Dublin Weir & Sons Fukoka FM Watchland Geneva FM boutique Hong Kong Yes Watch Co.; FM Boutique Kiev Noblesse Kuala Lumpur Sincere Fine Watches Kuwait City Yara Lagos Julian Osula London Harrods; Asprey; Theo Fennell Los Angeles Westime Luxembourg Molitor Miami Levinson Mumbai The Rose Watch Bar New York Asprey; OC Concepts; FM Boutique Osaka FM Watchland Paris Kronometry Riyadh Al Fardan Singapore Sincere Fine Watches Tokyo FM Watchland Toronto Mindham Fine Jewellery Venice Tokatzian Vienna H端bner Uhrmachermeister

113A Jermyn Street, Mayfair, London, SW1Y 6HJ www.backesandstrauss.com

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CAPITAL GAINS Liam BaiLey reveaLs why London’s top postcodes have never Been more in demand

T

ight supply of stock and resilient demand have pushed up

property prices in central London by 1.1 per cent this year.

Recent price performance has contributed to annual price growth of 10.3 per cent in the 12 months to January 2011, and prices continue to rise.

Property prices in Knightsbridge and Kensington have risen by nearly six per cent in three months, indicating that demand for the most prestigious postcodes remains stronger than ever.

London has bucked the wider UK trend in recent months, with strong price growth and resilient demand for property. Whereas prices in the wider UK market fell by over one per cent last year, central London saw continued double-digit growth.

The real drivers of this demand have been overseas buyers, especially Europeans, and also City-based buyers, who have been more numerous than expected, given the uncertain discussions over bonus levels. A marker of the strength of the London market is the fact that viewing volumes were up by 30 per cent year on year in January.

While the market for the most exclusive addresses remains buoyant, it is low supply rather than high demand that is currently underpinning price growth.

The W8 area of London (Kensington) remains the most expensive postcode in the country, with average house prices in this exclusive neighbourhood now topping £1.5 million, up 9.4 per cent (£134,000) from just one year ago.

Topping the list of the most expensive streets in the country is Kensington Palace Gardens, where the average property is priced at £18 million. Also known as Billionaires’ Row, this exclusive gated street is home to royals from Saudi and Brunei and billionaires from Russia and India, including Britain’s richest man, steel tycoon Lakshmi Mittal.

Looking ahead we see the shortage of supply continuing for the

short term. While in the mainstream UK market it is the lack of mortgage finance that is encouraging prospective buyers to sit tight and therefore not bring their properties to the market, at the top of the London market the low supply is more to do with investment opportunities.

Wealthy people are happy to hold a portion of their wealth in prime property – especially in a perceived safe haven like London while there is growing uncertainty in the eurozone, the Middle East and North Africa for example. This lack of desire to sell is reducing supply in the marketplace.

On the supply side the ongoing issue of tight supply continues: while stock volumes are three per cent above the level seen a year ago they are still down by over 20 per cent compared to January 2009.

Current rates of sale compared to stock volumes are still running at approximately 10 per cent, far above the long-run average of seven to eight per cent. This again confirms the issue of limited stock for buyers to choose from.

London is still seen by many as the most desirable capital in the world in which to live and work. The destabilisation of some Middle Eastern countries and the worries that it may spread further may lead to enquiries for London homes as a safe haven.

While the international preference is for homes that are ready to move into, the shortage of supply coupled with favourable exchange rates has turned the international purchaser towards off-plan properties with completion dates as much as two years away.

Knight Frank is the world’s largest privately-owned global property agency and consultancy specialising in high-quality commercial and residential property.

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RECTORY FARM, DORSET ExtEnsivE EquEstrian ProPErty, sEt in 57 aCrEs oF LanD Detached luxury renovated Grade II Listed farmhouse, 4 bedrooms, all en-suite

GUIDE PRICE:

ÂŁ2.95 million

T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

THE VILLA, Alwoodley, leeds One Of YOrkshire’s finest cOntempOrarY stYle hOmes built apprOximatleY fOur Years agO and having been further imprOved bY the present Owners.

The lavish accommodation extends to approximately 7000 sqft. An imposing double height reception hall with its central glazed landing sets the scene for this light and airy home enjoying views over the beautfifull landscaped gardens. Five bedrooms all with ensuites, guest room and three reception rooms. Private, secure and located on Leeds ‘Milionaire Row’.

GUIde PRICe:

£2.25 million

T: +44 (0) 207 409 0549 e: enquiries@chartwellestates.co.uk w: www.chartwellestates.co.uk

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THE BEST OF

BRITISH William Drabble, executive chef at St JameS’S hotel anD club, ShareS hiS paSSion for fine fooD

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ocated in London’s St James’s, an area renowned for its royal connections, specialist shops, designer boutiques and art galleries, the five-star St James’s Hotel and Club has been welcoming discerning guests for over 150 years.

Founded as a gentleman’s club for travelling diplomats in 1857 by English aristocrat Earl Granville and a Sardinian minister, Marchese d’Azeglio, it soon attracted an international clientele including Lord Randolph Churchill and Baron Ferdinand de Rothschild.

The club became renowned for good food, good wine and great parties and became favoured by leading figures from the film world. Over the years prominent members have included Sir John Mills, Liza Minnelli, Dudley Moore, Pete Townshend, Sir Michael Caine, Sir Sean Connery, Tim Rice, Michael Parkinson and Lord Attenborough. Recent guests have included Samuel L Jackson, Cher, Luke Wilson, Keith Richards and Jack Johnson.

While the world outside its doors may have changed beyond all recognition, the traditions and elegance of the past continue to be upheld inside, with the hotel and club renowned for its discerning service.

It’s equally renowned for its fine food, with executive chef William Drabble reflecting the club’s very British feel through menus inspired by the best British produce. Seven Park Place by William Drabble opened in September 2009 and was awarded a Michelin star in January this year.

William had enjoyed Michelin stars before. In 1998 he took over the reins at Aubergine from Gordon Ramsay

and spent just over a decade there, during which time he consistently retained its Michelin star and successfully launched a sister restaurant in Marlow.

Yet he’s not one to seek fanfare, claiming it’s his choice of produce rather than his cooking that makes his food so renowned. He’d love to have time to write a cook book or appear on television, he says, but at present William prefers to spend his time in his kitchen or with his suppliers.

“My food is modern French in style,” he says, “but made up primarily of British ingredients, with menus changing to reflect the seasons. In the summer I like to cook lighter, simpler food and then in winter create more rustic, bolderflavoured dishes.”

He’s a passionate supporter of small-scale producers, which include Cornvale Foods for game and Lune Valley lamb; Keltic Seafare for scallops, langoustines and Scottish girolles; Channel Fisheries for fish; and South West Fisheries for fish and shellfish.

Signature dishes include a warm salad of native lobster with English asparagus and truffle vinaigrette; Lune Valley lamb with peas, onions and lettuce; and carpaccio of handdived scallops with blood orange vinaigrette.

His enthusiasm for British food started in his childhood, he says, when his family moved to Norfolk. “Living in the country made me appreciate the seasons. We grew a lot of our own fruit and vegetables and I would help out on our local farm whenever I could. Living so closely to the people who are actually producing your food makes you have a lot more respect for it.”

“My food is modern French in style, but made up primarily of British ingredients, with menus changing to reflect the seasons. In the summer I like to cook lighter, simpler food and then in winter create more rustic, bolder-flavoured dishes.”

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St. James’s Hotel and Club Poached turbot with Scottish langoustines, girolles and baby leeks

Time spent at The Mirabelle in Eastbourne developed his passion for fresh fish and seafood, while a stint at Michaels Nook Country House Hotel in the Lake District saw him forge friendships with local farmers creating top-quality free-range pork and lamb. “I still use suppliers there for the pork and lamb we have at St James’s,” he says.

So fresh are William’s ingredients that orders for fresh seafood phoned through in the early hours of the morning can be with him for service that same day.

“I often head out early to Covent Garden or Borough Market to see what’s come in that day and then incorporate the best ingredients into my evening menu,” he says. “Yesterday there was wild garlic from The New Forest and the very first English asparagus. You can’t help but get inspired when you see new seasonal produce coming in.”

William oversees all aspects of dining at the hotel, including Seven Park Place, the hotel’s more informal restaurant, William’s Bar and Bistro, private dining and room service.

“It’s important to me to stay hands-on,” he says. “This weekend is my first off for over 18 months. I like to be working alongside my team. You only have to step inside the kitchen to see how passionate we all are about what we do.

“I’d like to think our menus reflect the quintessentially British feel of the hotel and club while championing the great produce we have in this country.”

St James’s Hotel and Club, London.

Tel. +44 (0)20 7316 1600. www.stjameshotelandclub.com.

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Tortellini of lobster, roasted cauliflower confit with cauliflower purĂŠe and lobster truffle butter sauce

Seven Park Place

Braeburn apple mousse, blackberry jelly, apple sorbet and crumble

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LONDON INVESTMENT

ProPerty demand, Plus current economic factors, make london a Prime target for investors, says edward de wolfe of khalil & kane

The performance of the UK property market remains divided in two between London and the South East and the rest of the UK 22

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n what has been a challenging period for the property industry, the Budget announcement by Chancellor George Osborne brought some welcome news. Concessions on stamp duty on bulk purchases of property and the suggestion of greater flexibility in granting change of use on premises from commercial to residential are just two of the potentially beneficial measures outlined.

In reality these proposals could take some time to understand and implement. In addition, regardless of what concessions the Chancellor offers, until the restrictions on bank lending are eased and stock levels increase, the market is going to remain constrained.

Figures from the Council of Mortgage Lenders show that net lending in 2010 was just £8.15 billion – the lowest level since 1987 and way below the £40 billion net lending in 2008. With £500 billion in debt due to mature over the next year it is unlikely that banks will relax their lending criteria significantly in 2011. This creates two major problems: many potential purchasers remain excluded from the market; and as developers struggle to get finance, the shortfall in the housing supply becomes ever more evident.

However, the performance of the UK property market remains divided in two between London and the South East and the rest of the UK. While much of the UK is suffering, London continues to perform relatively strongly. In 2010 UK residential prices rose 0.7%, compared with 3.8% in prime central London. The current shortfall in supply combined with strong demand, low interest rates and the weak pound have been core factors in the London property market maintaining its appeal to investors.

Meanwhile the view that London offers a safe haven for wealthy investors has been strengthened by recent events in the Middle East

and North Africa. My company took 38% more enquiries from the Middle East in March than in any other month over the previous year.

Estate agent Savills has predicted that over the next five years capital values in prime central London will rise by over 33%, compared with a UK average of 11.8%. For cash-rich investors, especially foreign nationals receiving substantial discounts on their purchases, there are good opportunities to pick up well-priced assets.

However, unlike in the pre-credit crunch era, when there was a great emphasis on acquiring assets for short-to-medium-term capital growth, the rental sector has been prominent in ensuring reasonable returns for investors. According to estate agent Knight Frank central London rents rose by 16% in 2010 and are now just 5% below their peak. There have been three key reasons for this: the recovery of the financial sector, which has led to higher employment and therefore greater demand for housing; the shortage of property being marketed for sale, which is leading to more people renting; and the difficulty for potential buyers of obtaining finance.

The recovery of the financial sector and the wider economy is likely to ensure the market remains stable. While there are threats to the sector such as high inflation and potentially raised interest rates, for those with large amounts of equity to fund purchases there are deals to be done. George Osborne’s Budget has provided a much-needed boost, but until the mortgage markets open up, the opportunities are going to be available to a limited group only.

Edward de Wolfe is head of acquisitions at Khalil & Kane, which offers property acquisition services in both the residential and the commercial sectors across London and the South East.

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luxury london living in A lEAguE oF iTS oWn

O

verlooking Canary Wharf, Pan Peninsula is at the cutting edge of metropolitan living; combining the glamour of a five star hotel with ultra-sophisticated facilities and a fabulous waterside location. It is fast becoming London’s most sought after residential address. Comprising two interlinked landmark towers, rising to 40 storeys and 48 storeys, the development provides more than 700 luxury apartments, from extraordinary penthouses to the ultimate pied-à-terre.

Autumn sees the launch of the luxury premier apartments on the 34th to 43rd floors of the complex. Finished to the highest specification, the apartments have non-interrupted views of the City, Canary Wharf or Greenwich.

As well as the stunning views, residents enjoy a wide range of luxury facilities including sumptuous communal areas, ultra high quality interiors, 24-hour concierge services and valet parking,.

And, for their wellbeing, they can enjoy The Six Senses Spa, a large holistic day spa offering a comprehensive range of signature treatments, Asian influenced therapies, and holistic lifestyle guidance.

For fitness, the private Health Club is at residents’ disposal, with state of the art equipment and facilities including a lap pool, hydrotherapy suite, cardio vascular theatre, gym, dance studio, sauna and steam rooms.

Overlooking the dock and with the stunning backdrop of Canary Wharf, the waterside restaurant, Tompkins, offers a stylish dining experience for residents and visitors. With a bold design and vibrant atmosphere, and based on the great steak houses and brasseries of New York, the restaurant and bar offers contemporary cuisine in a fresh and exciting environment.

Beyond the on-site facilities, nearby Canary Wharf has a wealth of shopping, entertainment and leisure opportunities. Pan Peninsula is adjacent to the DLR South Quay station in E14 and London’s City Airport, which has routes to cities throughout the UK, Europe and beyond, is only ten minutes away. The development is also within a short drive of the A13 with links to the M25.

Chartwell Estates.

Tel. +44 (0)207 409 0533. www.chartwellestates.co.uk.

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PAN PENINSULA CAnAry WHArF, london london’s most sophisticated waterside apartments oVerlooKinG canary wharf.

Ultra glamorous apartments supported by the widest range of worldclass facilities.

guidE PriCE:

£1.65 to £10 million

T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

LIFE AT THE TOP

One tO One with Freddie AchOm

F

reddie Achom is a man with presence. He’s one of the most successful businessmen in London, with a personal fortune of several million, and when he arrives at his latest opening – Bennett Oyster Bar, Brasserie & Wine Store in Battersea Square – he certainly makes an entrance.

Whether it’s the immaculate sharp suit or the strength of the handshake, which indicates success from the start, it’s hard to put a finger on it exactly, but Freddie is clearly a man who enjoys what he does and is not prepared to accept anything less than perfection.

“These days I don’t invest in anything I can’t identify with as a consumer,” he says. “The idea behind Bennett was to create a neighbourhood version of The Ivy or Scott’s – somewhere which could combine the ambience of a brasserie with traditional English food. And the food here is really good.”

Developed in partnership with Ray Duhaney, the charismatic creator of Cheyne Walk Brasserie and Bumpkin, Bennett has already enjoyed rave reviews, with just the right kind of people giving it a high profile despite its relative infancy. Over the years Freddie has established connections with celebrities across the world, and he idly mentions that his latest venture is a speak-easy restaurant in LA which he’s opening with help from several A-listers he’s friendly with.

Born in Nigeria, Freddie admits his passion for work – for it soon becomes clear that it is a passion – came in part from his father’s strong belief that his children should forge their own paths in the world. “In Nigeria, people say they work in business, meaning that they are open to opportunities of all kinds rather than pigeonholed into one sector, and

26

part of my success has been doing just that,” he says.

“My father wanted me to be a doctor, but I was born an entrepreneur. I remember lending my father a few pounds in change when he visited me at boarding school in England – and ensuring that he signed for it and paid me it back with interest.

And I was forever selling things to classmates at school.”

Freddie’s first professional job was as a stationery salesman, and with his sharp business sense he excelled from the start. “While my colleagues struggled each month to fill out their order sheets, my orders boomed. From the beginning I put myself in the position of the customer, and that’s something that I believe is key to selling anything.”

He went on to train as a financial sales consultant and began to work across the City, gaining the knowledge and experience he needed to strike out on his own. After several failed ventures his first major success was the sale of his business development and consultancy agency, City Business Partners, to City firm EGC. He then invested heavily in land and property development before diversifying into investment sales and consultancy.

“At 28 I had enough capital to buy a 2,500-foot apartment in Hampstead,” he says. “I remember getting the keys and walking round it feeling pretty pleased with myself. I didn’t have any furniture to put in it, but it represented the start of my business success.”

Today Freddie is chairman of Rosemont Group, a privately-owned holding company he founded in 2003. The group has a varied portfolio of business interests in the consumer goods and services industries, with investments in high-end Italian kitchens, overseas property, marketing and sales

“These days I don’t invest in anything I can’t identify with as a consumer”

in the alternative investment market, UK land and property development, telecoms in western Africa and up-scale restaurants across the globe.

In 2005 Rosemont Group joined forces with Lebanon-based Circle Management Group to create and launch the Crystal Club in London. As a first foray into the entertainment business the venture was hugely successful, and further clubs have been opened in St Tropez, Cannes, Lebanon, Dubai, Los Angeles and Beijing.

Freddie’s latest venture in the entertainment industry has seen Rosemont Group partner with club impresario Moruf Yoozooph to open a multimillionpound private members club, Jalouse, in London’s Mayfair. Its gala opening-night party was attended by celebrities such as Paris Hilton, Ronan Keating, Mischa Barton, Daisy Lowe, Bryan Ferry and Princess Beatrice.

“We opened in the middle of the recession, £1.2 million over budget, but it’s worked,” Freddie says. “I wanted to create a club for the discerning – the sort of place that would become a destination club as opposed to one of many. We offer real VIP service from the moment you step in the door and our clients appreciate that. Being successful today is all about making people feel special while also offering them value for money.”

Getting value for money is clearly something Freddie hasn’t lost sight of, despite his wealth. “It’s absurd how much money is spent shamelessly by successful people,” he says. “During the Monaco Grand Prix you

can pay tens of thousands of pounds just to sit at a table in a bar with a prime position of the action. I know of drinks bills that have topped what some people spend on a home.

“I’ve always felt that I’ve had my feet on the ground despite now enjoying a very privileged lifestyle, and for me enjoying a pub lunch with the family is every bit as special as being entertained at The Savoy. Simple things like that make me feel human again. There are some things that money can’t buy.”

While he now owns homes in Paris, Rome, Val d’Isere, Lagos and London, is currently buying an estate in Uruguay next door to Shakira, and counts antique furniture and classic cars among his indulgences, family time is clearly something he prizes above everything.

“I spend my entire week flying between countries and entertaining and it’s rare that I’m in bed before the small hours,” he says. “That makes time with my children very precious. We have a nanny but I try to pick the children from school or give them a bath and put them to bed whenever I can. It gives me a lot of joy. The children aren’t impressed by expensive restaurants: it’s the simple things they enjoy.”

Ask if he has any regrets and he’ll tell you he wishes he’d gone backpacking when his peers were exploring the world as students: “A friend and I were talking about setting off on a world trip just for the hell of it with a backpack each. I’ve always fancied the idea of 27

The glittering and colourful interior of Jalouse

seeing where the road takes you. That’s not something I have the time to do these days.

Every hour is filled with things to do.”

Freddie’s plans for the next three days, he reveals, include three European flights, entertaining clients, dinners with Meg Mathews, Jo Woods and Kate Moss at his new Bennett restaurant, seeing his children and fitting in an Italian class. “If you spent a week in my company you’d be exhausted,” he says with a laugh.

It makes time off all the more precious. “I am hoping to learn to sail next year,” he says.

“My long-term plan is to sail the world.”

Like everything that Freddie does, you know it will only be a matter of time before the ambition is accomplished. “I’ve never been afraid of failure,” he says simply. “You can only learn from it and move on. The fear of failing stops far too many people from achieving great things.”

Bennett Oyster Bar & Brasserie, 7-9 Battersea Square, London.

Tel. +44 (0)20 7223 5545. www.bennettsbrasserie.com.

About Jalouse Opened in 2008, Jalouse has established itself as one of the most high profile private members clubs in London.

Designed by award-winning artist Mark Humphrey, the £3.5 million club has 1,200 members and 450 founding members, including royalty, celebrities and prominent business figures.

Membership costs £650 per annum with tables reserved with a minimum spend of £1,500 in the VIP area and £1,000 on the dance floor.

Awards include ‘Best New Club 2009’ and the coveted ‘Best Club 2010’ at The London Club and Bar Awards.

Jalouse, 17 Hanover Square, London.

Tel. +44 (0)20 7629 8871. www.jalouse.co.uk.

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CLARGES STREET, MAYFAIR, LONDON A stunning three bedroom Penthouse situAted in the heArt of mAyfAir between Curzon street And PiCCAdilly.

Situated on the 6th floor (with lift) within a purpose built block of apartments enjoying a parking space and a porter. Splendid open plan living area with a large terrace from the lounge. Close to Berkeley Square, Shepherds Market and walking distance to Green Park tube station.

PRICE:

ÂŁ5.2 million

T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

JOIN THE ELITE

Becoming a resident of monaco has many advantages, says trevor gaBriel

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Monaco remains a very attractive environment to live in, with security, cleanliness and respect for privacy all being well catered for

N

ew residents come to Monaco not just for the lifestyle it offers. The current economic climate and demographics dictate that more and more high-net individuals are

gravitating south.

Fiscally it’s almost an issue of ‘the worse the rest of the world gets, the more attractive residence in Monaco becomes’. For certain, any country which has resorted to recovery packages to combat the recent financial crises will need to balance the books by increasing taxes or reducing expenditure. The latter seems unlikely, considering the imminent pension burden relating to baby-boomers, unemployment costs and corporation and income tax revenue shortfalls caused by economic slowdown. Several banks, tax advisers and lawyers in Monaco are reporting enhanced enquiry levels. This trend is unlikely to slow down, given the actions mulled regarding offshore bank accounts of residents of higher-tax areas, and when you realise that taking up residence in Monaco (not such a hardship, after all) can overcome them at a stroke.

The general consensus is that there will be a healthy market for a number of large, prestigious family apartments in particular, as this is the sector where supply has historically been lacking. However, this does not mean that other sectors will not also benefit, because increased activity generally will bring benefits to the market at all levels.

Although it is very difficult to generalise on market price trends, it is certain that the more exotic prices being asked in 2007/8 have come back to earth, and it is not unreasonable to say that prices are down between 10 and 15 per cent and in some cases more. This reflects reality, and asking prices which were not exaggerated (but where the real estate has not moved because of the slow market) have only reduced by a little.

Rentals have reduced by similar proportions or perhaps a little more, reflecting a number of departures from Monaco (primarily working residents who were released during the slow-down) and the reduction in interest rates, where the correlation with rents exists as investors seek alternative means of optimising returns.

Monaco remains a very attractive environment to live in, with security, cleanliness and respect for privacy all being well catered for.

The options for relaxation, sport and cultural activity are impressive and its proximity to the Alps, the Mediterranean and Italy means that you can enjoy very different lifestyles and environments in less than an hour. Monaco’s property market reflects its location and

attraction as a pleasant and pretty principality where lifestyle and

living standards are hard to beat, even ignoring the tax advantages of Monaco residence for many nations’ citizens.

Potential residents of Monaco often don’t realise how easy it is to take up residence in the principality. For citizens of the European Union and Switzerland it is simply a case of coming to Monaco, either renting or buying a suitable property, and then going to the local police station (La Sûreté) and asking for the relevant residence application form (Carte de Résident).

This carte, once obtained, gives the holder the right, but not the obligation, to reside in Monaco. The application form is simple to complete and the attachments required are standard: a tax clearance certificate from the jurisdiction from which the applicant is emigrating, police clearance, a recognised medical report and a bank reference from a local bank. An interview will be scheduled for six to eight weeks thereafter, when the applicant will hand over the form and attachments to the interviewing officer.

After the interview the applicant will be asked to return to La Sûreté, usually two weeks later, to collect the Carte de Résident. It’s as simple as that. The whole process can take as little as eight weeks.

For citizens of countries outside the EU the process is only slightly more complex. A potential resident needs to first apply at the French consulate in his country of citizenship/residence for a long-term visa to France, stating that he is doing so with a view to taking up residence in Monaco. Once the long-term visa is processed and received the applicant travels to Monaco to apply there in much the same way as described above (rent or buy a suitable property, visit La Sûreté etc).

Needless to say, in both cases the authorities will perform a series of checks on the applicant to ensure that he or she is not undesirable or likely to be a liability to the state once residence is granted.

Monaco Villas staff pride themselves on their level of client service and assist new residents on every aspect of Monaco living, offering help with residency formalities, introductions to schools, banks, insurance agents, sports clubs, artisans and household staff agencies.

Our multilingual team can handle most client requirements.

Trevor Gabriel is managing director of Monaco Villas, which has a range of apartments and villas for sale in the Principality of Monaco and across the French Riviera. Tel. +377 9770 1010. www.monaco-villas.com.

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PrivatSea has remained robust through the current financial difficulties and will rise with tides of recovery to lead the industry forward.

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ON THE CREST

OF A WAVE Peter Custer of Privatsea reveals why there’s never been a better time for yaCht management

N

early 40 years ago PrivatSea, as SETE Yacht Management, was among the first companies to professionally undertake the operational management of mega-yachts.

Today PrivatSea offers yacht chartering, acquisition, construction, refitting, berthing and management, with its membership club providing access to associated services across the world.

PrivatSea is the operational manager and central chartering agent for the two largest yachts available for charter: MV Alexander (122m) and MV Turama (117m).

These vessels are particularly in demand for large groups and corporate events, where perfect service is a prerequisite.

Though many mega-yacht owners have successfully weathered the economic downturn, some have taken the opportunity to seek out more efficient management for their yachts. As a result eight mega-yachts have joined PrivatSea’s management fleet in the last 18 months.

The current economic situation has also precipitated increased activity in the sales brokerage business as some

owners trade up while other owners scale down to adjust to their changing needs. PrivatSea is active in discreetly managing sales transactions for clients throughout the Mediterranean and Middle East.

Many owners on the other hand have taken the decision to upgrade by refitting interiors or extending their yachts’ length by a few metres, for example to accommodate new swim platforms. PrivatSea’s projects division offers expert interior refits and structural conversions.

PrivatSea’s proactive chartering division can provide charter yachts throughout the world, through all seasons.

Both club members and charter clients have the advantage of a worldwide selection of pre-inspected yachts at the best possible rates.

With its all-encompassing approach prospects for the future of PrivatSea are very bright. PrivatSea has remained robust through the current financial difficulties and will rise with tides of recovery to lead the industry forward.

PrivatSea. Tel. +44 (0)20 7396 5460. www.privatsea.com.

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Oceans of Experience

Yacht Management, Yacht Charter, Sales Brokerage, PrivatSea Club Membership, New Build, Refit, Berthing & Repair Facilities Offices in London, Athens, Geneva, French Riviera & Jeddah London +44 20 7396 5460 • Athens +30 211 600 7200 • chartwell@privatsea.com • www.privatsea.com

Domaine eza, EzE, FrEnch rivEria A recently constructed VillA locAted just 5 minutes from the historic VillAge of eze in the south of frAnce, 15 minutes from monAco And 40 minutes from nice Airport.

This magnificent Villa compromising approximately 600 Sqm and set in one hectare of olive gardens offers peace and privacy with a stunning view out over the mediterranean. With its four bedrooms all with en-suite, entertaining areas, pool, garage and staff accommodation the villa is ready for its owner to add their personal stamp/touch. There is also a Helipad with 200 rotations per year.

GUiDE PricE:

â‚Ź15.89 million

T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

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UNDERSTANDING

THE GOLD MARKET Ben Davies, CeO Of HinDe Capital, reveals wHy gOlD is unDervalueD, unDer OwneD anD misunDerstOOD

T

he financial crisis has led to an explosion in government borrowing to pay for bank bail-outs and to plug the gap

between tax revenues and government expenditure. Unless sustainable growth returns soon – which is unlikely, given the huge imbalances that still exist in the global economy – many governments around the world will have debts that they will find increasingly difficult to manage.

When a firm or a regular consumer can’t afford to service their debt, they must default. But when a government finds itself in this fix it has another option: print money. Sounds too easy a way out?

Well, it is.

The cardinal risk of money printing is the arch enemy of wealth itself: inflation. If too much money starts to chase too few goods, prices have to rise to re-attain equilibrium. The paper money in your wallet – known as fiat money – starts to lose its worth faster than you can spend it. Your purchasing power is eroded, your wealth decimated.

Governments everywhere are creating money faster than they ever have before. The size of global money growth is unprecedented.

The risk of inflation is palpable.

When the Federal Reserve (the US central bank) was created in 1913 one of the stipulations was that at least 40 per cent of its currency reserves had to be backed by gold. To achieve that today gold would need to be priced at over $4,000 per troy ounce, almost 200 per cent higher than its current price. Today less than one per cent of global assets are held in gold, compared with about 25 per cent in 1980.

To lift that to just two per cent we would need to find 50,000 tonnes of gold, which at current mining rates would take 20 years.

That transfer of gold will not take place at these prices but at much higher prices. The extraction cost of gold alone is currently between $900 and $1,000 per ounce, and those costs are steadily rising.

For the first time in many years central banks have shifted from net sellers to net buyers of gold. Western banks have stopped selling their gold. Asian countries such as China and India continue to add to their gold reserves, buoying demand for the metal.

Worldwide, the value of non-gold reserve assets held is over $9

trillion. This decade total international reserve assets have increased four times, yet gold holdings have declined dramatically.

Today 10 central banks hold 80 per cent of the world’s official gold reserves, while 35 nations hold under one per cent of all reserves.

Even subtle shifts in reserve allocation among these countries would have profound implications for the price of gold Most individuals still do not have gold as part of their portfolio, but every successful family dynasty has always held a portion of their wealth in gold. It is passed down from generation to generation.

No fiat currency has stood the test of time, not one: they have all expired. Gold on the other hand has endured.

And, unlike other commodities, gold can neither be destroyed nor consumed. It has stood the test of time, outlasting political ideologies, governments, nations and empires.

Investment in gold will increase as confidence in paper currencies ebbs away. Moreover, demand from central banks and investors, coupled with tight supply, will keep gold supported for some time.

As governments around the world furiously try to print their way out of financial crisis, confidence in currencies will diminish as investors look for other assets with intrinsic value. All assets have a time when it is appropriate to own them. Now is that time for gold.

Hinde Gold Fund is a managed fund for high-net-worth individuals and institutions, with a minimum investment level of $100,000 or the euro or sterling equivalent. Unlike exchange traded funds, where gold is traded and settled in unallocated form, Hinde Gold Fund holds at all times between 75 per cent and 100 per cent of its assets in allocated gold in secure vaults in Swiss private bank Julius Baer. It aims to create a significant return in excess of its designated benchmark (gold).

Tel. +44 (0)207 648 4600. www.hindecapital.com.

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SUPERIORITY COMPLEX

“It is widely regarded as Excellent” Condé Nast Traveller

Social, Spa, Golf and Tennis Memberships - Great for Weekend Breaks - Very Family Friendly

www.stokepark.com

01753 717179

membership@stokepark.com 35 minutes by car from London - 7 miles from London Heathrow

Laidback luxury at Lime Wood

Beautifully designed.

Immaculately executed.

A country house hotel like no other.

New Forest, Hampshire www.limewood.co.uk

FIVE HErb HousE AT Lime Wood At the heart of the New Forest National Park, Lime Wood is a stylish boutique country house hotel just outside the small town of Lyndhurst.

Its Herb House spa opened in 2010 and offers a back-to-nature

experience, with a focus on holistic and ayurvedic therapies.

The 22,000-square-foot spa is spread over three floors and surrounded by pretty aromatic gardens. The spa roof garden, filled with fresh herbs, offers panoramic views over the tree tops and is the perfect place for sunbathing or a drink with friends on warm, sunny days.

Inside, a large swimming pool opens onto a garden sun terrace where a steaming hot pool provides year-round alfresco bathing. Forest views can be enjoyed from the hydro pool, which has massaging jets to melt away tension, while the Forest Sauna has a large picture window looking directly outside.

The top floor of Herb House is devoted to its gym, which boasts the very latest Technogym equipment and a selection of classes, including yoga and aerobics, available daily in the workout studio.

The spa works with natural product houses from across Britain, including Bamford, Tri-Dosha, VOYA and NUDE, with specialist services including ayurvedic massages, body treatments and facials, aromatherapy and reflexology. Couples wanting to relax together can book the double treatment room, which has its own indoor pool and private steam room.

Freshly-prepared food can be enjoyed throughout the day at Raw and Cured, an open kitchen which offers an imaginative choice of gardengrown salads and fish and meat from the hotel’s smoke house, plus juices and smoothies.

Herb House at Lime Wood, Lyndhurst, Hampshire. +44 (0)23 8028 6998. www.limewood.co.uk.

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STAR

SPAS For pure pampering only the best will do. liz Kavanagh reviews Five oF the best out-oFlondon spas – all oF which naturally oFFer Five-star surroundings, service and style

stokE Park sPa

by SPC Set amid 350 acres of parkland, Stoke Park in the heart of Buckinghamshire is home to one of the finest privately-owned country clubs in England. As well as boasting a luxury five-star hotel, it also has a world-famous championship 27-hole golf course.

Stoke Park Spa by SPC opened in 2002 at a cost of £14 million. From the Italian marble steam rooms to the sumptuous changing facilities and bespoke beauty products, no expense has been spared. Warhol paintings hang in the reception, B&B Italian furniture features throughout the building and an original Noël Coward painting, The Beach, hangs in pride of place in the bar, which is decked out in sumptuous caramel leather.

Covering 45,000 square feet and echoing the elegant Palladian architecture of the existing clubhouse, the Pavilion building has extensive tennis courts; The Boodles Challenge is hosted here each year.

Then there’s the 4,000-square-foot state-of-the-art gymnasium and exercise studios, offering classes ranging from yoga to tai chi.

The indoor pool has 20-foot windows offering views of the surrounding grounds and incorporates two hydro seats. During the summer the pool hall opens out onto a secluded terrace, perfect for a serene afternoon’s sunbathing.

Treatments use SPC Skincare – the spa’s own signature beauty range – and include massages, wraps, scrubs and facials. The lovely relaxation rooms feature Royal Auping beds and massage chairs as well as a five-metre aquarium.

Stoke Park Spa by SPC, Stoke Poges, Buckinghamshire.

Tel. +44 (0)1753 717172. www.stokepark.com.

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tHE sPa AT PeNNyhiLL PARK hoTeL tHE sPa AT LUCKNAm PARK Lucknam Park Hotel & Spa is a country house hotel set in a private 500-acre estate near Bath. Cocooned within the walled garden of the hotel grounds, its contemporary-style spa opened in November 2008. The interior is made from natural teak, local limestone and soft-coloured glass.

The spa features an impressive fitness suite with state-of-the-art equipment, a 20-metre indoor swimming pool, an indoor-outdoor hydrotherapy pool and an outdoor saltwater plunge pool. Thermal cabins include the Japanese Salt Room, the Amethyst Room, an aromatic steam room, a sauna and a tepidarium.

The spa has nine treatment rooms, including a double room for couples, with the choice of music and lighting personalised to suit. Therapists offer treatments by Anne SĂŠmonin and Carita Paris, a global leader in anti-ageing skin care.

All-day dining is available from The Brasserie, from where the open kitchen with its wood-fired oven serves healthy and nourishing dishes prepared from local ingredients under the direction of Michelin-starred executive chef Hywel Jones.

The Spa at Lucknam Park, Chippenham, Wiltshire.

Tel. +44 (0)1225 740570. www.lucknampark.co.uk.

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Situated in 120 acres of rolling Surrey parkland, Pennyhill Park Hotel is an elegant ivy-clad country retreat located between Ascot, Sunningdale and Wentworth.

The 45,000-square-foot spa is one of the biggest in Europe and has 21 therapy rooms and eight indoor and outdoor swimming and hydrotherapy pools, a thermal sequencing area, an organic restaurant and relaxation areas of every kind imaginable.

The indoor pool features underwater music while hot tubs with varying jet powers and temperatures bubble away outside. There are self-activating foot spas which jet up from pebbles beneath your toes, massage chairs that ease away tension, herbal saunas and aromatic steam rooms which are individually scented, taking you from relaxing lavender bliss to ultra-soothing rose.

Feature areas include the Blu Room for ladies, a tepidarium, an ice cave and plunge pool, but even the showers at the spa are an experience, with several programmes to choose from, so you can be doused by a choice of light mist or a downpour.

The state of the art gym is equally special. Every piece of kit has its own personal entertainment system, so you don’t have to share a mass TV screen and a personal trainer is available 24 hours a day. A Junckers sprung exercise studio offers daily classes including tai chi, several forms of yoga, and Pilates.

CHEWtoN GLEN SPA

With a product range which is kept as natural and as organic as possible, each treatment becomes a mini ritual. The choice includes ultra-luxurious three-hour spa treatment sessions, including body polishing, wraps, scalp massages, facials and body massages.

Themis, the spa restaurant, offers a good selection of light bites, gourmet salads, freshly-squeezed fruit juices and champagne, with as much of its food as locally sourced as possible.

The Spa at Pennyhill Park Hotel, Bagshot, Surrey.

Tel. +44 (0)1276 471774. www.pennyhillpark.co.uk.

Chewton Glen is a gracious country house hotel and spa set in 130 acres of Hampshire countryside on the edge of the New Forest National Park and just a few minutes’ walk from the sea.

The luxurious spa has a 17-metre ozone-treated swimming pool and large hydrotherapy spa pool as well as aromatherapy saunas and crystal steam rooms, an outdoor whirlpool and specialist showers.

Ten beauty rooms offer Linda Meredith facials and ila restorative organic treatments, while Jessica manicures, Zen pedicures, Mii Cosmetics amd traditional wet shaves for gentlemen are available in the Grooming Lounge.

The Pool Bar, overlooking the indoor pool, offers a daily buffet of locally-sourced healthy food, freshly-made smoothies and alcoholic drinks.

Personal training is available in the state-of-the-art gymnasium, while the dance studio has a daily programme of exercise and relaxation classes, including tai chi, Pilates and yoga.

Chewton Glen Spa, New Milton, Hampshire Tel. +44 (0)1425 275341. www.chewtonglen.com.

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Images courtesy of Cheval Residences

CHEVAL RESIDENCES Knightsbridge//Kensington//hYde PArK, London Cheval ResidenCes is london’s maRket leadeR in luxuRy seRviCed apaRtments.

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World Class Spa • Michelin Star Restaurant • Equestrian Centre Cateys 2010 Independent Hotel of the Year • AA Hotel of the Year England 2010-11 A 1720 Palladian Mansion set in a 500 acre parkland just 6 miles from the historic City of Bath, a World Heritage Site Lucknam Park Hotel & Spa, Colerne, Chippenham, Wiltshire SN14 8AZ Tel: +44 (0)1225 742777 reservations@lucknampark.co.uk www.lucknampark.co.uk

LIMITEDEDITION Chris Ewbank, Chairman of thE arts and antiquEs ProfEssional GrouP of thE royal institution of ChartErEd survEyors, rEvEals why EConomiC unCErtainty has CrEatEd a buoyant art and antiquEs markEt

A

s stocks and shares take a battering on trading floors the world over, investors have increasingly turned their attention to tangible assets, with the art and antiques market directly benefiting as a result.

The latest Arts and Antiques Market Survey by the Royal Institution of Chartered Surveyors saw antique prices in the ÂŁ50,000 price bracket up by 20 per cent compared with those achieved the previous quarter. The rise, the highest since 2008, highlights the number of wealthy buyers investing in art and antiques rather than other forms of investment.

The All Lot price balance, which provides a snapshot of the arts and antiques market as a whole, has now grown consecutively for the last two years.

Silver and jewellery sales have particularly boomed, with 66 per cent and 63 per cent of RICS surveyors reporting increased prices in these categories respectively, reflecting the elevated prices that precious metals continue to command. And as gold bullion continues to attract worldwide investment, so sales of gold sovereigns and krugerrands are seeing highly competitive bidding.

Looking ahead, surveyors expect to see a rise in both demand and availability throughout 2011.

Traditional items such as gold, silver and jewellery will usually do well in difficult economic times, but Chinese art and ceramics are also increasingly popular, particularly among Chinese buyers.

The recent surge in prices in this sector shows absolutely no sign of abating, with demand at an all-time high.

Changing tastes and minimalist home styling have seen a surge in interest in modern art. As with any commodity with limited availability, value will usually be retained, regardless of fashion, with demand exceeding supply.

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Increasing sales from internet buyers illustrate that online auctions find more and more favour with remote buyers who never even come to the saleroom and make decisions to buy based entirely on images and condition reports.

This in turn has opened up the western antiques market to an international audience, increasing both interest in sales and demand for lots.

Now, as in the past, provenance continues to be all important, with furniture and artwork from celebrated makers and artists rarely falling in value.

But it’s the fact that antiques can be enjoyed and admired in a domestic setting that makes them particularly attractive investments. Not only can they be safely monitored and protected; they also provide day-to-day pleasure that fluctuating stocks simply cannot match.

Chris Ewbank FRICS is chairman of the Arts and Antiques Professional Group of the Royal Institution of Chartered Surveyors and a partner at Ewbank Clarke Gammon Wellers Antiques and Fine Art Auctioneers and Valuers of Guildford.

Tel. +44 (0)1483 223101. www.ewbankauctions.co.uk.

The latest Arts and Antiques Market Survey by the Royal Institution of Chartered Surveyors saw antique prices in the ÂŁ50,000 price bracket up by 20 per cent compared with those achieved the previous quarter. The rise, the highest since 2008, highlights the number of wealthy buyers investing in art and antiques rather than other forms of investment.

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T: +44 (0) 207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

A VERY STATELY

RETREAT

IntroducIng London Syon Park HoteL

G

eorgian architect Robert Adam once stated that Syon House was ‘finished to afford variety and amusement’, and London Syon Park, a Waldorf Astoria hotel, certainly reflects the extravagance of his neoclassical style.

Taking its cue from the Syon Pleasure Ground, created in the 18th century by landscape designer Lancelot ‘Capability’ Brown, the new hotel in west London is just seven miles from both Hyde Park Corner and Heathrow Airport and offers a tranquil escape from the city within the parkland estate of the Duke of Northumberland.

London Syon Park Hotel sits close to the main house and offers 130 rooms and seven luxury suites, each with its own palatial theme, plus state-of-the-art meeting and conference facilities, several restaurants and bars and a spa and swimming pool.

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Inside, classical styling blends with modernism. Sculptural glass shard chandeliers descend from ornate mouldings while guest bathrooms finished in marble and limestone boast illuminated rain showers and heated floors.

Reflecting the stately surroundings, a butterfly house in the lobby pays homage to the former butterfly house that once graced Syon Park’s grounds. The Grand Syon Ballroom with its soaring ceilings and hand-made Murano chandeliers is befitting of any lord or lady, while the hotel’s Martini Bar reflects elements of Syon Park’s ice house.

Chef Lee Streeton’s fresh, seasonal and home-grown cuisine is reflected throughout the hotel’s restaurants, which include The Capability, named after Capability Brown, offering classic British dishes using ingredients that grow naturally in the grounds of Syon Park as well as regional produce from across the UK.

Here diners can enjoy the likes of traditional baby beets with Harbourne Blue and horseradish, scallops with cauliflower, and spicy Cumbrian wild boar sausages, along with fine international wines including an English selection.

As part of the restaurant, The Capability Humidor and Cigar Terrace offers Romeo y Julieta Wide Churchill and Montecristo cigars, allowing smokers to indulge their passion in style.

All-day casual dining can be enjoyed at The Clubhouse, where the open kitchen serves tapas-style Mediterranean food including risottos, cheeses, cold meats, pizzas and salads.

Signature dishes include lentils with wild boar and bacon, pasta twists with walnut pesto, and red snapper with herbed Italian couscous and wilted radicchio.

Those with a sweet tooth are equally well catered for.

The Brownies Sundae Bar offers chocolates, truffles, crêpes, cupcakes, eclairs, pastries and chocolate brownies, all served on mismatched china, bringing a quirkiness that epitomises the hotel’s playful character. And those seeking elegance and refinement can enjoy London Syon Park High Tea, a continuation of the 400-year tradition of afternoon tea at Syon House.

Away from the pleasures of the hotel’s culinary temptations, the hotel spa, Kallima, has double VIP and single treatment rooms, hydrotherapy and Vichy treatment rooms, a large swimming pool, a whirlpool spa, steam room, sauna with TV and a fully equipped Technogym gymnasium staffed by personal trainers.

Outside, the Syon parkland beckons for walks around the ornamental herbaceous beds and ancient plants and trees.

Guests can enjoy year-round access to Syon House’s gardens, along with country pursuits including trout fishing and archery.

Within easy reach of the heart of the city yet far removed from London life, London Syon Park Hotel is certain to be a firm favourite with those looking for laid-back escapism without compromising on style.

London Syon Park Hotel, Syon Park. Accommodation is priced from £319 based on a double room on a room-only basis. Tel. +44 (0)207 870 7777. www.londonsyonpark.com.

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Zoob’s modern take on Prince William, priced at £20,000

FIT FOR A

QUEEN London’s opera GaLLery unveiLs a new coLLection of contemporary art ceLebratinG the royaL weddinG

O

ne of London’s leading art galleries is showcasing three contemporary twists on the royal portrait in celebration of the marriage of Prince William and Kate Middleton.

Andy Warhol’s infamous take on Prince Charles and Princess Diana, Zoobs’ mixed-media portrait of Kate as the Queen of England with a Sex Pistols twist, and Rich Simmons’ reinvention of the Queen as a Banksystyle graffiti artist are all on display in New Bond Street’s Opera Gallery.

Warhol’s unique portraits were created in Prince Charles’ and Princess Diana’s wedding year of 1982, when they were snapped up by a private collector, and they are once again on the market, with a price tag of £2 million.

Zoobs has redesigned a photo of the future Queen to make Kate look every bit the contemporary fashionista. 100 prints of both the original Kate picture and another of William as the King of Pop are on sale at £990 each.

Simmons produced his dynamic royal wedding art on the external walls of the Opera Gallery using spray cans and stencils. Inside, portraits

of Kate and William as punks and

other provocative pieces featuring the Queen are for sale for £10,000 each.

“It was important for us to start showing street art,” explains gallery director Jean-David Malat. “I strongly believe in Rich Simmons: he could very well be the next Banksy and is currently the best street artist to invest in.”

Jean-David consults and advises both established and new art collectors, and his extensive knowledge of the art world and passionate approach make his charismatic expertise much sought-after.

Staying true to his love of contemporary art, he is always on the lookout for new talents across the world, and his reputation has led to work with fashion designers and celebrities such as Dolce & Gabbana, Candy & Candy, Pierce Brosnan, Jude Law and Lionel Ritchie.

With a network of 11 galleries in all the art capitals of the world, Opera Gallery supports both new and established artists. From impressionist to modern and contemporary art, every style from 150 years of art history is represented.

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Warhols Diana and Charles (right) portraits, priced at £3 million for the pair.

The gallery works with over 15,000 collectors worldwide to offer a broad variety of genres and media, from painting and sculpture to furniture and photography, to cater for the most eclectic tastes.

“Although putting money into art may not be as straightforward as investing in bonds or equities, the art market is attracting increasing interest,” Jean-David says.

“One of the advantages of alternative investments is that they can be enjoyed before any financial return is realised. This is certainly true of art.

Over the long term – experience suggests 10 years and more – investment in art provides above annual average returns.

“The prerequisite is investment in top-quality art. Contemporary art and old masters have realised high prices for the past few years, but investment in art should not be solely financially motivated. Collecting art can be one of the most enjoyable ways to spend your money. An engaging work can provide its owner with a lifetime of pleasure – and make a sound financial return.”

Opera Gallery, 134 New Bond St, London.

Tel. +44 (0)20 7491 2999.

Zoob’s interpretation of Kate, Duchess of Cambridge, priced at £20,000.

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56

MAKING THE MOST

OF YOUR ASSETS Andy BreArey of VAT consulTAncy VATworks on TAx AVoidAnce

I

t is almost 40 years since I started dealing with tax in the UK, initially as a poacher then as a gamekeeper and then back to

poaching. I understood from the onset the universal truth: folk don’t like paying tax.

I should make something clear before I go on: the difference between evasion and avoidance. At one level this is simple: you could get locked up for evasion but you will usually only suffer professional fees for avoidance. This leads to another distinction: wealthy individuals and businesses avoid tax and less wealthy individuals and businesses evade tax.

Most of us have evaded tax and many of us will have been complicit in the evasion of tax: for example by the private use of a work telephone or agreeing to pay tradesmen in cash.

Some may have been involved in avoidance, be it a salary sacrifice scheme to enable profit shares to be paid tax-free, or strange payments in wine or platinum sponges – none of which work now, by the way.

And here is another distinction between evasion and avoidance: evasion is set in stone, black and white, whereas avoidance is grey and fluid like a game, the archetypal English game of cricket but with ever-changing rules. One team, the Gentlemen of the Revenue, can change the rules, but the other team, the Professionals, have all the resources, money and brainpower.

The Revenue estimates that the exchequer loses somewhere in the region of £6 billion each year. This is referred to as the tax gap, which includes both evasion and avoidance, and although it is likely to be an overstatement it is fair to say that billions are lost each year in tax avoidance.

So why not implement general tax anti-avoidance legislation, as they have in many parts of the world? Initially this was thought not to be cricket, not English, and it could end up with the Revenue playing on their own, and what would the Professionals do?

The other option is to get the courts to use the concept of ‘abuse of rights’; this is a European idea and is where a tax payer uses legislation to get an advantage that wasn’t intended. The Revenue needed a case, but needed an adversary with deep pockets. Halifax

…wealthy individuals and businesses avoid tax and less wealthy individuals and businesses evade tax.

PLC was perfect. At stake was over £6 million of VAT that Halifax should not have been able to recover. To recover the VAT, on the development of three call centres, Halifax had created a labyrinth of transactions through different businesses.

The Revenue’s challenge was twofold: that the transactions were bogus, and should therefore be ignored, or there was an abuse of rights. The case staggered through the UK courts and ended up being referred to the European Court of Justice. The Revenue lost on the bogus transactions argument (a transaction is a transaction), but won on the abuse of rights. There was initial jubilation in the Gentlemen of the Revenue’s changing room and quiet contemplation among the Professionals; and the big guns on both sides started to swap articles in the taxation press.

There was a problem for the Revenue: the European Court had laid down conditions for the abuse of rights to apply. These were that the tax advantage was contrary to the purpose of the legislation and that the only objective of the transactions was to obtain the tax advantage. But if there was any other objective for the transactions, then abuse did not apply.

So the Gentleman of the Revenue may have a new bowling attack, but the Professionals have seen a gap in the attack, and the last three major cases – Weald Leasing, Lower Mill and RBS – have gone to the Professionals.

And what of the future? The Gentlemen of the Revenue are consulting on ‘general anti-avoidance legislation’, which I suspect will be enacted – although I also suspect it will leave the door open for the Professionals to continue to come to the field of play!

Andy Brearey is managing director of VAT consultancy VATworks.

Tel. +44 (0)1226 383358. www.vatworks.com.

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B TM

espoke British Tailoring

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AFTERNOON TEA

WITH A FASHIONISTA TWIST Prêt-à-Portea at the Berkeley

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I

f you tire of designer shopping in London’s Knightsbridge there’s nothing better than slipping out of your Manolos for an hour or two and stopping for haute couture afternoon tea at The Berkeley.

Taking its inspiration from the themes and colours of the fashion world, Prêt-à-Portea is an afternoon tea quite unlike any other, taking its inspiration from the world’s greatest designers.

Every six months the menu is transformed to reflect the season, with the latest collection of cakes featuring a decadent array of the most fashionable fancies in London.

After tucking in to a plate of tiny sandwiches and wraps, canapés and savoury skewers, tea-takers can indulge with a Christian Louboutin sparkly high-heeled ginger shoe biscuit with signature red sole, an Alice Temperley apple and panna cotta mousse with Manolo Blahnik high-heel tuille and a Philip Treacy chocolate hat cake with monarch butterfly.

Then there’s the Zac Posen chocolate striped Joconde sponge shoe with chestnut bavaroise, a Jimmy Choo high-heeled vanilla boot

biscuit, Paul Smith orange and pink cranberry mousses topped with white chocolate bowler hat, and an Alexander McQueen pale green pistachio dress biscuit complete with tiny silver belt.

And so it goes on. Who can resist an Anya Hindmarch cassis sponge tote covered in baby blue icing or a Giambattista Valli raspberry and lychee cremeux dress dusted with red velvet chocolate? And when a Fendi chocolate baguette with praline croquant looks rather lonesome on the cake stand, it seems a shame to leave it there…

Each designer creation is small and perfectly formed, allowing even the most svelte-like to indulge without fear of letting out the waistband.

Each designer creation is small and perfectly formed, allowing even the most svelte-like to indulge without fear of letting out the waistband. And with convivial surroundings and a large (and refilled) pot of tea and simply sublime service, you can’t help but indulge to the full.

Prêt-à-Portea is served in the Caramel Room daily from 1pm to 6pm and includes a selection of loose-leaf teas and herbal infusions, miniature savoury skewers, taster spoons, canapés and tea sandwiches and of course some of the most stylish cakes in the capital. It’s priced at £36.50, or £46.50 including a glass of champagne.

And should you be unable to tear yourself away from your dressing room, it’s also available for delivery in central London by Vespa, packed to perfection in a handbag-style cake box.

Prêt-à-Portea at The Berkeley, Knightsbridge.

Tel. +44 (0)20 7201 1619. www.the-berkeley.co.uk.

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Wealth creation is not only starting to recover but is also set to contunue at a steady pace.

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RECOVERY SEES

MILLIONAIRE NUMBERS GROW

As the weAlthy recover from the downturn the uK’s millionAire populAtion is growing sAys dAvid semAyA of BArclAys weAlth

P

eople with money are finding their investments growing again – to the extent that the number of UK millionaires has risen by 17% in the last two years.

This growth has followed a 15% decline in millionaire numbers in 2008, caused by the economic downturn.

New research by Barclays Wealth and Ledbury Research has found that the number of millionaires living in the UK grew from 528,000 at the end of 2008 to 619,000 at the end of last year. And the number of people with more than £5 million to their name has increased by 19%, to 86,000 in that time. The wealthy are clearly starting to recover from the downturn.

This positive outlook looks set to continue, too: the research report, 2011 UK Wealth Map, predicts that the number of millionaires in the UK will grow by another third by 2020, which means there will well over 825,000 by then.

Perhaps unsurprisingly, London and the South East account for the biggest group of millionaires (287,000, or 46%). The Midlands is the second wealthiest region, with 92,000 millionaires (15%). The North West comes next, with 64,000 millionaires living in the region.

All the UK regions have experienced similar levels of growth in the number of millionaires over the last two years, but the research report shows that some regions will now see bigger increases in the size of their millionaire populations. The number of millionaires in all regions

will increase between now and 2020, with the North East seeing the highest growth: this region’s total millionaire population will rise by 45% to well over 20,000 by 2020.

Meanwhile Scotland will see an increase of 38% to 55,000 millionaires.

Despite one of the deepest recessions ever experienced by the UK, these findings indicate that wealth creation is not only starting to recover but is also set to continue at a steady pace. We are hopeful that this will contribute to growth in the wider economy and help boost regional expansion in the coming years.

Even with lingering uncertainty in this new economic landscape there are indications that confidence is returning across the regions and that an improvement in investment conditions will be one factor encouraging entrepreneurs to look at how they can grow their businesses or restructure them. A challenge now is to help them navigate this changing environment.

David Semaya is head of UK and Ireland Private Bank at Barclays Wealth, the UK’s biggest wealth management company. Tel. +44 (0)1624 616000. www.barclayswealth.com.

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SUITS YOU SIR A GREAT TRAdiTion of

TAiloRinG AT HEnRy PoolE

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The London showroom

H

enry Poole & Company managing director Angus Cundey is wearing an immaculate suit, complete with waistcoat and a perfectly matched tie. “It’s one of the perks of working here,” he says with a smile. “I do like to dress properly.”

He, like the generations of tailors who have forged the Henry Poole name, takes formal dressing very seriously indeed. “A man feels like a man in a suit,” he says. “You only have to look at the shoddy attire of workers on ‘dress down’ days and the effect it has on productivity to see that a suit conveys both authority and success.”

Angus is a fourth-generation Cundey; his forefathers inherited the business from the family who gave it its name. And, just like the suits its tailors meticulously craft, the company’s history is steeped in history and tradition.

James Poole first opened a linen drapers in Everett Street, Brunswick Square, London, in 1806. By the time of the Battle of Waterloo, Poole’s was making tunics and had set up as a military tailor. In 1822 James opened an emporium in 181 Regent Street and later made his headquarters at 4 Old Burlington Street.

On his death his son Henry enlarged the premises and built a palatial showroom with a new entrance opening onto the adjoining street of Savile Row, thus starting the long tradition of the Savile Row suit.

Henry Poole was a tailor ahead of his time: his military clients returned to him for quality attire they could wear away from the battlefield. Word of his sharp cuts and quality workmanship spread to the royal court and by 1860 the Prince of Wales had become a frequent customer.

In 1865 Henry Poole made him a short evening or smoking jacket to wear at informal dinner parties at Sandringham. Six years later the prince recommended his friend, James Potter of Tuxedo Park, New York, have one of his own made.

When the Potters returned to New York, James proudly wore his new smoking jacket at the Tuxedo Park Club and fellow members soon started having copies made for themselves. The jacket was soon adopted as their informal uniform for club dinners, and as a result it became known as a tuxedo or tux in America.

Henry Poole & Company continues to be renowned for classic, elegant, bespoke suits for discerning gentlemen…

Favour with the royal family soon saw Henry Poole making liveries for Queen Victoria’s staff, creating garments for coachmen, footmen and chauffeurs. The company received a royal warrant in 1869 and continues to make state liveries, court dress for High Sheriffs and ceremonial uniforms with a royal warrant from Her Majesty the Queen.

And it hasn’t just been in Britain that Henry Poole & Company’s work has graced royal circles. By the time Henry’s cousin, Samuel Cundey, took over the business in 1876 it had nearly every European crowned head on its books and branches were opened in Paris, Vienna and Berlin.

By the end of the 19th century notable clients included Emperor Napoleon III and Charles Dickens; Sir Winston Churchill became a regular customer just a few years later.

Today the company is based at 15 Savile Row, and the Poole tradition of bespoke tailoring is maintained by Angus and his son, Simon. Henry Poole & Company continues to be renowned for classic, elegant, bespoke suits for discerning gentlemen and has clients across the world.

“A perfect suit should also accommodate the requirements of the modern man – such as pockets for mobile phones – to a cloth weight suitable for his location,” Angus says. “Cutting-edge styling, traditional tailoring and a choice of over 6,000 luxurious cashmere, silks, linens, cottons and pure wools make every one of our suits unique.

Today, as in the past, every suit is made on the premises, whether it be a livery for Buckingham Palace, a Churchill pinstripe destined for the boardroom or a tailcoat cut for an international banquet.

“While the world outside our doors may have changed beyond all recognition in the last 200 years there are some things that will always stay the same,” Angus says. “A beautifully made suit will always command authority.”

Henry Poole & Company, 15 Savile Row, London.

Tel. +44 (0)20 7734 5985. www.henrypoole.com.

Prices for two-piece suits start at £3,270.

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Chartwell MON AC O C Ô T E D ’ A Z U R

Chartwell is a Monaco based which initially in renovation company specialised CONSTRUCTION RENOVATION MANAGEMENT and construction projects in Monaco and the surrounding areas – however are now operating on a global scale.

Chartwell has the experience to guide even the most demanding project through to fruition; with over three hundred projects completed across Monaco and the South of France.

The construction industry requires a high degree of knowledge, and Chartwell has the tools to provide the finest quality of work.

Chartwell works with local and internationally renowned architects and designers, dependant on the needs of our clients; assisting to develop their homes into something unique and very special. Our clients have one point of contact and can be assured of a seamless service.

Chartwell’s offices in Monaco and London enable us to provide an enhanced level of service to our international clientele.

Monaco is a unique place that offers its own challenges from Belle Epoque to modern apartment blocks, our experience of integrating the old and the new allows us to combine bespoke solutions with creative design.

Our specialist services include: • Bespoke Design – guiding you through the complete design process from the concept through to soft furnishings, incorporating local designers and architects.

• Bespoke Management – bi lingual team of managers to ensure smooth delivery and realisation of your project.

• Bespoke Renovation – restoring historical buildings through to cutting-edge technology, renovating your villa or apartment, dealing with every aspect of the works and trade to provide a complete turn key package.

• Bespoke Construction – building innovative and dynamic homes.

Please contact our Monaco office on +377 97 97 56 67 or email office@chartwell.mc to discuss your international property renovation and construction needs.

Tel: +377 97 97 56 67 office@chartwell.mc www.chartwell.mc

Chartwell MON AC O C Ô T E D ’ A Z U R

CONSTRUCTION RENOVATION MANAGEMENT

Tel: +377 97 97 56 67 office@chartwell.mc www.chartwell.mc

Welcome to a new chapter in Bentley history. The new Continental GT – a remarkable fusion of breathtaking performance, sensuous luxury and modern technology. This stunningly sculpted coupe’s sharp features are indicative of Bentley’s DNA. It harnesses an incredibly powerful 567bhp (575PS, 423kW) FlexFuel W12 engine sporting innovative capabilities for everyday driving. This is matched with an exquisitely handcrafted, contemporary interior to

ensure you are transported by all-wheel drive across countries and continents in superior comfort and elegance. Supreme motoring that is unmistakably Bentley. Welcome to the new Continental GT. Fuel economy figures for the Continental GT in mpg (l/100km): Urban 11.1 (25.4); Extra Urban 24.9 (11.4); Combined 17.1 (16.5).

CO2 Emissions (g/km): 384.

J AC K B A RC L AY

Jack Barclay Limited 18-19 Berkeley Square, London W1J 6AE. Tel 020 7629 7444 www.bentleymotors.com/jackbarclay enquiries @ jackbarclaybentley.co.uk The name ‘Bentley’ and the ‘B’ in wings device are registered trademarks. © 2011 Bentley Motors Limited. Model shown: Bentley Continental GT, mrrp £135,760. Price correct at time of going to press and includes VAT at 20%.

Price excludes road fund licence, registration and delivery charges.