Entrepreneur & Investor - Issue 5 by The Successful Founder

Creating and Living the Life you Desire

DIAMONDS FOREVER LORD SUGAR – TRANSPARENCY IS KEY FERRARI GTC4LUSSO FINDING YOUR NICHE SECURING FUNDING

LUXURY WINTER SUN ART & ARTISTS 2016 HOT LIST TECH START UPS

THE MIDAS TOUCH

INVEST IN GOLD

Issue 5 | £6.95 www.entrepreneurandinvestor.com

TOP TIPS FOR SUCCESSFUL STARTUPS

START UPS l EMPIRE BUILDING l INVESTMENT IDEAS l LUXURY LIFESTYLE

Swiss movement, English heart

C9 H A RR ISO N BIG DAY- DATE AU TOM ATI C

Made in Switzerland / Modified ETA 2836-2 automatic movement with Big Day-Date complication by Johannes Jahnke / 38 hour power reserve / 43mm, Hand-polished, 316L stainless steel case / Anti-reflective sapphire crystal / Exhibition case-back / Italian leather strap with Bader deployment

T HE V12 VA N TAG E S EXTREME SPORTS

POWER:

ACCELERATION:

SPEED:

565BHP

0-60MPH IN 3.7 SECONDS

205MPH

Official government fuel consumption figures in mpg (litres per 100km) for the Aston Martin V12 Vantage S urban 12.6 (22.5); extra-urban 27.7 (10.2); combined 19.2 (14.7). CO2 emissions 343 g/km. The mpg/fuel economy figures quoted are sourced from official EU-regulated test results obtained through laboratory testing and they are for comparability purposes only.

WWW. ASTONMARTI N.COM/EXTREME

EDITOR’S LETTER DEAR READER,

EDITOR IN CHIEF Lisa Curtiss editor@entrepreneurandinvestor.com

COMMERCIAL DIRECTOR Duncan Pratt duncan@entrepreneurandinvestor.com

Welcome! The focus this issue is on investing – not the boring stocks and shares sorts but delights such as gold, diamonds, watches, art and luxury property. We’ve interviewed experts from around the world to share their top tips and advice with you. The Entrepreneur section is as comprehensive as ever though, with thoughts from Lord Sugar on trust and transparency, leading luxury watch brand Bremont’s Giles English on the importance of finding your niche and former Tory Treasury Minister, Phillip Oppenheim, on his journey from politics to high end hospitality.

EDITORIAL ASSISTANT Gayle Penny editorial@entrepreneurandinvestor.com

ART DIRECTOR AND CHIEF DESIGNER Adam Woodgate DESIGNERS Luci Burgess-Farwell Rebecca Libby Ryan Payne design@entrepreneurandinvestor.com

ADVERTISING & SPONSORSHIP advertising@entrepreneurandinvestor.com

We believe in working smart and living well and our popular Fortune & Lifestyle section has plenty to tempt, including news of the stunning new Ferrari GTC4Lusso, latest Sunseeker yacht, luxury winter sun travel, fine dining favourites, the best fragrances and more. Love to hear your views, and also if you have fascinating stories to share. Hope you enjoy. LISA EDITOR IN CHIEF Follow us on twitter @Entrep_investor

PRODUCTION & DISTRIBUTION brandsdestination.com

SUBSCRIPTIONS subs@entrepreneurandinvestor.com

CONTRIBUTORS

Jason Penny, Joseph Zipfel, Helal Miah, Juha Koski, Jonny Nicol, Ed Molyneux, Gillian MacEwan, Vaughan Evans, Michael Hammond, Phil Mitchell, Declan Betts, Jonathan Snade, Tony Brookes, Adam Breeden, David Banks, Alastair Campbell, Sally Newall, Stuart Miller, Cameron Chell, John Stuart, Giles English, Garreth Wood, Nikolas Xenofontos, Philip Newman, Salim Hasbani, Andrew della Casa, Yulia Kozhevnikova, Daria Buchneva, Federica Bonacasa, Mark Blowers, Lex Deak, Luke Lang, Fiona Todd, Aristos Peters, Lawrence Roullier White

Published by Fortuana Limited

ERIC WHITACRE · GLOBAL CITIZEN + GRAMMY® AWARD-WINNING COMPOSER new tumi flagship | 211 regent street, london, w1b 4nf 170 piccadilly, mayfair, london, w1j 9ej 265 canary wharf shopping centre, cabot sq., london, e14 4qt also available at harrods and selfridges

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CONTENTS 58

112

ENTREPRENEUR 14. Finding Business Funding 16. Winning Grants and Free Business Support 18. Sports Start Ups 20. Top Tips for a Successful Start Up Launch 22. 7 Top Tips for Successful Start Ups 24. 5 Top Ways to Pitch for Success 26. Avoiding Mistakes Many Businesses Make 28. Business Plan Checklist 30. Funding Options for Start Ups 33. Tech Start Ups 36. Simply Successful 39. Phillip Oppenhein: Tory Minister to Restaurant Entrepreneur 40. How to Raise Money from Time-Poor Investors 42. Influencer Marketing Know How 44. Be Transparent, Expect Transparency: Lord Sugar’s Advice 46. The Importance of Finding Your Niche 49. Sustaining the Start Up Spark 50. 7 Lessons Entrepreneurs Can Learn from Star Wars 52. The Future of Philanthropy 53. 5 Areas of Focus for Start Ups 54. How Focusing on Your Success Could Transform Your Business 56. 5 Tips for Managing Internationally INVESTOR 58. A Good Time to Invest in Gold? 62. The Outlook for Gold Prices 64. A Diamond Investment 66. How to Start Successfully Investing in Property 68. Investing in Chinese Art 70. A Novice’s Guide to Investing in Luxury Watches 72. London Property: Still as Hot as Ever 73. Art Investment Hot List 2016

74. Starting Your Art Collection 76. Auction Action 78. How Crowdfunding Can Stimulate Growth 80. Investment Crowdfunding – What’s Next? 81. Why Do Investors Invest in People? 82. What Returns can an Angel Investor Expect? 84. Classic Ferrari Sells for £24.7 Million 86. Taittinger Invests in English Sparkling Wine FORTUNE & LIFESTYLE 88. Ferrari GTC4LUSSO Unveiled 92. New Porsche 718 Boxster 94. New Mulliner Bespoke Features Available in Bentley Flying Spur 95. New Jeep Renegade Night Eagle Limited Edition 96. New 200MPH Jaguar F-Type SVR 98. Infiniti Q60 Sports Coupe & QX30 Crossover Debut at Geneva 99. Show Time 104. Stunning New Sunseeker 131 Yacht 105. The Skytime Card 106. Ultimate Private Jet Ski Tour 108. Magic of Morocco 112. Kalkan in Style 114. Travel Favourites 118. Great British Escapes 120. Flight Time 122. Restaurant Report 128. Digital Detox Retreat 130. Heavenly Scent 132. Fragrances to Boost Your Success in Business 134. Gadgets & Gifts 140. Corrs and Elton John to Perform at Blenheim Palace 142. New Cuisine Service for High Net Worths 144. Spring Time Wines

Entrepreneur & Investor

NEWS

2016 MASERATI POLO TOUR FULL SPEED AHEAD

The Maserati Polo Tour 2016 began with a thrilling start at the Snow Polo World Cup St. Moritz that took place on the frozen lake of St. Moritz from 29th - 31st January, where Team Maserati won the final at the Snow Polo World Cup St. Moritz. Over the three day tournament, the four polo teams played entertaining and high-class polo matches to the delight of the 13,000 spectators. The favourable weather conditions transformed the polo field on the frozen lake of St. Moritz with the snow-capped Engadine mountains in the background providing a spectacular backdrop. Among the guests of the renowned Snow Polo World Cup St. Moritz were a number of local and international VIP-personalities from business, politics and show business. Team Maserati with Team Captain Rommy Gianni (Italy, Handicap +1), Luciano Vazquez (Spain, Handicap +2), Dario Musso (Argentina, Handicap +7) and Frankie Menendes (Argentina, Handicap +6) received the support and cheers from the audience to win the finals of the Snow Polo World Cup St. Moritz over Team Cartier in a thrilling finish 5 to 4. The demonstration of horsepower continued from the lake of St. Moritz to the Polo Village, where Maserati displayed the Ghibli Diesel. In addition, VIP guests had the pleasure of experiencing the entire 10

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Maserati saloon range during the shuttle service from the village centre of St. Moritz to the Polo Village, testing the Q4 all-wheel drive system. Maserati aficionados were also able to enjoy exclusive weekend packages ranging from a snow golf tournament and test drives on snow and ice, to attending the world-class Snow Polo Tournament with the Maserati Team as well as the exclusive Snow Polo Gala dinner. The Snow Polo World Cup St. Moritz marked the exciting kick-off of the Maserati Polo Tour 2016 and emphasised the long-lasting involvement of Maserati in the sport of polo. Accompanied by the successful partnership with the worldâ&#x20AC;&#x2122;s leading supplier of polo equipment, La Martina, the Maserati Polo Tour 2016 will bring many more highlights to this yearâ&#x20AC;&#x2122;s international polo scene. Following its Swiss inauguration, the Maserati Polo Tour will fly to Dubai for its second round, the Maserati Dubai Polo Cup, organised by Guards Polo Club, from 21 to 25 March. To keep up to date with all of the thrilling action from the global events, the 2016 tour can be followed on www. maseratipolo.com.

NEWS

BP RECOMMENDED AS A ‘BUY’ • Oil giant’s profits more than halved • Upstream oil and gas operations generate a loss of $937m • The Share Centre recommends BP as a ‘buy’ for contrarian investors seeking a balanced return As BP reports its full year results Helal Miah, investment research analyst at The Share Centre, explains what they mean for investors. “BP’s full year results reported this morning did not provide too much of a surprise in terms of the punishment they took as a result of lower oil prices. Underlying profits dropped to $5.9bn, less than half of last year’s profits of over $12bn, and reaction in the market at the open saw 6% fall in the share price. “There was a pre-tax charge of $12bn in relation to the Gulf of Mexico oil spill, along with further impairment charges and restructuring costs. As expected, the upstream oil and gas production operations generated a loss of $937m in comparison to a profit of $8.9bn in 2014 and its 20% ownership

of Rosneft generated profits of $1.3bn compared to $2.1bn the previous year. “Investors should acknowledge that at times of lower oil prices, the downstream divisions generally do better. This has helped mitigate the losses from the upstream operations with profits jumping to $7.1bn from $3.7bn. “One of the key topics of discussion is whether the oil giants can continue to pay their dividends. Interested investors should appreciate that BP has decided to maintain its dividend policy and will pay a 10c dividend in March. “These numbers should not come as too much of a surprise to investors who will have been prepared to ride the storm knowing that oil prices have plunged by 70% since summer 2014. This stock remains a contrarian play on the oil price for investors seeking a balanced return and willing to accept a medium to higher level of risk.”

NEW LOOK FOUNDER AND LEADING ANGELS INVEST IN UK CROWDFUNDING AGGREGATOR OFF3R OFF3R, the world’s first mobile crowdfunding aggregator, is eying a major expansion after a £480,000 investment from leading investors including New Look Founder Tom Singh, super-angel Daniel McPherson, Earlymarket and Head of Marketing from Rocket Internet backed Jumia. Lex Deak, the founder of OFF3R said “we are very excited as this investment will help us establish OFF3R as a leading player in the alternative finance market, providing a world-class user experience across mobile and web platforms. We want to make it an even more powerful and useable tool, helping the investor community to discover and invest in companies from a broad range of sources”. Since London based OFF3R launched in June 2015 the app has had over 500,000 interactions with 2 million deal alerts sent to investors in 75 countries. During the beta phase the app has driven over 50,000 requests for more deal info from 35 partner platforms such a Crowdcube, Seedrs and Zopa. Patrick Wills of Earlymarket said “There is a clearly a need for aggregation in the crowdfunding space and we are very impressed by how far OFF3R have come at this this early stage - we think of them as the Rightmove of seed

capital. With our experience in hedge funds and high net worth investors, we hope to leverage our network to further broaden OFF3R’s investor database”. OFF3R plan to use the investment to become the leading marketplace and community for alternative investments, this includes a major update to the mobile product, a web interface and free data portal for the community. Deak continues “To have backing from such a high calibre of investors will not only help us grow the platform, but allow us to attract the best talent and establish OFF3R as a leading brand in the broader alternative investment space. Our aim is to build the plumbing that increases the flow of capital to entrepreneurs around the world.” A team from international law firm, Wragge Lawrence Graham & Co (WLG), advised OFF3R. WLG’s Mark Knight, an associate in the firm’s corporate team, who led negotiations said: “This is the first transaction we’ve advised OFF3R on and we’re very pleased to have supported them on such a significant move in their development, particularly within this competitive space. OFF3R is an exciting company to be working with and we’re looking forward to providing our ongoing support to them in the future.”

entrepreneurandinvestor.com |

NEWS

MARKET VOLATILITY BOOSTS ANNUITIES Latest figures from eValue’s quarterly Pensions Freedom Index show that since April 2015 savers have gradually reverted back to the safe haven of annuities. The data sample of over 17,000 people shows that market volatility has a big influence on the relative attractiveness to consumers of annuity and drawdown with the turbulent markets of late August and September driving the attractiveness of annuity to its highest point since the arrival of pension freedoms. In October 2015, following the global turbulence, preference for guaranteed income was up to 47%, compared to just 33% when pensions freedoms were introduced, and preference for flexible income was down from 54% in April 2015 to 42%. If the current market uncertainty persists, we may see another peak in the popularity of annuities on the anniversary of pension freedoms in April. The data, which comes from analysis of the 17,000 consumers who have used eValue’s online forecasting tools, shows that there was a swing against the trend and towards drawdown as the preferred means of delivering retirement income during the relatively quiet markets in the last quarter of 2015. The Pension Freedoms Index from eValue is based on the preferences of consumers who use their online forecasting tools. At present, these calculators, which are used by a number of eValue’s pension and

investment provider clients, monitor the day by day retirement intentions of thousands of investors. Further analysis of the data finds that consumers are flocking to these online calculators in their hundreds to assess their future finances every time government and industry news hits the headlines. When the state pension top-up scheme was launched by the government in October and there was lots of media coverage, the volume of people logging onto the calculators saw a surge – up over 10 fold in two days. Bruce Moss, Strategy Director at eValue, commented on the data: “At a time of market volatility with equities trending lower the risks for retirees using drawdown are considerable, particularly if they are in the early years of retirement since their retirement wealth could be eroded rapidly unless they reduce their income. One can only sympathise with concerned retirees who clearly do not welcome the idea of reducing their income and also have little or no idea how much of a reduction is necessary to ensure that their retirement savings will last for the rest of their lives. Online tools are there to help investors and for retirees with large retirement savings I would always advise taking independent financial advice.”

PEER-TO-PEER LENDING IN YOUR POCKET: NEW APP LAUNCHED A new app aimed at changing the way people invest in SMEs has been launched by an awardwinning peer-to-business lending platform. In a new development for the burgeoning alternative finance sector LendingCrowd, which has already helped to facilitate almost £4m worth of funding for UK SMEs, has launched one of the most sophisticated financial apps on the market - giving investors instant access to their investment portfolios and the ability to invest on the go. The peer-to-business lending platform has designed the iOS apps to allow investors to easily complete their whole investment journey, from signup and loading of funds to instant investment, on their smartphones and tablets. The interface gives users the ability to see their whole range of investments at a glance, and also receive notifications when they are outbid or when bids are accepted on the Loan Market. 12

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Stuart Lunn, CEO of LendingCrowd, believes that the app, which builds on their state-of-the-art technology platform, will open up the opportunity to a whole new audience. “The LendingCrowd app is by some distance the most sophisticated mobile offering in the sector and gives our investors instant access to their investment portfolio. The in-house development team here has worked around-the-clock to produce an app that is exceptionally easy to use, with investors now able to embark on the investment journey at the touch of a screen. “Already the initial feedback has been fantastic and we hope that the ease with which people can use the app will encourage even more potential investors to sign-up and back UK SMEs directly.” The LendingCrowd app is available as a free download from the Apple App Store, with an Android version on its way.

NEWS

ULTIMATE BUSINESS BABIES NETWORKING GROUP IS BORN Business networking group, Business over Breakfast (BoB) Fleet Farnborough, announces a new networking opportunity, “Ultimate Business Babies,” which is designed to support entrepreneurial parents during the first six months after their babies are born. The idea for the Ultimate Business Babies came from local businesswoman, Jessica Staniforth, founder of Ate Social Media, who is a member of the BoB FleetFarnborough networking group. When her regular child carer was unwell one morning, Jessica was faced with the choice of staying at home and missing out on potential business, or taking her baby to the business meeting. BoB Regional Director, Martin Fowler, and Chairperson, Peter Bishop, embraced the situation and encouraged Jessica to attend the meeting with her four month old son, Oliver. “It was great, no one batted an eyelid about having a baby at the meeting. We all just carried on networking and passing on business referrals as usual,” reports Fowler. “Some people even tweeted a welcome to the newest member of the group”. “Everyone at BoB Fleet Farnborough was really supportive, ” says Jessica Staniforth, “It was so refreshing to see that the assembled business people

still viewed me as an entrepreneur with expertise to share and not ‘just a mum’. All my clients know that I am a business woman who happens to have a young family too.” Fowler identified a need for a business networking group that welcomes new parents and their babies, so that they don’t have to miss out on meetings. “Business doesn’t have to stop when parenthood starts,” comments Fowler. “In fact, many parents have launched micro businesses during their maternity or paternity leave”. Fowler points out that UBB will still focus on business talk rather than baby talk and the meeting will be conducted following the usual BoB format during the event on 4th March. “BoB Hampshire is known for being a friendly and supportive group,” explains Fowler. “We are aware that the business environment is evolving. We want to create a networking environment that supports entrepreneurs at every stage of their journey, including the times when they are looking after small babies, but still seeking to build up valuable contacts and business referrals.” www.bobhampshire.co.uk

VIRGIN STARTUP FOODPRENEURS SECURE ULTIMATE SCALE-UP OPPORTUNITY IN US Virgin StartUp, Sir Richard Branson’s not-for-profit company providing funding and support for entrepreneurs, announces three of the winners at last year’s Virgin StartUp Foodpreneur competition are now on track to see their British products launch in the huge US market. ‘Cauli Rice’, ‘Double Dutch Drinks’ and ‘Harry Brompton’s London Ice Tea’ all successfully pitched to US retail giant Target Corporation, during a recent US trip organised by the Virgin Start Up team. The London based Foodpreneurs are now finalising the logistics of a six month product trial at Target’s stores, and if successful, will see their food products rolled out to all 2,000 stores across the US. Cauli Rice is a rice alternative made from Cauliflower, which has 75% fewer calories and counts towards your five a day, Harry Brompton’s London Iced Tea provides alcoholic and non-alcoholic teas made from Kenyan black teas, and Double Dutch sells premium soft drinks and mixers. The journey for the three Foodpreneurs began when they were announced by Sir Richard Branson as the Winners of the Virgin StartUp Foodpreneur Festival in October this year*. Their prize was an all expenses trip to the US with Virgin Atlantic, where they received training and mentoring sessions with

the UKTI and Paul Lindley, of Ella’s Kitchen, before pitching to Buyers at Target Corporation’s HQ in Minneapolis. With the support of Virgin Start-Up and UKTI, Target is now working with the entrepreneurs on the details of the importing process, and hopes to have the Londoners’ food products on its shelves by next summer. Sir Richard Branson, Virgin Group Founder said: 'It’s good to see the ‘Made in Britain’ brand is as strong as ever abroad and this is further proof it still carries a lot of weight in the USA. I’m delighted for Cauli Rice, Harry Brompton’s Iced Tea and Double Dutch - and pleased Virgin StartUp has helped provide the platform to launch their products to an international market. I'm sure their journey will be an exciting one.” entrepreneurandinvestor.com |

ENTREPRENEUR

FINDING BUSINESS FUNDING

Read the headlines and you’d think that every fintech or tech city start-up is pocketing tensof-millions of pounds with a simple click of the fingers. Well guess what, it’s not that simple and there are thousands entrepreneurs who can vouch for that. But getting the right funding is more important than simply getting money in the bank – and it starts with two core principles. First of all – and most obvious – is to have a great idea, and then you must use your personality to help express why it will make a difference to the target audience. And when I say idea, I’m actually talking about having a properly constructed business plan which – in an ideal world – would already be up and running with some scale of revenue. Having an initial, smallvolume of turnover may not seem too significant to you but it does a number of vital things. It helps to validate the business concept, but it also officially raises a flag of ‘open for investors’, whether you are seeking it or not. So when should you and your business be seeking funding, why, and from who? Is there a right time to gain funding? IS THERE A RIGHT OR A WRONG TIME FOR YOUR BUSINESS TO RECEIVE A CASH INJECTION? Some might say that having the investment in the bank from day one is the most important thing as it shows that someone believes in the business, and you. Of

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course, the reassurance and early financial support is vital - simply to maintain a good flow of activity and fund the core components of any business, which would normally be staff and online development, (depending on the type of business of course). You may have started with a rushed or basic website, for example, but having seed funding can add gloss and attract more customers. Optimising for SEO and showcasing your business to a broader demographic. In reality, if you’ve found funds from an experienced, good investor then they will know when the time is right and how much is required. FROM FRIENDS TO ANGELS There are many ways to fund a business. And it’s inevitable that you may have already experienced a few of them. Although I’d never endorse it, many entrepreneurs get in to significant debt through credit cards and loans - having decimated the savings accounts - before turning a profit. Sometimes there are no other ways of starting out, but what’s important in this instance is to make sure that one of your weekly lines of activity involves actively seeking a financial backer. Angel funding or a seed round by a group of investors is usually the first port of call but VCs have been known to get in from the start. There are many factors which will dictate which route a business goes down but what is important is that you do your homework on those looking to gain equity in your

ENTREPRENEUR

INVESTORS BUY IN TO YOU AS MUCH AS YOUR BUSINESS

business. In my experience, the best investors are those who not only help fund the business, but add significant business experience and help to make solid decisions to guide the business to the next level – something my business, PropertyTV, has benefited from significantly. Opening certain doors and lines of interest is also a key benefit of gaining senior involvement as part of funding a business. I speak at conferences, sharing my thoughts and experience with other entrepreneurs. One such upcoming event is The Yellow Generation events. Here, I will reiterate the importance of getting the right funding from the off. ‘Investors buy in to you as much as your business’ is a common phrase used in the well trodden halls of entrepreneurship but it’s so true. And don’t be shy about this being reciprocated – you have to be comfortable and confident in who investors in you, all being well you’ll be partners for a long time. On doing a deal, be considerate to the volume of equity you give, but don’t be afraid of handing it over to the right person(s). Put it this way, business owners with 100% equity – or close to it - very rarely turn out to own one billion pound businesses. It’s a fact. It’s better to have a small piece of a huge pie, than all of a very small one. HOW MUCH DO YOU ACTUALLY NEED? Knowing how much you need is very much influenced by the type of business and sector you operate

in. For gadget and tech brands, development and production-line costs can be some of the biggest outlays but having set out a three and five year plan some time ago, you’ll have a good idea of what the funds are needed for, and therefore how much is required. Depending on what stage of investment you are, don’t be afraid to ask for more than what the calculator spits out. In many ways, building a business is like building a property – you certainly need a contingency pot built in to any funding round. With my latest business launch, Property TV, we’ve raised hundreds-of-thousands of pounds in seed funding from 20 investors, who all have the same vision and goal as I do – but who are completely different with various backgrounds. This is all part of a bigger plan to secure larger sums through other funding rounds in the very near future. Yes, our flag is at the top of the mast too! As Brits, it’s easy to be humble about what you’re doing and what you have planned for your business. Don’t be shy, be ambitious and be confident with it. Remember, buying into a business is about money and personality. l Michael Hammond, founder of Property TV Property TV (Sky 238) is the only TV channel to solely focus on property programmes for entertainment, education and investment.www.property-tv.co.uk

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ENTREPRENEUR

WINNING GRANTS AND FREE BUSINESS SUPPORT There are many opportunities for businesses to obtain free support and grants, both when starting a business and as your business grows. However, keeping up to date with what is available is a task in itself, with schemes appearing and disappearing on a regular basis, and competition for all of them is high. If you are going to spend time applying for funding, you need to ensure that it is highly targeted and gives you the best possible chance of success. Based on our experience advising clients and when starting our own business we have developed a four step process to help you in your search. This is summarised by the acronym RAPP.

R A P P 16

RESEARCH Find out what grants and support are available

APPLICANT SUITABILITY When you identify an opportunity, ensure that you meet the criteria or conditions required for the funding before spending time on an application

PREPARATION Take time to prepare and tailor the application to meet the specific criteria and conditions. A blanket application or plan is not going to work

PATIENCE Take time completing your application (but without missing deadlines) and be patient waiting for the result!

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ENTREPRENEUR

Financial support in the form of grants can be found at three levels. National grants primarily focus on growth and capital investment, such as those from Innovate UK, which provides funding and support to businesses to accelerate sustainable economic growth and has a number of grant schemes running at any one time. Regional grants come from a local board specifically set up to help a region and which has Government and local authority support, such as a Local Enterprise Partnership. Local grants may be available from a local council, for example subsidised rents for start-up businesses or funding to help improve a high street retail unit. There are also European grants and funding support, details of which can be found at http://europa.eu/youreurope/business/fundinggrants/access-to-finance/index_en.htm Business organisations in your area should also be able to point to you towards potential sources of support. Your Chamber of Commerce, Local Enterprise Partnership and Growth Hub are good places to start. Where you live or trade may significantly increase your chances of success of getting funding, particularly if your business is in an area defined as economically disadvantaged. It is not unknown for businesses to set up in or move to an area where regional or local assistance is more readily available. WHEN LOOKING FOR OR CONSIDERING GRANT OPTIONS, FOUR POINTS GENERALLY APPLY 1. Nothing is free; typically you must be prepared to put in some of your own funds. It is extremely rare for a grant to finance the total cost of, say, a start-up or project, unless it is for a very small amount. Many grants require match funding i.e. you need to match the funding from the grant provider. 2. Grants are generally available for a specific project. This could be the development of a new product or innovation, as mentioned earlier, from Innovate UK; for exports, where UK Trade & Investment https:// www.gov.uk/government/organisations/uk-trade-investment provides funding and subsided advice and services to help business export their products; and for job creation, such as the National Apprenticeship Service (www.apprenticeships.org.uk). There are also schemes specifically for developments that will improve energy efficiency or reduce environmental impact. Greenwise lists a number on their website http://www.greenwisebusiness.co.uk/resources/green-grants-and-funding-16.aspx 3. The grant scheme provider will have objectives, strategies or aims which the funding supports, for example helping with youth employment. Understand what the objectives or aims are when completing the application. 4. You must have a business plan that explains what you require the funding for and which is tailored to the grant providerâ&#x20AC;&#x2122;s specific criteria and conditions. On most occasions, this will have to be entered into the providerâ&#x20AC;&#x2122;s prescribed application form. Do not just think of grants and support as financial support. Other types of free support can come in many guises. For example, when opening your business bank account you may be offered free book keeping software, and many local councils and Chambers of Commerce offer free training seminars on topics such as social media. There are also opportunities to obtain mentoring from a more established business or through local universities and colleges. Be aware that the work may not end when you are awarded a grant as your business may be required to report back on a regular basis to the grant provider. Alternatively, it may be an arrangement where your business has to spend the money before being reimbursed. Business grants are notoriously hard to come by, but there is assistance out there if you know where to look. Follow the RAPP process and hopefully you will be successful. Good luck! l For further information please visit Harbour Key at www.harbourkey.com Phil Mitchell, Director, Harbour Key Ltd.

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ENTREPRENEUR

SPORTS START UPS Anthony Douglas on how he created a European sports start-up that is taking golf to a global, millennial audience

he savviest founders are creating successful start-ups in sectors previously considered too established or stuffy to shake up. From the often cited Uber to Airbnb and eMoov, and everywhere in between, you don't have to look very far to see brave and ambitious entrepreneurs challenging the status quo. With its origins steeped in history and tradition, the game of golf hasn’t changed much since the 1400’s. Despite historically being accused of being slow on the uptake when it comes to embracing technology, the fact is, that since the turn of this century, nothing could be further from the truth. While professionals are strictly forbidden to use third party tech products ‘on course’, the adoption of technology at the grassroots end of the market is spreading like wildfire. BACKGROUND Based out of one of Europe's leading tech hubs, Lisbon, Hole19 started with a single purpose - to ‘improve the on course experience for the golfer’. As an ex-basketball player, I had travelled the world

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spending time in countries like Portugal, UK and Sweden until injury blighted what I was hoping would be a career in the sport. However, what I took away was that I could see the global trend for people always searching for ways to improve performance. So, when I decided to take up golf, it was an easy link to make. That is exactly why I set up Hole19. Wherever you look, technology is at the core of advances around the game. Club design and functionality has been improving for years. More recently there have been huge advances on the training and preparation side, from course simulators to swing analysers. However, it is only recently, with the boom in mobile, that on-course technology has taken off. Nowhere is this more prevalent than in the tracking and performance area, which is where we sit. The fact is, with the advent of smartphones, and latterly, wearable technology, that this type of analysis is as much a part of the golfer’s bag as the clubs. Golfers now have the ability to track their round, use data to help club selection and manage performance in a way that was not possible only a few years ago and the way the market has responded

ENTREPRENEUR

tells you it was something golfers around the world were crying out for. Despite only launching in April 2014, Hole19 has seen massive growth and now boasts nearly three million rounds played. Our app, which assists players on the golf course with GPS distances, hole map imagery, stat-tracking, and more, has now amassed over 700,000 users around the world. Our in-house team has mapped over 38,000 courses, which represents more than 95% of golf courses worldwide while we have users & courses in over 154 countries with the largest number of users coming from; USA, UK, Germany, Canada and Sweden. Part of our growth can be attributed to the fact that Hole19 was one of the first apps available for Apple Watch. But this in itself points to a broader trend. It endorses the fact that golfers are tech-savvy, they appreciate good design, and are always eager to improve their game. By creating a product that enhances the on-course golf experience and helps golfers improve we have hit the sweet spot between practicality and functionality. AN INDUSTRY ATTRACTING A YOUNGER PLAYER Although, while this is a very impressive start, the exciting part is what is to come. Put in context, the golf industry’s economic impact has been reported by various industry insiders as being $80 billion per year through around 70 million participants. Yet, right now, golf is not a young person’s game. Last year it was reported by Sports Marketing Surveys, that the average age of ‘avid golfers’ (those who play at least once a week), is 63. Not only that, but participation rates are dropping across the board. Despite this, with generation after generation of digital natives adopting the game, the golfing industry is at a critical juncture in terms of what happens next and how it engages with a millennial audience. Yet, we are proud of the fact that the average Hole 19 user is 39 - we are bringing the age of the golfer down, and making it accessible and enjoyable to younger people. In all walks of life, people are immersed in technology. Look around you - you’ll see people online, grazing social feeds on their smartphones, streaming content on their tablets or, even just sat at a desktop. All of it. All of us, connected. We express our excitement, anger, frustration, happiness. You name it, it’s where our emotions are laid bare. And behind the painful, amusing or flattering truths, is invaluable information and insight. Yet, when it comes to golf, we’ve barely scratched the surface in terms of what this data can bring to the industry. That’s what gets us excited and that’s what we’re working on now. THE FUTURE FOR GOLF We see huge potential for golfers, courses, coaches, brands and retailers to tap into a wealth of valuable data and be connected. There are many tools out there that enable golfers to talk to one another but we want to go several steps further. We want to be the go-to destination for anything golf related before, during and after the round, by creating the world’s biggest golfing community. With all the stakeholders of the game in one place, anything is possible. Earlier this year we developed a new function that allowed our users to follow one another with the activity of the golfers they follow appearing in

a personal, real-time golf feed. With these social features, golfers can share their round scorecards, golf photos, and text posts right in the app. In turn, the golfer’s followers can ‘like’ and comment on the player’s posts. Despite only being live for a few months, we have see massive uptake with our users sharing snaps of beautiful courses at sunset, right through to some friendly animals getting in the way of their shot and many things in between. Ultimately, whatever image, comment, hashtag or status is being shared, it’s another way in which technology can enhance the golf experience, which is what we set out to achieve with Hole19. More and more digital natives are taking up the sport, which is where both Hole19 as a business, and the industry, will grow. The fact is there are so many more advances to be made in the game and it is the ambition of Hole19 to be at the cutting-edge of these developments. Whether that is moving beyond the 18-hole format and introducing new shorter forms of the game (it seems only a matter of time before a broadcaster creates a high-profile, short-form professional competition, in the same way that cricket has developed the Twenty20 format) to speeding up the rate of play beyond the seemingly unbreakable four hour barrier. This is what the future has in store for us - addressing the issue of how golf can be more engaged with the people that play it. If we can do that, then not only will we be as synonymous with golf as the buggy or club bag, but we will be helping to safeguard the future of the game by engaging the generations of tomorrow. l Hole19 is a free-to-download app and is available on iOS, Android, Apple Watch and Android Wear. Try Hole19 for yourself by downloading free here. For more information, visit www.hole19golf.com

AND THE TIPS... Look at your market through a modern lens. It’s not about existing traditions. It’s about how you are going to disrupt them and change the way they are done in the future. Agility is key. Technology and start-ups move quickly so make sure the way you build your product is able to adapt. The best money won’t come from three minutes at a demo day. Invest the time in finding the quality few people you want to work and who understand your market with and go for them Ensure you have a great team in place - nobody can do this alone so make sure you work with people who share your dream, your vision and your passion. You will never please everybody - and don’t try to. You might upset or disagree with a few people on your journey, but that probably means you’re doing something right.

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TOP TIPS FOR A SUCCESSFUL START UP LAUNCH Juha Koski, Managing Director and Founder of London-based successful eCommerce business, MadBid.com, shares his experiences of starting up a business and offers advice to new startups looking to launch.

TOUGH START MadBid launched in the recession in 2008 just at the time when Lehman Brothers went down and managed to quickly establish itself on the British and International markets over the following eight years. It is now present in ten European countries, including UK, Germany, Ireland, Spain, Italy, France, Poland, Portugal, Austria and the Netherlands, as well as in Mexico, Australia, Turkey, Canada and India. It has seen solid growth year-on-year, especially in 2015, with an increase in visitors, active users and revenue, despite launching at the start of the financial crisis and operating in the economically challenging years to follow. RIGHT PEOPLE ARE THE KEY Part of this success is due to effective budget management and the importance of the right team of people – those who excel in their field and are able to develop the company, drive expansion and tackle new challenges on a daily basis. Juha Koski himself brings over 10 years of experience in strategy, equity research, product development and sales, and has applied these skills, as Founder and CEO of MadBid, to create a successful company with a unique product offering. Surround yourself with people you trust and who will help your idea grow. Do not be afraid to get help - if you and your team do not have the skills required, for example in finance or technology, find an expert in that field. Steve Jobs once said, “Innovation has nothing to do with how many R&D dollars you have. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.” KEEP FINANCES LOW AND FLEXIBILITY HIGH Every start-up entrepreneur should treat a new business launch as if we were in a recession. That is to say, adopt a business model that saves money and focus on keeping fixed costs as low as possible, stripping expenditure back to a minimum. A key strategy for any business start-up is flexibility – whether in terms of financing or the type of service

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offered – it’s important to be able to quickly adjust the business when there is a change in demand. Pivot when needed and be agile. Prior to launching, it is very important to evaluate consumer-spending power in your sector. FIND YOUR NICHE AND EXECUTE RIGHT Businesses that identify a gap in the market and offer unique, innovative ideas are the ones that will make a significant impact. I believe one of the secrets of our success was just this. We pinpointed a gap in the market and offered a unique solution to fill it. It is the right product-market fit. Prior to MadBid there was a huge consumer demand for the latest technology products at down-to-earth affordable prices, which was not met. We took on the pay-to-bid auction model and re-invented it with a variety of features to make it a fun and interactive shopping experience. Today we also offer the Buy-Now feature, where one can transact on the site traditionally, as well as an e-voucher – the so called Earned Discount which is the collection of money spent on unsuccessful bidding. This e-voucher can be used towards the purchase of products. Through this we can cater for a wider audience with the same product wishes. In addition to having the right niche and the right product-market fit, execution should be done always with the customer in mind as they will ultimately determine the success of your business. KEEP INNOVATING It is important to never rest on your laurels and to keep developing new services and features to improve your offering at all times. At MadBid, this is one of the areas we are focused on; a fresh and relevant offering will always stand out amongst the competition. Do not be put off by rejection - there will be a lot of no’s! Again, to quote Mr. Jobs, one of this decade’s most influential entrepreneurs “...half of what separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance.” l www.madbid.com

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7 TOP TIPS FOR SUCCESSFUL START UPS If you’re on the fence as to whether or not establishing a startup is a good idea for you, then I’d recommend you read “Death on the Ice” by Robert Ryan. It’s an account of Captain Scott’s expedition to the South Pole, and deals with the perils and pitfalls of professional ambition. If at the end of it you’re left thinking “what a waste”, then setting up a startup probably isn’t the path for you. If, however, Scott’s tale leaves you inspired, then you should go for it! There’s no failsafe recipe for success when it comes to starting your own business, but there are some pointers you can follow to set you on the right path. Here are seven that I’ve found very useful during my journey with Stratajet… 1) CHECK THE MARKET Once you have an idea, your first job is to make sure it can also exist as a viable business model. You can soon establish whether your business idea will work in practice by asking yourself two key questions: will people be willing to pay for it, and if so, will there be enough of them? If not, will you establish enough users that companies will pay you to reach them? If the answer to both of these questions is no, then you need to go back the drawing board. 2) GET THE ORDER RIGHT Build your product and then market it. If you do it the other way around you can fall in to a trap whereby you spend your time constantly chasing new customers, while your product steadily deviates from what you had initially imagined. 22

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3) AN INVESTOR IS FOR LIFE, NOT JUST FOR CHRISTMAS Never chase an investor that you don’t get on with or who you don’t think shares the same vision as you. It’s easy to be blinded by the potential of investment in the short-term, but unless the relationship is going to work on a long-term basis, you’ll soon run into difficulties. 4) TAKE MORE THAN YOU NEED, BEFORE YOU NEED IT My experience says that when you calculate your budget, the estimated amount tends to be more or less right (providing you have done some thorough research). That said, you’re still going to need more because even the most detailed business plan won’t foresee every potential expense along the way. 5) MAKE SURE THE DOG WAGS THE TAIL AND NOT THE OTHER WAY AROUND When you are looking at how to spend your capital, make sure you are not sticking to a budget for the sake of it. A good way of thinking about what to spend on is by asking yourself the following: “Does buying this allow me to achieve my objectives better and therefore justify the cost?” Never fall into the trap of thinking, “I really need to do this, but I didn’t budget for it so I can’t”. Assuming you have enough money in the bank, cutting out necessities because they didn’t feature in your original budget is a false economy.

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6) HIRE STAFF IF THEY ARE BRIGHT AND ANENTHUSIASTIC Experience is secondary. If you are doing something new, then the odds are previous experience is going to be of limited use. You can always learn the specifics on the job, but you cannot learn how to be smart and dedicated. If somebody has those basic tools in their armoury, chances are they will prove to be a canny appointment. 7) ENJOY THE RIDE Start-ups are a rollercoaster of dizzying highs and crushing lows, and contrary to most lines of work, the ups and downs tend to get even more pronounced over time, as the stakes get progressively higher. So if you donâ&#x20AC;&#x2122;t enjoy that sort of uncertainty, running a start-up might give you a heart attack! But for those who can ride the wave without losing their heads, it can be an incredibly thrilling and rewarding experience. I certainly wouldnâ&#x20AC;&#x2122;t have it any other way. Jonny Nicol, Founder & CEO at Stratajet www.stratajet.com

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5 TOP WAYS TO PITCH FOR SUCCESS

Ed Molyneux is CEO and co-founder of Edinburgh-based FreeAgent, who provide a multiaward winning online accounting system for over 40,000 freelancers, contractors and micro-businesses worldwide. The company was set up in 2007 and over the last eight years Ed has sought and secured more than £7 million in external investment, from backers in both the UK and US - including recently completing its first round of equity crowdfunding, which successfully raised over £1m. He and his two co-founders “bootstrapped” FreeAgent for the first two years before looking for financial funding, and experienced the considerable challenges involved with getting a business off the ground and growing it during challenging times. Here Ed shares his experience of raising investment and offers some top tips and advice on what can be a full time and time-consuming job – from shortlisting potential investors to getting the cash in the bank.

DO YOUR RESEARCH Identifying investors and convincing them you have a strong business model is almost a full-time job in itself but there are ways to make the task easier. Online communities such as AngelList (http:// angel.co) can help you locate investors who are interested in your sort of business, although you’re likely to find that by far the most effective introduction is a ‘warm’ one – from another entrepreneur or investor that they trust. If you know entrepreneurs who have already raised finance, a good first step may be asking them for any advice and using this information to refine your pitch. It’s also worth thinking about alternative methods of finance in addition to targeting angel investment or securing a bank loan. For example, crowdfunding is an increasingly popular way to secure funding and you may find that equity crowdfunding platforms like Crowdcube and Seeders may be a less complicated way to secure the funds you need to expand your business. Just remember to thoroughly research all of the requirements for the funding you’re targeting and be ready to show all of your projections and future plans for the business - or you may struggle to attract the attention of potential investors

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DO PUT YOURSELF IN THE INVESTOR’S SHOES Potential investors are looking for a significant financial return, which means they need to share your vision, see there’s a big opportunity and agree that you have a good chance of winning a lot of customers. And while you may think that your proposal represents a once in a lifetime opportunity, it may only resonate with a handful of individuals. Put yourself in the investor’s shoes and think about what information and assurances they’ll require in order to be willing to part with their money and take a chance on your business. You may find that it’s not what you’d originally planned to tell them.

DO KEEP IT SHORT You don’t need long, detailed documents - you need a convincing story. Be enthusiastic about your company’s potential but don’t waste time talking about details that are of no particular interest to investors. Make sure your presentation attracts attention and focuses on the information that investors need. When it comes to your pitch, if a potential investor doesn’t ‘get-it’ in 10-slides, they’re never going to, so don’t waste time on a massive Powerpoint presentation. And don’t use your presentation as your notes. Your audience can read as well as you can, and you want them to be listening to your passion and knowledge, not reading the bullet points on your slides!

DO BE YOURSELF Tech company founders often have limited business experience to begin with - but it’s often these technical founders who go on to build very successful businesses. Angel investors understand this and they are more likely to invest in the entrepreneur with a compelling prototype and some early customers than in a slick slide presentation. Talking passionately about your business while looking the investor straight in the eye can be far more effective, so you may want to consider leaving your laptop at home every once in a while and speaking from the heart.

DON’T GIVE UP If you are unsuccessful, learn from the experience. Ask how your case could be improved and rethink your pitch. Do more research and reach out again. It’s a numbers game – your idea may only appeal to a handful of individuals so be prepared for the long haul and keep going until you find the right match. Tenacity will win out!

Ed Molyneux, CEO of FreeAgent - www.freeagent.com

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AVOIDING MISTAKES MANY BUSINESSES MAKE Gillian MacEwan at the FSB explores the common mistakes small businesses make and offers tips on how to overcome them. We understand the daily pressures, trials and tribulations that starting and running a business brings. Here, we explore some of the pitfalls and vices small business should do their best to avoid. Along this journey, mistakes are sometimes inevitable. But there are a few things you can do to avoid them and ensure the best possible start. 1 – NOT KEEPING FINANCIAL RECORDS UP TO DATE Admin might not be your ‘thing’ but keeping financial records is a legal requirement when you’re running a business. While that ‘insignificant’ receipt for a lunch meeting you went on last week may not seem like a big deal, every little adds up and can cause problems later down the line when you’re trying to calculate your expenses. Sometimes you don’t get a receipt for an expense – take parking metres for example – and people make a mental note to remember. HM Revenue and Customs (HMRC) overtly states: "You must keep records of all your business transactions". It also states: "If you do not keep adequate records or you do not keep your records for the required period of time, you may have to pay a penalty." What usually happens is that instead of making a note of the cost and date, people will get to the end of the month and end up ‘guesstimating’ how much they have incurred. Without the right paperwork and files in order, HMRC can easily – and frequently will – challenge a business. 2 – NOT UNDERSTANDING YOUR AUDIENCE Your audience i.e. the people who will buy your services or products are one of the most important aspect of your business and without them, well, you wouldn’t really have a business. You need to know who you are targeting and make sure you communicate effectively, across every channel, to reach that desired and much needed audience. Who is your target market? What do they do? How old are they? What communication channels do they use? How much do they earn?

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Once you have figured that out, it’s also important to know your business and how your audience can benefit from your services or products. If you run a wedding dress business, for example, the benefit seems pretty obvious – customers get to buy or rent a beautiful dress for their wedding. However, delving a little deeper, are your wedding dresses more suited to high income earners, leading luxury lifestyles? Or are they suitably priced for the everyday customer? 3 – NOT RESEARCHING YOUR MARKET PLACE When entering a new market place you need to be aware of who you are competing against. Failing to acknowledge your competitors is foolish and will no doubt be a costly error. There will naturally be well established businesses wherever and whichever market place you enter so you need to find inventive and creative ways to grab their customers’ attention. Your first step should be to position yourself as a credible alternative and lure their loyalty by building trust as a basis for a long-term relationship. It’s important for new businesses to be able to communicate unique selling points to attract people away from the competition and provide a superior service to encourage repeat custom. 4 – DISCOUNTING TOO MUCH We all know that people like a bargain, but slashing prices to get people in the door may not be the best way forward. While customer acquisition is important, retaining them is even more valuable. So it’s better in the long run to focus on building a loyal customer base that responds to exceptional service and product rather than customers who are tempted on an irregular basis by cheap prices. 5 – FAILING TO PLAN A business plan is required to map out your long term success and ensure you outline specific actions that need to take place to improve your business objectives and overarching goals. Business plans also allow you to keep on track of your finances. According to research by finance software provider, Exact, 70 per cent of companies with a plan turned a profit, compared to 52 per cent of businesses without a plan.

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6 –BEING AFRAID TO FAIL One of the biggest obstacles of starting a new business is fear. Learning to deal with risk and overcoming your fear of failure will be one of the best lessons you can learn in the world of business. Changing your concept of failure and being more solutions focused will fuel positivity and install a belief that nothing will stop you but your own fear. Failure is unpleasant but it’s not the end of the world and if you do end up making a mistake, it can be an opportunity to learn what went wrong, and in turn, ensure you don’t make the same error next time. Starting a business is one of the most fulfilling experiences of your life, so don’t let the fear of failure hold you back. 7 – NOT CELEBRATING SUCCESS Last but not least, celebrate your successes. There are so many benefits of celebrating successes. If you mark your accomplishments with a celebration they will be remembered in the future. It will bring together your team and make them feel appreciated. It’s also a reminder of all the hard work you put in to achieve your goals. Incorporating success into the culture of your business will also keep your staff motivated to continuously thrive. l FSB Member Services is committed to delivering a wide range of high quality, good value business services to members of the FSB. Membership is available from £125 per annum with a £30 registration fee for the first year. Other bands and relevant subscription fees appear on the website at www.fsb.org.uk

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BUSINESS PLAN CHECKLIST:

WHAT EVERY GOOD BUSINESS PLAN SHOULD INCLUDE A ten point checklist for what makes a good business plan could perhaps read as one point – plus nine.

he first is so important it dwarfs all others. Get this wrong and calamity awaits – defined as you having a great business idea but one which fails to get backing because the business plan portraying it isn’t good enough. The point is this: your business plan must address each of the key concerns of your backer. In other words, a good plan keeps the backer happy. Here are the other checks:

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         

Keep the backer happy Analyse market demand Remember the competition Explain why your business is special Don’t forget competitive response Be realistic on resource deployment Keep the numbers simple Keep a clear, tight storyline Don’t try and fool the reader Deal with risk

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Let’s take them one at a time. 1. KEEP THE BACKER HAPPY Each page, nay, each paragraph of your plan should be geared towards addressing the concerns of your backer – be that your board, banker or investor. That is the purpose of the plan. Identify those concerns and tackle them head on. And don’t ramble. You may be proud of what you have achieved in your business to date, or confident of what you will achieve, but if that information is not relevant to the backing decision leave it out! Think not what you want to write but what your backer needs to read. 2. ANALYSE MARKET DEMAND All strategy and business planning must be grounded in an understanding of your micro-economic environment – that is, market demand and industry supply. Show from the outset that you have a firm understanding on those major influences which drive demand up or down in your market. And remember, as the saying goes, that ‘it is better to have the wind behind you than in your face’.

WRITE OUT IN ONE SENTENCE WHY SOMEONE SHOULD BACK YOUR BUSINESS 3. REMEMBER THE COMPETITION Nine out ten business plans that I have come across do insufficient justice to the competition. Most relegate such analysis to a paragraph or three. Why? Do they assume that the backer is so naive that he or she will believe that customers will just walk to your door without being tempted by the offerings of others? What do your competitors do well? Where are they weak? What are they doing or could be doing to improve their capabilities? Will competition intensify? 4. EXPLAIN WHY YOUR BUSINESS IS SPECIAL How does your business slot into the picture of the market you have just painted? In which ways is it special? In strategy-speak, what is its sustainable competitive advantage? Why is it different from the rest? How does that generate superior returns? How can you defend that differentiation over time? 5. DON’T FORGET COMPETITIVE RESPONSE What might be your competitors’ response to the strategy and allocation of resources set out in your business plan? Could they respond in a way which would threaten achievement of your targets? What are you afraid they could do? 6. BE REALISTIC ON RESOURCE DEPLOYMENT You won’t be able to do all you set out to do in your plan by yourself, operating out of your loft or your garage. You will need help – employees, managers, premises, equipment, supplies. And partners – suppliers, advisers, agents, distributors, customers. Set out exactly what resources and partnerships you will realistically need to achieve the forecast growth rates in your sales volume forecasts.

7. KEEP THE NUMBERS SIMPLE Forecasts which show revenues of £4, 672, 591 in three years’ time drive me nuts. Can the writer be confident that they won’t be £4, 672, 589? Such forecasts are a giveaway. The writer does not think strategically. A strategist would forecast revenues of £4.67m, even £4.7m, knowing that it would be ludicrous to suggest any greater degree of accuracy. And let’s not have reams of Excel worksheets. Your backer wants to know broadly whether your business is going to make money. Keep the forecasts as basic as possible. 8. KEEP A CLEAR, TIGHT STORYLINE Write out in one sentence, an extended one, if you wish, with the liberal use of commas, why someone should back your business. Stick to that storyline throughout your plan. Let your reader be reminded again and again of why your business is backable. I recently came across a 200 page business plan in portrait, well written, well analysed. But what was the storyline? I was lost. I helped the writer convert it to a 30 slide PowerPoint document, with half a dozen appendices. The storyline was now crystal clear, positive, upbeat, backable. The plan now contained only the lean of the argument, with all fat relocated to the supporting appendices. 9. DON’T TRY AND FOOL THE READER Don’t brush under the carpet the bad news – the unhappy customer, the faulty equipment, your competitor’s new hi-tech regional depot. Your backer will do due diligence. They will talk to customers, staff, maybe competitors. If they find out anything that you really should have told them, they will walk out of the door. Trust will have evaporated. Likewise in forecasting. Don’t fib, of course, that goes without saying. But don’t exaggerate either. Be upbeat, but realistic. Anything else and your backer will see through you. 10. DEAL WITH RISK This is your backer’s No 1 concern. So address it head on. All the way through your plan, point out the risks – to market demand, competition, your strategic positioning, your resource deployment. Show how you plan to mitigate them, where possible, or insure against them, when not. But show the other side of the coin too, the opportunities, all the way through. Point out that, yes, this risk could happen, but that counterbalancing opportunity is just as likely, even more likely, to happen. Set out the balance of risk and opportunity – preferably graphically. Make it easy for the backer to weigh up the investment decision, surely in your favour. l The FT Essential Guide to Writing a Business Plan by Vaughan Evans is published by FT Publishing, priced £16.99

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FUNDING OPTIONS FOR START-UPS

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The UK’s start-ups scene is positively booming, especially in the tech sector. Data from Companies House in 2015 showed that startups increased by 21 per cent in just a year, with tech a key growth sector.

Start-ups have often struggled to raise finance from traditional sources of business funding. However, the investment landscape for early stage businesses has been changing over recent years, driven by a combination of factors, including Government-led tax policy and incentives, technology innovation and a recognition by larger commercial enterprises that supporting smaller businesses makes good business sense. Against this backdrop, entrepreneurs are now able to access a wide variety of different funding sources to launch and grow their businesses, including: GRANTS Grants are typically in the thousands of pounds to tens of thousands of pounds range and are available from public bodies, principally at local, national and European level. They are usually awarded for a specific purpose or project. There is a very high demand for grants which are available and application levels often means that grants are run via a competition with strict eligibility criteria and tight application deadlines. Another feature worth noting is that, while these are not loans strictly speaking, grants may be nevertheless become repayable if certain conditions are not met or deliverables/targets are not achieved. START-UP LOANS These are personal loans, again typically in the thousands of pounds to tens of thousands of pounds range, and are funded by the public purse. They have relatively low interest rates and favourable repayment terms. However, while no security would normally be required over the assets of your business or personal assets, they are not without legal risk or consequence if repayments are not able to be made when due. INCUBATORS AND ACCELERATORS These offer a limited investment (c.£10,000-£20,000) for a small equity stake and also provide mentorship and resource e.g. technical expertise, office space, PR and marketing services. Legal documentation is often in “standard” form with little room for negotiation, but it is always recommended to ask a lawyer to check for onerous obligations and restrictions.

FRIENDS AND FAMILY Friends and family members may invest or provide loans to start-ups. As with any investor, such investments should be documented in legal agreements to avoid disputes and uncertainties. BUSINESS ANGELS Angels may typically invest between £10,000 and £100,000 each. Angels may be entitled to Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS) relief, which offer generous income tax and capital gains tax reliefs to private investors. Both SEIS and EIS are subject to a raft of conditions and eligibility criteria and so it is very easy to fall outside of the rules and lose the tax advantages. CROWD FUNDING PLATFORMS These facilitate fundraising from large numbers of individual investors, each investing relatively small amounts of cash. There are different crowd-funding models, based on equity investment, loans and ‘rewards’ (i.e. where a company provides products or services in return for investment). Several other innovative tech businesses are facilitating peer to peer fundraising, such as ‘crowd’ invoice discounting and debt factoring platforms. VENTURE CAPITAL A number of early-stage VCs focus on smaller deals (‘pre-Series A’, ‘seed’ and even ‘pre-seed’ rounds). The proposed deal terms need to be negotiated, understood by all parties and implemented – having a robust legal document in place will ensure there are no misunderstandings. According to a recent study

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ACCORDING TO A RECENT STUDY BY LONDON & PARTNERS, VC FUNDING OF UK TECH STARTUPS REACHED £2.46BN LAST YEAR, AN INCREASE OF MORE THAN 70% ON 2014

by London & Partners, VC funding of UK tech startups reached £2.46bn last year, an increase of more than 70% on 2014. BANKS Banks, particularly the so-called ‘challenger banks’, are becoming more innovative in terms of developing products and services aimed specifically at earlier stage businesses and SMEs. CORPORATE VENTURING Larger corporates often invest strategically in smaller, early stage tech companies. The drivers for this include larger corporates seeking access to innovative and disruptive technologies with synergies to their own business and strategies, which would take too long to develop in house, and/or gaining access to talent – again, which would take too long to hire or develop/up-skill internally. l Jonathan Snade is a corporate law partner at Thomas Eggar, a trading style of Irwin Mitchell LLP. Jon advises on a broad range of UK and cross-border private company transactions, including angel and venture capital fundraisings, private equity investments, management buy outs, mergers and acquisitions, disposals, joint ventures and reorganisations. Jon has a particular focus on the technology sector and advises both large international players as well as early stage, high growth digital businesses.

TOP 5 TIPS FOR START-UP SUCCESS… FOUNDERS AGREEMENT It is important to have a simple shareholders agreement in place between co-founders from the outset of the business formation. This will ensure that a number of key issues are agreed and documented, in particular relating to how the business is to be run, how decisions are to be made and, crucially, what happens to the shares held by a co-founder if he/she leaves the venture. Companies who have not invested in such an agreement run the risk of being ‘held hostage’ by a co-founder who leaves with a significant proportion of the shares, with no legal way to require those shares to be returned to remaining founders. This is potentially a dealbreaker in terms of being able to subsequently raise external investment, and the costs of negotiating a settlement without any legal documentation in place can far exceed the costs of putting a founders agreement into place in the first instance. WEB TERMS AND CONDITIONS/PRIVACY POLICY These are particularly key for businesses with an online presence, in order to minimise liability and reputational damage in respect of customers and users. The requirements will vary from business to business, so there is no ‘one size fits all’ approach. TRADE MARK REGISTRATION Another key step for early stage businesses is to invest time in protecting their brand and developing an intellectual property strategy. Trade mark registrations advice should be sought, in order to avoid potentially costly litigation and/or re-branding exercises at a later stage. HIRING There is often confusion around hiring employees versus interns versus contractors. Companies should understand the differences between the terminology and ensure that advice is taken to ensure the most appropriate contracts are in place. FUNDRAISING Founders preparing for an investment round from angels or VC investor should familiarise themselves with example term sheets (that is, short summaries of the key investment terms which investors propose). This will put founders in a much better position of understanding of the legal terminology and commercial provisions involved when term sheets are received and need to be negotiated. While the majority of provisions in term sheets are not legally binding, it is very difficult to subsequently seek to amend the investment terms once they have been signed, so a detailed understanding is a must.

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ENTREPRENEUR

TECH START UPS RISKS & REWARDS

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ENTREPRENEUR

Startups stories are everywhere. Whether the media are fawning over the latest geeky teen billionaire or the newest smartphone app that’s going to scan for fatal diseases from our shirt pocket, the tech startup world is hot and delivering big stories and even bigger profits to those early investors who are able to spot a wave and catch it early.

As is the case with any opportunity promising the potential of high returns there is risk, and when it comes to tech startup investment, that risk is real. With the hottest entrepreneurs gaining rockstar status, building a tech business has never been more alluring and this has led to a swathe of ambitious entrepreneurs looking to raise money and promising the delivery of the latest, the greatest, the most disruptive and the most valuable tech innovations. Startup businesses, however, present a new model and therefore traditional indicators that would generally inform investment decisions often don’t apply. For investors new to the market, picking a winner out of the gates isn’t easy but, the better their understanding of the specific dynamics that exist within tech startups and the mindset of their leaders, the better their chances are of picking the world beaters from the deadbeats. THE RISE OF THE ENGINEER CEO Among at the vast majority of Fortune 500 companies and the top performers across any Stock Exchange, you’ll rarely find a technical CEO at the helm. A traditional CEO will commonly be highly adept at overseeing the operations of large-scale organizations but largely hands off with what is being developed internally.

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Due to their relative size and necessity for agility, the CEO within a tech startup is often a technical founder. These are individuals with the skill sets necessary to spend lengthy periods of time switching between product development and operations. In the engineer driven environment of startups, the education a CEO has received, or the companies they’ve spearheaded in the past are not necessarily important considerations. What is important for investors to focus on is the core team the startup CEO or Founder has surrounded themselves with as well as their technical ability. Startup companies, with their smaller teams and limited resources, must find the most efficient way of developing their product or idea and executing on their business plan. For investors, finding a startup management team that is individually skilled, highly driven and consistently looking to stretch their investor dollars, is a very positive sign about the possibilities of future success. THE ACT OF DISRUPTION The disruption of marketplaces is an ambition for many startups and, for investors to appreciate, requires a fairly major perspective shift from what they might be used to. Established, investible businesses typically will follow a form of product lifecycle. It begins, gains

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MANY PEOPLE LOOK AT THE STARTUP ECOSYSTEM AS A FEEDER FOR PUBLIC MARKET COMPANIES, A WAY TO GET NEW BLOOD INTO THE MARKET AND BRING ON SOME BIG WINS AT THE SAME TIME traction, sees lower priced knock off competitors enter the market, peaks and then begins to fade. The best of these companies understand at this lifecycle and begin to innovate the moment the decline begins in order to start the process again. The approach of startup founders however, is to find markets that have stagnated - or have seen little innovation over the course of the standard product life-cycle - and set about disrupting that marketplace. Startups such as GoPro cameras, carved out a niche that both, grew the entire digital photography marketplace, and also hived away significant market share from existing industry players. This is the essence of disruption. By taking a marketplace with established players and product lines, startups are able to target specific customers and move quickly to make a new product line available to them. Traditionally, companies that have success on stock exchanges stick to what is working and what has worked in the past. They don’t innovate on existing ideas because it risks the success of the idea and the market share they currently have. Startup logic flies in the face of this notion and by carving niches in the areas surrounding the more established products, they can successfully disrupt and prosper. THE WAY WE MEASURE There are several examples of startups that floundered once they made it to the public markets and, while it’s easy to have this lack of initial successes be seen as the fallibility of an immature company, what is often the case is that there exists a fundamental misunderstanding of measurement. It’s a common misconception that public and private companies operate the same way, or require the same measurement systems. That expectation becomes a real hindrance to the success of a startup investment, or an investors understanding of their investment when the information they think they’re looking for isn’t readily available. The startup ecosystem doesn’t operate in quarterly reports and shareholder meetings. They typically aren’t reliant on producing financial statements that investors can analyse and gain an indication of probable future performance based on the lessons learned from many past experiences. Startups are often extremely early stage, and many of the reports and information that have available is limited and generally rooted in speculation and assumptions. That has to become a reality for

startup investors, the information available and its presentation is tremendously different from what is available from public markets companies. There exists a lack of liquidity in the startup marketplace and so, with little opportunity to move the shares an investor owns, the investment itself tends to become more passive and long term versus the short term nature of the public markets. With startup investments, a more active approach to the day to day operations is necessary in understanding the value the company has, and will have going forward. This isn’t to say an investor needs to be involved in day-to-day operations - that’s best left to the founders and their teams – but having a regularly informed overview as to the startups development progress is key. Many people look at the startup ecosystem as a feeder for public market companies, a way to get new blood into the market and bring on some big wins at the same time. Unfortunately, due to the nature of startups themselves, not every investment is going to be a success. The truth is, the failure rate for startups is remarkably high, but when a success comes, it hits hard. Startups can undoubtedly be an exhilarating and intoxicating environment for both entrepreneurs and investors. With fundamental differences in the way they operate and perceive opportunity in businesses, their potential for success can be immensely hard to evaluate in comparison to more traditionally run corporations. Their potential to offer unrivalled returns however, make them hard to ignore and, for investors, by mitigating risks as much as possible through understanding the dynamics specific to startups, great opportunities can be found. l Cameron Chell, CEO Business Instincts Group Cameron Chell is the Co-founder and CEO ofBusiness Instincts Group, a Canadian venture creation firm that finances and builds high-tech startups. He has founded several start-ups including Futurelink, the original cloud computing company, and more recently Co-founded space tech startup, UrtheCast, the first commercial video platform from space. www.cameronchell.com

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Simply

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Sally Newall, owner and founder of Simply Ice Cream tells us the secret to their rise to the top. CAN YOU TELL US A LITTLE ABOUT YOUR COMPANY? Simply Ice cream was set up in October 2005 on the back of a catering business that I have run for the last 28 years. About 10 years ago I started thinking about trying to get some time back, especially on weekends to spend with my husband and four children. The idea was to create a product that could be sold into retail that was produced and distributed throughout a normal working week. This was so naïve!!! Having set it up I then realised that all the promotion and marketing that comes with building a business needs to be done through market stalls/events/trade shows/sampling in store etc which of course predominantly takes place on the weekends. I also continued with the catering as well as the ice cream so ended up working harder than ever - regularly working 12 -18 hour days and every weekend! Our aims were to build a successful business, initially it was a south east supply but as things have grown it then became a national supply and in the future we are looking at extending this to export. It has always been, and continues to be, a priority that we source the best ingredients we can, as locally as possible to support the local economy while ensuring an indulgent, luxury product that has a unique point of difference. Our artisan qualities are something we never want to lose sight of and it’s really important to us that as we grow, we maintain this ethos. WHAT WAS YOUR INSPIRATION? The driving force behind the company was to try and gain a good work/life balance with my husband and children, but I was also keen to develop a good quality ice cream for retail. I had been making the ice cream for years for the catering business and we would often be asked by guests where they could buy it, and that’s where the idea developed from. We try to ensure that all our ice creams and sorbets are made with the best ingredients and everything is natural. So we don’t use any mixes or prepared syrups, we don’t use gums or additives, preservatives or stabilisers. We do use 45%-50% double cream so the end product is a very indulgent ice cream, we don’t use any skimmed milk powders or water so that texture is very smooth and creamy. HOW DID YOU GROW THE COMPANY FROM IDEA TO PRODUCTS? Initially we approached a local farm shop to see if they would sell it for us and then gauged how it sold, it’s very easy for 36

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friends and family to tell you to launch a product that they enjoy but you need to cover a much wider customer base who will be much more critical. The packaging initially was just a plastic tub with a sticker on top with a range of four flavours, vanilla, chocolate, strawberry and honeycomb. We spent over a year deciding how we wanted the tubs and the general overall company branding to look. Over the next few years the range grew to now cover 32 flavours in the retail range, available in 120ml, 500ml, 2 litre and 5 litre tubs for food service. HOW DID YOU ACHIEVE FUNDING? The business has been totally self funded - it was a very slow start. We trialled the ice cream in a local farm shop where I had always sourced fruit and vegetables for the catering for 6 months from October through to March (if you can sell ice cream through the winter it should be a worker!!). From there we went into five farm shops in 2006/7 and 16 in 2007/8. We launched in Waitrose locally in 2008 and that’s when we decided to really give the business a go. Having put back any monies into the business as we went along we have never had to worry about loans or funding. PLANS FOR GROWTH? Our aims have always been to achieve good growth year on year, and to date we have done quite well. Turnover over the last 3 years has risen 108% and we are aiming to continue our expansion and hoping to include export in the next couple of years. CHALLENGES YOU FACED ALONG THE WAY? In our second year we changed from our plastic tubs to paper and introduced the current look of the brand. We had to order 50,000 pots initially which were being printed in Italy by a company based in the UK, when they arrived they were all out of register and the whole lot had to be redone, this set us back 6 months and delayed our launch into Waitrose which was disappointing at the time! Growing the company in our existing space is a constant challenge but doable, I firmly believe you should maximise on what you have available to you and not overstretch the business. Our biggest challenge to date though was a restructure we made to the business 2 years ago which has enabled me to start working on the business again and not in it.

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THINGS YOU WISH YOUâ&#x20AC;&#x2122;D LEARNT? Running your own business is a constant learning curve. It never fails to amaze me how many curve balls get thrown at you on a daily basis, especially in a small company when you are trying to wear many hats. I have ensured that I seek specialist advice along the way which has been invaluable. HR and compliance are two areas that I believe are really important issues in any company and I would advise that anyone should set these up from the start especially in a food business.

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Tips and advice in setting up a company in the food & drink business?

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Always trial your product across as broad a range of consumers as you can before you invest in any packaging, marketing etc.

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Visit as many trade shows that showcase food and drink. Look at whatâ&#x20AC;&#x2122;s out there already - is your product going to have a point of difference, is your market already saturated, look at price points, packaging etc

Think about logistics. Frozen distribution is a nightmare - if I had my time again I would seriously think twice about a frozen product!

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PHILLIP OPPENHEIM: TORY MINISTER TO RESTAURANT ENTREPRENEUR London Waterloo’s Cubana bar-restaurant - owned by businessman and former Tory Treasury minister, Phillip Oppenheim - has just opened its second 3,000 sq foot venue in Smithfield, London EC1 (Cubana Smithfield). Cubana was founded in 1998 in what was then a fairly run-down part of Waterloo – “We were one of a handful of bars and restaurants alongside the ground-breaking first Livebait and The Fire Station – and definitely the first cocktail bar in the area”, says Phillip Oppenheim. “Our main market during the week is workplace and at weekends, it tends to be people coming in from outside the area, but there is also a growing residential market in Waterloo.” “I had run a number of startups in areas such as publishing and technology and also been involved in politics. However, food and drink were my passion and while I had no illusions about what a tough business it was, I always wanted start up and run a bar and restaurant. Originally, we were going to do a Japanese place as I had worked in Japan and loved Japanese food, but I was fully occupied until then and by the late ‘90s, Japanese had been done in the UK. Finding a decent site at a reasonable cost, getting the fit out done, raising the money, getting a licence, getting decent suppliers etc etc was most challenging when we first opened Waterloo. I went into the project thinking that getting a concept which worked and finding customers would be the hard bit. In fact, that was the easy part – the operational bit and getting that right was the really tough thing. Simple things like getting sweet potatoes, free-range chicken, a decent coverture or raw organic sugar were much

harder then. I was lucky in having an old rugby-playing friend, Giles Thomson, who had been head chef at the Ritz, and he helped a lot – even so, we have fine-tuned our suppliers a lot over the years and continually review them. ADVICE OR RECOMMENDATIONS FOR OTHER FOOD BUSINESS OWNERS It will probably take 50% more time and money than you think it will! If you can raise more money, take it. Don’t be afraid of losing some of your equity in return for proper financing – it’s better to own 30% of something than 100% of nothing. But do your best to maintain a controlling stake. Look at what other people are doing and improve on it – there’s an old saying: pioneers get shot. Being the first is not always an advantage and developing economies often do well by taking technology from more developed economies and improving on it. Make sure you check out what they are doing in leading edge markets - not just in the UK. But at the same time as improving on other people’s concepts, try and be different as well as better or there’s not much point in doing it. If you fancy the restaurant game, remember that around 80% of start-ups go under within two years. It can be a tough business. You need to love food and drink and have commercial skills too – one or the other are not enough. One other thing: do what you love. Most of your waking hours will be spent at work – especially if you are starting a business. There’s no point spending all of that time doing something you don’t like. I know obscenely rich investment bankers who are miserable and have lost their soul. So do something you enjoy - and good luck! l

PHILLIP’S TOP TIPS FOR ENTREPRENEURIAL SUCCESS 1. LOVE WHAT YOU DO. Running a business takes a lot of time. If you run a business that you love, it won’t feel (so much) like work. 2. TAKE THE RISK. You will never know what you are capable of until you try. You may fail, but use it to reflect and grow. 3. HAVE A VISION. … and keep that vision clear at all times. 4. FIND GOOD PEOPLE. Who will complement your own strengths and weaknesses 5. DO THE TIME. Invest time in making your business succeed – working on something you enjoy helps!

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HOW TO RAISE MONEY FROM TIME-POOR INVESTORS Investments are absolutely imperative to business expansion especially if you’re looking to consolidate or expand your business. Business owners not only need to be mindful but be able to differentiate between 'smart money' and money. This is why it’s highly essential to approach each investment pitch with a list of fundamentals in mind and be smart about how to approach timepoor investors. So what are the do's and don'ts of an investment pitch in order for entrepreneurs to secure the right type of funding? Serial social entertainment entrepreneur, Adam Breeden, the brains behind stylish 50’s-themed bowling venue, All Star Lanes, ping pong mecca Bounce and social darts concept Flight Club shares his views. If it’s your first time, the idea of a business plan can feel like a daunting prospect at first. What you need to remember is that every plan is different and varies between companies - don’t be afraid to break the rules and feel confident in freestyling. Take the time to create a detailed plan and a glossy deck for meetings - it is certainly better to be over-prepared than underprepared! Many investors are busy (certainly the larger ones) and won't have the time to read a lengthy plan, which is why having a well thought out elevator pitch or diluted plan can secure you a face-to-face deal. Many founders tend to fail to see the bigger picture when accepting deals. As much as you want to grab the first investment opportunity offered to you, you need to remember that a great investor is someone who invests in people and management 40

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teams, not ideas. Take your time on offers before making a decision. For example, if your business is being designed with an exit plan in mind, you highly limit your options, especially compared with businesses looking for longer-term investments. You want someone that is going to trust you and not feel that they need to meddle in your business affairs. This is a two-way process, so you need to be able to size up your investor in equal measure as they would your startup or business. It is also very important to think smart when taking an investment. Your investor needs to be able to easily open doors to relevant business contacts. It is easy to confuse ‘smart money’ with red herrings. Some investors will often suggest the value that they can add to your business and by relying heavily on them, this can result in them leading you down paths not appropriate to your strategy. This is a common issue when going for smaller stake investors instead of the larger, more sophisticated ones. What’s key to know is that the smaller the stake, the less money they have, so you may just have the money but missing the ‘smart’. The silent investor is also an ideal investor, but what is a good silent investor? He or she is someone who is very wealthy with impeccable ethics, understands the business you are in, and is often too busy with other businesses to be at loggerheads with you. He or she knows when to step back and when to contribute something of value, and is usually someone who is well known in the world of business and commerce. Some entrepreneurs may rely on their investors to bring suggestions or ideas to the table while others may prefer less interference, but if you have a great business plan and don’t like meddlers, then the silent investor might just

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THE SMALLER THE PERCENTAGE OF OWNERSHIP, THE HARDER IT IS FOR INVESTORS TO COME TOGETHER TO OPPOSE BOARD DECISIONS

be the right kind of investor for your business. Finally, we often we see a lot of business owners losing control and even ownership of their business to an investor. Furthermore, having to deal with an investor who is hard to manage, takes up your precious time and is difficult to communicate with isn’t easy either. When shareholder decisions need to be made, it can be tricky to maintain control especially when you have less than 50% ownership. It is better to rein in a larger shareholder base and, instead, have a smaller roster of investors with whom you can maintain a regular dialogue with. The smaller the percentage of ownership, the harder it is for investors to come together to oppose board decisions. if you’re unable to maintain control of your business through ownership, then ensure you only allow investors to take on a smaller stake than yourself. This way, you are able to make effective decisions to favour you and not them. As a business owner, it is important to foresee every step your business takes by carefully selecting the right individuals involved in making effective and practical decisions. Thankfully, we don’t live in the world of Dragon’s Den, so take a moment to think about what you're trying to achieve with your business and what’s best for it. Only you know the direction you want it to go and what it will take to get investors on board with their cheque books. l Adam Breeden is co-founder of Bounce, Flight Club, All Star Lanes and more social entertainment concepts.

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INFLUENCER MARKETING KNOW HOW

As we enter 2016, ‘influencer marketing’ is still a phrase hot on the lips of the industry, with start-ups galore tapping into the trend for directly engaging consumers. I want to dispel the myth that influencer marketing is now a social media ‘smash and grab’ operation with the sole aim of persuading influencers to flag a product to their social media followers. It’s so much more, and when done correctly can have a huge impact on your brand. As a relatively new phenomenon, few companies are able to harness the power of influencer marketing based on business experience as opposed to speculation and supposition. At Come Round, on the other hand, we have so far gotten our clients’ brands in the hands of over 100,000 influencers for a wide range of powerhouse brands from Lady Gaga and Doctor Who to Dyson, Birds Eye and LEGO. Based on this experience, here are five of my top tips for maximising the power of influencer marketing: DO YOUR HOMEWORK The influencer marketing trend has grown hugely in recent years, backed by a plethora of surveys and studies which are well worth reading. According to Nielsen data, the most trusted form of advertising is still a personal recommendation (81%), way ahead of TV advertising (56%) and brand sponsorships (49%). In fact, the Word of Mouth Marketing Association (WOMMA) claims 42

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that word of mouth recommendations are a minimum of five times more effective than advertising. Word of mouth recommendations were previously the stuff of water cooler, coffee room and school gate moments. But the increasing presence of social media in our everyday lives means there is a new platform for these recommendations, and marketers are fighting hard to maximise the opportunity this presents. GET REAL, THEN GET SOCIAL At Come Round, the model is very simple. We put brands in the hands of relevant and influential consumers and allow them and their friends to sample and form an opinion on the product and then share that opinion as well as create unique generated content. We understand that businesses are often encouraged to hold back spending on ‘real world’ experiences in favour of purely social campaigns, but we believe strongly that nothing is more powerful than combining online and offline - physically putting your brand in the hands of a consumer and then using social media to amplify that experience. Integrating social sharing into our model allows our influencers and their followers to share their experience online, spreading the word to their friends, consumers who have already effectively said ‘yes, I’m interested in what you have to say’. But this social content wouldn’t be possible without our ability actually to activate

Image courtesy of Jason Howie under Creative Commons 2.0 Attribution licence. Full licence available at https://creativecommons.org/licenses/by/2.0/legalcode

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influencers through the tangible, real and fun experiences we have helped to create. KNOW YOUR AUDIENCE Let’s not forget that the modern consumer is super savvy. They are perfectly capable of weighing up the value of an influencer tweeting a stock PR photo of a new drink and claiming they love it (followed by #spons) versus a picture of them having an absolute ball with their pals making cocktails at home. Come Round campaigns tend to take place in the home or work environment of influencers. They and their friends then share their experience on social media, extending the reach of the party and engaging the interest of new influencers. ‘Real life’ experiences spark a cycle of influence that continues to live on online so the benefits don’t just stop with a tweet or Facebook post.

Giles Harris is founder of leading influencer marketing agency Come Round and was formerly Head of Business Affairs at EMI Music. www.about. comeround.com. Come Round is actively seeking investment to further its growth in 2016 and beyond. To find out how a Come Round campaign could support your marketing strategy, or to enquire about investment opportunities, email hello@comeround.com

UNDERSTAND THE DIFFERENCE BETWEEN INFLUENCERS AND ADVOCATES Industry figures have long debated whether it’s best to focus on influencers or advocates, so we’ve carved out a unique position for ourselves by offering brands the chance to turn the former into the latter. By creating truly engaging and memorable real world experiences for influencers, they are turned into advocates. We are passionate about helping to create brand advocates who will spread word of mouth both online and offline about products and services on behalf of a brand because they genuinely love it. In fact, we like to think of our influencer campaigns as the start of a long term relationship between brand and consumer. DON’T BE A COMMITMENT PHOBE Speaking of relationships, while many influencer marketing companies operate a ‘dating style’ service in which they match brands to consumers, the Come Round team not only matches brand to influencer but they then actually design, activate and track the success of every campaign from start to finish. A real world experience is always the tasty middle filling of our three step sandwich (recruitment, in-home activation, social sharing), and it’s this central element that creates content that is genuinely worth sharing, liking and commenting on. MY FINAL THOUGHTS Over the past few years it seems that tangible, in hand experiences have all too often been devalued or pitted against the perceived ‘quick win’ of social media interaction. While social media forms a vital part of our offering, we truly believe that it’s vital to take a holistic approach by combining a consumer’s online and offline experience to achieve meaningful engagement that drives action.

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Lord Sugar, renowned entrepreneur and star of The Apprentice, recently shared his tips for business owners on business data site Company Check. Transparency, according to Sugar, is one of the most important things in business. “I’ve never pretended to be anything other than who I am. And that’s important in business” says Sugar in his post. “I’ve invested in a lot of businesses over the years and one of the things I expect from them is that they are transparent about what’s happening, and what’s going to happen in the future. “Whether you’re investing in a business, or working day to day with colleagues and suppliers, it’s important that you expect transparency from them in the same way. If they’re not going to be able to deliver for any reason, you should expect to know about it now. In return, you should be open with them about the strategy for the business and the role they play in it.” Lord Sugar’s point is an important one. Being open and honest about business matters, including growth, finances and aspirations, are important in developing strong relationships both internally and externally. Here are Lord Sugar’s tips for how to be more open and honest in business: 44

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1) BE AUTHENTIC Business owners who are guided by their initial vision and remain true to their principles when making important decisions are likely to meet likeminded individuals. Be honest about who you are and what you’re trying to achieve and you’re more likely to build successful relationships that help you achieve your goals. 2) TALK OFTEN We’re all busy, but it’s important not to neglect frequent chats with colleagues to ensure everyone is on the same page and working to the same goal. Talking also helps you to communicate how much you value your team and makes them feel better about the work that they’re doing, and more motivated to do it well. A conversation between two ‘transparent’ parties on topics such as delivery agreements and payment dates will prevent potential issues in a working relationship before they arise; it could also inspire a new business plan! 3) KNOW YOUR NUMBERS, BUT KNOW THEIRS BETTER Numbers are the foundation of business and so it’s important to know as much as possible about the

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BE TRANSPARENT, EXPECT TRANSPARENCY: LORD SUGAR‘S ADVICE

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A CONVERSATION BETWEEN TWO ‘TRANSPARENT’ PARTIES ON TOPICS SUCH AS DELIVERY AGREEMENTS AND PAYMENT DATES WILL PREVENT POTENTIAL ISSUES

finances involved in every business partnership. How else can companies make informed decisions that are based on previous success or failure, and plan an effective strategy for the future? It’s equally, if not more, important to have this information about your business partners because their financial status will directly influence your business. If your supplier or distributor is doing well then your company should also be benefitting: if your numbers don’t show this, then you need to find out why. Financial data sites such as Company Check allow firms to quickly and easily perform due diligence checks (the process of acquiring this financial information) to gain an understanding and ‘transparent view’ of the financial landscape surrounding their business. Details such as the credit rating of a supplier or client enable strategic business decisions to be made and highlight potential future issues before they can affect the working relationship. Transparency is so important in business. It starts with you. l By Alastair Campbell, founder of Company Check

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THE IMPORTANCE OF FINDING YOUR NICHE Bremont Watch Company co-founder, Giles English, shares with us his seven top tips for niche businesses looking for global market success.

Niche markets are extremely valuable, if sometimes tricky areas in which to establish a business. Usually containing fewer competitors, growth in niche markets can be fast, though this can be a double-edged sword as the number of possible customers is not only smaller than normal, but harder to find as well. The Bremont Watch Company operates in the niche of high-end luxury watchmaking. Typically dominated by Swiss companies, our aim was to bring watchmaking back to the UK, which was easier said than done. Still, since launching in 2002 we have navigated the complexities of the hyper-competitive world of luxury goods, and now turnover £18million annually. It’s not always been an easy road, so based on our experience, here are my top tips for entering niche markets.

DO YOUR RESEARCH Market research is so important when it comes to the niche markets. It helps you understand your customers, recognise your competition and identify what people are prepared to pay for your product or service. It’s also vital for establishing how big of an opportunity exists and what the opportunities for growth are. Doing this early is vital and should definitely be completed before you start investing serious time and money.

MAKE QUALITY YOUR TOP PRIORITY In a niche market, consumers can be more discerning than usual, and often have higher expectations. This makes delivering top-quality service fundamental – and not just in the luxury sector. When you are a challenger brand aiming to take on established competitors, ensuring your brand name is associated with quality from the outset is a must.

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INNOVATION Continual innovation is also central to staying ahead of the pack. In a competitive market, being one step ahead of consumer trends and competitor activity is integral to long-term success. Innovation can also be a great way to forge new niche markets that didn’t exist previously.

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ENTREPRENEUR

STRENGTH IN NUMBERS No new business should ever feel that they have to go it alone and fortunately there are lots of support options available. At Bremont, we were fortunate enough to get early help from Walpole, a UK-based small-business incubator that pairs up-and-coming luxury brands with mentors from across the British business landscape. As we knew from the beginning that ours needed to be a global business, we required exporting advice and support. We were connected with FedEx Express and the guidance we were given enabled us to smoothly manage customs and turn our attention to customer service and delivery. At the outset you won’t know everything so having access to the expertise partners and mentors can provide is invaluable.

THE TEAM BEHIND YOUR SUCCESS A strong, well-coordinated team is behind every company’s growth and success. This goes doubly in a niche market where you want your team to be truly passionate about their work. Before Bremont, watch manufacture hadn’t existed in the UK for generations and this was a key investment for us as we needed a team that possessed specialist and rare skills. If these hadn’t been available, we may not have made it to where we are today.

FIND YOUR AUDIENCE Perhaps the biggest challenge for businesses entering niche markets is being connected with customers as these are often more difficult to locate and communicate with. To achieve this, word of mouth marketing at industry and consumer events or through social media can be extremely effective, as can targeted advertising Supported by a strong PR message.

BE BROAD MINDED

As niche markets are, by their nature, limited in size you might find that to achieve sustained growth, you need to look abroad. The good news is that exporting has never been easier and it is now possible for even the newest, smallest companies to become international players in a very short space of time. To achieve this, we can’t recommend finding a suitable logistics partner strongly enough. At Bremont, we now export all over the world and have boutiques in both New York and Hong Kong and doing this while maintaining top-notch customer service wouldn’t have been possible without FedEx.

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Seed Enterprise Investment Scheme (SEIS) For Investment in Tax Years 2015/16 and/or 2016/17

An exciting opportunity to invest in companies with high potential, across various sectors, from Technology to Food and Drink The third SEIS fund from the team, dedicated to British â&#x20AC;&#x153;startupsâ&#x20AC;? Excellent performance to date for the two initial funds Invest at early stages to generate significant potential capital appreciation A collaboration between two organisations with unrivalled expertise in startup investing in the UK A strong track record in raising and managing SEIS funds Valuable SEIS tax benefits for investors - Income tax, CGT and IHT

The Startup Funding Club 2016 SEIS Fund Approved by Innvotec Limited which is Authorised and Regulated by the Financial Conduct Authority

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SUSTAINING THE START UP SPARK For an entrepreneur, the early stages of a new venture are exhilarating and brutal. Sleep is in short supply and your entire life is quickly dominated by your start-up. This high-octane phase cannot last forever, but continuing the growth over the long-term is just as challenging as the early days of survival. How do entrepreneurs manage to sustain the spark of the start-up as their business matures? How is the critical streak of rebellion retained even when you are suddenly the incumbent and other start-ups are attacking you? The answer is probably easier than you think, providing you build your company properly from the outset. FOUNDING PRINCIPLES AND PRINCIPLED FOUNDERS Crunch question: why did you start your company in the first place? Almost any answer is fine providing it isn’t “to get rich”. The problem with having personal wealth as the primary goal is that it is all about YOU. Nobody likes working for people who are only in it for themselves. The get-rich-quick mentality is as transparent to staff as it is to customers – and both groups tend to steer well clear. Ironically, the only people who might be up for that journey are people who are also in it for themselves, which creates a disastrous downward spiral and a terribly toxic culture. But if you started your company to prove that you were good enough or because you desperately wanted to solve a certain problem, that is wonderful. You will attract like-minded people who are also out to prove a point and will latch-on to your mission like a limpet to a rock. ALWAYS RECRUIT REBELS The first 20 people you recruit into your company will set the cultural DNA forever. Start-ups are necessarily rebellious, maverick organisations hell-bent on attacking markets and detonating incumbents. You cannot win those battles with shrinking violets, conformists or sycophants. Avoid the temptation to recruit seemingly impressive professionals with glittering CVs that glow in the dark. These people might be shiny on the outside but typically run for the hills when things inevitably get tough. Why? Because their real focus is on building their career rather than building your company. Once things start to wobble, they will see a looming black mark of “failure” about to hit their CV and will be off with a re-written history before you can ask them to hand back their iPhone. Instead, seek-out unconventional people with a point to prove – just like you. Nurture them, build their confidence and great things will happen. Not only will you galvanise great loyalty and commitment, you will create the kind of culture that is so critical to long-term success. Rebels like these are always grappling with one simple question: “if you don’t believe we can do

this then watch”. This is the magic dust at the heart of sustaining the start-up spark. NURTURE LOCAL LEADERS In the early days, as the founding CEO you are the Pied Piper. People join your business because of you and the mission that you have articulated. But growth drives a distance between you and the troops, which is painful for everybody. As the CEO, you will miss the energy generated by the camaraderie at the sharp end; and your colleagues will feel the same way about you. That is the price of growth – so you need to expect it and plan for it. Things become even more difficult if you commit to growing internationally. Once you have operations in multiple territories, you cannot possibly be in all those places at the same time. While there is no substitute for regular contact in person, you need to share the drum-banging with your key lieutenants. Selecting and nurturing local leaders is a great way to build a business that is truly prepared for growth. Avoid the temptation to feed your own ego by swanning around being the boss. Make sure that each office or country has a natural figurehead and keep that core group close to you. This is a great way to ensure your business is scalable while providing you with a constant and reliable barometer reading of the state of your enterprise. IT’S ALL ABOUT PEOPLE – AND IT STARTS ON DAY 1 So the answer to sustaining the start-up spark doesn’t lie in innovation hubs or creative corners or pizza blasts or any other conventional management mumbo jumbo. The spark comes from purposeful rebellion, which can only be ignited by mavericks. Recruit them. Love them. Promote them. Celebrate them and forgive their idiosyncrasies. You will create a culture that will demand your business keeps attacking new markets with new ideas. And it will work that way with or without you. Only then can you claim to have created a really worthwhile company. l Stuart Miller, CEO and co-founder, ByBox Stuart has led ByBox from a Silicon Valley start-up in January 2000 to the business that it is today with a turnover of £73 million. ByBox’ technology-enabled logistics solutions are deployed across the UK, Benelux, the US, Canada, Israel, New Zealand and South Africa. He is a champion of small businesses and entrepreneurs and was appointed by Lord Young to the board of the Small Business Charter, an initiative which aims to encourage business schools and employers to get the best out of each other for the sake of the UK economy.

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ENTREPRENEUR

7 Lessons Entrepreneurs can Learn From Star Wars Star Wars is, at its core, a startup story rife with subtle themes of entrepreneurship and risky ventures. In fact, Luke Skywalker himself had the humble beginnings of any well-to-do startup founder. Skywalker grew up as a moisture farmer on the sandy plains of Tatooine and he knew he wasn’t going to be there his whole life. He had dreams of adventure and cosmic exploration - dreams he thought would realise as a career officer in the Imperial Fleet. Like any budding entrepreneur, however, dreams often take unexpected paths before they are realised. On the way to saving the galaxy, Skywalker picked up many important tips on building a startup on the way. 1. SOMETIMES IT’S NOT A TRAP! - OPPORTUNITY IS UNEXPECTED As an entrepreneur, doors are always opening and they could open at any second on any given day. It is up to you to be vigilant and to recognise those opportunities. On what seemed to be a red-letter day, Skywalker bumped into his old hermit-friend, Ben Kenobi, and was suddenly whisked away into a grand adventure and meeting all sorts of new people. Skywalker recognised that this was his opportunity to get away from his life of farming and hanging out at the Tashi Station with his friends on boring Tatooine and really do something with his life. He was thrust into the middle of a Rebellion against an Empire he admired and he thought he could do some real disrupting and started to acquire allies - or cofounders - in his quest to catalyse a rebellion. 2. SEARCH YOUR FEELINGS YOU KNOW THIS TO BE TRUE: YOU WON’T ALWAYS GET ALONG WITH YOUR TEAM Often times when working with a startup team you’ll be working with people who have the same vision but different means of realising it which can sometimes be frustrating, but the advice should always be welcome. It was Han Solo that told Luke Skywalker that “Hokey religions and ancient weapons are no match for a good blaster at your side, kid”. This and 50

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Han Solo’s actions taught Skywalker the importance of being level headed and trusting the gut instead of being lost in idealism - it was a balancing act. Your entrepreneurial vision is nothing without knowledge of how your industry or even the world works. 3. STAY ON TARGET: DON’T GET LOST TOO MUCH IN THE CLUTTER OF THE DETAILS Working on a startup, you’ll be bombarded with a large amount of cool metrics, charts, graphs, and buzzwords. It might seem tempting to start relying purely on data, but data is nothing without the human behind it all - the driving force. If Skywalker relied purely on data he never would have taken a chance and fired at the exposed exhaust port on the Death Star and saved Yavin IV from destruction. When working on your venture, it’s sometimes best to “turn off the targeting computer” and focus on what really matters. Entrepreneurship is all about risk. Sure, data can be useful and it can help making decisions, but you are the ultimate arbitrator over the direction of your startup. 4. INTO THE GARBAGE CHUTE, FLYBOY: THE BEST SOLUTION DOESN’T HAVE TO BE THE MOST ELEGANT As a startup, you’re probably not working with the most cutting-edge technology and resources, and most of the times you have to create or improvise the solution to your most pressing obstacles. In order to succeed you must be willing to anything possible to get the job done. Han Solo is a great example of this: when he found Luke Skywalker freezing to death in the middle of the ice planet, Hoth, he knew that he didn’t have the proper resources to get him back to Echo Base alive unless he did something drastic. Solo took Skywalker’s lightsaber, cut open the tauntaun he was riding, stuck him inside the creature’s bowels, and waited until they were rescued by Wedge Antilles. It wasn’t an elegant solution, but it worked. Don’t be afraid to use whatever is available for your startup solution.

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5. MIND WHAT YOU HAVE LEARNED, SAVE YOU IT CAN: FIND A MENTOR THAT WON’T HOLD YOUR HAND When lost in the malaise of the organic and everchanging startup world, finding a mentor is imperative. Mentors have been through the trials and tribulations of bootstrapping a startup with scant resources and are willing to guide young startup apprentices on to the path towards the light (success!).

LUKE SKYWALKER TAPPED INTO HIS ENTREPRENEURIAL SPIRIT TO SAVE THE GALAXY AND REALISE HIS DREAMS Find your master - your Yoda. Without Yoda, Luke would have never achieved mastery over the force which was the resource that he needed to learn how to use in order to help the Rebellion achieve victory over the Galactic Empire. Just like how Yoda was a master of The Force that mentored Force-Sensitives, you need to find the right mentor for your venture. Don’t expect them to hold your hand though. 6. DON’T BE A SCRUFFY LOOKING NERF-HERDER: DRESS THE PART Whether you’re courting the Princess of Alderaan or a Venture Capitalist, you want to dress the part. Always look like you care about being where you being where you are. Jedi dress in robes, Sith dress in black, it’s who they are and their clothes represent their values. Dress in a matter that respects who you are and what you represent. When Luke Skywalker became a fully-fledged Jedi he began to dress the part by wearing robes that commanded respect and awe in

the minds of his friends and his opponents. No longer was he the boy from Tatooine that wore shabby farmrags; he was a Jedi Knight like his father before him and he represented a powerful tradition. 7. YOU SHALL BECOME MORE POWERFUL THAN YOU COULD POSSIBLY IMAGINE: EMBRACE FAILURE The most terrifying dichotomy about the startup ecosystem is that no matter how many successes you have, it only takes one shot in an exposed exhaust port, to bring your venture crumbling to the ground. One of the Rebel Alliance’s biggest failures was the Battle of Hoth. Not only did the Alliance lose Echo Base, their primary staging ground in the Outer-Rim territories, but they also suffered devastating casualties. This would easily discourage many from continuing their venture, luckily Skywalker took this egregious loss as an opportunity to refine and rebuild himself. He knew he had to be better if he wanted to defeat the Empire and his ghostly mentor, Obi-Wan Kenobi, guided him to Dagobah in order receive the guidance and training he needed to defeat Darth Vader and save the Rebellion. Don’t get discouraged by failure. Failure is a chance to learn and grow, it’s a change to rebuild yourself and become more powerful than you’ve ever imagined. From farm-boy to Jedi, Luke Skywalker tapped into his entrepreneurial spirit to save the galaxy and realise his dreams. Although accomplishing his vision took many unexpected twists and turns, he learned to effectively capitalize on each of them turning the worst into the best. Learn from the life of Master Skywalker and maybe your startup can save the galaxy. l

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ENTREPRENEUR

THE FUTURE OF PHILANTHROPY Early in his business career, successful restaurant entrepreneur and businessman Garreth Wood recognised that there must be a better way for businesses and philanthropy to work in harmony. In addition to his thriving food and drink empire being committed to donating all their profits to good causes, Wood has recently launched the Adventure Philanthropy Foundation, providing a trusted group for individuals wanting to give something back. He’s now seen as a leading light in how young entrepreneurs are changing the face of philanthropy. We met up recently to find out more about how he’s playing a big part in changing the landscape amidst the birth of the philanthrepreneur era. THE REAL-WORLD DEFINITION OF PHILANTHROPY HAS CHANGED OVER THE YEARS. WHAT IS PHILANTHROPY IN 2016? It means different things to different people. To me, it is about humanity and trying to be a good citizen. The joy of giving plays a big part as does caring and nourishing mankind, adding value to the world we live in. We have a duty of care to those less fortunate and when a problem presents itself, we must find the root cause of that problem and do our best to fix it. YOU HAVE MADE AN IMPACT IN BUSINESS, AND NOW IN PHILANTHROPY. WHAT DRIVES YOU? I've loved being able to build something from scratch. Identifying a gap in the market, building a business around it and creating employment. Business wise, this has been a big driving force for me over the past 12 years, but we have also created a lot of wealth from the business and for me it has always been key to find the balance between what you do for yourself and what you do for others. The joy of giving drives me, as is being able to make a positive impact in people's lives. HOW SHOULD OTHER ENTREPRENEURS AND INVESTORS MAKE THEIR MARK ON PHILANTHROPY? First of all, I believe philanthropy is very private and there is no wrong or right time to come to philanthropy. You shouldn't be judged by others if you have made a lot of money and choose to keep it all to yourself. Likewise, people shouldn't judge your reasons for giving money away. It is personal. I would say though, that to make your mark in philanthropy, you must look to where you as an individual can add value. It's not all about giving money away but it is about looking at a 'problem' and asking yourself how you can help solve it. What unique set of skills do you have that could be put to use in a positive, life affirming way? HOW CAN BUSINESS NOT ONLY DO SOMETHING WORTHWHILE FOR A GOOD CAUSE, BUT ALSO BENEFIT ITSELF FROM PHILANTHROPY? We have a chain of restaurants called the Boozy Cow, which gives away 100% of the profits to local grassroot charities. The staff have completely bought into what we are about and the impact we make on local people and charities. It is a huge motivation for them. We also have a very positive philanthropic message that the customer learns about when they are in the restaurants. There creates a strong 'feel good' feeling 52

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in our business which has created a kind of 'change the world' attitude that galvanises not just our staff and management, but also our core customer base. WHICH BUSINESS PHILANTHROPISTS DO YOU ADMIRE IN THE WORLD TODAY? I admire my father's work ethic and his dedication to an industry which spans 5 decades. He then chose to start the family foundation, 7 years ago, and he has been extremely strategic in his approach to philanthropy and now helps to support over 50,000 small holder farmers in East Africa as well as several programs here in the UK. He has taught me a lot about business and has always encouraged me to explore my own philanthropy and what I am passionate about. He leads by example and I am very proud of him. WHAT INNOVATION IS THERE IN PHILANTHROPY TODAY? One person or organisation will tell you that their way is the right way. You then speak to someone else who's approach is the exact opposite but they're 100% convinced their way is the right approach, which really isn’t healthy or helpful! What would be true innovation is if NGOs and governments would stop trying to solve problems on their own and instead, come together, share ideas, knowledge and capacity. That would be true innovation but sadly these different agencies do not collaborate enough… WHAT IS ADVENTURE PHILANTHROPY, AND WHY SHOULD OUR READERS BE INTERESTED IN IT? We are a private membership society of philanthropists with a unique approach to donating our time and money. Designed to embed philanthropy as part of our lives, our approach combines philanthropy (what we do) with adventure (how we do it) and in good company (who we do it with). We deliver game-changing social impact and life-changing experiences, all within the reassuring structure of a life-enhancing club environment. We choose causes together, find solutions together and fund programmes together and the club delivers the expertise, education and opportunities for engagement that our members expect. It’s the simplest platform in the philanthropy market for people to get involved. It's a vibrant community of dynamic, connected people who share core values, both in their enthusiasm for giving and their appetite for excitement. l

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AREAS OF FOCUS FOR START UPS

It is estimated that start up entrepreneurs undertake over 90 activities in their 11 hour working day; with such huge demands on their time, and with umpteen tasks competing for attention, where should focus lie? Paul Russell of specialist training company Luxury Academy London considers: SALES At the heart of every business is sales, right? Well no, at the heart of every business should be a customer focus which dictates that you satisfy customer needs simultaneously with achieving business goals. As a start-up you are ideally positioned to do this, with few barriers between your customers and yourself as the decision maker. It is only as you grow that this focus can slip- don’t let it. Grow in such a way that customers with their ever changing wants and desires remain central.

COMPLAINTS A customer complaint is valuable customer feedback, pinpointing areas where your service hasn’t been up to scratch. Customers come laden down with pre-packed ideals for how they will be treated. Perhaps you created these ideals through your communications or when the customer last used your product or service, maybe a competitor set the bar. Whatever the source, if expectations of service don’t match perceptions, you will have a problem. Give each complaint due attention, consider it valuable customer research and strive to do better next time.

RECRUITMENT Employees that you trust will be worth their weight in gold, but it can be difficult to hand over responsibility, even for a short time, to staff unless you are 100% sure that they can deliver as you would. Invest time in recruiting staff with the right attitude, along with positivity and motivation. Sadly, it can be difficult to recruit staff with the desired soft skills for customer facing positions; they don’t know how to communicate effectively but this needn’t be insurmountable. Look for positive attitude and remember that most soft skills can be taught.

LEADERSHIP With a new business and new staff it is down to you to provide effective leadership and strategic direction. Leadership is different to managing; managers may focus on getting things done but effective leaders inspire and motivate. They share a vision and bring others on board with their goal, communicate well and understand how to leverage their human resources to achieve business objectives and customer goals.

PROCESS In this connected, fast paced world, customer have high expectations of the service that they receive, and this is often born of the importance they place on the process, the journey that they are taken on to reach the ultimate outcome. Remember that for customers, how they get there is often more important than the destination. As a start-up give focus to your process from the perspective of the customer, get feedback in the early stages and monitor the customer journey regularly. Never get too busy to pay attention to this vital area.

LUXURY ACADEMY LONDON Paul Russell is co-founder and director of Luxury Academy London, www.luxuryacademy.co.uk, a multi-national private training company with offices in London, Delhi and Vishakhapatnam. Luxury Academy London specialise in leadership, communication and business etiquette training for companies and private clients across a wide range of sectors. Prior to founding Luxury Academy London, Paul worked in senior leadership roles across Europe, United States, Middle East and Asia. A dynamic trainer and seminar leader, Paul has designed and taught courses, workshops and seminars worldwide on a wide variety of soft skills. entrepreneurandinvestor.com |

ENTREPRENEUR

R U O Y N M O R G O F N I S S N U A C R T O F D L W HO ES COU INESS S S S U E B C SUC YOUR When managing your business, it can be difficult to operate without taking influence from others on the market. It would be logical to see a tried and tested business model and assume that you can be successful by borrowing from it, or even replicating it. While this is helpful in preventing you from making a fundamental mistake, what you must remember is that your business is individual to you, and therefore will thrive and fall short in different areas depending on your personal strengths and weaknesses. What you should be more concerned about is what you are doing right, and why. 54

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ENTREPRENEUR

Focusing on the successful elements of your business could take you in an entirely new direction. Business experts also speak about finding a ‘gap in the market’, but sometimes a gap can present itself without you even realising it. Is there an area of your business or a specific type of product that sells a lot more than others? Ask yourself why you aren’t placing more focus on this. Maybe you have found a gap, but you’re just not pushing hard enough to fill it. WHERE’S THE MONEY? An important question to always ask yourself when making any business decision is “where’s the money?” This especially applies in retail, where some of your products will sell much better than others. While you may have a clear vision in mind of how you want

IF YOU AREN’T PLAYING TO YOUR STRENGTHS OR DOING THE THINGS THAT MAKE THE MOST MONEY, YOU’RE NOT RUNNING YOUR BUSINESS CORRECTLY your business to look and feel, ask yourself whether this is based on facts and figures or whether it is just personal preference. The best business minds will identify their own strengths and constantly adapt their business model in light of what they know they are doing right — even if this means taking off in a completely different direction. This is what happened with Gary Lyons from The Plastic Box Shop, when he realised that the plastic storage boxes he was selling from a small hardware store in Thirsk were by far the store’s most popular product. It was clear that there was a demand for plastic storage boxes, and Gary spotted the opportunity to move into an area of retail where there was few competitors and money to be made.

PLAY TO YOUR STRENGTHS For sectors other than retail, finding the strong elements of your business may be more difficult than simply identifying which area makes the most money. Your strength may not lie in the actual product or service you provide, but rather the manner in which you do things. If you are blessed with modesty and unsure of what your individual strengths are, perhaps you could ask a colleague or a partner what they consider them to be. The likelihood is that if they enjoy working with you and your business is succeeding, you obviously excel at something. Or for a more objective view of your strengths you could always try completing a Briggs Myers test, which will tell you your personality type based on behavioural traits. If you’re particularly charismatic and thrive when meeting with clients, you should consider restructuring your staff roles to allow you to spend more time doing that, and less time undertaking tasks you aren’t very good at. Charisma is a fantastic attribute to have, especially with the importance that ‘the pitch’ plays in getting your business off the ground and attracting investors, as discussed in this interview with Dragons’ Den’s Piers Linney. While a lot can be said for self-improvement, when it comes to business you must assign the best person for the role at all times, so don’t be too proud to admit when you don’t think you’re the right person to perform a task. Instead, spend time doing things that you’re good at which also benefits the business. If you aren’t playing to your strengths or doing the things that make the most money, you’re not running your business correctly. Don’t be afraid to deviate from an earlier business model in order to be pragmatic when managing your business, and always remember where your business started from — it’s okay to celebrate your successes once in a while, just don’t let it go to your head! l

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ENTREPRENEUR

5 TIPS FOR MANAGING INTERNATIONALLY

The number of companies that are now successfully operating on a global scale and feeding multiple marketing with their one business model is increasing. However, managing a growing business across countries with different languages, cultures and time differences can be challenging and a daunting task. Thomas Villeneuve, CEO of online flatsharing marketplace Weroom which operates a number of European countries, has put together five tips to help anyone manage their business across multiple international markets.

TIP 1: COMMUNICATE REGULARLY WITH ALL TEAMS Communicating regularly with all of your teams around the world on a regular basis is important to help feel teams supported and included within the wider business, especially if your face-to-face time with them is restricted by cost, distance and time. It is important to keep lines of communication open so all teams stay aligned and on track. Facilitating regular conversations will make you more accessible and invites teams to come to you with their concerns, despite where in the world they may be. Try to schedule in regular calls and avoid lengthy email chains where important points can get lost. A scheduled call with a structured agenda can allow you to delegate actions faster. I also find that sending out team updates encourages all offices to learn what other departments are doing and helps teams to feel a part of something bigger. TIP 2: MEETING FACE-TO-FACE Travelling to visit other offices can be costly and time consuming but, when possible, try to arrange regular

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visits to other teams. Meeting face to face will help you to see for yourself how the teams are doing as well as allow time for you to bond. As someone who manages teams on an international scale, meeting in person also provides you and the teams with the rare opportunity to go out and socialise. Something as common as going for a drink after work is something you are not always able to do with everyone you work with. It is important to make the most of the time you have by getting to know them and developing those relationships. TIP 3: BE AWARE OF LANGUAGE BARRIERS It’s important to make sure that everyone within your teams share a common language to prevent any misunderstandings or miscommunications. Language barriers can lead to people being misunderstood tasks delegated to them or misinterpreting someone else’s colloquialisms, all of which could result in disputes and missed deadlines. Ensuring that all members of your team have a comprehensive understanding of the same language will mean that everyone’s approaches will be received well.

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TIP 4: MANAGE TEAM SCHEDULES One of the biggest challenges when managing teams internationally is the one thing beyond your control, time differences. You may find yourself in circumstances where your offices in London want

PEOPLE THAT WORK WITH YOU FROM ALL OVER THE WORLD ARE BOUND TO HAVE DIFFERENT CULTURAL VIEWPOINTS

with these time differences. It is worth scheduling in a suitable time for a weekly call that suits everyone should offices with large time differences to others need to be on the call. TIP 5: APPRECIATE CULTURES AND PERSPECTIVES People that work with you from all over the world are bound to have different cultural viewpoints and behaviours and this should not be considered as a barrier that restricts you from working together. Yes, some social behaviours from some cultures may come across to others as offensive but it is important to remind yourself and your teams not to take this personally. It is important to embrace the fact that you are surrounded by people from all walks of life that have new perspectives â&#x20AC;&#x201C; and this can only lead to more ideas and innovation within the business. l

to speak about a global matter tomorrow at 9am, but the US office will be fast asleep at this time. It is crucial for you to make yourself and all other teams aware of the inevitable barriers that you will face

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INVESTOR

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INVESTOR

A GOOD TIME TO INVEST IN

GOLD?

Gold hit the year running reaching its highest price since early November of last year. The tanking Chinese stock market and chain effect on both European and US markets are some of the main drivers behind the recent price spike.

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hether gold’s rally during these first weeks of the year is the emergence of a long-term upwards trend or whether it is only a short-term increase before the price sinks along with other commodities will depend on the interplay between a number of key factors. • US Fed’s interest rate hikes • US stocks aging bull market • Commodities rout • China’s economic slowdown • Global growth – or lack of Gold, a safe haven in times of economic turmoil, reached all-time highs of $1920 per ounce in November 2011. Since then it’s had limited demand due to the growing strength of the US dollar. The Fed’s decision to raise interest rates for the first time in almost a decade last December was another blow for the precious metal and sent it to a 6-year low of $1,049. The connection here is that the rate hike lowered chances of increasing inflation, whereas gold is bought

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as a hedge against inflation. And as gold is priced in US dollars, a weaker dollar means a higher return on gold. So what do we have coming up for 2016 and going into next year that’s likely to affect gold? First up, the US central Bank. Though the Fed plans four interest rate hikes this year, analysts are expecting them to pull back on some of these. The bank acknowledged that the economy is losing some of the momentum it saw last year. This didn’t help US stocks which saw The Dow drop 223 points after the Fed’s comments. The Fed have not pulled back on their initial plans to raise rates but they are monitoring global and financial developments closely. Seems we are seeing a similar situation to what we saw last August, when stocks fell after the Fed’s failure to raise rates. It’s acknowledged on Wall Street that stocks are already in an aging-bull market and they’ve had a lackluster start to the year. The S&P 500 fell 7% for January and the Dow dropped 8%. The fall of oil prices, the drubbing of commodities

INVESTOR

CYCLES OF GOLD ARE ACTUALLY ON AN INCREASE and uncertainty over China’s economic slowing are causing tremors across the global markets. Many are fearing a currency war with both the Russian ruble and Chinese yuan dropping in an attempt to keep their exports competitive. Under the current market conditions, investors think it will be difficult for the Fed to raise rates more than twice in 2016. This coming March will be telling indeed as economists expect the next hike announcement. Meanwhile on the global stage, the OECD and International Monetary Fund have both revised their forecasts for the world economy downwards. China’s economy is expected to fall further in 2016, the US to stay the same and Europe to make only modest improvements. Emerging markets like India seem to be the only bright spark – and India is one of the largest purchasers of gold. Overall, expectations for the world economy are for an almost 3% growth, a slight improvement over last year’s 2.5%. A lot hinges on China. And while many don’t believe China’s official data on growth, consensus is that a lot of the impact is already being absorbed by the markets. China is a large importer of commodities such as oil, copper and gold. Let’s take a quick step back and look at the average gold prices over the last 10 years as reported by The National Mining Association of America. Year

Average Price (per troy once in USD)

2005

444.74

2006

603.46

2007

695.39

2008

871.96

2009

972.35

210

1,224.53

2011

1,571.52

2012

1,668.98

2013

1,411.23

2014

1,266.40

2015

1,160.06

While we see a slight downturn in recent years, if you go even further back in time, cycles of gold are actually on an increase. Should investors buy gold this year? That’s not something we can say but as an old Turkish proverb goes “Gold does not rust on the ground, and rocks don’t get soaked in the rain”. l Nikolas Xenofontos, Director of Risk Management at leading online trading services provider easyMarkets www.easymarkets.com Risk warning: Forward Rate Agreements, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you understand fully the risks involved and do not invest money you cannot afford to lose. Our group of companies through its subsidiaries is licensed by the Cyprus Securities & Exchange Commission (Easy Forex Trading Ltd- CySEC, License Number 079/07), which has been passported in the European Union through the MiFID Directive and in Australia by ASIC (Easy Markets Pty Ltd -AFS license No. 246566).

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THE OUTLOOK FOR GOLD PRICES Since its 6-year low in early December, gold has risen by over $90. In this article, we assess the prospects for the gold price over the next twelve months or so and whether this does mark the beginning of a new bull market. We also look at the implications for some of goldâ&#x20AC;&#x2122;s key supply and demand segments, paying close attention to the retail investor market for small bars and coins. The current rally can be traced back to late last year. The immediate aftermath of the first US interest rate hike last November demonstrated that the move had been largely priced into the gold market for some time. Although gold did subsequently face selling pressure (from investors) after the announcement, its price decline was modest. Turning to the start of this year, the sell-off in global equities has clearly provided a boost for gold, with safe haven demand, to some extent, returning to the market. Concerned about the outlook for the global economy and especially the prospects for a hard economic landing in China, some investors have switched their focus back towards gold. In particular, this has helped lift gold demand of both exchange traded funds and in the futures market. This in turn has contributed to a 9% rise for the yellow metal, which has surpassed $1,140 (at the time of writing) for the first time since early November last year. 62

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Given our expectations of rising gold prices for much of this year, we could be tempted to interpret recent moves marking the turning point for the gold market. In particular, our expectations for US interest rates, which we only see rising to around 1% by end2016, should eventually help gold prices to move higher. In the meantime, though, some near-term weakness in gold prices may still merge. For example, participation by institutional investors on the long side of the gold market has so far been relatively modest, which in turn suggests a lack of conviction towards gold’s upside prospects. One reason for this is that expectations for the pace of US interest rate increases could quickly change. For example, a series of better than expected economic data releases in the US could see equity markets recover leading to a rotation out of gold, sending prices lower.

WE BELIEVE THAT GOLD PRICES WILL GRADUALLY MOVE HIGHER OVER THE COURSE OF 2016 Even so, based on all of the above, we believe that gold prices will gradually move higher over the course of 2016. Against this backdrop, we expect to see a benign outlook for gold’s core supply and demand fundamentals. Starting with mine production, we believe this will plateau this year. It is worth noting that we continue to see only limited price-related closures, as the effect of lower dollar gold prices has been offset by weaker gold mine producer currencies and other cost reductions (such as reduced exploration expenditure). Moving to the demand side in the gold market, and focussing on the world’s largest gold consuming market, China, the country faces another challenging year. Slowing economic growth, troubled equity markets and, perhaps most important of all, poor sentiment in the country are clearly impacting demand, in line with other discretionary spending. One sector that performed relatively well in 2015 and should remain quite strong this year is retail investor demand, where the focus is on small minted gold bars and bullion coins. Globally, the largest retail markets are China and India. Bringing the discussion closer to home, in the west the largest markets are Germany and the US. Exploring these markets in a little more detail, the profile of retail investment in each country varies considerably. Looking first at Germany, small minted gold bars account for roughly 70% of the retail market. Some of the most highly desired sizes include the one kilo bar, 500g, 250g and 100g, with German brands noticeably popular. In terms of the retail coin market in Germany, arguably the most sought after bullion coin is the South African Krugerrand. Turning to the US, the market share split between gold bullion coins and bars is effectively reversed, with coins accounting for around 70% of the country total. The most popular coin is the US Eagle, although other pieces in high demand include the Canadian Maple Leaf. In the US retail bar market, the 1oz bars

arguably the most popular, with Swiss made pieces dominating the retail landscape. Turning to the UK, the bar : coin spit appears slightly in favour of bars, with an estimated 55-60% share of retail sales to small investors. This segment is also dominated by Swiss brands, as well as locally produced pieces. Unsurprisingly, the most popular gold bullion coins in the UK are those struck by the Royal Mint. One common theme across most Western retail investor markets is the relatively “sticky” nature of retail purchases. In other words, there can often be a reluctance to liquidate holdings. This buy and hold mentality largely reflects a key buying motive, namely wealth preservation, rather than wealth accumulation. This explains why retail investor demand took off during the 2008/09 financial crisis as small investors looked to diversify investments, at the expense of more traditional investment vehicles (such as equities) and in favour of precious metals. Fast forward to the current market and although the level of retail gold buying, for example, in the UK, pales against volumes purchased during the banking crisis, the recent sell-off in equities has once again boosted gold’s appear as a safe haven. This in turn explains the low level of liquidations among retail investors, that we are now seeing. However, this in itself will do little to push gold prices higher. Instead, what is required is more sustained buying by professional or institutional investors. After all, this is where the real weight of money lies in the gold market. Once this occurs, gold prices should then enjoy more pronounced gains, which should extend well beyond 2016. In spite of this performance, we need to put the expected bull market into perspective as we do not expect gold to come close to the 2011 high of $1,900. l Philip Newman, of Metals Focus, London based independent precious metals consultancy About Metals Focus Metals Focus is a London based independent precious metals consultancy. We are specialists committed to the precious metals industry and do not cover any other commodities or asset class. The quality of Metals Focus’ work is underpinned by a combination of top-quality desk-based research, coupled with an extensive program of travel to generate ’bottom up’ research for our forecasting reports and consultancy services. For more information, please contact charles. demeester@metalsfocus.com. Disclaimer & Copyright Although every effort has been made to undertake this work with care and diligence, Metals Focus Ltd cannot guarantee the accuracy of any forecasts or assumptions. Nothing contained in this report constitutes an offer to buy or sell securities and nor does it constitute advice in relation to the buying or selling of investments. It is published only for informational purposes. Metals Focus Ltd does not accept responsibility for any losses or damages arising directly or indirectly from the use of this report.

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A Diamond Investment W

ith some experts asserting that the recession is almost behind us, the future of the global stock market remains uncertain in the face of unprecedented political change. Increasingly, high net worth individuals are looking into alternative investment sources, with diamonds being one of the most popular choices. One of the reasons diamonds make for such an attractive asset option is their durability. With the stone weight recognised internationally and generally measured by fixed criteria, they are easy to monitor. The high value of diamonds and their very low weight also make it a much easier commodity to transport.

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You need to look out for 4 Cs: Carat, Colour, Cut and Clarity Your investment will pay off in the long term, should you wish to resell. Whilst 2015 saw a slight decline in some white stones prices, it has also seen some record prices been paid for rare collectable coloured stones. In general, the price of diamonds for the over 5 Carat single stones has risen over 150% over the last 25 years Investing in diamonds is a reasonably safe option even in comparison with purchasing precious metals. Since diamond discoveries are rare, and the individual tones are unique, the prices tend to go up more as fewer rare stones are unearthed. Over the last ten years there has been minor dips in the market for certain sizes. Similar to other commodities, over production drives down prices and produces less demand. This can also be explained by changing trends in gems and stones. For example at the moment, the trend is for fancy coloured diamonds, while in the past their value was much lower than the more traditional counterparts. Salim Hasbani of Hasbani UK and Tresor Paris thinks that the prices of the rarer stones, such as the large pinks, blues, and greens may continue rising around 5-10% or more per annum until 2020. An example of a recent super-diamond purchase is the diamond named the ‘Blue Moon’. A $48.8 million auction buy was made by a Hong-Kong bidder for his 7 year old daughter. He renamed it ‘Blue Moon of Josephine’ after her, upon purchasing. So what do you need to look out for when investing in a diamond? One of the most important things to remember is that it is always worth buying the best quality diamond you can get, rather than the biggest of a lesser value. This will maximise the stone’s resale potential, and will make for a better long-term investment. When considering your options, you need to look out for 4 Cs: Carat, colour, cut and clarity. Carat points to the size of the diamond, with one 1 carat equating to 100 points or 0.2 grams, while the clarity denotes the quality of the diamond. Among other factors that influence an investor’s

buying choices, ethical concern is often of upmost importance. By buying from a legitimate and reputable source that is in compliance with the United Nation Resolutions, you can ensure that your diamond was sourced in a conflict-free manner. Hasbani also recommends against buying investment diamonds online, and suggests that purchasing at auctions should be approached with caution too: ‘Ensure you do your research on items before buying at an auction, set the highest figure you want to pay in your mind beforehand and try to stick to this’. This will help avoid getting embroiled in a bidding war, and paying more than a retail price as a result, which is often the case at auctions. Once you have made your purchase, it is important to care for your stones and their safety properly. Always store them in a safe or secure volts, and use a specialist courier when transporting, such as Brinks, Malca Amit or Regency. When transporting your pieces, it is worth remembering that diamonds can scratch other jewellery, and therefore need to be separated. Always keep your diamonds in separate pouches with a soft jewellery cloth or tissue. One of the advantages of diamonds as an asset is that the purchasing process can be very discreet. It is advisable to ensure the pieces’ movements are only disclosed to others when absolutely necessary, keeping the number of people aware of them to a minimum. When insuring your precious jewellery, it is best to spend some time shopping around, or even using a specialist agency. Doing so can help cut down your insurance costs significantly. l For those interested in spectacular pieces currently on sale in the UK, Hasbani points out the natural blueishgreen cushion shape diamond, which is just under 8ct. The ring featuring the rare stone is currently on sale for just under £2million and can be viewed by appointment at the Tresor Paris Hatton Garden boutique store. 0207 427 8300 for enquiries Salim Hasbani, Hasbani UK / Tresor Paris

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HOW TO START SUCCESSFULLY INVESTING IN PROPERTY

We spoke to Lukas Sheen, a young, successful entrepreneurial property investor who has just set up www.vamoove.com, a brand new concept in property investing. Lukas and his father run a construction company and have been investing in property for the past 15 years. Their main focus is on Grade 2 listed developments, manor house conversions, pub redevelopments and blocks of flats, mostly in London and the home counties. They have invested in an interesting range of properties over the years, including a manor house in Essex and a high end property in West London, which they bought sight unseen. Last year they bought and a derelict pub in East London and have restored it to its former glory much to the delight of the local community. “People always ask me about what is the best way to start investing in property. I tell them that before they buy anything they must do their due diligence. This does not change as you become more experienced, because every purchase is different but especially at the beginning when you are on a big learning curve. “A property can turn into a money pit if you buy it without doing a survey, checking all the legal aspects, getting accurate building estimates. Make sure you find out what the average square foot price is for the area, what the yield will be if you are developing something to sell or rent. If you’re borrowing money to invest, work out how the loan will affect your bottom line, especially if you are redeveloping a building. If costs are high your yields will fall”, says Lukas. “When you first start you don’t know what you don’t know, so my advice is talk to people who have 66

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done what you want to do and get as much advice as possible. Of course as you get more experienced you start to know whether to hold on to a property or whether to sell it, whether something is a good buy or not and when to take calculated risks”, says Lukas. Exit strategies are not just for entrepreneurs they are for any type of investor, and are especially important in property investment. Any successful investor will advise you to decide how you are going to get out before you even buy your first property. A well thought out investment strategy can provide wealth and income; it is a question of timing, planning and understanding the market. If you stay focussed on your end game and your means of getting there, you will achieve your goals, as long as you know what your goals are. The first thing you need to consider is how do you want your portfolio to perform? Are you investing for the short, medium or long term? Are you looking for long-term wealth building, high monthly income or a combination of both? Lukas explains how they decide whether to keep a property in his portfolio or whether to sell. “It all depends what the yield is, if you get a good yield and it pays you to hold on to it, then hold on if not sell and move on. For example, we’ve just finished developing a property in West London. The yield isn’t particularly high but the property is worth a lot of money so it makes sense for us to sell it. On the other hand, we have a block of flats which we have just developed from a converted factory in East London on Crossrail and we are getting a great net yield on the rents. So we know that not only are getting good capital growth we are also getting a good income from the rent. This is one to hold on to”.

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As with any investment there are always pitfalls and of course people make mistakes. One of the biggest problems is when deals fall through at the last minute because of lack of funds. This happens time and time again and something that will definitely resonate with seasoned investors. Lukas though has turned this, one of the most common, irksome and time consuming pitfalls of property investment into a brand new business, an exciting and truly unique way of buying and selling property online. “I came up with the idea of www.vamoove.com because I was fed up with being messed around by buyers who said they wanted to buy and then didn't come up with the funds, or pulled out at the last minute for financial reasons. It can be so frustrating when you think you’ve got a deal about to go through and it falls apart at the last minute. Like practically all property investors I found I was wasting time on deals that didn't happen when I could have been selling to other potential buyers”. “The concept behind the new website is fairly simple, but no one has ever thought of it before. On Vamoove buyers have to pre-qualify by giving proof of

funds available before they can join the site and have access to properties for sale. This gives sellers proof that they are serious buyers and it also gives buyers the reassurance that the sellers are serious sellers. “The other main problem is finding the properties, we have been very lucky because we have only ever bought off-market and by word of mouth. Most property investors don’t have access to these deals and often end up paying a premium for properties they buy through agents or at auction. Agent fees eat into the bottom line and auction prices have gone through the roof recently and it is hard to get the types of returns that you used to on properties bought this way”. “This is another problem that Vamoove addresses. Our Platinum members will have access to off-market, pre-auction, distressed, quick sale and below market value properties. The holy grail of property investing and there is definitely no other site that can offer this”. l www.vamoove.com

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INVESTING IN CHINESE ART In 2015, the two biggest contemporary art markets, US & Europe and China experienced a market contraction, which resulted in 7.8% lower sales of Modern and Contemporary art across all the markets, according to ArtTactic. Two prominent figures in the Chinese contemporary art scene - Shen Qibin, collector, curator and artist and Guan Ce, Artist and Professor at Nanjing University - gave their expert advice for emerging and established investors in an unpredictable time within the market. Both men recently had an exhibition at Saatchi Gallery and Cambridge University's Jesus College entitled New Chinese Art. The duo's current collections pry on pressing social issues in China such as its strained relationships with the West, slowing economic growth and climate issues. Shen Qibin’s Gardens of Loss and Delight, has invoked the ancient Chinese cosmology of Wu Xing: the five ‘elements’ of metal, fire, wood, earth and water, showing a polluted urban nightmare by mashing together imagery and ideas from different times and cultures - suggesting an aesthetic and moral viewpoint that is exclusive neither to East nor West. Guan Ce’s The Tao of Birds, is a tangible interpretation of his rational thinking, demonstrated in the form of grey, dense and emotive mountainous and wooded landscapes. The result is both traditional and de-constructive. WHAT TO LOOK FOR WHEN INVESTING IN CHINESE CONTEMPORARY ART? SQ: Contemporary art is more than just paint on canvas. Conceptually, works are limitless from paintings to installations to sculpture to videos and so on. There should be a parallel between investment and understanding of the artwork, therefore a natural

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interest is beneficial. GC: Investors may not understand the art, or have no knowledge about contemporary art. What they really care about is the return on investment a piece has to offer, so the substantive reference data may attract the investor’s attention. This could include the popularity of the artists, their works’ previous sales figures and the reputation of the artist and their profile as a whole. ART/ERAS POTENTIALLY COULD OFFER THE BEST RETURN SQ: Contemporary art is a new art form. It is not only an indication of the ‘current’, but it also inspires and dictates future trends. Contemporary art is one of the best ways to invest in emerging markets. GC: The most important thing for a successful return is how an investor understands and reacts to art, as well as how in-tune they are with the historical context of creation. THINGS TO BE AWARE OF SQ: Investors should pay attention to the following points when they invest in contemporary art. Value the past. Examine the art to see if it can be classified as valuable in the context of art history, whether it relates to a previous collection and who has previously brought and sold the artists’ pieces. Does the artist have a distinctive personal language and style? If they are distinctive, the artworks may be more provocative, valuable and carry a greater meaning. Look at the artist’s CV. Which school did he/she graduate from? Does the individual have any special experience or a unique story? All of these points will add to the overall value of the investment. GC: If the investors follow trends or their personal

opinions it can misconstrue the value of a piece. Education is the difference between an impulsive investment and a measured one. If you want to invest in art, the first step is to study, read and research as much as possible.

THE MOST IMPORTANT THING FOR A SUCCESSFUL RETURN IS HOW AN INVESTOR UNDERSTANDS AND REACTS TO ART

WHERE TO SOURCE/BUY SQ: There are a number of available channels for investors to source and buy from. Buying directly from the primary market such as a gallery is always a good option. Established artists will cooperate with stable galleries; this increases the credibility to any work and enhances the artistâ&#x20AC;&#x2122;s reputation. Alternatively you can seek an art agent or specialist who will recommend good artworks to investors; itâ&#x20AC;&#x2122;s beneficial to get second-hand expert advice when investing. Another viable option is art auctions, they can offer great value. GC: A gallery is the most traditional way to buy art, not only does it represent a certain prestige and synergy between a gallery and the artist - it also helps to keep the art landscape healthy. Buying from galleries ensures artists get money for their works and galleries can survive in order to display an array of talent. l

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A Novice’s Guide to Investing in Luxury Watches Over the last decade the value of classic watches has risen by more than 5% a year, with certain preowned models more than doubling in value over this period. As a result, watches have become one of the most desirable forms of alternative investment to seasoned and fledgling investors alike.

et there is one common mistake made by those looking to invest in a luxury watch; thinking you can pop into the local jewelers, buy a relatively average model from a well known manufacturer, and within a few years get back what you paid for. This is not the case. Below are a few thoughts that may help make your first foray on the world of Haute Horlogerie a pleasant one. 1. Research before buying. It’s essential to get an idea of what you’re looking for before you buy - whether it’s seeking independent advice from an expert, or joining a watch enthusiasts forum. Help and good advice is out there! 2. Some retailers with multiple stores have first class, knowledgeable staff. Yet there are many assistants who have little if no product knowledge, and have to check the very basics of a watch’s specification (even when let loose on £10,000plus pieces). Make sure you find someone who is passionate, knowledgeable and enthusiastic - a less than average purchasing experience can tarnish what should be a very enjoyable one. 3. Consider carefully before buying from a retailer who offers a limited number of brands, which they can only sell at retail price. Instead, look for a retailer who has a great reputation, product knowledge and will help you identify a piece that will be residually strong and, equally importantly, will suit your lifestyle! Try to view a comprehensive selection of brands and models in one store so you can make direct comparisons, and choose a retailer that have the pieces in stock and available. So many retailers and web sites try to sell from brochures or library images. Many of those pieces they do not even have, so even if you identify your “chosen one” you may find that delivery will be a deflating 6-9 months. 70

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4. A pre-owned watch will always (with good advice) have better investment potential than a brand new watch. Always consider an independent dealer who is not tied to particular brands. They are often more negotiable on price, and usually more considerate when part exchanges are involved. Customers typically part-exchange their watches after around three years, but sometimes as often as every six months. As a general rule of thumb, it would on average take five to seven years before you begin to see an increase in value. 5. Some manufacturers have very little, if any, pre-owned market value. If you’re unsure, speak to dealers & collectors you will soon become aware of brands to avoid. 6. It’s hard to look beyond Patek Philippe and Rolex for brands that are best at holding their value. Patek Philippe’s Nautilus, designed by the legendary Gerald Genta, is the nearest thing you’ll find in the watch world to a guilt-edged investment. Relatively few are produced and demand will always be high, even at the £16,500-plus price point. In contrast, and contrary to some people’s perceptions, diamond-set pieces often depreciate the most. The more heavily diamond set the watch is, the less likely you are to hold value unless ideally a pre-owned example can be found at very sensible levels. 7. An obvious point perhaps, but one that is unfortunately often overlooked: ensure the watch is authentic. Brands are constantly innovating to take steps to protect their watches from being reproduced. But increasing numbers of counterfeit watches are making their way onto the market, so its vital to do your due diligence before purchase. Not all pre-owned watches will come with paperwork or a serial number, but if your watch of choice doesn’t come with

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THE EXPERIENCE SHOULD BE FUN AND EXCITING A GLIMPSE INTO THE SECRETIVE WORLD OF FINE WATCHMAKING

either of these, look further into why. Every brand has unique measures built into their watches to confirm their authenticity. For example, since the mid-2000s Rolex watches have a coronet micro-etched into the face barely visible to the naked eye. The weight, ticking noise, hand movement and materials of a watch are the first indicators of whether it is genuine or fake. To ensure the watch you are investing in isn’t a counterfeit, only deal with a reputable, experienced dealer who will be able to fully inspect the watch on your behalf. 8. A factor likely to influence a model’s value is when it is discontinued, how many where produced, and subsequent demand. Some quality manufacturers frequently change their range and cull certain models. This is not in the buyer’s control so sometimes there’s an element of good fortune involved. For instance, the Rolex Daytona chronograph was produced with Zenith El Primero movement until the late 1980s. Rolex then produced its own in-house chronograph movement; the Daytona Zenith was subsequently discontinued, with a good example now selling for upwards of £9000. Or take the Rolex Deepsea D-Blue, which was designed to commemorates James Cameron’s historic deep-sea dive to the bottom of the Mariana Trench in 2012; rumours abound that it will soon be discontinued has led to very strong demand, with prices 10% above its RRP. All things considered, purchasing a special timepiece shouldn’t be all about investment. The experience should be fun and exciting - a glimpse into the secretive world of fine watchmaking, a considered yet passionate purchase to mark a special occasion, a pat on your, or someone else’s back or to mark a special achievement or goal, or something to pass onto the next generation... All that said, with a little time, energy and advice, something that gives you as much pleasure as a fine wrist watch could also, as a bonus, become a very pleasant investment too. l

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LONDON PROPERTY: STILL AS HOT AS EVER Following an onslaught of news reporting that London is no longer in the top 10 cities in Europe for property investment and that the number of first-time house buyers in Britain is falling, a long shadow has been cast on London’s status as an international property hotspot. Investors’ fears over a property market bubble on the verge of bursting have been exacerbated by the looming stamp duty deadline in April. However, Tal Orly, CEO of Cogress, the open equity investment platform for property, making investment accessible and transparent, takes a decidedly different stance, and shares his top reasons why investors can be sure that London will continue to be a property investment hotspot that offers the best ROIs. BY BASING REPORTS ON CHEAP HOUSING PRICES, THE INFLUENCE OF TRADITIONAL PRIME PROPERTY INVESTMENT IN LONDON IS IGNORED The most recent Emerging Trends in Real Estate report released by PWC and the Urban Land Institute, which is calling for yield compression in the UK capital predicts quite negative investment prospects for London. However, this report by basing its analysis on cheap housing prices ignores the astonishing growth that Prime Central London (PCL) housing has been experienced year-on-year. The common consensus is that house prices have flattened out across the United Kingdom over most of 2015 and now into 2016. Nevertheless, a string of recent UK house price indexes, such as the latest one produced by Nationwide, have proven that this is a mere misconception. What has in fact slowed down is only the acceleration of the percentage increase in house prices – when a vehicle slows its speed down from 70mph to 30mph it’s still moving forward, although the driver may feel a dip in adrenaline. This softening growth is no reason to panic because on a month-on-month basis we are still seeing prices continue to rise. It is unlikely that this is to change anytime soon, which means that the market remains healthy and will keep price surges brisk. Moreover, higher rates of stamp duty may boost the market, as people rush to complete transactions before the changes come into force in April this year. Undoubtedly levels of expectation among sellers, and the estate agents who are controlling these property sales have changed, which is arguably an adjustment for the better. In a bull property market, expectations always intensify and vendors can become greedy. However, the deceleration of house prices has produced more realistic asking prices on the open market. When the market was at its peak between 2012-2014, the gap between ‘asking prices’ and ‘sold prices’ was at its largest. In some areas of prime London, sellers experienced a staggering 50% 72

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difference between what they asked for and what the property actually sold for. So, people asking for £1.5m sold the property at an achieved price of £1.0m. There should be no doubt that this represented an unhealthy state of affairs, which is quite rightly being corrected in today’s bear market. THE FRINGE REGIONS OF THE CAPITAL WILL FORM THE MAIN DRIVER OF PRICE GROWTH IN 2016. Good news emerges from the fringe regions of the capital, as they are becoming the main driver of price growth in 2016. Price differentials between London and the commuter zone have been widening significantly in the past 10 years. Locations such as Oxford, Reading, Guildford, Winchester, Maidstone, Chelmsford and Cambridge have held up well amongst the variety of commuter belt cities in the South East of England. Growth in these regions show no signs of slowing down as Cross Rail and HS2 will only further add to their popularity among City workers looking for cheaper housing alternatives. In these inexpensive areas, which are less affected by economic and political changes, the new stamp duty rates will be significantly lower than those required in inner London, so it’s likely that they will continue to blossom and maintain their growth. For example, a four bedroom family house in Chelsea is worth circa £6,000,000 and the stamp duty is £633,750 – well over 10% of the purchase price. In comparison, the same size house in Guildford is worth closer to £1 million with a considerably lower stamp duty of £43,750, which is just over 4% of the purchase price. We can expect that the tax change may impact buyers in London who will find the London commuter zone to be an extremely attractive option for purchasing a property. WITH DEMAND OUTPACING SUPPLY, PRICES WILL STILL RISE All of the above will certainly impact the London property market with knock-on effects that may cause buyers, sellers and lenders to act cautiously. However, the bottom-line remains that the demand for property in the capital continues to outpace supply. The substantial imbalance between supply and demand is set to persist and will maintain upward pressure on house prices in 2016. This demand is sure to be amplified by London’s booming population with the city’s projected population set to surpass 10 million by 2030 thanks to a flourishing economy, a rising birth rate and a falling death rate. Contemporary forecasts that call for the fall of London’s property market miss the fact that property investment has been and continues to be a long-term project. Ultimately, these factors illustrate just how resilient and robust the residential property market is in London and the greater South East area. And this is undoubtedly, reassuring news to the ears of unnerved investors. l

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ART INVESTMENT HOT LIST 2016

Who to invest in? What particular pieces?, When and where to buy? How much for? Successful Art investment can be a challenge to even the most ardent enthusiast. Top industry experts Federica Bonacasa and John Sibbald from Pall Mall Art Advisors share their thoughts on who and what is hot this year and worth keeping an eye on. Federica Bonacasa, UK & European Sales Director and Art Advisor: “Based on February’s impressionist and modern sales, top quality works in superb condition by the great masters such as Rodin, Leger, Picasso and Matisse have clearly proved to be a good investment in the long term. Satisfying as it is to see these champions run true to form, what of others with less form and how ready are they to compete? What yearlings and foals are coming forward for the artists sales’ equivalent of the Derby or the Prix de l’Arc de Triomphe. I would be tempted to have a serious look at artists such as Eddie Peake, the young London artist, represented by the White Cube Gallery, who works in different media (video, photography, performance, acrylic on canvas, etc). I have just seen an incredible site specific installation commissioned by the Nautilus Hotel in Miami while attending Art Basel there. I would have a serious look at Ettore Spalletti. Although not a young artist, his works are now attracting more attention and since his showing at London Frieze in October last year, his prices have risen by some 10%. He is to have a solo exhibition at the Marian Goodman Gallery in London in April. Three young emerging figurative painters definitely to keep an eye on are: Ella Kruglyanskaya has just had her first solo London show at the Thomas Dane Gallery in collaboration with the Studio Voltaire. Her works are already being placed in international collections. I have also just seen outstanding works by Jamian Juliano-Villani and Tala Madani last December during Art Basel Miami 2015. The photographic work of Noemi Goudal is something also to consider. Her work is still affordable. Price range £9,000-16,000 (for the large format). It would be surprizing if her prices didn’t keep on increasing. She is currently preparing a big show in Paris (Feb 2016). Last year, The Telegraph (22 October) chose to single out the figurative painter and contender for this year’s Turner Prize, Lynette Yiadom Boakye as

the undoubted new star of the auction room. Five of her works were dotted around the Frieze fair priced from £20,000, and all were sold. One of her paintings of two women was pursued by several dealers at Sotheby’s before selling to a collector for a double estimate of £52,500, while at Christie’s her Diplomacy 11, from the Saatchi collection, more than trebled estimates to sell for a record £152,500 to a Russian-speaking buyer. Interestingly Sotheby’s said half their buyers at the select evening sale were under 50 matching the younger age of many of the painters sold.” JOHN SIBBALD, BUSINESS DEVELOPMENT ADDS.. “While big ticket contemporary artists, wine, fast cars, and out size diamonds are always grabbing the headlines as alternative asset investments, it’s perhaps sometimes a good idea to look around for something a little less obvious as an investment opportunity. There appears to be a growing interest in modern British ceramics – although the antics of the Turner Prize winning, Reith lecturing and pottery throwing Grayson Perry can occasionally too be headline grabbing. Prices for his works are on the up, although still behind those of such as Lucie Rie, Hans Cooper and Bernard Leech, the top selling 20th century British ceramicists. A piece by Rie that cost a couple of thousand some years ago could now have increased very substantially. A Rie bowl sold at auction just before Christmas for £55,000 and a bowl by Coper valued at £92,000 currently has temporary export order on it. What can be achieved still in this area by more modest outlay was more than amply demonstrated by the sale last year of the collection of the avid pottery collectors Alan and Pat Firth. Over a period of 40 years, they had gathered some 350 pieces, which they displayed in their bungalow in Temple Newsam, on the outskirts of Leeds. The sale of their collection raised nearly £1m. There are plenty of names to choose from and styles to suit all tastes and the possibility of buying works at very affordable prices. A visit to the Contemporary Ceramics Centre in Bloomsbury, London, or to its website, gives an idea of the range that is available. There is probably still time to catch up before the new BBC series The Great Pottery Throw Down catches up in popularity with The Great British Bake Off and excites a market stampede!” l www.pallmallartadvisors.com

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STARTING YOUR ART COLLECTION To find out how you can avoid the pitfalls of art buying and build your dream collection, we caught up with Nick Campbell, Founder of contemporary art consultancy Narcissus Arts.

HOW DID YOUR CAREER AS AN ART CONSULTANT START? Around 6 years ago I came across an increasing number of friends and acquaintances who had a desire to buy art under £10,000, but on the whole didn’t have the time or knowledge to find the work they were looking for. Through my experience in the art world I knew that art consultants were a dime a dozen, however they were generally for helping people with more substantial budgets. There was no consultancy in the UK designed to aid people with lower budgets for buying art, so I created my art consultancy Narcissus Arts, and later Narcissus Interiors, to cater for this global market.

house or dealer, it’s important to consider aspects such as condition, authenticity and if possible, find comparable art works in order to make sure you are getting a good price. If you are buying prints or photography, be aware of edition sizes and how they can effect price.

TELL US ABOUT NARCISSUS ARTS? WHAT’S YOUR ETHOS Narcissus Arts’ ethos is simple; be the leading art consultancy in the UK to help individuals and businesses find and acquire the best art for under £10,000. Along with sourcing the right work for each client, we also strive to make the whole experience both fun and informative, breaking down various barriers that art buyers face all too often.

YOUR TOP PIECE OF ADVICE? The art world can be a murky place at times, and important aspects such as condition, authenticity and price need to be properly researched and considered. I would strongly advise speaking to a trusted art world contact or established company to aid you with your purchase.

WHERE CAN PEOPLE START THEIR SEARCH? The art world is vast, and the endless works on offer can indeed be daunting. I would firstly suggest trying to narrow down the search by identifying what in particular you love the most, like photography for example. From there you can then start looking up galleries that specialise in that medium whilst also searching for art fairs, exhibitions and prizes. Another great place to look for any art work when starting out is degree shows. WHAT THINGS SHOULD PEOPLE CONSIDER IN THEIR ART BUYING PROCESS? There are a number of areas people should be aware of when buying an artwork. If you are buying secondary market works from a gallery, auction

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ANY DO’S AND DON’TS? Rule 101 when buying art is only buy something if you love it. All too often people are swayed by external advice, or false promises of financial again. At the end of the day you will be the one living with the work so if you are going to get joy from looking at it everyday then that’s the reason to buy.

WHAT ART TRENDS SHOULD WE LOOK OUT FOR IN 2016? For sometime now the art world has been going through a rather interesting shift, especially at the lower end of the Contemporary market, so I am little unsure of what trend we will be seeing this coming year. Regardless of this, I would always advise people not to be too influenced by trends. WHAT’S YOUR PERSONAL ART STYLE? I have to say that I really do not have a personal style, and will tend to buy anything that catches my eye from 19th Century engravings all the way through to artworks from graduate shows. My most recent purchase was a beautiful, large black and white photograph by a talented young artist called Nicholas Feldmeyer. l

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THE ART CURATOR'S CHOICE Nicholas curated the below collection of his investment favourites on CultureLabel.

Untitled , David Shrigley for his basic playful works

Elephant, Ugo Gattoni interesting animal print.

The Cranberries, Storm Thorgerson – long time favourite. The master of surrealist album cover artwork. Excellent!

No Brilliantly Coloured Birds, Martin Boyce – just works

Misty Trees, Bob Marshall stunning, slightly spooky sepia landscape photography. Franklin Summer, Yoko Ono - beautiful abstract lithograph by a 20th Century icon.

Grayson Perry Scarf - highly entertaining and for a brilliant price.

Winter, Hey - a sort of Gary Hume type landscape.

The New York Picnic, Slim Aaron’s -an all time favourite, this work could be almost taken from the pages of Great Gatsby.

Plate Lick (red), Mary Ramsden - Brilliant British emerging talent. Love this little abstract work.

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AUCTION ACTION:

CHRISTIE’S

The Modern British and Irish Art sale at Christie’s South Kensington this March will showcase works that reflect the delicate boundary between abstraction and figurative painting in the post-war years. The auction features around 150 works of art at prices all various budgets – estimates range from £1,000 up to £30,000. Highlights include Beryl Cook’s bustling composition of The Rialto Bridge (estimate: £15,000 – 25,000), Alan Lowndes Tight-rope walker (estimate: £10,000 – 15,000) and Bridget Riley’s vibrant composition, November 16 Bassacs (estimate: £10,000-15,000).

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Images courtesy of Christieâ&#x20AC;&#x2122;s Images Ltd. 2016

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HOW CROWDFUNDING CAN STIMULATE GROWTH

For years London has been seen as the domineering hub of venture capital financing in the UK with a huge proportion of institutions and early stage businesses based in the Capital. Yet the advent of crowdfunding has the potential to help spread the focus away from London, even just by a small amount.

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CROWDFUNDING IS SO MUCH MORE THAN THE MONEY While we have certainly seen an increase in the amount and variety of funding opportunities for businesses who reside in the North of England and Scotland, our data (which is based on over 500,000 interactions on OFF3R over 47 countries) tells us that 56% of UK deals took place in London last year, with less than 20% North of Birmingham and only 7% in Scotland. That’s quite a gap! So what is contributing to the strength of equity crowdfunding in the South of England? The first thing to consider is that crowdfunding platforms actively advise fundraising businesses to have approximately 30% of their target investment in place even before a deal goes live. This is done in order to create momentum behind a campaign. A deal that has reached almost half of its target just days after it begins sends strong signals to the crowd who want to invest in the companies with the highest chance of success. The ability to actually raise this initial capital is not easy as entrepreneurial networks and social capital play a critical role in the process. As a result, businesses outside of London face a tougher time leveraging what might be inherently smaller networks in order to get themselves off the ground. It would also appear that physical proximity to the platforms themselves and the networking/ pitching events that are regularly held could seriously influence which businesses might seek out funding. More to the point however, businesses outside of London aren’t as aware of the funding opportunities surrounding them as those within London. This was highlighted by GLI Finance Limited whose report told us that a lack of awareness amongst SMEs of alternative finance options is creating a potential economic hole of up to £20billion. When you think about it this lack of awareness is staggering. Crowdfunding is web-based and provides immediate access to a world of investment opportunities to those who seek them. In theory, this should eliminate geographical barriers that have long been associated with the traditional sources of equity finance. Also Crowdfunding in the North of England couldn’t be much more pertinent at the moment with overdraft rates for Northern-based SMEs now being slashed at twice the rate of those in the capital. Therefore, the power of crowdfunding in the North of England could have a massive impact given the majority of SMEs are expecting to grow their business over the next two years and that more companies are willing to give up equity in their business to support this growth.

This potential now needs to be translated in to progress and a greater number of deals originating from the North of England. It is encouraging to see a platform like GrowthFunders, based in Durham, actively stimulating investment in Northern startups but this is just a start and more progress needs to be made. On the flipside it’s worth reflecting that in the case of Scotland there may be less cause for SMEs to look to crowdfunding. This is mainly due to the fact that our neighbours north of the border have a much more active angel investment scene than the North of England, accounting for 30% of the UK’s angel network deals. This is in addition to a widespread state-led investment presence delivered through the £72m Scottish Co-Investment Fund. This easier access to capital translates to less demand for crowdfunding with no real platform presence outside of a recently opened Crowdcube office and only 9 equity crowdfunding deals in the first 3 quarters of 2015. Crowdfunding is so much more than the money, it’s the publicity, the validation of a business model and it’s therefore more than just access to capital that businesses are missing out on. Here at OFF3R, we are seeing an increasing number of startups from the North of England and Scotland crowdfunding with our partner platforms but there is huge potential for this to grow exponentially as we have seen with companies in London. In recent times George Osborne has repeatedly advocated the emergence of a northern powerhouse and we see no reason why equity crowdfunding couldn’t act as a powerful stimulus to this as we head in to an exciting 2016 for crowdfunding. l Lex Deak is the founder of the world’s first mobile crowdfunding aggregator, OFF3R, which has been described as the ‘Tinder’ of crowdfunding. He is also the founder of QVentures – a private investment network he founded which has so far invested over £25million in 23 companies – and is one of the UK’s leading alternative finance experts.

Download the OFF3R app on iOS or Android if you’d like to discover crowdfunding opportunities or visit www. OFF3R.com for more insight about the crowdfunding industry.

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INVESTMENT CROWDFUNDING – WHAT’S NEXT? 2015 was an exciting year in the world of crowdfunding, most notably because we saw the first exit on a UK crowdfunding platform, when E-Car Club was acquired by Europcar, Europe’s leading car rental company. In crowdfunding terms, it was important milestone in the industry, and saw crowdfunding come of age. But what’s next for the world of investment crowdfunding? 1. THE CROWD GETS EVEN SMARTER More people are taking a closer interest in what is happening in crowdfunding and how the industry is operating – and this will continue this year. One realisation will be that ‘the crowd’ is much more sophisticated and a lot smarter than people give them credit for. In the past there has been a sense that crowdfunding investors are unsophisticated, irrational and follow a herd mentality, when in fact our data shows that the crowd tends to be highly educated, smart individuals who make rational decisions. This will be backed up by individuals investing very large amounts of the kind we saw when one senior executive at a private equity firm invested £1m into Sugru. 2. INVESTMENT ROUNDS WILL GET BIGGER As crowdfunding continues to mature, investment rounds will get larger, with the average amount raised going up. We did more than 20 raises over one million pounds in 2015, firmly placing crowdfunding as a way to secure Series A funding. That trend will continue and we may see crowdfunding become part of more Series B and Series C fundraising. Made.com, for example, raised £30m through institutional and VC funding, but an ambitious, high-growth, online 80

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business like this could so easily include an element of crowdfunding within its investment plans, helping them to better engage with their community and customer base. 3. BIGGER FIRMS SEE THE LIGHT Crowdfunding was often the subject of scepticism and criticism within traditional investor circles, but that has really changed in recent times. Attitudes among well-known brands and bigger companies will also evolve. I predict that crowdfunding will reach a critical turning point and become more of a mainstream option, rather than a form of ‘alternative investment’, and one that works well combined with other forms of funding. We already have more enlightened trailblazing brands like BrewDog, Camden Town Brewery and JustPark, which raised £3.7m, the largest amount ever on Crowdcube, making crowdfunding their first choice source of fundraising; this is set to continue. 4. PARTNERING WILL BE KEY There will more partnering between so-called alternative investment, traditional investment and major brands. Funding Circle has partnered with Santander already, and I am certain that we will see more activity in this space as in the peer-topeer industry looking to team up with institutional investors. Crowdcube also teamed up with Amazon Launchpad, an online platform for UK start-ups to sell and market their products, which will also partner with VC groups like Andreessen Horowitz. l Luke Lang, co-founder of Crowdcube

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WHY DO INVESTORS INVEST IN PEOPLE? Here at D-Risk IT, every week, we see a lot of startup pitch decks and executive summaries. We also talk to a lot of founders about their fundraising experiences and it seems that they often feel that the whole experience is somewhat random. Using our experience within the early stage investment landscape, we have developed, a simple and quick tool to help founders remove the random from the fundraising experience. So let’s see if we can help swing things back in favour of the founder and entrepreneur a little, by looking at one or two key themes. One of mantras you will often hear on the investment circuit, is that “investors invest in people” but what does this really mean and you might be asking after one or two unsuccessful attempts at attracting finance for your business, “how can I be one of these people that investors are looking to invest in?” Let me give my take on what lies behind the thinking of this phrase and try and unpack it a little further. I would expand the phrase further to suggest that what is often meant is “Investors invest in people … that can execute.” Now we can ask, “execute what?” This now really is the heart of the matter because entrepreneurship, especially that of being a tech founder, is all about the ability to execute, or you could say ‘deliver.’ However, we still need to take this further, to end up with something a little more tangible. Execution needs to be focused and more importantly, outworked in two ways. EXECUTION OF VALIDATION A founder needs to be able to execute a validated opportunity. In the terminology often found in the Lean Startup business methodology, this is also known as ‘validated learning;’ that what has been gleaned or learnt has been validated, (confirmed or proven). There are a host of tools; business methodologies and startup buzz phrases to help you on your journey towards acquiring the validation that you need. They are mainly found around the ‘Lean Startup’ business methodology. A key process within this is the ‘product / market fit.’ Another tool of relevance is the ‘value proposition’ canvas. You don’t necessarily have to use any of these tools or methodologies to get to the validation or proof points that you require but they offer a structured process, get to that crucial evidence that shows that there are others out there (paying customers hopefully) who agree that you are onto something. Too often founders ask for investment before they have proven, evidenced, validated or executed on anything. In effect, they are just taking their dream to investors, expressing something along the lines of, “I believe there is a great opportunity that I have identified, it’s virtually a £1bn dead cert, can you please just believe and fund me?”

There is no execution or validation in mind, just the hope that an investor will suspend judgement, bypass the execution stage and see fit to just write a cheque. Expecting a cheque with out validating anything is quite unrealistic and somewhat lazy entrepreneurship too. EXECUTION OF AN INVESTMENT DEAL Once validation has been proven; as far as possible (and this can be slightly subjective, so perhaps bring another person in for a second opinion), the next task is to execute or construct your investment deal. There is another phrase in this area often used is ‘investment readiness’ but sometimes all this means is the preparation of the documents that you can send to an investor (for example, a pitch deck, an executive summary and a business plan). Proper investment readiness means ensuring you have a decent deal to show off in the first place, by sorting out your ROI and valuation, etc. Remember, you will be in competition for the investor’s money, so you need to look like a better prospect than the next startup. There is such a lot of work involved in executing a deal. I prefer the word ‘configuring’ instead of executing because it implies a degree of construction, active selection and a piecing together of the elements needed to configure a deal. This will ensure that you are not passed over because your deal failed on basic structural issues. Make sure that you have addressed (configured) the deal’s under-lying structure, so that you can then build up an actual investment story on top of it. IS YOUR DEAL READY OR STRONG ENOUGH? This is a question that founders rarely stop to ask themselves. With executive summary or pitch deck in hand, founders think they have done all they need to bring in the investment cash and so merrily skip off to whatever investor contacts they can find and just a philosopher once said, “I think therefore I am.” The startup founder equivalent is, “I pitch therefore I deserve.” So, what can be done to prepare a deal? Well, keep reading on, we are nearly there. CONFIGURING A DEAL How do you go about making sure you have put together a really strong investment deal? D-Risk IT has been developed with startup investment readiness in mind. You could call it an execution checker or MOT for startups looking for angel or VC early stage funding. It’s not just startup founders that are using it In closing, perhaps a helpful paraphrase might be that “investors invest in people with ability, who can bring them a deal that is well prepared and stacked full of proof points.” Or put another way, ‘raise on metrics, not on story.’ l Aristos Peters

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WHAT RETURNS CAN AN ANGEL INVESTOR EXPECT?

Investing in start-up companies is becoming increasingly popular in the UK. It is estimated that more than £400m has already been invested by individuals through the Seed Enterprise Investment Scheme since its introduction in 2012, which is in addition to the £1.3bn raised every year on average through the Enterprise Investment Scheme. Last year, a study from the Enterprise Research Centre (ERC) confirmed the increasing activity of angel investors in the UK with the average number of investments doubling compared to 2009. We are also seeing a change in the profile of angel investors with more women and younger individuals getting involved. It is not a surprise to see this increasing appetite in angel investments considering the very positive trends we are seeing in the sector. The UK tech scene is booming, as evidenced by the impressive number of British “unicorns” – those young companies valued at more than $1bn. With 18 unicorns according to GP Bullhound, the UK counts more unicorns than Germany, France, Sweden and Israel combined! The perspective of finding the next $1bn startup, combined with the large number of platforms to invest in start-ups (crowdfunding websites, angel syndicates, SEIS funds etc.) is attracting a large number of investors who are seeing decreasing returns from more traditional asset classes such as equity markets or property. However this raises a very important question: what sort of returns should you expect as an angel investor? The ERC study tells us that angel investors are expecting a third of their investments to return 6 times or more their initial investment. This sounds pretty good but do we have any evidence that these are realistic expectations? That’s not an easy question to answer – mainly because there is a lack of data on the performance of 82

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angel investments. They are often private deals made by individuals which fall outside of any reporting requirement and therefore remain fairly obscure to the rest of the market. However there are two studies of angel returns we can look at: one in the UK, commission by NESTA and dated from 2009, and another one in the US released in 2007 by two professors from the University of Michigan and the Willamette University. Collectively, these two studies compiled returns across more than 1,200 angel investments – from complete failures to IPOs. The first takeaway of this data is that on average, angel investors seem to achieve very healthy returns: the overall return on investment is 2.5x the original capital committed which over an average investment lifetime of 3.6 years gives us an IRR of more than 25% - a better return than what the venture capital industry as a whole generates! Angel investments seem to be performing well for several reasons: first angel investors tend to invest at much earlier stages than venture capital funds, often when the company has only very limited revenues (if any). Although more risky, these investments are therefore made at significantly lower valuations (the price put on the company) – typically £500k to £2m for companies raising their first round of funding in the UK – which reflect the early stage of development of the business. Even including the impact of dilution, investing in a successful start-up at that kind of level should generate a substantial return for the original investors. Secondly, to some extent angel investors can be more flexible than VCs as they are not under the same pressure to generate outsized returns and to look for the next unicorn: angels can choose to invest in a broader range of sectors and can include in their portfolio sound businesses with more foreseeable prospects – even if they offer more limited upside.

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RETURNS SEEM TO BE CORRELATED TO THE AMOUNT OF DUE DILIGENCE PUT INTO AN INVESTMENT

Actually, surprisingly only a third of the successful “exits” in those surveys had received any venture capital funding. But these results need to be nuanced quite a bit. First, looking at the average return can be misleading. Returns are actually very concentrated on a minority of very successful investments. Only 10% of all angel investments generated 90% of the returns! An individual angel investment is actually more likely to fail and return less than the original investment (ignoring any SEIS/EIS benefits) –quite often the entire investment is being wiped out. This is similar to what is seen in the venture capital industry. This means that angel investments are all about diversification, i.e. building a large portfolio of potential winners and accepting that although they all look very exciting at their beginnings, only a small minority of these companies will make it and provide a return on investment which hopefully will more than compensate for the losses on the others. There are also a number of risks and hurdles which are specific to angel investments – even when the company has successfully taken off. Indeed, being the first investor in a company also means being the most exposed to dilution – the decrease in your share of the equity as more funding is poured into the company. This means that the valuation of the company has to accelerate at a higher rate than the one at which you are being diluted, which is not necessarily the case. Receiving investment from institutional also sometimes comes at a cost for other shareholders: it is not uncommon for VCs to impose clauses such as liquidation preferences which “guarantee” them a minimum return on their investment before any other shareholder receives anything. Although often celebrated by the press, a large round of VC funding is therefore not always good news for angel investors, even if it means that the company is accelerating its growth... So in conclusion, the limited data we have on angel investments seems to suggest that they can generate very high returns, although the risk of an individual investment remains extremely high. Diversification is key and investors should always look at building a portfolio of start-ups rather than concentrate their capital in a small number of companies. An encouraging fact is that returns seem to be correlated to the amount of due diligence put into an investment and to how much experience is brought to the company in addition to funding – which is absolutely necessary to help it through the early stages. This is why at Startup Funding Club, we have developed a platform combining fund investments open to private investors looking for diversification with an active network of business angels who collaborate, review deals together and bring heaps of expertise to entrepreneurs in addition to their own money. Having these two activities in parallel is helping us build a large portfolio (more than 40 companies so far) all the while making sure that these young businesses are receiving the support they need to be successful. l Joseph Zipfel – Investment Manager at Startup Funding Club entrepreneurandinvestor.com |

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CLASSIC FERRARI SELLS FOR ÂŁ24.7 MILLION A stunning 1957 Ferrari 335 Sport Scaglietti recently achieved the world record price for a car at auction, selling for just under a staggering ÂŁ25 million at the Artcurial Motorcars Retromobile 2016 sale. It was bought by an international collector after a tense bidding battle.

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The car left the workshops at the start of 1957, fitted at that time with a 3.8-litre V12 Tipo 140 engine (315 S) producing around 360 bhp. In March of that year it was entered by Scuderia Ferrari for the Sebring 12 Hours, driven by Peter Collins and Maurice Trintignant, and finished sixth. However, the Italians were really waiting for the Mille Miglia in May, when the best teams and the most experienced drivers would go head to head over 1 600 km of roads, without any break. Ferrari lined up four cars including chassis 0674 that was given to Wolfgang von Trips, who finished second behind the Piero Taruffi’s Ferrari. On being returned to the factory, its engine size was increased to 4.1-litres, therefore becoming a 335S. With close to 400 bhp under its belt, the car could reach 300 km/h. For the 24 Heures du Mans, the car was given to Mike Hawthorn and Luigi Musso. Hawthorn took the lead and set the first lap record in the history of the Le Mans 24 Hours of over

200 km/h (203.015 km/h average speed) but unfortunately the car retired in the fifth hour with mechanical problems. This stunning Ferrari then finished fourth in the Swedish Grand Prix, and second in the Venezuela Grand Prix on 3 November (still with team of Hawthorn-Musso), helping Ferrari to win the World Constructors’ Title in 1957. In January 1958 it was sold to Luigi Chinetti, the Ferrari importer based in New York. On 24 February of that year, with Masten Gregory and Stirling Moss at the wheel, the car won the Cuba Grand Prix. Following this American adventure, the car was brought to France in 1970. The architect sold it to Pierre Bardinon, the astute collector who over the years assembled some fifty factory Ferrari comprising the most successful and iconic models in the history of the marque. 

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TAITTINGER INVESTS IN ENGLISH SPARKLING WINE In a remarkable move, highly respected champagne house Taittinger announced it has invested in a substantial plot of land in the UK to create a vineyard. We caught up with the team to discover more.

Q: WHY HAS TAITTINGER DECIDED TO MAKE ENGLISH SPARKLING WINE NOW? For a number of years, we have been very excited about the potential of English Sparkling Wine, but it has been about finding the right time and place to realise our dream. Taittinger believe they can make a high quality premium sparkling wine in Kent – the combination of soil, climate, topography and time are right. This is a project that has been discussed on a number of occasions, but they had never yet found the right opportunity. The increasing suitability of the climate in the UK has been a contributing factor.

Q: WHAT VINEYARD HAVE YOU BOUGHT? Domaine Evremond has purchased 69 hectares of land at Stone Stile Farm, near Chilham, Kent - close to Canterbury and Faversham. 40 hectares of the farm has the ideal terroir/soil to plant high quality vines. Taittinger aim to plant Chardonnay, Pinot Noir and Pinot Meunier, the same vines as in Champagne – and on similar soils. Planting will be on south facing slopes at a maximum height of 80m above sea level. Kent is already proven as an excellent area to grow Chardonnay, Pinot Noir and Pinot Meunier.

There is increased consumer interest in English Sparkling Wine and its sense of place. The UK is Taittinger’s number one export market, and the project shows their appreciation for all the support the UK has given to Champagne over hundreds of years.

Q: DID TAITTINGER CONSIDER ANYWHERE ELSE? We looked at land in Kent, Sussex and Hampshire but we found the prime site that really works for us in Kent.

Taittinger already also has close connections to the UK. Pierre-Emmanuel Taittinger (President) started his career in the UK. And his father, Jean Taittinger twinned Canterbury with Reims over 45 years ago when he was Mayor of Reims. 86

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Q: WHO IS INVOLVED? This is a ‘family’ venture between friends – a collaboration between Champagne Taittinger (55%), its UK agent Hatch Mansfield and private British investors and friends.

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Q: WHAT IS HATCH MANSFIELD? Hatch Mansfield is a UK wine company specialising in premium wines made by independent, family owned wine producers, building their sales, distribution and image in the UK market. Hatch Mansfield works with brands from around the world such as Louis Jadot from Burgundy, Villa Maria from New Zealand and Errazuriz from Chile and CVNE from Rioja. The team has worked closely with the Taittinger family since 1998. Q: EXPERIENCE OF JOINT VENTURES? In 1987, Pierre-Emmanuel Taittinger’s uncle, Claude Taittinger embarked on a similar sparkling wine venture with the Kopf family of Kobrand Wine & Spirits in the USA and launched Domaine Carneros by Taittinger, a terroir- driven wine producer and now one of the leading quality sparkling wine and Pinot Noir producers in California. Pierre-Emmanuel has always dreamt of doing something similar with his English friends. Q: WHAT DOES TAITTINGER AIM TO ACHIEVE? Our ambition is to produce very high quality sparkling wines using the combined experience of Champagne Taittinger in managing vineyards and making top quality Champagne; and of Hatch Mansfield in marketing and selling premium wine from independent wine companies. This joint expertise gives us a real belief that we can contribute to the growing and exciting potential of English Sparkling Wine. Pierre-Emmanuel Taittinger describes it as a ‘project between friends’, and this sums it up very nicely. Taittinger’s aim is not just to be an English Sparkling Winemaker, but also a significant supporter of the whole English wine industry. Q: WHO HAS IT BEEN BOUGHT FROM? The farm is owned by the Gaskain family who are long established Kent fruit farmers. They will continue to grow quality apples, pears and plums next to the Domaine. Stephen Skelton MW, one of the UK’s leading Viticulture Consultants, has also be involved in the project from the beginning in the capacity of viticulture advisor. The land was sold by BTF land agents. Strutt & Parker have been advising Champagne Taittinger and Hatch Mansfield on the acquisition and negotiated the purchase on their behalf. Q: HOW MUCH ARE YOU INVESTING? This is an ongoing project which we expect to be a multi-million pound investment over the next 10 years. Q: WHO WILL MANAGE THE VINEYARD? There will be significant input from Taittinger’s own viticulture team, Damien Le Sueur, Directeur Général, Champagne Taittinger, Vincent Collard, Directeur des Vignobles, Champagne Taittinger and Franck Mazy, their viticultural consultant, who have a wealth of experience. Plus we will continue to take advice

from Stephen Skelton MW, one of the UK’s leading Viticulture Consultants. Q: WHAT WILL THE WINES BE CALLED? The naming of the wines is currently being discussed. But the wine company will be known as Domaine Evremond. Q. WHY THIS NAME? Charles de Saint-Evremond (1614-1703) was a Frenchman who was a connoisseur of delicate and elegant Champagnes, and a lover of fine dining. He was the first true ambassador for Champagne in the UK. In his time, Charles was a field marshal of Louis XIV’s armies. Besides being a valiant soldier, he was also an epicurean, writer and literary critic. In 1661 he was exiled to England following his attacks on French policy, and it was during this time as a writer that he started the fashion of drinking Champagne at the court of Charles II, and he remained a darling of London society for over thirty years. Following his death in 1703 he was buried in Poets’ Corner in Westminster Abbey – a great honour for a French writer reflecting his ‘exceptional status’ of that time. Westminster Abbey and Reims Cathedral (Reims being the home to Taittinger) are naturally linked by their Coronation ceremonies for Kings and Queens alike. Taittinger also own a Champagne – St Evremond named after Charles de Saint-Evremond - and will gift this name to their new UK domaine. It is a natural tribute for Taittinger to name this Franco/ British alliance in his name. Q: WHEN WILL WINE PRODUCTION BEGIN? There will be no wine produced until the plots have been transformed into vineyards. The planting of vines on over 40 hectares will begin in earnest from 2017, once vine clones and rootstocks have been chosen. The first fruit for winemaking will be available in 2020, bottled in 2021. We are looking at around eight years before our first Domaine wine is produced. Our Domaine Evremond non vintage English Sparkling will be our talisman, just as Taittinger Brut Réserve non vintage is for Taittinger. Q: HOW MANY BOTTLES WILL BE PRODUCED? Ultimately we are aiming for circa 300,000 bottles plus per annum. Q. WHERE WILL THIS ENGLISH SPARKLING WINE BE POSITIONED? The aim is to make a premium English Sparkling Wine. Taittinger’s positioning is always to be premium in its category, be that in Champagne or in Sparkling wine in the USA. Our signature cuvée, when it is launched, will sit alongside the other premium English Sparkling Wines.

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FERRARI GTC4LUSSO UNVEILED Ferrari has revealed there is a new, exciting and versatile addition to the prancing horse stable â&#x20AC;&#x201C; the GTC4Lusso, a four-seater which hails a major evolution of the sporting Grand Tourer concept by integrating rear-wheel steering with four-wheel drive for the first time.

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his is a car designed for clients wanting to experience the pleasure of driving a Ferrari anywhere, anytime, be it on short spins or long journeys, snowy mountain roads or city streets, alone or in the company of three lucky passengers. Drivers who demand exceptional power but refuse to compromise on in-car comfort, sporty elegance and impeccable detailing. In short, the GTC4Lusso brings unprecedented versatility to Ferrari driving, like the FF before it which won the Prancing Horse a new, younger client base that, significantly, also makes greater use of its cars, clocking up 30% higher mileage than average. The GTC4Lusso’s name references illustrious predecessors, such as the 330 GTC or its 2+2 sister model, the 330 GT - one of Enzo Ferrari’s favourites - and the 250 GT Berlinetta Lusso, which represented a sublime combination of elegance and high performance. The number 4 alludes to the car’s four comfortable seats. POWER The GTC4Lusso’s 12-cylinder engine delivers smooth, consistent power, punching out a massive 690 cv at 8,000 rpm. Both its 2.6 kg/cv weight-to-power ratio and its 13.5:1 compression ratio set new records for the category. Maximum torque is 697 Nm at 5,750 rpm with 80% already available at just 1,750 rpm for superb responsiveness even at low revs. The soundtrack brilliantly reflects the car’s multifaceted personality: it is rich and powerful in performance driving and discreet yet harmonious in the city. DYNAMICS The Ferrari GTC4Lusso is an exceptionally versatile car in every kind of grip condition thanks to the

Ferrari-patented 4RM Evo four-wheel drive system which is integrated with rear-wheel steering for the first time. The result is the newly-patented 4RM-S (four-wheel drive and steering) system which, based on yet another exclusive Prancing Horse patent, the latest evolution of the Slip Side Control (4.0) system, now incorporates the electronic differential (E-Diff) and the SCM-E dampers. All these sophisticated vehicle dynamics controls are seamlessly integrated by Ferrari’s proprietary software and enable the driver to effortlessly handle the GTC4Lusso’s extraordinary torque even on snow-covered, wet or low grip roads. The result is tremendous stability and a sensation of masterful control and security that translates into superior performance. The new-generation SCM-E damper control also contributes to improving performance on rough surfaces and, of course, to superior ride comfort. The GTC4Lusso’s high levels of performance are also due in part to new aerodynamic solutions, not least a new front grille with integrated air intakes to improve the efficiency of the radiating masses, the air vents on the wing that recall those of the 330 GTC, a roof-mounted rear spoiler and a new triple-fence diffuser. The combined effect of these features is a Cd value that is substantially lower than on the FF. STYLE Penned by Ferrari Design, the GTC4Lusso is a further refinement of the shooting brake coupé, reinterpreting the concept with an extremely streamlined, tapered shape that gives it an almost fastback-like silhouette. Its sporty soul is underscored by the forms and styling of the rear where the curve of the roof has been lowered whilst retaining enough volume to guarantee exceptional space and comfort for all four occupants, as well as an ample luggage compartment. Ferrari’s signature twin rear lights adorn the tail. These not only emphasise the car’s muscular shoulders and broaden it horizontally, but work visually with the tail pipes to lend a sense of imposing power to the rear. Dynamically chiselled crease lines create a diapason theme along the car’s flanks, breaking up the optical mass, accentuating the muscular wheelarch and imparting a sculpted athleticism. INTERIOR Meticulous attention to design and carefully executed detailing has produced a cabin that is a flawless triumph of sporty luxury. Its Dual Cockpit architecture is another first, designed to enhance the shared driving experience for both driver and passenger, with the latter having their own generous optional display with a plethora of functions. That innovative architecture aside, the cabin’s most striking feature is the beautiful craftsmanship of the materials which have been painstakingly selected and combined to enrich the atmosphere on board. Generous wraparound seats guarantee all four occupants exceptional comfort and room, creating the same ambience as a luxurious living space. The GTC4Lusso also debuts the new Infotainment platform featuring a 10.25” HD screen with capacitive touch technology. The new steering wheel is more compact thanks to a smaller air bag and the integrated controls are more ergonomic than ever, making for an even sportier driving experience. l

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THE STER LI N G COLLECTION T H E E P I T O M E O F D I S C R E E T F L A M B O YA N C E .

Timeless craftsmanship informs every hand-turned edge and subtly contrasted stitch. Smooth, black calf enrobes every wallet and purse in the collection. Yet within, extravagant colours burst from soft, drum-rolled leather. A pleasure contained, for the more individual. E T TI N G E R . TO E ACH TH EI R OWN . ETTINGER.CO.UK

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NEW PORSCHE 718 BOXSTER

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In the twenty years since its debut, the Porsche Boxster has established itself as the benchmark roadster. Today, a new generation of the mid-engined two-seater is unveiled, powered by a newly-developed range of flat four cylinder ‘boxer’ engines with turbocharging. At the same time, a new designation is introduced; 718 Boxster and 718 Boxster S. These new models continue the tradition of the Porsche 718 mid-engined sports cars that won numerous races in the 1950s and 1960s, powered by four-cylinder ‘boxer’ engines. It also sits neatly beside the established sports car icons with numbered identities – 718 Boxster, 911 Carrera, 918 Spyder, 919 Hybrid. More powerful yet more fuel efficient, the centrepiece of the new model series is the 718 Boxster which develops 300 hp (220 kW) from its turbocharged 2.0-litre engine. The 718 Boxster S has a 2.5-litre engine, which develops 350 hp (257 kW), its greater power literally boosted by its use of a turbocharger with variable turbine geometry. In fact, Porsche is now the only manufacturer to offer this technology in production cars with petrol engines, both in the 911 Turbo and 718 Boxster S. Complementing the more potent engines

is new suspension tuning and uprated brakes, ensuring the characteristically dynamic and emotive Boxster driving experience remains distinctive. The exterior design of the new model line has also advanced comprehensively. The vehicle has been completely revised, except for the luggage compartment lids, the windscreen and the powered convertible roof. Inside, a newly-designed dash panel frames the cockpit. In addition, the latest generation of Porsche Communication Management (PCM) with state-of-the-art touchscreen and mobile phone preparation included as standard. The navigation module is available as an option. The new Porsche 718 Boxster and 718 Boxster S are available to order now. 718 Boxster is priced from £41,739.00 RRP and the 718 Boxster S from £50,695.00 RRP. Customers will also be invited to explore the potential of their new car, and further develop their own skills behind the wheel, by participating in a bespoke driving experience around the tracks at the recently-extended Porsche Experience Centre, Silverstone. l

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NEW MULLINER BESPOKE FEATURES AVAILABLE IN BENTLEY FLYING SPUR

Bentleyâ&#x20AC;&#x2122;s in-house coach-building division has just revealed its latest range of bespoke creations for the Flying Spur, enabling customers to personalise the four-door luxury sedan to an even higher level. For the first time, the Flying Spur can now be specified with a refrigerated bottle cooler between the rear seats, painted veneers, Mulliner quilted leather, sterling silver atomisers and hide-trimmed stowage boxes. This new range of personalisation options are but a few of the limitless possibilities a customer can find with Mulliner, and further enhance the Flying Spurâ&#x20AC;&#x2122;s reputation for unparalleled luxury and refinement for both work and relaxation. Available with either a 4.0-litre V8 or mighty 6.0-litre W12, the Flying Spur offers immense performance to complement its class-leading comfort and refinement. l www.bentleymotors.com

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NEW JEEP RENEGADE NIGHT EAGLE LIMITED EDITION

New from Jeep is a strikingly-bold limited edition Renegade Night Eagle, boasting features such as unique 17-inch black alloy wheels, rear parking sensors, satin grey Jeep badges and unique Night Eagle badge, coloured roof bars and side mirrors, and satin grey grille rings on a black front grille. Just 350 examples are destined for the UK, and of these, only 160 will be available in the unique Volcano Sand matt paint finish, which complements the two other available colours: Carbon Black and Alpine White. Inside, the new model is enhanced with exclusive seats in bark brown fabric with electric lumbar support for the driver, leather wrapped steering wheel, dual zone climate control, DAB UConnect radio with 5-inch touchscreen, Bluetooth and satnav, and cruise control. A limited number

of options are also available to further enhance the Renegade Night Eagle, including electric panoramic sunroof, heated front seats and steering wheel, and regular size spare tyre. Power comes from a choice of MultiJet II diesel engines, both combined with Jeep’s six-speed manual transmission: the 1.6-litre 120hp with two-wheel drive, or the 2.0-litre 140hp unit, driving all four wheels. This gives the car a top speed of 111 mph (113 mph 2.0-litre 4WD) and 0-62 mph acceleration in 10.2 seconds (9.5 seconds). This Jeep can still return 64.2 mpg (55.4 mpg) fuel economy on the combined cycle. l £21,595 OTR for the 1.6 MultiJet II 120hp 2WD, and £24,095 OTR for the 2.0 MultiJet II 140hp 4WD.

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NEW 200MPH JAGUAR F-TYPE SVR

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The much anticipated new Jaguar F-TYPE SVR makes its global debut at the Geneva Motor Show , prior to being on sale summer this year. Capable of 200mph, this stunning new model is the first Jaguar SVR and is developed to exploit the two-seat aluminium sports car’s full potential while retaining its day-to-day usability. Lighter, faster and more powerful, it takes performance, dynamics and driver involvement to a new level yet retains the comfort and duality of character inherent to all Jaguar cars.

“The new F-TYPE SVR is the first series production Jaguar to be developed by Special Vehicle Operations and benefits from everything we know about precision engineering, performance and design. “The result is a 200mph, all-weather supercar that you can drive every day – we even made a Convertible version so that enthusiasts can revel in the sound from the new titanium exhaust system.” Says John Edwards, Managing Director, Jaguar Land Rover Special Operations. l

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INFINITI Q60 SPORTS COUPE & QX30 CROSSOVER DEBUT AT GENEVA

With the European debut of the Q60 sports coupe and the QX30 premium active crossover, Infiniti presents two all-new expressive models at the Geneva Motor Show in March, joining them will be the further upgraded Q50. All three share Infiniti’s iconic design language, innovative technologies and precise driving characteristics. The bold exterior of the Q60 exemplifies Infiniti’s ‘Powerful Elegance’ design language, with distinctive proportions and taut, muscular lines. Innovative drivetrain technologies and power channelled through the rear wheels deliver an exhilarating drive. The high performance 3.0-litre V6 twin-turbo engine from the new and exclusive ‘VR’ powertrain family continues the brand’s longstanding heritage of advanced six-cylinder powertrains production. The Q60 shown in Geneva features the higher-powered 405 PS V6 engine, providing one of the best power-toefficiency ratings in the sports coupe class.

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Created for a new generation of premium buyers, the all-new QX30 boasts a purposeful, elevated appearance that makes a bold visual statement, joining the Q30 as part of Infiniti’s new premium compact model line-up. Remaining true to the ‘Powerful Elegance’ design approach that guided the original QX30 concept, the car demonstrates Infiniti’s design-led approach to product development. Alongside the Q60 and QX30, Infiniti will also reveal an upgraded version of the Q50 sports saloon, which has played a key role in the brand’s sustained global growth in recent years. As well as the powerful all-new V6 engine found in the Q60 sports coupe, making its debut in the Q50 is the company’s second-generation Direct Adaptive Steering – comprehensively updated from the ground-breaking first-generation system, and Infiniti’s new Dynamic Digital Suspension, which gives the new sports saloon an optimal blend of ride comfort and class-leading response and agility. l

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SHOW TIME Highlights from recent car shows around the world

BMW M2 COU PE AUDI HTRON

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3 4 C L S S E D E C R E M I 0 4 M 3 BMW X

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E C R O F VLF N O I S I C E R P A R U B AC

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STUNNING NEW SUNSEEKER 131 YACHT

Launched earlier this year, Sunseeker’s 131 Yacht is already on the wish-list of superyacht aficionados worldwide - with the first five already sold. Sean Robertson, President of Sunseeker USA, said: "The 131 Yacht really builds on the success of our proven superyacht platform, adding more technical innovation, more advanced features and contemporary layouts via our Bespoke programme that can be tailored in every way to meet the needs of our most discerning customers. “The first five of these stunning yachts have already been sold to clients from all over the world, underlining the strong demand and global appeal we’re seeing for this exciting new evolution in design.” A masterclass in sumptuous quality and attention to detail, the yacht has many standout features, including addition of special glass in the master stateroom, saloon and upper saloon to create a light filled relaxed, comfortable and enjoyable 104 | entrepreneurandinvestor.com

environment for owner and guests. The 131 Yacht can also be tailored to each individual owner’s particular desires through Sunseeker’s unique Bespoke service. Standard guest configuration is for ten guests in five cabins, with scope for up to 12 to be accommodated depending on the layout and options selected. The spacious garage can accommodate a tender of up to 6 metres in length plus two PWCs. Based on the classic Sunseeker deep V hull, this large tri-deck yacht is equally comfortable operating at 10 knots for an extended cruising range of 1,500 nautical miles or at 23 knots for ultimate performance. Build time for each new 131 Yacht is around one year, with capacity in place to have up to five yachts in build simultaneously. l

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THE SKYTIME CARD

– PRIVATE AIR TRAVEL, MADE EASY For those who have it all watches, clothes, jewellery and even art may not excite and delight as much as a passport to the ultimate travel accessory – Private Air Travel (with all the trimmings!). A truly special and definitive luxury item, the Skytime Card is a unique way to purchase private jet flying time. The Skytime Card is stylishly presented and individually packaged in a chic gift box, with the addition of a beautiful limited edition Mont Blanc pen for a truly memorable gift. The Skytime Card can be purchased to include a set number of flying hours or you can choose favourite routes and destinations and aircraft. Perhaps a roundtrip to Ibiza for summer fun, if you fancy going further afield the Caribbean might take your fancy, or heading to the golf course this summer, why not chopper your

way there? What’s more, Skytime Jets have partnered with some of the UK’s leading luxury brands including Moët Hennessey UK, Cazenove + Loyd Travel, Café Royale and Marcus Wareing Restaurants to offer clients of the card money cannot buy access and benefits. With access to the world’s best aircraft and guaranteed availability and flexible flying, The Skytime Card is the perfect gift for the luxury connoisseur. l www.skytimejets.co.uk

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ULTIMATE PRIVATE JET SKI TOUR Bored of the same vistas every day on your winter break? For intrepid skiers, looking for more variety in their ski experience (and with an adventurous budget to match), PrivateFly has teamed up with Black Tomato to offer the ultimate 8-day luxury ski tour. The trip takes in the wilds of Wyoming; the high-octane slopes of Whistler; and some of the world’s finest powder in Japan. And all with your own private jet to get there. The once-in-a-lifetime ski tour can start from London or New York, and includes private jet travel, luxury accommodation in the three ski locations, and VIP ground transfers. Carol Cork, marketing director of PrivateFly, comments: “For those looking to experience the world’s best skiing, one country simply isn’t enough. So we teamed up with Black Tomato’s travel experts to offer a private jet tour, taking in three prestigious, but very different, ski resorts, over eight days. The tour gives a VIP taste of the best skiing and luxury accommodation the Northern Hemisphere has to offer, with the comfort and convenience of a private jet to fly around in. With private aviation, the itinerary can be totally bespoke, fast and direct - maximising the time at each location and making the journey part of the luxury experience. It’s a truly memorable ski trip of a lifetime. From London, the trip includes flights in a Bombardier Global Express, a spacious long range jet with a luxury VIP cabin; bathroom with shower; large luggage capacity; VIP catering; flight attendant; and latest onboard entertainment.”

LUXURY LODGE HIDEOUT: JACKSON HOLE, USA Your trip starts from London Luton Airport, flying in a luxury long range jet, across the Atlantic, to Jackson Hole, in Wyoming. Private ground transport will take you to Wyoming, to the remote and luxurious lodge Amangani, to spend two days experiencing some of the best backcountry skiing anywhere in the US. HIGH-OCTANE SKI: WHISTLER, CANADA From Jackson Hole, you’ll head North in your private jet to Vancouver, Canada. Your destination is the nearby iconic resort of Whistler, offering some of the best high-octane ski and après-ski, anywhere in the world. You’ll stay in the Fairmont Chateau Whistler, a ski-in, ski-out resort at the base of Blackcomb mountain with spectacular views over the Rockies. POWDER POWER: MOUNT NAEBA, JAPAN From Vancouver, you’ll be whisked in your private jet to Tokyo, Japan. There, you’ll enjoy the stunning scenery and rich culture of Japan’s Mount Naeba ski resort, staying in the luxury Naeba Prince Hotel. The hotel offers direct access to the slopes of Naeba and Kagura, plus the added bonus of authentic, natural hot springs.

Your private jet will then be waiting to fly you back to London, in privacy and luxury The tour is priced from £21,680 per person, based on a group of 12 people travelling together in a Global Express aircraft from London. Or from $18,550 from New York, based on 12 people travelling together in a Gulfstream GIV aircraft.

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A perfect antidote to the winter blues, Morocco’s vibrant culture, delicious cuisine, balmy sunshine and luxurious accommodation options provides a most welcome refuge from persistent wind and rain. Just a relatively short hop from the UK, it promises temperatures of the mid 20s (Celsius) even this time of the year. Behind the dusty walls of Marrakesh itself lie some of the most exquisite Riads. Push through the carved wooden doors and enter a secret paradise of tranquillity and splendour. Dar Sana is one such property which offers a magical paradox of quiet hideaway with the noisy market right on the doorstep. Visit the Saadien Tombs or the Private Museum of Marrakesh for a culture hit and then wander the medina and discover colourful and exotic Moroccan handicrafts. If the coast is more appealing then travel to Agadir at the foot of the Atlas Mountains where beaches are well maintained, safe and, largely, free of hagglers. If the beach isn’t for you there is plenty to do on dry land with quad bikes, dune buggies, camel and horse rides available. Not too far for a day trip to most regions of Morocco, Dar Arbala offers the perfect accommodation. Thoughtfully planned for large groups of family or friends, the villa has over three acres of grounds, discreetly enclosed to provide a safe play area. It also boasts an 18 metre long swimming pool. Another area to visit is Ouarzazate – nicknamed The Door of the Desert. Lying between Marrakesh and the Sahara, the city is a certified UNESCO World Heritage Site with one of the best preserved Kasbahs. It is also a noted film-making location producing classics such as Lawrence of Arabia and Gladiator. If it’s privacy and peace and quiet you are seeking, why not consider staying in one of CV Villas’ wonderful properties. www.cvvillas.com From intimate and quaint to large and luxurious with swimming and plunge pools and designer interiors, and beautiful gardens. A refreshing change from the hustle and bustle of hotels.

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ROYAL PALM MARRAKECH With this seemingly never ending wet and windy winter showing little sign of abating, it’s the perfect time to book your next sunshine break. Beachcomber Hotels is offering a last minute exclusive offer of a 50% discount on all bookings for the luxurious Prince Villas at Royal Palm Marrakech. Just a three-hour flight from London and zero time difference make Marrakech the perfect holiday destination, and at Royal Palm, couples and families alike can indulge in beautiful surroundings that offer unrivalled accommodation, spa treats, golfing, gourmet options and service. Steeped in Moroccan charm, Royal Palm Marrakech enjoys a spectacular location. Manicured gardens set among ancient olive trees, majestic mountains towering in the background and a superb 18-hole golf course dotted with sparkling lakes combine to create Royal Palm Marrakech’s magnificent setting. Unwind in the Clarins Spa with Moroccan-inspired spa treatments, revitalise and refresh in the fitness centre, or tantalise the taste buds with Chef Meryam’s Berber delicacies at Al Ain restaurant, one of three restaurants available to guests. The Prince Villas are expertly designed with everything to ensure the most luxurious and stress-free stay. A palatial 741m2, they truly masters contemporary Moroccan elegance and are lavishly decked out in Moroccan accessories, traditional carved woodwork, intricate local tile work, clean lines and high quality furnishings, this is the optimum blend of comfort and authentic character. With their own pool, hammam and butler to cater to the guests’ needs, the Prince Villas are the ultimate place for a group of friends to indulge, or for parents to unwind, safe in the knowledge that their children are having a great time and being well looked after with all of the hotels superb facilities on tap when required. Beachcomber is offering a discount of 50% to its guests at Royal Palm Marrakech for stays in Prince Villas. Stays must be between 1st February 2016 and 31st October 2016 and are subject to availability and must be booked by 30 April. Prince Villas can accommodate 4 guests. www.beachcombertours.co.uk

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KALKAN IN STYLE Those seeking that elusive combination of luxury self catering apartments with the convenience of on-site excellent dining, Simpson Travel’s ‘aparthotel’ Korsan Suites in pretty Kalkan is ideal.

oasting one of the finest locations in the area, with gorgeous views out to sea, and of the bustling town, it’s just a 15 minute walk to the harbour where you can charter a boat for the day, enjoy one of a number of beach clubs, or browse through cobbled streets packed with tiny shops selling a myriad of regional delights. Korsan Suites is particularly great for families and couples wanting the flexibility to head out and enjoy all the local region offers in terms of restaurants, plus on some nights, relax at ‘home’. Here, you have the choice of a delicious meal brought to your door, the ability to cook for yourself, or, flexibility to pop downstairs to take full advantage of a first-class freshly prepared candlelit dinner by the pool side from the onsite restaurant there. This exclusive Simpson property only has eight 2 and 3 bedroom fully appointed, air conditioned suites, affording peace and tranquility. Each has its own private terrace with a large Jacuzzi, and balconies off the sea facing bedrooms, where you can sit, chilled glass of wine in hand, and gaze out across the bay watching the streams of fishing and charter boats potter by. Feeling a little more energetic, you can stroll to the local market, town or take one of many excursions

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offered to local beaches, ancient ruins or a fantastically fun off-roading day, which takes you through little villages, stunning countryside, and along riverbanks to a spectacular gorge where you can stop off for a dip, or float down rapids in giant rubber rings. Returning exhausted to relax by the pool, and enjoy a cocktail from the bar as the sun sets transforming the nearby mountains into tones of bright amber and gold. Breakfast is included, made to order and delicious, and there is also a welcome dinner for guests and themed seafood, and traditional cuisine nights too. Nothing is too much trouble for the excellent host and chefs, the accommodation is spotless, and grounds filled with flowers of every colour and scent. Simpson Travel is a firm favourite as the company genuinely takes excellent care of those who book with them. From the charter flights out at convenient times on high spec aircraft, to complementary transfers in private new, air conditioned luxury vehicles, and experts on hand at the resorts to help you with local information and bookings – expectations are exceeded and the customer service, first rate. We definitely recommend. l For a wide choice of luxury villas and boutique hotels visit www.simpsontravel.com

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TRAVEL FAVOURITES

TUSCANY NOW & MORE, ITALY After 25 years of success, luxury villa company Tuscany Now are thrilled to announce the launch of Tuscany Now & More for the 2016 season. The company have introduced a collection of 30 curated experiences in Tuscany with intentions to expand across Italy, enriching their portfolio of exquisite rental properties and intuitive service. Guests will be mesmerised as Italian hospitality meets bespoke, ultra-personalised and once-ina-lifetime experiences, such as viewings of the Sistine Chapel by moonlight and an 800 year old Sienese tradition from a prestigious terrace. The essence of these itineraries assures guests will not simply be offered a place to stay, but rather a directory of must-see experiences for a truly avant-garde Italian break. www.tuscanynowandmore.com

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ARISTI MOUNTAIN RESORT & VILLAS, GREECE Aristi Mountain Resort & Villas is thrilled to announce it will be joining National Geographic`s Unique Lodges of the World, a collection of boutique hotels in extraordinary places where sustainability is the touchstone and the guest experience is exceptionally rich. Nestled in a world-class national park teeming with wildlife, untouched nature and idyllic enclaves, the property is an ideal fit for the brand and will be the second in Europe to join out of thirty properties worldwide. The owners of Aristi Mountain Resort & Villas have access to a special key that unlocks the door of a nearby 16th-century monastery. Guests who book their stay through National Geographic Unique Lodges of the World will be granted exclusive access into this incredible church. Gaze at stunning frescoed walls and climb the charming bell tower as you learn about the monk who founded this small hermitage hundreds of years ago while seeking the solitude of the surrounding mountains. www.aristi.eu/en

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HASTINGS HOTELS, NORTHERN IRELAND In 2016, Tourism Ireland are celebrating the Year of Food & Drink across the region. Each month is set to have its own theme from January to December celebrating Northern Irish food and drink e.g Breakfast Month/ Love Local/Landscape & Place/Heritage & Tradition. With properties dotted across the country, Hastings Hotels offers guests fresh and innovative cuisine, including edible rooftop herb gardens, a Hendricksâ&#x20AC;&#x2122;s Gin Afternoon Tea and breakfast sourced from local suppliers. Staying at one of the Hastings Hotels properties, guests can experience the very best of Northern Irelandâ&#x20AC;&#x2122;s food and drink, providing a mouth-watering taste of local heritage, landscape and culture. www.hastingshotels.com

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GREAT BRITISH ESCAPES

FAIRYHILL A multi-award-winning restaurant with luxury rooms located in beautiful countryside in South Wales – just 3 hours from London. With an enviable position nestled in the heart of Gower, and Area of Outstanding Natural Beauty, and minutes away from two beaches voted among the world’s best, this wonderful restaurant with rooms is a delight. A haven of tranquility, with grounds filled with early spring blossom, it’s a perfect retreat from the craziness of city life. Here you can while away your days walking majestic coastal paths with some of Britain’s best views including spectacular Rhossili or Three Cliffs Bay, returning to Fairyhill’s cosy bar for totally moorish local delicacies such as crispy fried cockles accompanied by fabulous wines, hand-picked by the owners who spend time each year visiting the most exciting vineyards around the world. Dinner is to be savoured, with most of the fish, meats, fruits and vegetables sourced from within Gower – from their walled garden, neighbour’s farm, and within just a few miles where ever possible, including world-famous salt marsh lamb. Everything is beautifully prepared and cooked, with emphasis on letting the wonderful flavours shine. The atmosphere is refreshingly unpretentious, very friendly, the ownerhosts and staff charming and very happy to share their knowledge of the area and best places to go. The rooms are luxurious, romantic and look out across peaceful gardens to woodland beyond, and do enjoy a hearty breakfast before heading off again to see pretty free-roaming Welsh ponies and their foals grazing high up on the gorse-scented moorland, or head to the famous Mumbles for a walk along the pathway fringing the stunning arc of Swansea Bay, with views of the Black Mountains beyond. www.fairyhill.net Jason Penny

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SPREAD EAGLE HOTEL AND SPA In the historic Sussex market town of Midhurst, there is a hidden treasure of a perfect weekend retreat. In Britain we often take our fortune for fine romantic escapes for granted, with an abundance of hamlets, villages and towns dotted around these green and pleasant lands remaining hidden in plain sight. Midhurst is one such unexplored delight, nestled in the serene Sussex countryside, with a host of local antique and tea shops fulfilling every quaint cliché you’ll ever encounter. In the nicest possible way. The jewel of Midhurst is The Spread Eagle Hotel and Spa, built in 1430 and one of the oldest coach inns still open in the UK today, and the perfect place to experience this gem of a town. It is said that Elizabeth I stayed here, and the Queen’s Suite is named after her patronage. This suite features a cozy ante-room leading to a sprawling bedroom, with a beautiful oak four poster bed, and even a wig closet, leading into a bathroom with a wrought iron tub. Decor is both classic and delicate, with a loving attention to period detail, alongside enough modern conveniences to bring the past into the present. People come from far and wide for the food here, and with good reason. Head Chef, Richard CaveToye has created a locally sourced menu of modern classic British cuisine, served in the oak-beamed dining rooms, with rich flavours and hearty portions guaranteeing a good night’s sleep. The real beauty of the hotel, however, is in uncovering new doors and crevices in its winding nooks and crannies, and at the end of one such corridor you’ll find an exceptionally luxe spa, with a relaxed ambience, and outstanding treatments. Combine this with an afternoon tea, for even more indulgent bliss. We should pay more attention to the glorious and quintessential luxury on our doorstep, and at a relatively short hop from London this is a weekend very well spent. www.hshotels.co.uk Mark Southern

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FLIGHT TIME

BRITISH AIRWAYS NEW ROUTES 2016 FROM APRIL 27, 2016: San Jose, Costa Rica from Gatwick, twice a week FROM APRIL 29, 2016: Mahon, Menorca, from Heathrow, four times a week FROM APRIL 30, 2016: Palermo, Italy, from Heathrow, twice a week Chania, Crete from Heathrow, twice a week Kalamata, Greece from Heathrow, twice a week FROM MAY 1, 2016: JFK, New York, from Gatwick, daily Biarritz, France, from Heathrow, twice a week FROM MAY 3, 2016: Inverness, Scotland, from Heathrow, daily FROM MAY 4, 2016: San Jose, California, from Heathrow, daily FROM MAY 4, 2016: Lima, Peru, from Gatwick, three times a week

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DREAMLINER TO ABU DHABI Passengers taking the daily Londonâ&#x20AC;&#x201C;Abu DhabiMuscat service will enjoy the luxury of BAâ&#x20AC;&#x2122;s acclaimed Boeing 787-9 Dreamliner. This aircraft will become the mainstay of the airline's fleet on several more destinations including Kuala Lumpur, Austin and San Jose, California. To mark the launch Hollywood star Margot Robbie attended an exclusive VIP party on Zaya Nurai Island just off the coast Abu Dhabi along with Jessie J and fellow Hollywood star Orlando Bloom and VIP guests. The 787-9 features four cabins: World Traveller (economy), World Traveller Plus (premium economy), Club World (business class), and the new First cabin - which was created specifically for the aircraft. The new First suites were designed based on feedback from First customers to ensure comfort was at the heart of the experience. l

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RESTAURANT REPORT This issue our focus is on four London favourites - each definitely worth experiencing.

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DARBAAR Hidden away where the City meets hipster hangout Shoreditch, Darbaar by Abdul brings the banquets of the Indian Royal Court to Central London. In a sprawling relaxed and sophisticated setting, Darbaar has picked up a glowing reputation within just a few months of opening, thanks in part to the salubrious hospitality, but mostly down to the vivid vibrancy of its exceptional food. Head Chef Abdul Yaseen has brought his award winning experience from Cinnamon Kitchen and has created a brilliantly sharp menu of modern Indian served banquet style on the spacious table settings. Staff with wicked senses of humour keep the atmosphere buoyant, with the whole sharing experience guaranteeing a special evening of abundance. www.darbaarrestaurants.com

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MARCO GRILL In South West London there’s no shortage of great eateries, but nestled into Chelsea FC’s Stamford Bridge is the best steakhouse in SW6. Marco Pierre White knows a thing or two about how to make a good restaurant great, and great food exquisite. The former enfant terrible of British cuisine has calmed down somewhat in recent times, but his sense of passion remains undimmed by the years. Here, under the heaving stand of Jose Mourinho’s old haunt, White has created a kind of steakhouse sanctuary, with some of the most choice cuts you’ll find anywhere in the city, on an exciting, and sometimes challenging, menu. Sharp clean lines and classic decor help make a relaxed and informal atmosphere, that always feels like an occasion, with a general sense of olde-world charm adding to the succulence of the tastes within. On matchdays they sing ‘Blue is the colour’, but underneath red is most definitely the name of the game. www.marcogrill.com

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L’ESCARGOT In the bustle of Soho, much has changed over the past century. From crumbled casualty of war, to the swinging sex den it became known for, to today’s more tourist friendly underbelly, one constant has remained, L’escargot on Greek Street. The French have a saying over Blighty-based palates, which translates roughly to ‘What the English call rich, we call taste’. At L’escargot Londoners have been slowly acclimatised to this taste for many decades now, with a seemingly relentless commitment to quality overcoming all the changes that have swirled around its famous walls. The current custodian of its hallowed kitchen is ex Angela Hartnett protege Oliver Lesnik, who has taken on the mantle of keeping one of the most long-deserved reputations in cuisine. The menu is based on typical French cuisine, bourgeois in style, featuring some of the finest French delicacies, with the now near legendary tarte tatin and Grand Marnier Souffle still available for those who want to experience the history of this institution. Unlike some rather less assured French places, L’escargot maintains its easy edge, rustically assimilating with the more classical decor, to create an occasion, charmingly loose, and always exquisite dining masterclass. In short, c’est parfait! www.lescargot.co.uk

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M IN THE CITY Right in the heard of the City of London, almost hidden down a cobbled side street by Bank Station, M In The City resides, offering City boys and girls the chance to finish the day in style. For such a busy and monied area, there’s not as much choice for great food experiences in the City as there ought to be. However, one such haven of sensory overload is M In The City, offering a variety of culinary delights. Behind just one door of the very modern and atmospheric venue lays not one but four different yet complementary spaces. There’s the outrageously evocative Grill, offering a modern take on what a steakhouse can be, whilst next door there’s the ultra healthy yet delicious Raw, with its clean eating Asian fusion full of fierce taste. Meanwhile, upstairs is a darkened cocktail bar overlooking the restaurants below, with a secret hideaway room through a hidden door, offering a unique adventure in its own right. Far from being a Jack of all trades, M In The City does that thing that is so very hard to get right in life, let alone food; doing many things very, very well. www.mrestaurants.co.uk

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DIGITAL DETOX RETREAT, CHEWTON GLEN

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Escape the stresses of modern life and enjoy a ‘Digital Detox’ at Chewton Glen. Lock away your laptop and your mobile phone and enjoy a twonight retreat with relaxing first class spa treatments, yoga, meditation, Nordic walking and specially prepared deliciously healthy gourmet dining. Chewton Glen is nestled in over 130-acres of beautifully maintained gardens and parkland. The estate creates a sanctuary of calm for guests who feel instantly relaxed and at ease, and is a short walk from a pretty section of the coastline, with views across to the Isle of Wight. Denise Leicester, founder of Ila is the driving force behind the digital detox retreat, she explained that although guests are only at Chewton Glen for a relatively short time, they feel as if they have been away for much longer because everything just comes together, the yoga, the treatments, the food and the luxurious surroundings and hospitality. The Digital Detox is an opportunity to relax, declutter, reconnect, ground and create. The two-night retreat includes: • Breakfast in The Dining Room or bought to your Treehouse • Buffet lunch in the pool bar, following the alkaline diet • Dinner in The Dining Room with a set three course alkaline menu • One Kundalini body treatment • One Ananda facial • Nordic walking • Private yoga session and attendance at classes • Meditation session • Take home gifts - Diary to encourage daily journaling, adult mindful colouring book, ila bath salts and a Chewton Glen candle. www.chewtonglen.com

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HEAVENLY SCENT With spring time approaching, it’s the perfect time to seek out exciting new fragrances to match the change in seasons, and herald in warmer sunnier days and the scent of flowers and fresh grass in the air. Here are some of our favourites: For Him: BRAVO BY RAMÓN MONEGAL

BURNING BARBERSHOP BY D.S. & DURGA

Cassis, cedar, fir and white jasmine, tempered with rich warm leathers, amber and musk, a powerful, distinguished fragrance from this highly regarded brand.

Truly innovative and daring new luxury perfume house D.S. & Durga produces incredible fragrances, including the artfully named “Burning Barbershop’ The inspiration was from a fire which broke out in the Curling Bros. barbershop in Westlake, N.Y. in 1891. All the shaving tonics with their spearmint, lime, vanilla & lavender burned. A charred bottle was found half-full. Notes of Spearmint, Lavender, Burnt Oil, Lime Absolute, Vanilla, Hemlock, Spruce, Turkish Rose and Hay.

£250 for 50 ml From: Harrods, London

£98.00 From leading perfumeries REGENT LEATHER BY THAMEEN Smooth, mellow vanilla and sharp, faceted lemon - and at its heart, a remarkable leather scent, reminiscent of the interior of the Rolls Royce - a cocoon of craftsmanship that envelops the wearer. Smooth and buttery this speaks of confidence and glamour, supported by spices and resins including a fine saffron and deep resinous labdanum. The base is glossy, a perfumed patina of gurjum, cedar and patchouli, both elegant and timeless. £195/50mls From Selfridges

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MONSIEUR. BRUNO JOVANOVIC, FREDERIC MALLE A veritable masterclass in patchouli, tempered with tangerine notes to convey a particular freshness. Rum absolute, cedar and amber nod to a darker side and delicious hints of vanilla and musk soften and warm. Price £180/ 100ml From www.fredericmalle.com

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For Her: PRIMA RUGIADA, PROFUMI DEL FORTE A delicious, fresh, crisp and floral springtime fragrance from Forte di Marmi on the Italian Riviera. Notes of freesia, cardamom, spice, violets, amber and musk. £148/100mls From: Fenwick, Bond St

CARNAL FLOWER, FREDERIC MALLE The ultimate, the master, the benchmark of all tuberose fragrances. Heady, floral, sensual, scene stealing and utterly memorable. Richness of amber roses with hints of orange blossom – a summer’s evening captured. £225/100mls From: www.fredericmalle.com

D.S. & DURGA: DEBASER Decadent, sophisticated, spring sunshine time in a bottle. Notes include ripe fig, iris, coconut milk, tonka bean and dry blonde woods, bergamot, green leaf, pear stem, iris and moss too. A fragrance for the free spirited woman who wants to be noticed. £98.00 50ml From leading perfumeries

NARCISO RODRIQUEZ : ROSE MUSC EDP INTENSE Inspired by the most emblematic ingredient in perfumery: Rose, this delicious fragrance is sensuous, warming, rich and heavenly. Available exclusively at Harrods from 4th April and nationwide from 4th July 2016. EDP 100ml £125.00

BOHDIDHARMA, SACRED FIG

ANNICK GOUTAL : ROSE POMPON

Deliciously effervescent green, crisp and fresh and the perfect scent for the spring.

Fresh, tender and feminine, with notes of raspberry, blackcurrant, pink pepper, rose, pink peony, cedar wood and musk. The beautiful packaging has been illustrated by Kerrie Hess.

£165/50mls www.roullierwhite.com

CARON, PARFUM SACRE AND AIMEZ-MOI Two wonderfully fresh and floral fragrances idea for a warm spring day. £105/100mls From www.Selfridges.com

EDT 50ml £67.00, EDT 100ml £87.00 Available at selected department stores nationwide

ELIE SAAB : ROSE COUTURE A floral chyprecomposed by Francis Kurkdijan, with signature notes of orange flower and jasmine, plus the addition of a beautiful rose accord and a sophisticated sandal wood and patchouli note. EDT 50ml £52.00, EDT 90ml £70.00 Available at selected department stores nationwide

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FRAGRANCES TO BOOST YOUR SUCCESS IN BUSINESS The olfactory sense is tied to memory and therefore people remember a fragrance much longer than they recall what you were wearing. Scent is, consequently, impactful in all areas of one’s life and in business, a great fragrance can be an excellent investment!

here are three basic rules, three things to consider; mood, weather and occasion. If, for example, you are going to a job interview in the summer then certain scents are more appropriate than others as you will want to convey energy, intelligence, good taste, ability and agility. Sexy is not good for an interview; tuberose, for example, sends the wrong message. You should choose a bright green or citrus scent that works well in warm weather, will not overpower, and conveys vitality. You want to breeze in like a breath of fresh air and nothing is fresher and brighter than ‘Cologne Bigarade’ by Frederic Malle; a bitter orange that is sharp and sophisticated. Studies show that those wearing the scent of grapefruit appear five years younger than those wearing any other scent, good grapefruit scents include the remarkable ‘Sir’ by cult Brooklyn brand, D. S & Durga, ‘Notte Bianca’ by Linari and the lovely ‘Lion Cupboard’ by 4160 Tuesdays. If you are in the business of pitching or presenting you want a scent that adds gravitas, underlines the natural confidence you exude, that bolsters and keeps you focused. The calming effects of lavender are well documented, but the oil also mitigates anxiety, allowing for better concentration on the task at had. It is also said to aid recall. A well constructed lavender scent has a steely accord running through it that speaks of resolve and a cool, calm confidence, ‘Pour Un Homme de Caron’ from the august House of Caron is a classic fragrance for the composed and works equally well for men and women. If it is the old-school aroma of the oak paneled boardroom or the smoky galleries of the gentleman’s club that you wish to conjure, ‘Coeur De Noir’ by BeauFort London summons the same. Inspired by images of Admiralty House in Britain’s great seafaring age and the naval campaigns being planned there; parchment nautical charts spread over leather lined

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desks, the air heavy with tobacco and dying embers smoldering in the fireplace. In a similar vein, if a Boardroom battle is to be won then‘1805’ also by BeauFort London, references the year of ‘Trafalgar’, and is an explosive mix of smoke, gunpowder, irony blood and brandy with a splash of sea spray and the ‘limey’ citrus after which British sailors were given the nickname that transferred into popular parlance. For something equally determined but more relaxed, ‘Ryder’ by Ex Idolo is inspired by the history of the private members’ clubs of St James and Mayfair, and is a blend of sweet tobacco and aromatic accords against a warm woody-amber accord. When the stakes are high, nothing beats an ‘animalic’ fragrance that prowls and growls – the unmistakable scent of the predator. Nothing growls quite as well as ‘Aperture’ by New York brand, Ulrich Lang. This is a sleek panther of a scent – something powerful and courageous, with spicy top notes that gleam with bright aldehydes, and base of ‘civet’ (a molecule that mimics the wild civet cat), that will close the deal. Proceeds from the sale of Aperture go to benefit the Aperture Foundation, which promotes photography education and showcases the work of emerging photographic talents, there is always a place for philanthropy in business. In the creative industries you will want a scent that references your individuality and your ability to read trends. Look to some of the game changers in the arena of the new perfumers - Michael Boadi’s brand Bohdidharma is cleverly conceived and perfectly executed. ‘Sacred Fig’ is modern whilst being accessible and ‘Green Camellia’ is destined to become a classic, yet currently ahead of the curve; a position a carefully sought-out, rare fragrance can convey; giving you the subliminal edge. l Lawrence Roullier White is from the independent perfumery 'Roullier White' www.roullierwhite.com

FORTUNE & LIFESTYLE

Sir by D.S. & Durga - £98/50mls

Pour Un Homme de Caron by Caron - £68/125mls Ryder by Ex Idolo - £90/30mls

Aperture by Ulrich Lang £125/100mls at Liberty

Notte Bianci by Linari £145/100mls

Green Camelia and sacred Fig by Boahdidharma £165/50mls

Lion Cupboard by 4160 Tuesdays £90/100mls

Cologne Bigarade - Frederic Malle £115/100mls at Frederic Malle, 14, Burlington Arcade London W1

1805 by BeauFort London - £95/50mls

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GADGETS & GIFTS

Sony MDRHW7OODS Digital Surround Headphones £375.00

Emerald and Diamond Ring John Lewis £3750.00

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Kitchen Aid Frosted Pearl ÂŁ549.95

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Mulberry Mini Buckle Metallic Gold Bayswater £895.00

WaterRower Rowing Machine with S4 Performance Monitor £949.00

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Canon EOS 100D SLR with EF-S Zoom Lens £349.00

Vitra George Nelson Tripod Mantle Clock £276.00

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Dyson Humidifier £499.95

Sage by Heston Blumenthal Barista Express bean to Coffee Cup Machine £549.95

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Jenny Knott Rose Gold & Mother of Pearl Edwardian Cufflinks Set £1,000

Zepp Golf Swing Analyser £129.00

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CORRS AND ELTON JOHN TO PERFORM AT BLENHEIM PALACE’S NOCTURNE 2016

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Multi-million-selling Irish quartet join Elton John on the bill for four-day concert series, which returns to Blenheim Palace from June 23rd – 26th 2016 The organisers of this summer’s Nocturne, the four-day concert series taking place at Blenheim Palace in Oxfordshire, have announced that international chart-topping quartet The Corrs will perform at the event on Friday June 24th. Having sold over 40 million albums around the world, The Corrs were one of the major success stories of the ‘90s and ‘00s and have recently made a triumphant return to the industry with White Light, their first album of new music since 2005’s Home, and a sold-out show at The O2 in London. Support will come from hotly-tipped, acoustic singer-songwriter Jack Savoretti, whose new album Written In Scars reached the UK top 10 this month.

Nocturne, which launched last year with soldout shows from Ludovico Einaudi, Van Morrison and Gregory Porter, transforms The Great Court at Blenheim Palace into the ultimate open-air concert venue and the addition of The Corrs to a line-up already boasting the legendary Elton John, who will bring the event to a close on Sunday June 26th with his first show in Oxford for over 10 years, is a real coup for one of the UK’s newest live music events. The Corrs perform on Friday June 24th and Elton John and his band perform on Sunday June 26th. The remaining two headline acts will be announced in due course. Tickets for The Corrs start at £45 and go on general sale on Friday February 5th at 9am. VIP packages are available, including fine dining in Sir Winston Churchill’s Long Library.

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NEW CUISINE SERVICE FOR HIGH NET WORTHS

On Air Dining, a UK based culinary concierge company that provides cuisine to private jet companies and owners and which appeared on the Channel 4 documentary ‘The World’s Most Expensive Food’ on 28th December, is to start providing its services to London based clients at their homes and at special venues. The cuisine will be served by On Air Dining chefs and staff. The company believes that London, fuelled by a huge influx of ultra-high net worth and high net worth individuals in recent years, is now the global capital for the world’s best cuisine. The company uses only the finest ingredients from around the world such as Kopi Luwak Coffee, Kobe Beef, hand dived shell fish and artisanal products from across the UK. Around 60% of On Air Dining’s ingredients are now sourced from the UK. It points out that the UK wins more awards for its cheeses than the French, and the quality of its cattle is hard to beat. A new dish created by On Air Dining for the Channel 4 documentary ‘The World’s Most Expensive Food’, and which is

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now available to clients at home, consists of mahogany and soft shell clams set in a jelly made from its juices; Beluga Caviar; sweet corn puree; umami sponge; crispy onion; Japanese sea weed and oyster leaves; clam chowder foam and golden fennel pollen. Each dish will cost around £190. However, if the client would like to include green sea urchins from the Arctic Circle served live at the table it will cost around £300 per person. Daniel Hulme, CEO commented: “There are now around 80 billionaires living in London alone, 11% more than in 2014, and the number of ultrahigh net worth individuals – worth at least $30 million - living in the capital is 7% higher than in 2014. “Many of these people use private jets and it has helped fuel strong growth in our business, and we are now able to prepare food for them at their homes and elsewhere.” On Air Dining has designed food for the private aviation market that is akin to what clients enjoy at their favourite restaurants. However, it can cost up to £20,000 to develop a dish for business aviation, and they are

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specifically designed to counter the impact altitude has on food – salt can lose its taste, for example. Its private jet menu includes dishes such as miso-braised cod with sesame bok choy and shiitake broth; filet of beef with horseradish chips and tomato fondue; seared yellowfin tuna niçoise with soft-boiled quail eggs and fennel mayonnaise; rose water poached rhubarb and custard cream and cherry and chocolate mille-feuille. Earlier this year, On Air Dining created a new dessert that costs between £360 and £600. Called Wild Kopi Luwak Coffee Coconut and Gold Dessert, it’s made of the world’s rarest coffee beans that

cost between £1,000 and £32,500 per kilogram. The coffee beans are from the purveyors of the world’s most exclusive coffee, Bespoke Beverages. These rare beans are so expensive and are known as Black Gold because they have been eaten and digested by wild civet cats in Indonesia, which gives the beans their unique qualities. The process of collecting and using these beans goes back 170 years. The beans are collected, washed, hand roasted and then graded: Emerald grade costs around £1,000 per kg; Ruby grade some £8,000 per kg and Diamond grade around £32,500 per kg. l

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SPRING TIME WINES ERRAZURIZ WILD FERMENT CHARDONNAY 2014 Full-bodied, rich and mouth filling with creamy ripe fruit characters and toasty, spicy oak balanced by crisp acidity and a long finish. RRP £14.35 From: Majestic

VILLA MARIA RESERVE CLIFFORD BAY SB 2014 The Reserve Clifford Bay is a classic example of a concentrated and vibrant Sauvignon Blanc displaying powerful aromas of blackcurrants, wild nettles, snow peas, and fresh grapefruit. A flavour explosion on the palate with fresh rosemary, thyme and subtle juicy rock melon with a refreshing mineral, flinty finish. RRP £15.35, From: Sainsbury’s, www.nzhouseofwine.co.uk

CVNE IMPERIAL RESERVA 2009 Softened by 2 years in barrel, this lovely wine is aromatic and spicy delivering rich fruit on the savoury palate with an elegant and complex finish. RRP £22.55, From: Majestic, Waitrose

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VIСA REAL BARREL FERMENTED BLANCO 2014 100% Viura This rich dry white has been fermented in oak to give it a kiss of toasty richness that is balanced by crisp, fresh, citrus characters. RRP £11.05 From Majestic

VIСA REAL RESERVA RIOJA 2010 90% Tempranillo, 10% Graciano, Garnacha, and Mazuelo This is an elegant Rioja full of rich autumn fruits, warm spices and elegant toasty oak. On the palate it is warming and velvety with beautifully integrated oak producing an enchanting, complex wine with great length. RRP £18.45 From: Hailsham Cellars, East Sussex; Clifton Cellars, Bristol; Planet of the grapes, London

LOUIS JADOT BEAUNE 1ER CRU ROUGE 2011 A blend of some of Louis Jadot’s smaller Beaune 1er Cru vineyards, producing a Pinot Noir with great elegance, finesse, structure and length. RRP £26, From :Majestic & Waitrose

VILLA MARIA CELLAR SELECTION PINOT NOIR 2013 Villa Maria’s Cellar Selection range is focussed on producing wines of elegance and structure with the emphasis on fruit quality. More powerful and complex than the Private Bin wines, they are released when they are drinking well and are designed to complement food. RRP: £16.40 From: Majestic, Sainsbury’s, Booths

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