Lansdown Place Magazine - Branson Issue

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The exclusive magazine for Lansdown Place Financial Management

ISSUE #5 | SEPTEMBER - OCTOBER 2011

FULLY AUTOMATIC

DEBORAH MEADEN

PENSION REFORMS AND AUTO-ENROLMENT

ON THE ART OF BUSINESS LEADERSHIP

CLOCK WISE

PATEK PHILIPPE’S LUXURY TIMEPIECES

BORN TO BE WILD AFFLUENT ADVENTURES IN AFRICA AND NORWAY

Man ROCKET

RICHARD BRANSON ON LIFE, LEISURE AND TAKING VIRGIN INTO SPACE

FINANCE

BUSINESS

NEWS

ARTS

FOOD & DRINK

FA S H I O N

LUXURY GOODS

The Exculsive Magazine For

Lansdown Place

r e d a e R Dear A lot has changed in the last six months in the world of finance and financial advice, and it will continue to change over the coming months. To coincide with this, Lansdown Place has increased the size of its Corporate Benefits team and moved offices to house the increased number of people.

Well, here we are, September 2011, and the passing of the Pension Act 2008 seems an age away now. Most advisers have been reading with interest the different government views on how it will proceed. But as we are now fast approaching the implementation stage of one of the most fundamental changes to our pension landscape since Pensions Simplification in 2006, and the introduction of a new national pension scheme, NEST, employers can no longer put their heads in the sand and ignore this until it goes away.

The guidelines from the government are now much clearer: employers and employees will be receiving the first in a long line of publicity material at the end of 2011 and the beginning of 2012 costing nearly ÂŁ10 million to ensure that they understand their obligations.

Add to this change the imminent implementation of the government’s Retail Distribution Review (RDR), which will herald a new era in the way we all charge for the advice we provide, and we are probably facing one of the busiest periods in corporate advice for some time.

At Lansdown Place, we have been busy preparing for this and have increased the size and capabilities of our Corporate Benefits team with the addition of one or two new faces to help our customers. This has involved a move to larger premises in Clifton, which will also enable us to hold our own seminars and presentations in house. So, by the time you read this, we will be packing our final boxes and organising the new offices.

We also offer many other services as part of this enhanced corporate offering, including access to actuarial and pension investment advice for both trustees and employers from 2012, to name but one.

More details of these additional services are mentioned on the new company website, which now reflects this increased functionality and the increased corporate benefits proposition; another area in addition to private wealth advice that we are committed to at Lansdown Place.

We hope you enjoy the articles contained within this latest edition of Lansdown Place Magazine.

And, as ever, we welcome your thoughts and views on areas you would like to see covered in the future!

Steve Brice

Senior Corporate Benefits Consultant Lansdown Place Financial Management

2 SEPTEMBER 2011

www.lansdownplace.co.uk

Contents

Contents 8

22

14

56

8 Pension reforms How to prepare for auto-enrolment 14 Travel African safaris and snowmobiling across Norway 22 Richard Branson is probably the world’s most famous entrepreneur.

We find out why.

28 Business for sale Taking you through the legalities of selling a business 31 Business leadership with Deborah Meaden and William Montgomery 37 Dining Out Gin, Chartreuse & Le Caprice 48 Executive Toys One of the year’s most anticipated cars, the Evoque, gets our full review 50 Fashion A look at Crombie accessories, plus the acclaimed work of Alexander McQueen 56 Time’s ticking Patek’Philippe’s indulgent timepieces 60 On the bookshelf The best new fiction and non-fiction 64 Brand retrospective The history of Fortnum & Mason COVER P HOTOGRAPHY DAVID YELLEN

Our Contributors

Graeme Morpeth is our automotive and technical expert, writing on the Evoque on page 48 and Patek Philippe on 56.

Fashion guru Rhiannon Smith reflects on Alexander McQueen on page 54.

Peter Robinson takes a look at Crombie accessories on page 50, and Fortnum & Mason on 64.

Huw Thomas our financial authority makes sense of auto-enrolment and pensions on page 8.

Rummer Hotel visionary Brett Hirt uses his specialist knowledge to guide us through the finest gins on page 37.

Robert Wharton Head of the Thrings FSA Regulatory team provides legal advice on page 30.

Lansdown Place is printed on FSC-certified grade paper. Please recycle this magazine when you have finished reading it.

Financial Advice: Independent & Impartial

SEPTEMBER 2011 3

o l l He

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It must be quite obvious from the front cover alone that Lansdown Place Magazine has had a makeover. I was genuinely flattered when asked to be the new editor – tasked not only with an aesthetic revamp, but an editorial one too. No pressure then. Business was to be the focus, and what better cover story than the world’s most famous entrepreneur, Sir Richard Branson.

How’s that for a scoop. As charismatic and candid as ever, this is one of the first interviews with the Virgin boss since disaster struck his Necker Island home in August.

Our new leadership section features practical advice from some of the UK’s most recognised and respected business people, including no-nonsense-talking Dragons’ Den panellist Deborah Meaden.

More counsel comes from Robert Wharton, who examines the legalities involved in selling a business, and Huw Thomas, our financial expert, puts pen to paper on the issue of pension reforms and autoenrolment – important edification not to be missed.

Don’t worry – we didn’t forget the indulgent stuff. Graeme Morpeth flexes his technical knowhow and takes the new Range Rover Evoque for a spin. He also celebrates the horological finesse of Patek Philippe, a brand so imperious it couldn’t be confined to a single page. For the epicureans amongst you, we sample some fine food and drink, including a Chartreuse banquet at Bristol’s Rummer and a visit to London’s Le Caprice. Peter Robinson and Rhiannon Smith explore the heights of men’s and women’s fashion, respectively. Plus, literary reviews for the paperback intellectuals, and I go jaunting across Africa and Norway.

We truly hope you enjoy the new magazine. As always, your thoughts are always welcome. Until next time, happy indulging.

Laith Al-Kaisy Laith Al-Kaisy Editor in Chief

laith@getmediamanagement.com

Andrew Hobson Art Director

info@andrewhobsondesign.co.uk

Peter Robinson Director

peter@getmediamanagement.com

Adam Wood Director

adam@gertmediamanagement.com

Get Media Management 1st Floor, Prudential Buildings 11-19 Wine Street, Bristol, BS1 2PH T: +44 (0)117 3702 471 www.getmediamanagement.com

Lansdown Place Lansdown Place 27 Clare Street Old City, Bristol, BS1 1XA T: +44 (0) 845 50 222 www.lansdownplace.co.uk

Lansdown Place is a trading style of Lansdown Place Financial Management Ltd which is authorised and regulated by the Financial Services Authority. Our Financial Services Authority Registration Number is 126762. Lansdown Place Magazine is designed by Andrew Hobson Design. All rights reserved. Lansdown Place Magazine is funded solely through the kind support of advertisers. The views expressed in this publication are not necessarily those of the publisher. The publisher cannot accept responsibility for any errors or omissions relating to advertising or editorial. The publisher reserves the right to change or amend any competitions or prizes offered. No part of this publication may be reproduced without prior written consent from the publisher. No responsibility is taken for unsolicited materials or the return of these materials whilst in transit.

4 SEPTEMBER 2011

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Under the Spotlight

t h g i l t o p S

Under the

APPLE OF MY IPHONE

SUPERIOR SPIRIT Since the Victorian era, Louis XIII has been a much loved and respected choice among cognac devotees, including King George V and Winston Churchill. The brand recently announced its newest offering, Le Jeroboam, at Masterpiece London. Le Jeroboam pays homage to its predecessors and their makers, four generations of cellar masters, in an audacious expression of limited luxury. It is an alchemical blend of over 1,200 fine eaux-de-vie from the renowned Grande Champagne region, with glass masterly blown by Cristallerie de Sèvres, closely guarded in a brass-trimmed wooden case.

Limited to a mere one hundred decanters, Le Jeroboam is for the serious collector or connoisseur, costing a sizeable €16,000, and available from discerning retailers in September, 2011.

Financial Advice: Independent & Impartial

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Long gone are the days when only geeks got excited about technology.

Now, regardless if you’re a Luddite or a progressionist, virtually everyone knows how to order their weekly shopping, or slingshot belligerent birds into piggish enemies, from the comfort of their own phone. And what phone made this all possible? Yes, the iPhone, which sees its fifth incarnation due for release... well, perhaps by the time you read this (the speculative date is October, but Apple’s esotericism knows no bounds).

Thinner, lighter casing, a larger screen, and an improved camera are all rumours that have been churning on the mill. Whatever the truth, however, you can be sure that Apple will be pulling out every technological trick in an attempt to regain the market share it lost to other smartphones earlier this year.

More news, goods and gadgets over the page »

SEPTEMBER 2011 5

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Under the Spotlight PROPERTY MAGNET

THE END AIN’T NIGH

Our friends at the Hurlingham Club are known for throwing some of the country’s most prestigious events, and the Luxury Property Show is no different. Showcasing a vast range of opulent accommodation from across the world, this unique event is sure to attract only the most affluent and discerning of buyer, and is perfect for anyone looking to extend their private estate or build their investment portfolio.

Recessions are nothing new.

For centuries now, since the dawn of usury, countries have been lending, spending, borrowing, crashing and, of course, recovering their way through a glut of fiscal crises. But there is one thing these predicaments have in common: the experts have always claimed “this time it’s different”, with each crisis apparently bearing little similarity to the ones that preceded it.

The exhibitors on hand include the most exquisite agencies and developers around, offering properties such as beachfront homes in Dubai and the Caribbean; Asian penthouses; Golf Villas in Portugal and Spain; French Chateaus; European mountain and lakeside retreats; villas in Tuscany; lodges in the Rockies and the Alps; and high-end apartments in New York, London, Moscow and Monaco.

Over the two days (November 1 – 2), there will also be tempting cuisine and drinks, insightful panel sessions, and everything you need to know about buying a new, indulgent property. So, stop reading and go book a ticket.

For tickets to the property expo visit www.eton-events.com/LuxuryPropertyShow

6 SEPTEMBER 2011

Contesting this, however, are leading economists Carmen Reinhart and Kenneth Rogoff, who, in their new book, This Time Is Different, claim that financial crises occur with consistent frequency, duration and force. This breakthrough study examines the patterns of crashes, from medieval debasement to our very own subprime calamity, and everything in between.

In essence, this is a warning to pessimists, naysayers and morons who proselytise that Armageddon is pencilled in for next week, and who are unwilling to realise that historical precedence should be favoured over alarmist conjecture.

Order it by visiting Britons most prestige bookshop – www.foyles.co.uk

www.lansdownplace.co.uk

Under the Spotlight

JAILHOUSE ROCKS It’s not often you see jewellery like an Elvis necklace made in good taste for the highend market. But Jig Pattni is no ordinary jewellery designer. Indeed, his collections and bespoke offerings have been creating quite a storm, lauded for their attention to trends, individualism and winking irony. Jig was born into jewellery; a family whose history has a 500 year entwinement with the craft. Thus, from a young age, Jig learned to make jewellery from scratch. But it’s his acumen and awareness that makes his product so salient and attractive: Jig has his finger firmly on the pulse of tastes, movements and influences, be it fashion or culture. Pieces from his Seven Deadly Sins collection, for instance, have picked up two prestigious awards, as have ones from his Elvis-inspired range.

It’s hard to find bespoke jewellery as well done and reputable as this. But if you’re thinking about getting a special something for a special someone this Christmas, place your orders now. Unsurprisingly, this talented craftsman is much in demand.

To see more beautiful designs visit www.jigpattni.com

PEAK PERFORMANCE September sees the Lansdown Place Management team compete in the Invesco Perpetual Highland Adventure Race 2011. 60 miles in 24 hours will be undertaken – via cycling, hiking and canoeing – in an attempt to be crowned the winners of this annual charity event. The Highland Adventure Race takes place on September 24 and is in aid of the Mitchemp Trust, “a great charity that takes vulnerable young people between 11 and 14 years and teaches them social skills, the importance of team work and taking responsibility,” says Steve Brice, Senior Corporate Benefits Consultant at Lansdown Place.

This year’s Highland Challenge will see the team set off with a 36.2 mile mountain bike race from Inverness, travelling to Fort Augustus, then a 9 mile canoe journey along the Caledonian Canal, with a final gruelling ascent to the summit of Ben Nevis – all 4409 feet of it. Not exactly for the fainthearted, we think you’ll agree...

To sponsor Lansdown visit www.virginmoneygiving.com/team/lansdownplace.co.uk

Financial Advice: Independent & Impartial

SEPTEMBER 2011 7

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? c i t a Autom Fully

Business has its head in the sand about looming pension reforms. In the first of a two-part series, Huw Thomas takes a look at preparations for auto-enrolment.

It may not feel like it, but we stand perched on the precipice of one of the biggest pension shake-ups in living memory. The advent of automatic enrolment is set to radically alter the UK retirement landscape, which makes the pervasive lack of knowledge of the reforms particularly troubling.

Starting from next year, employers will be obligated to automatically enrol employees in either a workplace pension scheme or the National Employment Savings Trust (NEST) and make contributions on their behalf. It’s a major change that is going to have big implications for just about anyone in business. A company need only employ one member of staff earning more than £7500 to fall under the new rules, leading to potential administrative headaches for small businesses.

However, it is larger companies that need to start getting their houses in order with the greatest urgency.

The process

The reforms are being phased in over the next four years, in a series of ‘staging dates’. While many small businesses will not have to be compliant until 2015 or 2016, larger companies face more pressing deadlines. The largest organisations, those employing upwards of 120,000 people, need to be ready by October next year. Even those with less than 100 employees must have systems in place by the first half of 2014.

“Workplace pensions law is changing and every employer will have to act,” said the Pension Regulator’s chief executive Bill Galvin in July. “Automatic enrolment will not affect the bulk of small businesses until 2015 or 16.

We nevertheless urge all employers to take some time right now to look up their automatic enrolment duty date so that they know when the new law will apply to them - and make

8 SEPTEMBER 2011

a note in the diary to take action in plenty of time. The regulator will also write to all UK employers at least twice in the lead up to their duty date.”

But even with these exhortations to action, the Pension Regulator’s own research into business preparedness makes for fairly grim reading. According to the regulator’s data, 67 percent of small businesses and more than one in 10 large employers remain completely unaware of the impending changes. Even among those who do know what’s coming, three quarters have yet to discuss their preparations while almost 50 percent are planning on leaving it to the last possible date before addressing the issue.

And it isn’t just the employers. Recent figures from the

“It is intended that a culture of saving can be fostered” Chartered Institute of Professional Development (CIPD), show that employees are also clinging onto their blissful ignorance of the reforms. According to the CIPD’s latest Employee Outlook survey, just under half of private sector workers and just over two-fifths of voluntary sector workers remain unaware of the planned changes to the pension system Considering that these reforms have been on the table

TAKING RESPONSIBILITY What a business needs to do under the new rules: • Automatically enrol eligible workers into a pension scheme • Make contributions on employees behalf • Register with The Pensions Regulator • Provide employees with information on how the changes affect them

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since as far back as 2008, this apparent lack of concern is hard to understand. Whether this reluctance to engage comes from lack of knowledge or somewhat wishful thinking that the changes will not actually happen, business needs to wake up to the reality sooner rather than later. The regulator hasn’t been waving a big stick, but it has been direct that failure to comply be the new rules will have consequences. “Clearly the regulator will move to address wilful or persistent non-compliance,” Charles Counsell, interim executive director of employer compliance, told Money Marketing. “But we will take a graduated approach to enforcement action, making employers aware if they have not complied with the law and giving them a fair opportunity to comply before taking further action.”

The key driver behind the move towards auto-enrolment is the need to have more people saving for their retirement.

Growing longevity means that the simple state pension can no longer be relied upon to provide for a comfortable retirement. By making signing up to a workplace pension a default consequence of having a job, it is intended that a culture of saving can be fostered. This is particularly true

FIVE STEPS TO PREPARE A BUSINESS FOR PENSION REFORM 1. KNOW WHEN YOU NEED TO ACT Your staging date depends on the number of employees in your largest PAYE scheme. Assess your corporate PAYE structure and check www. tpr.gov.uk/pensions-reform.

2. START PLANNING Assess your workforce to identify who you need to automatically enrol, review your existing pension provision and talk to your pensions provider and trustees to establish if existing arrangements need to change.

3. BRIEF KEY PERSONNEL As the changes will cut across the business, talk with payroll, HR, finance IT and internal communications.

4. BUILD AN IMPLEMENTATION TEAM Decide who in the organisation will take responsibility for auto-enrolment. In addition, be sure to understand the legal requirements and timeframes, assess likely impacts on systems and processes, and put a plan in place to ensure compliance by the deadline.

5. COMMUNICATE WITH STAFF Explain how changes will affect employees and when they will occur, as well as what to expect next from you as their employer.

10 SEPTEMBER 2011

for younger workers, who have consistently demonstrated a major lack of interest in preparing for retirement.

In effect, the rules seek to take advantage of our inherent laziness, in the belief that opting out will be too much hassle for the majority of workers. However, new research from Legal & General suggests that as many as a third will choose to opt out of company schemes, choosing a larger pay packet now over security in retirement. This data is backed up by figures from the Association of Consulting Actuaries which suggests that as many as 40 percent of workers at smaller business will choose to opt out.

If a worker does opt out, then their employer is obligated

“The advent of automatic enrolment is set to radically alter the UK retirement landscape” to opt them back in after a certain amount of time has passed. Of course, the employee is then free to opt out again should they so wish, starting the whole process again and potentially creating an endless feedback-loop.

What’s the cost?

Perhaps one of the reasons that companies seem unwilling to engage with the reform process is its inevitable expense. Quite aside from the administrative burdens that accompany the setting up of a company-wide pension scheme, employers will now have to contribute to the retirement of all eligible workers. Times are tough enough as things are. The argument that it’s all for the common good may well be persuasive, but it doesn’t affect a company’s bottom line.

So it’s hardly surprising that one of the consequences of the reforms could well be smaller pensions for everyone.

A recent survey by the Association of Consulting Actuaries found that one in four organisations plans to cut its workers’ pensions once the new rules come in. While just over a quarter of employers have budgeted for the increased costs of auto-enrolment, 27 percent say they plan to “review their existing pensions scheme benefits to mitigate the cost of higher scheme membership.”

“As things stand, there is a clear danger of more ‘levelling-down’ – a trend which our surveys have identified for some years now,” said ACA chairman Stuart Southall.

“With contribution rates into many schemes failing to keep pace with the pension costs of longer life-spans, and with employers expecting, and in some cases relying upon high anticipated levels of pension opting-out for budgetary purposes to keep their auto-enrolment costs down, warning bells are ringing.”

The potential costs of the reforms, and the impacts

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Fully Automatic

they could have on workers already in workplace pension schemes means that understanding exactly AUTOMATIC ENROLMENT BY NUMBERS what they mean couldn’t be more important.

Unfortunately, the ACA report provides yet more of small businesses are evidence that many businesses haven’t grasped unaware of the changes. what the shift to automatic enrolment actually entails. According to the ACA, at least twothirds of employers that do not currently offer a New rules apply to workers aged pensions scheme say they are unlikely to auto-enrol employees in either NEST or and employer’s years old scheme, a statistic that should have those tasked and earning more than with publicising these reforms slapping themselves with frustration.

The lack of awareness of the reforms, coupled The regulator plans to spend with the lack of enthusiasm from those that do know they are coming, highlights the importance of better education. The Pension Regulator already publicising the reforms provides a raft of information on its website for both employers and employees. For businesses, these include interactive tools outlining the exact As many as of small business employees requirements employers face under the new could opt out legislation, how to auto-enrol employees and how to calculate the minimum employer contribution.

The first companies will have to comply by Workers can find plenty of documents clearly outlining their employers’ responsibilities. The regulator is also readying a £10 million advertising campaign to raise awareness of the obligations faced by employers under the act. viewed within these very pages, as keynote speaker.

In the meantime, it is falling to private business to try and get the word out. In October, Lansdown Place will launch a series of seminars designed to properly explain the changes The next move to the pension system. The first of these events will feature What all the above shows is that there is quite a way to ‘pension guru’ and cartoonist Steve Bee, whose work can be go before UK business can consider itself ready for pension reform. On the one hand it’s understandable. Give someone a deadline five or six years in the future and they are unlikely PUBLIC VS. PRIVATE to fall over themselves to hit it right away. Here in 2011, 2016 seems a long way off. But that ultimate cut off date seems The CIPD report threw up an interesting side to be obscuring the reality that many larger employers issue relating to pension reform. In the public sector, 31 percent said they thought their plans will need to be compliant much sooner. Setting out would provide for a comfortable retirement, budgets and long-term strategy requires serious planning. while the figure was just 23 percent in the private As it currently stands, it seems many companies are sector. Additionally 19 percent of public sector workers admitted to having no retirement plans unaware even of what the changes will mean to them, whatsoever, compared with just seven percent in making preparing for the future an outright impossibility. the private sector.

Whether this is the fault of the regulator’s poor or While this disparity isn’t that surprising considering the traditional perception of the the business community’s unwillingness to listen is value of public sector pensions, potential reforms increasingly moot. These reforms are on their way. If to the system may soon make these pensions business isn’t ready for them, it may find itself paying the considerably less attractive. If public sector workers are no longer able to rely on their employer’s price. «

67%

22-65 £7500

£10 million 40%

1 October 2012

schemes, they will have to seek outside advice.

This comes at a time when the forthcoming Retail Distribution Review could significantly reduce the number of professionals able to give that advice.

In all the fuss over auto-enrolment, is there the possibility that we could be overlooking another pensions time bomb?

Financial Advice: Independent & Impartial

To find out more about pension reform and how it effects you, go to www.lansdownplace.co.uk or call 0845 30 50 222 for independent and impartial advice.

SEPTEMBER 2011 11

Adventure Race

Invesco Perpetual Highland

e c a R e r u t n e Adv

This September, a team at Lansdown Place Financial Management will be cycling, hiking and canoeing 60 miles in 24 hours, from east to west Scotland, in an effort to be crowned winners of the Invesco Perpetual Highland Adventure Race 2011. The race takes place on the September 24 and is in aid of the Mitchemp Trust.

Teams start with a 36.2 mile mountainbike race from Inverness travelling to Fort Augustus, then a 9 mile journey along the Caledonian Canal via canoe, with a final gruelling ascent to the 4409 foot summit of Ben Nevis.

Not exactly for the faint hearted, we think you’ll agree.

The Race is a team event made up of four to six participants; Lansdown’s team is seven-strong, with one or two support crew. A minimum of four people will take part in each challenge. For the ultra-competitive, all participants can compete in all three stages, and push themselves to complete the race in the fastest possible time.

We caught up with Steve Brice, Senior Corporate Benefits Consultant at Lansdown, to see what the team have been doing to get ready for this challenge.

‘We have been training separately, as we all live a fair distance from each other. We each have our strengths and weaknesses in terms of the event’s different stages, but that’s why it’s a team effort. We are looking to raise around £4000 for The Mitchemp Trust, a great charity that takes vulnerable young people between 11 and 14 years and teaches them social skills, the importance of team work and about taking responsibility. I have to give particular thanks to Colin Green at Guy Salmon Land Rover who very kindly provided the support vehicle – a Land Rover Discovery”.

We hope you will join us in supporting Lansdown Place on September 24. You can sponsor the team by visiting www.virginmoneygiving.com/team/lansdownplace.co.uk

Financial Advice: Independent & Impartial

MEET THE TEAM Steve Brice Steve Brice is 44 and is a keen follower of Rugby Union. “I will be hoping to hear updates from the Kiwi versus France match and Eng versus Romania from the support team whilst we are away! I enjoy keeping fit and keeping up with my 13 year old daughter.”

Illa Phoursa Ilia, 29, is part of the Corporate Benefits team of Lansdown Place and loves everything that is physically challenging.

Born in Russia, he moved to UK at the age of 15, and attended the University of Bristol.

Neil Rushton Neil joined LP last year as a Private Wealth Adviser and specialises in providing financial advice to medical professionals. Neil is 31 and lives in Bristol with his wife Nicola and two dogs Frank and Alfred. As well as regular walks with his dogs, Neil enjoys watching and playing most sports and looks forward to a refreshing Somerset cider after matches.

Joe Cooper Joe recently joined Lansdown Place as a Private Wealth adviser and quickly joined the Highland Challenge team. He is 30 and lives with his wife Christine. His interests include cultural and adventure travel, personal fitness, live music and sport.

Paula Curran Paula Curran joined Lansdown place a year ago as a private wealth advisor. Outside of work her hobbies are netball – she plays for a local team that is currently preparing for the new season. Paula is 29 and lives in Bristol with her husband James.

Chris Couzins-Short Chris Couzins-Short is the sixth member of the team participating in the events and is currently overseas training hard for the challenge with his family in France!

Deirdre O’Looney Deirdre O’Looney is the support driver for the weekend, providing much needed refreshments and help during the various stages of the event. «

SEPTEMBER 2011 13

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Born free

r e h t o e h T If you’ve been to Africa, you’ll know how badly it translates to the rest of the world.

It is probably the most sensationalised place on the planet, for all the wrong reasons. For those who haven’t been, if you only believe half of what you hear, it’s probably the spurious half. And you know what I’m talking about without having to get Bob Geldof to explain it.

Africa, simply, is not what the majority of people think it is: no longer a Conradian heart of darkness, nor an impervious continent of otherness. Indeed, one of the best experiences a westerner can have is to wake up in Africa: treading the dust that founded humanity, feeling the dense, occluding air of a silver dawn, and hearing the elemental sounds of extrinsic fauna. Yep, it’s Africa, alright.

Well, Kenya to be specific.

Africa

By Laith Al-Kaisy

<

14 SEPTEMBER 2011

Primeval luxury: Solio Lodge, Kenya www.lansdownplace.co.uk

The Other Africa

I had been to Africa before, but our friends at Abercrombie & Kent promised something completely different. What could possibly be different, I thought – Kenya is a land that speaks for itself. The things that make Africa great are innate, not contrived, some not even tangible. But oh, how wrong a travel hack can be. It’s all well visiting Africa in your youth and experiencing, firsthand, the paralysing poverty and wheezing water pumps – to stare Third Earth straight in the eye – but the fact is, there is more to Africa than what you see on the news. To see the other Africa – the unfiltered, unfettered, unmediated, optimistic, contextualised Africa – you need to leave your preconceptions at the mud-hut, and you need to do it with joie de vivre. And a credit card.

proposition, punctuated by typically western notions of historicism. Think colonialism and the ’85 Academy Awards. Masai Mara is a national reserve, a proper ‘Big Five’ territory: elephants, lions, leopards, rhinos and buffalos.

One of Africa’s most enduring turn-ons is the danger.

Essentially, it’s a Darwinian deliberation: can I eat it, or will it eat me? At Masai Mara, you stop being an invisible audience member and take your place on the stage, both watcher and watched. The Mara was originally a communal land, grazed populously by the Maasai people, until the colonial government decreed it a conservation zone in 1948. (You’ll know the Maasai people, even if you’ve only been to Africa by television. The British still have an imperially romantic weakness for them.)

We landed at Nairobi and travelled north to Laikipia, one of seventy-one districts in Kenya, with a population of roughly 300,000. Laikipia Plateau is one of the last bulwarks of the so-called Romantic East Africa, characterised by vast ranches and teeming savannah. Though it is home to a heterogeneous wildlife, it wistfully nurses some of the world’s most endangered menagerie, too, all sympathetically watched over by Kenya’s namesake mountain. We arrived at Solio Lodge, built at the tail-end of 2010 and located in the recumbent valley between the slopes and peaks of Mount Kenya and the Aberdare Range. It’s hard to describe the sights without falling into lazy journalistic adjectives and truisms, but what the heck: it’s breathtaking and striking.

There, I said it.

We’re camping this time, but not camping as you know it. Sanctuary Olonana is the type of barefoot luxury that only Africa can offer. There are colonial connotations,

Solio Lodge feels like a secret, hushed and runic, with opulent rooms brandishing African artefacts, open fireplaces, freestanding baths, and vast glass viewpoints to watch nature negotiate itself. And yes, I do mean negotiate: sauntering at eight o’clock in the morning, on the adjacent marshland, were black and white rhinos, kongoni zebras, wily waterbuck and grandiloquent giraffes. The Solio Gaming Ranch is conducive to this kind of intimation, alongside some of the best cat-viewing opportunities in the region, vaunting cheetahs, leopards and lions. This is privacy from the rest of the world, for sure, but not from Africa. This is the heart of the Earth’s heritage; the world with its lid off. Both feral and immediate, this is the real Africa, with a strange sense of homecoming, echoes of Ray Davies singing ‘Apeman’, and an extreme case of anthropological regression and nostalgia.

And back into the room.

complete with white tenting, assiduous affluence and uncompromising comfort. Sanctuary Olonana also makes sense of all that ecological, sustainable dwelling stuff that, back in Britain, is usually proselytised to the point of anger by leftist oddballs, but is put into practice here without any of the grief or politics. It’s a poignant irony that people in Africa suffer, yet here is a place of progressive living and sustainability.

From here, Africa’s ills couldn’t be further away, squatting menacingly over the distant horizon, out of sight but never of mind.

This is the perfect way to start your safari experience: three days in a luxury lodge, with meandering walks through the wildlife, horseback rides, and complete pampering from your hosts. Solio offers the entire gratifying service, which includes some fine national and international cuisine, and a chance to see the area from the heights of a helicopter. And there’s no better way to get a sense of the landscape – its vast contours and intricate topography – than from 5,000 feet in a chopper.

Olonana’s camps are miniature palaces. Indeed, the bedrooms are raised enough to be aligned with the treetops; the shimmering, burnt-orange sunlight is parted by the palms and acacia in its path. From one minute to the next, you are either privy to the ubiquitous sound of nothingness, or orgiastic calls of the wild. Camping was never really my thing – until now. During the night, across the ebony sky, you can play join-the-dots with constellations and shooting stars; ink-blot shadows leap around the wilderness like a species of their own; and the phosphorescent moon follows every move, protecting the land like a military searchlight.

Beleaguered that our stay in Laikipia seemed so fleeting, I was told that our next destination was an entirely different

Olonana is essentially a heritage site, owned by Abercrombie & Kent, who incidentally are celebrating their

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SEPTEMBER 2011 15

The Other Africa

fiftieth anniversary this year. Olonana is located alongside the torpid Mara River, which also straddles the Serengeti.

Adjacent to us is a Maasai village, which embodies every thought you’ve ever had, or reel of film you’ve ever seen, about primeval living. (Unsurprising, really, considering they are among the most photographed people on the planet.) Spending three nights at Olonana allows for a more holistic experience of Africa, its people and their environs.

The rawness and excitement here is frankly incomparable, even for a hair-splitting travel hack like me. But I make no apology for my enthusiasm and schmaltz. If you think it’s too good to be true, then stay at home and visit from your armchair. Africa will continue to be Africa without another westerner’s spin on it. Though, to ever genuinely understand the continent with some context, and without 4000 miles of mediation, you need to do it for yourself. And you need to finish up on a beach.

Red Pepper House is a boutique hotel located on Lamu Island, an archipelago off the Kenyan coast. It is a place steeped in Swahili culture: modern architecture is evocative of the old villages, markets bustle with hagglers and trinkets, and the neighbouring port town of Lamu remains a quaint haven undiscovered by tourists and their Toyota Landcruisers. Lamu Town is also a portal to the past, leading to the well-preserved ruins of Tarka, an otherworldly Muslim city uninhabited since the eighteenth century. Red Pepper House, like Lamu Island in general, is recherché and ethereal, providing everything you need for a recovery from the wild: sun for a tan, forestry for walks, champagne to drink, and a personal butler to serve.

This place featured in Conde Nast Traveller’s ‘Top 100 Hotels’ this year. But more importantly, it now features in my top ten. You simply can’t beat anaemic-white sands and junglegreen waters.

Speaking of water, we were recommended a dhow trip to Manda Toto. Not expecting much, I boarded the uniquely Arab vessel, which looks typically antiquated and catches the salty breeze in its sole lateen sail. You forget the peace of the ocean; nothing but thoughtlessness and the elements. Until you see a dolphin, that is. And then another and another.

And some turtles. And fish. Then it turns into a game of ‘who can spot the most extraordinarily impressive sea life’.

Once-in-a-lifetime fish on an equally-seldom trip.

And that is Africa to the rest of the world: anecdotes, opinions and memoirs. Throughout Africa, everyone craves a story: the media, the charities, the tourists. But don’t go for that. Go to experience the things that most people never do. Go to understand that Africa isn’t all ten o’ clock news and David Attenborough. Indeed, Africa is everything you think you want it to be and more. It’s existential and personal. And it’s certainly not what you’ve just read here. «

Top Six Safaris SINGITA SASKWA LODGE Singita Saskwa Lodge is widely considered one of Africa’s best lodge experiences. Edwardian in style, luxurious in intent, experience vast stretches of Africa all to yourself. Ballooning and horse riding across the Serengeti make this a popular choice among adventurers too.

ZAMBIA Let the incredibly affable and knowledgeable Garth Hovell take you on a walking safari through the wilderness of the South Luangwa. This camp operates between June and October, but promises such sights as zebras, elephants, buffalo, crocodiles and pukus.

BOTSWANA Located in the remote Selinda Reserve in north Botswana, this is a ‘ride and walk’ adventure, with accommodation at the Motswiri Camp, spread over 120,000 acres. For those that love riding horseback, this is perfect. This is also a great location for catwatching, including lions and cheetahs.

GROOTBOS, SOUTH AFRICA Perfect for families; especially children. This coastal lodge boast the ‘Big Five’ in a malaria-free zone (meaning no anti-malaria drugs), plus exciting whale-watching opportunities, and some sensational food and drink. Nature walks and horse riding are also available.

SKELETON COAST Skeleton Coast is ideal for anyone who enjoys, or wants to try, a flying safari. The Schoeman family have been running these ethereal trips for years, so know all the best sights to show you. It’s certainly the best fashion to experience Namibia.

ETHIOPIA For those who want a more cultured, laid-back experience, Ethiopia is the best choice, and genuinely one of the most intriguing locations on the continent.

With sights including Laibela, Gondar, and the Addis Ababa National Museum, there is something for anyone looking to be edified.

For more information visit www.abercrombiekent.co.uk or phone 0845 618 2127.

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SEPTEMBER 2011 17

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Adventure – An Experience Best Served Cold

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An Experience Best Served Cold

Arctic Enduro is what I call an adventure. And for a proper adventure, you need a couple of things: the money and the moxie.

You see, adventure is as much about personal endurance as it is villainous weather and dangerous topography.

Though a travel hack, I am not usually one for adventure holidays.

I prefer the slow intimation of travel, the geographical foreplay, not the collective, head-first, knee-deep, white-knuckle stuff. Or so I thought.

Global Enduro, a company that sets up these social-adventure packages, is fast approaching its tenth anniversary. To celebrate, they invited me to Norway to experience one of their more extreme offerings: the dog sled, the snowmobile, and the cold. By Laith Al-Kaisy.

me, and I’m mostly wrong. Arriving in Finnmark, Norway, the first thing that struck me was the sun; that familiar warm-blooded friend, who I never expected to see. Indeed, looking around, you realise that the most extreme things about a place like this are your own preconceptions. The only extremity here is location: acute north-east.

Finnmark is Norway’s largest county, and home to the semi-famous and indigenous Sami people, who eke their time herding reindeer and catching fish, and ultimately live the twenty-four-seven enduro. These are the type of people who have a spirit or god for every flake of snow that falls. It’s a quaint and fitting practice for such a dreamscape, and there’s nothing like hearing about heritage and mythology over the snaps and pops of a campfire. We ate soup and

Now, we spend most of our lives trying to maintain normothermia; a snug thirty-seven Celsius. Cold is not an option. It is an undesirable and disabling term. Have you ever heard someone boast of a bitter, minus-ten degree holiday, or drink stone-cold tea, or make cold love? In my parochial mind, the cold doesn’t seem conducive to much, and certainly not adventure. But that’s just

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SEPTEMBER 2011 19

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Lansdown Place

smoked-meat, and then slept.

It’s impossible to not be overwhelmed by the vastness of the landscape on which you’re about to embark. Early morning, looking out onto the niveous plains, the furthest focal point is absolute nothingness. No horizon, no meeting of snow and sky, just a seamless Arctic hue. It’s an ethereal and pristine place, seemingly unready for humans, and entirely otherworldly. The folklore of the Sami is like an omniscient aura that watches over you pervasively. The dogs can sense it, too. But then, they’re used to this, with their sixth-sense, steely pupils and ashen-brushed coats. They elicit immediate faith and reassurance, and I’m glad our first few days are spent with

them.

Crossing immeasurable tracts of woolly terra with huskies is an experience every single person on the planet should have. The only noise in audible range is us – the trespassers. Ice deadens the air; silence beyond silence. The accelerating rush through the unforgiving white wilderness is unreal, and as with any other extreme adventure, there are no margins for error, no dry-runs, no Plan B; this is it. The snow creaks and cracks like wood splitting on a decayed bridge, the temperature falls disproportionately to our increasing speed, and the winds become an acerbic menace trying to ward us off. You can come as prepared as you like, but Nature will never yield. The dogs stop momentarily, but we, the riders, are the breathless ones. One of the huskies seizes a snout-full of snow, while another kicks up a spangled cloud impatiently.

Scanning the vistas, I ask if anybody ever gets lost out here. “Mainly researchers and explorers,” came the answer. “But not very often.”

Over the night, the residual adrenaline means you can do nothing but recover and reflect. Unexpectedly, I was beckoned from outside the cabin. In the raven sky, something was happening: spectral lightning bouncing across the ether. Incredibly, it was the northern lights.

The chances of seeing the northern lights (or aurora borealis) are skimpy and unpredictable, so this was fortuitous, to say the least. With everything on a trip like this, luck is either on your side, or it isn’t. The aurora borealis are apocalyptic, deep azure and sapphire, and truly paranormal. The mythologies behind the phenomena vary across the region, but all adhere to one fundamental tenet: do not offend the lights. Hoping our luck had not run out, I watched the fleeting display tacitly and considered the days ahead.

20 SEPTEMBER 2011

A Sami child looked on, bright-eyed, like a rabbit caught in headlights. Every legend she’d ever heard was playing out in the sky.

Snowmobile time. And it was the epical nature of the journey that was troubling me most. 1200 kilometres in six days: my Iliad. After surprisingly little fumble and practise, I decided that snowmobiles were the best thing since, well, being pulled by huskies. We set off, a school of ramblers, on a controlled rampage across the frosty expanse, plumes of icy shrapnel trailing our course. The adrenaline only defies for so long before you’re covered in cold. We traversed the land, almost mimicking the huskies, simulating their agility and wily judgement.

Stopping at Lake Inari, another runic wonder, we icefished for dinner and lit a campfire. On Lake Inari, you will find Hautuumaasaari – or the Graveyard Island.

This island, it is told, served as a cemetery for the ancient Sami people. Another island, Ukonsaari, is home to the infamous Ukko Stone, a bygone site for sacrifices.

Exactly the type of thing you want to hear before retiring to log cabin in the middle of nowhere.

We upped the pace over the next couple of days, before finally reaching the Sami capital of Karasjom.

Here, we were guests of Sven Engholm. What a name; what a guy. Eleven-time winner of the Finnmarkslopet dog race, too. If you can stop here, do so: Sven is a raconteur who will keep you riveted. It’s moments like this that make the arduous daytime trek worth it. Similarly, and certainly one of the highlights, the Sami invited us to stay in a traditional laavu, where we sat around a fire and conversed about their history.

Climate change is an obvious concern. The Sami are immediate, voiceless victims of a vulnerable planet.

“The thinning of the ice has made herding dangerous,” Mathis, an elder Sami, tells me. “Climate change is threatening the Sami as a society.” And with that, the poignancy of the people, the place, indeed the whole trip, becomes apparent.

Without indulging in too much hyperbole, Arctic Enduro is the trip of a lifetime. If you’d asked me beforehand, I would have said it’s not for everyone.

But, as usual, I’d have been wrong. This is serious behind-the-scenes of Nature stuff, a veritable immersion into otherness. And there is only one trip a year; one perfect time when all the elements, all the Sami gods and spirits, are working in symphony. So, when booking your next holiday, do yourself a favour: forget the South of France and go on an adventure.

Because we may like to put a pejorative spin on frigidity – cold hearts, cold stares, cold shoulders – but the fact is, some things really are best served cold. And adventure is definitely one of them. « To book your adventure please visit www.arcticenduro.com or www.visitnorway.co.uk

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Rocket Man

“It’s impossible to run a business without taking risks”

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one of the first entrepreneurs whose name you could put a face to. What was it, I enquire, that made you decide to step into the limelight?

“Freddie Laker [Richard’s mentor] gave me a great piece of advice on setting up my own airline. He told me two key things. ‘You’ll never have the advertising power to outsell British Airways. You are going to have to get out there and use yourself. Make a fool of yourself. Otherwise you won’t survive’. He also wisely said, ‘Make sure you appear on the front page and not the back pages’. I’ve followed that advice ever since. I’ve been very visible and made a fool of myself on more than one occasion but as a result the free publicity put Virgin on the map.”

And it seems Richard is never out of the public eye, utterly inseparable from the brand. What is a typical day, I ask, apart from talking to hacks like me? “I don’t think I ever have a ‘typical day’ but when I’m on Necker Island it is the perfect place to work and play. Let’s face it, I have the most beautiful office in the world – a hammock overlooking the British Virgin Islands! It is a fantastic time for reflection and sets me up for the day and the surprises that always happen.

I come up with more ideas on that hammock than I ever would anywhere else.”

So, how do you balance, or indeed distinguish between, work and play? “Spending time away from work is important

SEPTEMBER 2011 25

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Lansdown Place

to help you maintain perspective on the challenges you face and the future of your company,” answers Richard resolutely. He continues: “I have been extremely fortunate to have worked from home for my entire career. It was, and is a wonderful way to stay close to my family and when the children were younger took them with me on many business trips as I could.”

Virgin is intrinsic to the Branson family, then? “Virgin is just part of our life. The family grew up with the brand and have never really seen it as work life – home life. It is so important to have fun at work – to enjoy what you do. I know that’s not always easy and I have been very lucky, but to get a great balance in life you need to enjoy both play and work.”

It is clear how important family is to Richard. Often when interviewing entrepreneurs and business leaders, the number one complaint, or regret, is the distance work creates between families. But not in this case. Aside from being the model entrepreneur, Richard is also the quintessential family man, with wife, Joan, daughter, Holly, and son, Sam. The Bransons are a tight unit.

Looking at him sat down, I could be interviewing an aging rock star. He has that look. Mind you, business is the new rock and roll. And after all, it was Richard who had the nerve to sign the Sex Pistols to Virgin, when no other company would touch them with a microphone stand. Welljudged risks are, indeed, what this man is made off. The next one: subaqueous travel and exploration. I hesitantly and hurriedly throw in a question about the status of Virgin Oceanic, worried he is fed up of being asked about it.

Seemingly not.

“We are currently building the submarine which will go to the five deepest trenches in our oceans,” reveals Richard. “ Pressure testing will take place in the late autumn. We are hoping for first dive to be around spring or summer next year – depending on the testing. A leak would be catastrophic, so rigorous testing is crucial.”

Will these ideas ever stop? Is there a point when you’ll just think ‘stuff it’ and give it all up? “Never!” he asserts. “As I mentioned earlier, Virgin is part of my family’s life – I’ve never seen it as a job, so would be difficult for me to retire.”

And with that, I think we have the entrepreneur sussed.

I look at my watch, the interview has run five minutes over, but Richard is happy for a final question. In the spirit of business, I hazard a practical enquiry: You’ve been very ambitious. How can other entrepreneurs test their ideas and gain the confidence to put them into action?

“Take a risk,” he offers without a second’s thought.

“Concentrate on the things that you are good at and remember have fun with it. I’m still having fun now. My favourite bit of advice to give to budding entrepreneurs is: the brave may not live forever, but the cautious do not live at all.”

Not a few minutes after Richard leaves, I come face to face with a looming billboard. ‘Fly in the face of the status quo’ it reads. You don’t have to look for a logo to know it’s Virgin. And you don’t have to look for a face to know it’s Branson. «

26 SEPTEMBER 2011

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Lansdown Place

Tales from the front line

Selling your

business

By Robert Wharton, Consultant, Corporate Team, Thrings, Bristol and London.

I have heard that a real ‘Dragon’ will be interviewed in this same magazine, and I would love to tell you about the trials and tribulations of selling part of your business to an investor, as some may assume that those issues are the same as selling the whole of the business. Not so, although word on the street tells me that in practice the investments

by Dragons often fail to complete for reasons similar to those below.

I have been asked to tell some tales from the frontline of the issues I see sellers of businesses struggling with when we take them through a sale of their business. These comments are aimed at typical SME businesses, which, to use the EU definition, means businesses employing employees between 50 and 250 in number and/or turnover of some €10 — €50 million. At the larger end of the definition, the sellers of the business are likely to be groups of sellers who may all have different interests, including possibly family trusts of the people who started the business and trustees of employee share option, possibly pension schemes, and of course third party outside investors. However, I intend to concentrate on sellers who are both still broadly one personal family group and in overall control of the business. Furthermore, at the top end of the scale the sale will almost certainly be in the form of share sale, while at the bottom end of the scale it may well be an asset sale.

I am also going to assume for the purposes of this article that the reader is well familiar with the broad outline stages and structure of a transaction namely; finding that buyer, establishing an agreed price, doing appropriate due diligence, negotiating the sale and purchase agreement (SPA) and finally completing the transaction.

When I meet a new client who wants to sell, the first practical hurdle I often have to overcome is ensuring that the seller’s expectations are not oversized. In the good old days of a few years ago, sellers tended to approach a sale with very over optimistic expectations of what price they will achieve. They may well have had a valuation from their

28 SEPTEMBER 2011

accountants yet forgetting that that accountant is also the auditor who drew up the accounts. Of course the auditor and client usually want to make the profit look as big as possible and, within reason, the figures can be manipulated through reserves, provisions or asset revaluations. That will not be the view of the buyer. Being a realist in expectations is important because I know what the buyer is going to do when he comes to negotiate the deal. Therefore, I look to see that the seller’s expectations are built on solid and reliable figures where, quite possibly, some months prior work has gone into cleaning up the bad debt book, checking true asset values against market reality, renegotiating clauses in contracts, which may enable the contract to be broken by the customer and, in particular, resolving any outstanding litigation with landlords, customers and particularly staff.

Talking of staff, they tend to be one of the trickiest areas to deal with as employers are often sensitive about resolving difficulties, and of course the protection afforded to employees by the law is exceedingly wide, potentially very costly, and certainly most unpredictable. Doing this in the run up to a sale can also be tricky. Good HR management in the six months before a sale is absolutely essential, together with good employee records.

Having got the seller to navel-gaze his expectations, he has probably got slightly peeved with lawyers causing nothing but questions and problems. However, he will find that actually turns to his benefit when it gets to the time of due diligence and negotiation of the SPA. The seller is likely to have arrived at the office with a buyer in mind and a few telephone conversations and exchanges of emails with what he thinks are the terms of the deal. Therefore the second thing that I do to protect the seller is to ensure that there is a good heads of terms.

That is to say a document which is usually not legally binding (save for a few special terms) and which sets out in reasonable detail the steps and detail of the transaction.

In this way both the seller and buyer are made to think through the steps in a big picture format. This means that if the transaction is going to fall down it will do so here and therefore save any further expenditure on legal fees.

It is often at this stage that the buyer will obtain bits of

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Tales From the Front Line

information which may push him towards a different legal buyer structure than the obvious route; this is normally caused by tax considerations.

I must go no further without saying that right at the beginning of the transaction, almost certainly in the heads of terms, if not before, there is a legally binding confidentially agreement whereby all information given to the buyer is treated in confidence and which information is to be returned in the event of a deal falling over. In practice, such confidentiality agreements are very difficult to enforce. This is because proving that information leakage or retention of copy documents was done by the potential buyer before he pulled out is far from easy. Modern technology comes to our aid now as it is possible to have a data vault in the sky so that information can be made available to a buyer without him initially being given copies and done in such a way that distribution can be very limited.

So with the heads of terms signed, each lawyer should then find it very easy to do the usual legal due diligence and agree the SPA. Yes, that is what we always expect but it never happens that way. Either the accountancy or legal due diligence by the buyer can sometimes uncover things that the seller did not know. I had one not long ago where the seller of a business did not know that its licensing authority had missed renewal by a week with the consequences that potentially the business could have been heavily fined for not being properly regulated. The other experience is that the buyer may often becoming from a different angle and maybe wanting to use the new business in a different way to which the seller knows or anticipates. This should have come out in a genuine negotiations. Added to that it is the job of the buyer’s accountant and lawyer to find as many holes as possible in order to negotiate the price down. My message to the seller is “keep talking and stay flexible”. It is at this moment that the preparatory work in the months prior to the sale pays off because the seller can shoot down all those derogatory points brought up by the buyer’s lawyer and accountant. Certainty and positivity are the name of the game for the seller at this stage. However, I have to say that, in probably some 50% of the deals I have done over the years, there has always been a banana skin that has appeared at this stage, but in most cases a route through the maze is found.

Although clients are usually familiar with the process which I set out in the third paragraph, they are often unprepared for the detail of the warranties, that is to say the clauses promising that not only is all the information which is being provided full and accurate, but that there is nothing

Financial Advice: Independent & Impartial

else which is being overlooked, concealed or ignored. In full form warranties, the pages are often longer than the operative clauses of the SPA itself. While, some years ago some lawyers took a lot of time point scoring off each other to amend warranties in the most minute detail, those law firms which are grown up and commercial now tend to take a more realistic approach and negotiating this part of the agreement should not be as hard as it used to be. However, from a lawyer point of view and in considering estimating fees to a client it is not known what sort of lawyer you have on the other side, until the deal has started, which makes the “point scoring” factor an unknown and is very tedious when you do get one like that. In a perfect world, I would like to give a set of warranties to a potential client six months before I meet him, because that is a brilliant form of check list in preparing the company in the run up to the sale. However, as accountants are a necessary obligation in life and lawyers are still perceived as an unnecessary necessity, the deal is often too far advanced by the time it reaches the lawyer for that to happen. It must also be said that it is at this stage in the transaction that the buyer will often “try it on” and renegotiate the price in some shape or form. More often than not there will be a retention out of the sale price in order to give the buyer some comfort that he has a pot of money to reach if any of the warranties prove untrue. Again, both of those arguments are easily defeated by the preparation I have recommended that the seller does prior to the sale being contemplated.

So, the practical lessons from the frontline are there.

However, in my opinion and experience, deals tend to fall into two categories. Those that run smoothly where adequate time has been allowed after good preparation and proper check lists are done by both sets of lawyers, and allowing for the completion meeting to be done with all the appropriate resolutions and people present and at a reasonable time of day. The other category is where the parties scratch together throughout the whole transaction resulting in a late at night board meeting with hand amendments to the document and last minute whispered conversations in side rooms renegotiating the price. But then when a seller has taken years building a successful business, this is his crowning moment, and I would say to myself that he is quite entitled to eke out the last farthing.

The old legal conventions of who produces particular documents have in the large part gone, but there was never a convention as to whether it was buyer or seller who bought the champagne as soon as the ink on the signature was dry. I wonder how may Dragons produce that? « For more information, please visit www.thrings.com

SEPTEMBER 2011 29

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Enter the Dragon

n o g a dr Enter the

You’ll know Deborah Meaden from the hit BBC show Dragons’ Den. During her illustrious career as an entrepreneur and serial investor, she has managed to accumulate sixteen businesses. Lansdown Place Magazine sat down with Deborah to discuss her opinions on the art of business leadership.

How did you become such a successful business leader?

I don’t really know. I didn’t do any formal training.

I tend to learn best from watching and listening, just clocking things that work and things that don’t. I absorbed it.

Is there anyone who has had a measurable impact on you as a leader?

I don’t believe in the perfect anything. What you do get, however, is somebody that is exceptionally good under a particular set of circumstances. What I try to do is look for the expert in the room and see what they do.

What is one characteristic every good leader should possess?

The ability to make a decision and to take responsibility. I’m a very collaborative person, but a lot of damage can be done if you can’t make tough decisions.

What is the biggest challenge facing business leaders today?

Clarity is a problem. There’s a lot of noise at the moment. It’s much easier to bring people along with you when you have a clear vision. Also, honesty and the ability to communicate.

Is there a mistake you see business leaders make more frequently than others?

“A lot of damage can be done if you can’t make tough decisions”

Yes, leaders who thump their fist on the table and gallop off in one direction shouting ‘follow me’, but then stop half way down the track and see something else to run after. A good leader starts with the intention of finishing. People get fed up of repeatedly hearing ‘this is the best thing since sliced bread’.

Is there anything you do to ensure you learn and develop as a leader?

I’m good at reviewing myself. I can be self-critical and observe what works and what doesn’t work, both in myself and other people. I am also good at adjusting my behaviour if I’m not getting the right results.

Have you got a piece of advice for aspiring business leaders?

It isn’t about looking for other people’s approval. To be a good leader you have to be very confident in yourself.

What’s does the future hold for Deborah Meaden?

[Laughs] Everyone thinks to be good business leader you need a fixed life-plan. But if you’re too fixed you lose out on opportunities. I’ve got a fabulous business called Fox Brothers that makes absolutely high-end cloth for all the Saville Row tailors and luxury suitmakers. It’s a little gem of a business and definitely a case of ‘watch this space’. «

For more information visit deborahmeaden.com or www.foxflannel.com Financial Advice: Independent & Impartial

SEPTEMBER 2011 31

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Lansdown Place

First, Actually It’s true: successful business is all about good leadership.

But good leadership means a lot of things to a lot of people. We caught up with Henry Tapper of First Actuarial to see what leadership means to him, and how it is implemented throughout the company.

What key leadership skills have made First Actuarial succeed as a business?

Dragons’ Den.

We started life in 2004 aspiring to be pragmatic, proactive, personable, professional and plain-speaking. I think as a business we’ve stuck to our aspirations and delivered.

What, in your mind, is the biggest challenge that business leaders face today?

How are key messages communicated within the business?

We have offices around the country, so everything needs to be electronic. Increasingly we live in the cloud with LinkedIn, Twitter and forums such as Mallowstreet. That said, none of us are beyond an evening down the pub putting the world to rights Is there time set aside to instil the company’s vision and ethos into employees?

We have annual conferences where we all get together to do this. As important, however, are the office meetings that occur on a monthly basis. We are still small and flexible enough for the ethos to be a living thing – it’s not so much instilled as distilled!

How do you help new employees understand the culture of the business?

Many new employees are graduates who are joining us as actuarial students. We like them to have worked with us either in their holidays, or their gap year, to get a good idea of how we work, our values and our standards.

Those joining us from other companies generally do so by referral rather than through agencies, and we only recruit those who know and understand how we go about things.

Where do great ideas within the company come from?

People here love to talk and set their ideas in writing.

Several of us run our own blogs, which we share with each other. But the forum for great ideas is really the founders meeting, an opportunity for the founding actuaries and partners to present their best ideas and test them on their peers. The ideas had better be good as this is our

32 SEPTEMBER 2011

To build sustainable profitability. We are proud that we are growing as we are. Our turnover will be £11m this year, up 22% on the previous year. This is our sixth successive year of double digit revenue growth and we expect this to continue. To provide the careers we want for ourselves and for the staff we want to bring on board, we need to deliver a lot of value to our clients. It’s the value that drives sustainable profits.

Is there a frequent mistake you see other business leaders make?

Yes! They lose their focus on delivering value to their clients. Every successful business we encounter has got its focus firmly on delivering above the expectations of its clients.

How do the heads of First Actuarial ensure they grow and develop as leaders?

A firm of actuaries is always going to put their professional standards first. We look to be good actuaries and that makes us role models for our staff. But we are learning that the careers of the people we work with need to develop, so they can ultimately succeed us. Investing our time in building ourselves as people managers is a different challenge, but we recognise it’s our people more than our numbers that will deliver that sustained profitability.

What does the future hold for the business?

We may be actuaries, but we’re not fortune-tellers! The one thing we know is that, if we continue in our current positive vein , we will grow as a business. Our aim is to become the actuary of choice for small and medium sized pension schemes and their sponsors. We look after about 400 clients but there are over 5500 defined benefit schemes who aren’t clients, so we’re only at the foot of the mountain! « For more information please visit www.firstactuarial.co.uk www.lansdownplace.co.uk

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. . . y a w the

Leading

There aren’t many people with the leadership credentials of William Montgomery. The former navigating officer of HMS Ark Royal, and now serial entrepreneur and business consultant, has worked with a who’s who of high profile professionals, including Liverpool Football Club’s managing director, Ian Ayre, YO! Sushi Founder, Simon Woodroffe, and Admiral George Zambellas of the Royal Navy, who all joined him on this year’s leadership cruise on board Sea Cloud II (pictured). Leadership, claims William, can determine the success or failure of any venture. Thus, with characteristic acumen and verve, here are his essential tips for business leaders.

1. Leadership makes a difference. Leadership does make a difference to the performance of individuals, groups and organisations. It does so at the individual level by creating commitment as distinct from the compliance which is created by exercise of formal authority. Committed people are inspired, enthusiastic, dedicated, energised and resolute.

34 SEPTEMBER 2011

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Leading the Way

2. Leadership is a three-way process. Leadership can be defined as a process of influence which brings about changes in people’s attitudes and/or behaviour as a consequence of interaction between leaders and followers in a given context. For the influence to succeed, connections must exist between the needs, expectations and values of the followers, the words and actions of the leaders and the particular circumstances of the situation in which leadership is being exercised.

3. Leadership effectiveness exists at two levels.

The first level is when leadership is deemed to have been effective once the attitudes and/or behaviour of followers have been significantly influenced.

The second level is when, as a consequence of that influence, the group is enabled to achieve goals which otherwise would not have been capable of achievement.

4. Leadership and management are distinct.

Management is supported by the authority and power that go with a position in a formal hierarchy.

Managers are concerned with formal, logical processes such as planning and controlling. They have to allocate financial and material resources as well as manage people. Leaders are concerned exclusively with people. The processes by which they exercise influence are often irrational and intuitive.

5. Leadership is widely distributed. The study of leadership has been distorted by over-concentration on truly great world leaders. These cases are not necessarily the best to choose as role models since people may despair of being able to emulate them.

The thousands of ‘working leaders’ provide a better source of lessons for those who wish to be more effective as leaders in their everyday work situation.

adopt any particular style. Leader behaviours, which are generally cited as contributing to effectiveness, include: developing and articulating a vision, listening, empowering, role modelling, problem solving, walking the job; demonstrating confidence, representing and protecting the group.

9. Learning to lead requires three essential ingredients. These are opportunities to practice leadership by being given early experience of real responsibility and challenge, a high degree of selfawareness achieved through a combination of good quality mentoring and feedback and the ability to develop a well integrated set of values to serve as a template for use when making difficult decisions or choices.

10. Tomorrow’s leaders will need to be different.

Changing social values will increasingly render the traditional ‘hero’ figure obsolete. The leaders of tomorrow will need to be less assertive, less dominant, less surrounded by the trappings of power. They will be more feminine, less masculine in approach.

They will act as stewards of the organisation’s future, showing concern for all stakeholders, seeing leadership as service rather than controlling. They will accept the need to continue learning and to achieve ‘personal mastery.’ Above all they will master the art of asking pertinent questions rather than trying to supply the answers. «

To subscribe to William’s free weekly email: 10 things you didn’t know last week, which includes tips on how to achieve leadership excellence, visit www.askten.co.uk

6. Leadership is not just about change. Because the most well-known leaders in business have been successful in bringing about organisational change the idea has grown up that the concepts of leadership and organisational transformation are inextricably linked. This is not so. Leadership is also involved just as often in maintaining traditional values in the face of challenges from those who wish to bring change about or in enabling groups of people to ensure hardships.

7. Personal qualities do matter. When deciding whether or not to accept the ideas or suggested courses of actions made by others we are, of course, influenced by the judgements we make about them.

Are they honest, reliable, pleasant to deal with, courageous, intelligent or wise? We may be wrong in our judgement, but that will not stop us from acting as if they are valid. There is, too, such a thing as charisma, difficult as it is to define. It is a powerful as it is exceptional and most ‘working leaders’ manage very well without it.

8. Behaviour matters more. We learn more from studying the behaviour of effective leaders that from trying to list their personal qualities. There is strong evidence to suggest that it is more important to behave consistently and predictably than it is to

Financial Advice: Independent & Impartial

SEPTEMBER 2011 35

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THE RUMMER HOTEL

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All Saints Lane Bristol BS1 1JH Tel: 01179 290111

Tucked away in the back alleys of the Old City, The Rummer Hotel not only boasts the most extensive spirit collection in the region, fine wines and local ales but an eclectic menu of modern British dishes prepared by Head Chef Greg McHugh from the freshest local ingredients. Just remember to make a reservation during busy times... email: info@therummer.net | www.therummer.net

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That’s the Spirit

spirit

That’s the Over the past few years, gin lovers and aficionados have been blessed with many new and exciting spirits being produced in all parts the United Kingdom. Brett Hirt, the visionary behind the Rummer Hotel, discusses some of his favourites.

Sipsmith London Dry Gin At the forefront of the gin revival is Sipsmith London Dry, who distil their own barley spirit in Hammersmith, and infuse ten botanicals, including Macedonian Juniper and Seville oranges. They hand craft their spirit in very small batches using a copper pot, still affectionately named “Prudence”. Sipsmith gin is rather dry, with firm citrus zest notes, and with a splash of tonic, makes the perfect afternoon refreshment.

Jensen Old Tom Gin “Old Tom” refers to a sweeter style of gin produced in the 1800s, and Jensen recreated theirs from a recipe dating from the 1840s. Jensen also distil in London, and this gin is packed with classic botanicals and natural sweetness, providing a long, intense experience.

If you have to mix it, grab some lemons, sugar and soda, and rustle up an awesome Tom Collins.

Six O’Clock Gin It is not just the Londoners who have been whipping up new and exciting gins for us. In the West Country, Bramley & Gage have given us their excellent new Six O’Clock Gin. The company has become famous for their Sloe Gin and fruit liqueurs, which have been a staple of the best cocktail bars for years. As you would expect from Bramley and Gage,

Financial Advice: Independent & Impartial

no sweeteners, preservatives or nasties get anywhere near their product. Most importantly, they have kept it simple, using only seven botanicals, including the mandatory juniper, giving a fresh citrus and elderflower flavours. They have even made it simple for you to make the perfect gin and tonic, by supplying their own Six O’Clock Tonic Water.

Blackwoods Vintage Gin In the Shetland Islands, they do not aim to produce a gin which is identical year after year. Instead, the botanicals are picked locally by hand, in amounts that do not disturb the fragile habitat, giving nature the final say in the proportions of each botanical, and the final flavour of the gin. Blackwoods Gin is dry, with excellent herbal and citrus notes. This gin loves being mixed into a Martini.

Williams Gin From the makers of the incredible Chase potato vodka comes a gin worthy of carrying the name.

The base spirit for this gin does not come from potatoes, as you may

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t e u q n ba A Chartreuseian

Earlier this year, Parisianborn Sarah Messamer (Miss Golightly), the bar manager at the Rummer Hotel, began working on an idea to bring one of the world’s oldest liquors to Bristol in a very different way. Chartreuse has a vast tapestry of a history and is regarded as the oldest liquor in existence. Sarah’s idea was to organise a Chartreuseian banquet in which every dish would be made using one of the famous Chartreuse spirits. Peter Robinson and Adam Wood were lucky enough to book a place to this veritable delight of delicacies, and find out what it takes to prepare such a feast.

Herbal, distinctive, intriguing - many have tried to identify the flavors of Chartreuse. First, a brief history: this ‘Elixir of long life’ has been produced by the Carthusian monks in Voiron since around 1764 and contains extracts from 132 natural plants, herbs and other botanicals. The alchemical manuscript for the elixir is said to have been presented to the monks by a marshal of artillery to French king Henry IV, François Hannibal d’Estrées at Vauvert near Paris. This was, of course, deciphered by the monks and the recipe for what we know as Green Chartreuse was perfected and enhanced by Brother Gerome Maubec in 1737.

Over the last 400 years, the Carthusian monks have kept this fabled recipe a closely-guarded secret, with only two monks knowing the recipe at any given time. Since 1084, when the order was established by St Bruno of Cologne (just Bruno at this time), the monks have been evicted from France twice, had their distillery destroyed by a mudslide and their assets seized and sold to a corporation in Voiron that tried to retro-engineer the famous potion. If you have the time and inclination you really should look into the beautiful and endearing history of this band of brothers.

38 SEPTEMBER 2011

It must be said that Chartreuse today has over twelve different variations, from the traditional Green to Walnut and Cassis. Over the space of a night, I think we tried them all. We wanted to know what had inspired Sarah to start this project in the beginning.

“I wanted to bring the bar and restaurant together in a new way. So many places will offer the perfect wine to accompany your meal, I wanted to take this further. We held a heritage tasting night in February to celebrate some great old British recipes and local, seasonal ingredients. The Head Chef, Greg McHugh used a Glenfidich which was mixed with juiced apples and used as a foam on a venison fillet. The dish was rothimurches collops, an old scottish recipe of venison apples and whiskey which we gave a modern face lift. That’s what gave me the idea to push forward. I asked Greg if he could devise a menu around Chartreuse and he was keen to explore ideas.”

We asked Greg to give us some insight into the thoughtprocess for this banquet: “So many things can inspire a creative cook: new season asparagus, winter’s game harvest, or a rich culinary heritage. It is, however, unusual for the spark to come from liquor.”

So given the Rummer Hotel’s unique range of spirits, you must be spoilt for choice on a daily basis?

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Dining Out

“Being attached to one of the finest bars in the region, you would be forgiven for thinking that I might be a cognisor to the excellent range of spirits we stock, but sadly that’s not the case. Only after agreeing to create the food for the event did it occur to me I was way out of my comfort zone. Luckily help was on hand from Sarah.

Together we worked our way through the complex and varied Chartreuse products, from the intense and sticky walnut liqueur to the Genepi with its fragrance of pine and light sweetness on the palate. Armed with these new flavors I began to experiment.

The walnut liqueur was used to poach walnuts – the natural earthiness of which balanced the nutty sweetness.

A walnut alone is far from a complete dish and so I wanted to find it a fruit. We had been using some excellent figs, so I decided to macerate some with the green chartreuse.

To my delight they married perfectly, the powerful (55%) complex flavour even seemed to enhance the figs and the aroma was stunning. Having been working on a brine cure for duck breast this seemed like an excellent chance to try it out, adding some puy lentils to balance the intense flavors present, a little dressed ruby chard for freshness and the dish was finished.”

On the night of the banquet we were kindly joined

Financial Advice: Independent & Impartial

for dinner by Emmanuel Delafon, from Chartreuse, who hosted the night, giving a wonderful synopsis of the spirit used in each dish.

The Rummer is known for pushing the culinary boundaries; we wanted to know if this was a first for Emmanuel. “This dinner is not the first of its kind, as Chartreuse is becoming extremely popular in France, Japan and the US, especially when it comes to cuisine. Three-star restaurants in France, in particular, have used Chartreuse either in a dish or on a side using VEP. However, I cannot recall a dinner that was so sophisticatedly produced around the Chartreuse range, and certainly not in the UK. I liked the banquet style, both friendly and interactive.

I only started recently at Chartreuse, though I have been immersed in the product for a long time. My father has been a non executive director for thirty-odd years and the factory is beside my home. It is a fascinating world – mountains, monks and liqueurs since 1605. All three are strongly linked together and guarantee the authenticity and quality of the Chartreuse label.” «

The next event will be the ‘Hoacky Haverfest’ on September 21, 2011. Experience an eight-course tasting banquet in celebration of the harvest. Visit www.therummer.net for further details.

SEPTEMBER 2011 39

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Lansdown Place

A meal

“The beef was fresh and earthy, followed by an incendiary kick from the Tabasco, like a muscly Bloody Mary”

r o f e i d to

Le Caprice Arlington Street, London, SW1A 1RJ Tel: 0207 6292239 www.le-caprice.co.uk

Dinner is never just dinner.

Each mouthful is preceded by history, context and connotation. From sucking on a nipple to choosing a death row meal, food is a ritual wrapped in meaning and metaphor. The one food my neurons would never abide when growing up, however, was pink or bloody meat. It was a gastro-fear passed down from my mother that stayed with me for years until I finally realised how irrational it was. And that’s why I knew Le Caprice would take me to the phobic extreme: steak tartare. Laith Al-Kaisy explains more.

40 SEPTEMBER 2011

If you don’t know already, Le Caprice is a sister restaurant to the Ivy, inconspicuously tucked away behind the Ritz Hotel, and famed for being the eatery of hacks and actors. Stylistically, Le Caprice is timeless: Deco in essence, a stool-lined bar, and David Bailey on the walls. It’s a hip brassiere, but what differentiates it (besides the clientele) is the food.

The menu is to the point, with no superfluity or hesitation. Succinct seasonality should go without saying at a place like this, but it’s the intrepidity of the dishes that surprises most: nothing haughty, just simple fare done well.

Starters were soup, salad, sashimi, scallops, sweetbreads, and a few others that escape me. Both fellow hack and I opted for steak tartare, to which the waitress replied, “It is the best in London.” It arrived, thankfully yolk-free, seemingly still breathing, perhaps even mooing, I can’t be sure. It tasted historic – each mouthful a regression therapy. The beef was fresh and earthy, followed by an incendiary kick from the Tabasco, like a muscly Bloody Mary.

Mains were squid, chorizo and chilli peppers for me; venison with a carrot puree for him. Squid is a delicate little soul, which takes mere seconds on a high heat. Yet it is so frequently misjudged. I’ve had squid so murdered it could have been served on a funeral pyre. But not here: tender body and tentacles, warm and unctuous chorizo, and slap-you-in-the-face heat from the Padron peppers. It was balletic in its complementation. Fellow hack’s venison was on the mark: perfectly rare and memorably insistent.

The rest of the menu was populated, quite restrainedly, by the likes of liver, fish, lamb, tarts and a burger. For a mere £120 for two people, including drinks, you can’t really get better food, unless you favour small portions and gastro-science. Or it’s your death row meal. «

www.lansdownplace.co.uk

26-29 Baldwin Street BS1 1LT 01179 300 350

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Meet the brains behind an

n io t lu o v e r g in t s inve Launched a little over a year ago, the simplicity of riskbased investing offered by MyFolio has already proven very popular with investors.

Lansdown Place Magazine talked to Bambos Hambi, the overall fund manager at Standard Life Investments, to find out how his team works tirelessly behind the scenes to ensure you don’t have to.

Why develop these funds now?

There are roughly 2,500 onshore funds available to investors today; plus 5,000 offshore funds. Standard Life conducted research that showed investors found this huge choice quite daunting. MyFolio pools the best of these funds together in three styles with five funds of funds for each style, graded according to their risk rating.

Also, the volatility that we’re seeing in today’s markets is creating concern among investors. So investors are unsure as to where they should put their money: bonds, equities, property, absolute returns? We invest across all these areas to spread the risk.

What’s so good about them?

The funds are simple to understand; they’re managed by experts with many years of experience. By providing a package of funds and asset classes we try to smooth returns over time. Any changes we make don’t incur capital gains tax for the client. And because it’s essentially one product, the paper work is dramatically reduced – we do that for you. We do the research; we interview the fund managers. I have a dedicated team of five analysts here in the City. Of the 2,500 funds available in the UK, I would say only 10% are worth investing in.

We travel and meet fund managers all over the world,

42 SEPTEMBER 2011

but nowadays we have video-conference facilities so we can cut on the amount of time and money spent on traveling. There simply aren’t many risk-rated funds out there. So it’s very exciting to be part of this new structure. I believe this is the best product I’ve ever managed.

How do you monitor the risk ratings of these funds?

Barrie & Hibbert are a world leader in risk profiling and we use their optimiser that breaks down each MyFolio product, from I toV, by asset class. (See chart).

Together, we review this every quarter; it’s quite firm but we’re quite happy with it. Alongside that, Standard Life Investments has a large team of strategists and economists up in Edinburgh that constantly look for opportunities in the market. They look through the noise and focus on fundamentals. We have allowed a

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Investing Revolution

“I’ve done this for a long time, but this is the best role yet” 5% flexibility to these asset allocations should the need arise – we may need less or more exposure to certain assets, such as European equities or Japanese equities, where we are currently light. As the fund manager, I monitor the risk levels on a daily basis. We also have an operating committee that meets monthly, and they look at whether we’re delivering what we set out to.

There’s also a risk team that meets quarterly with every Standard Life Investments fund manager and checks that they’re meeting their risk targets.

Do you offer value for money?

Due to our buying power – we’re investing hundreds of millions of pounds – we get great deals on price. We are quite often buying into funds at below half the normal management fee level.

Why does Standard Life offer three different management styles?

If investors believe that fund managers don’t outperform benchmarks, then we have something for them – the passive option, which invests in tracking funds and some property exposure. Then we have the multimanager range investing in Standard Life Investments funds, and finally there’s the managed range investing in the whole of market. The latter requires the most amount of work from us so it carries the highest fees.

I am invested across all three with my own pension fund, with the same Level V risk option. My own money is in my own funds.

It’s the sort of commitment I look for when I speak to the managers of funds we’re interested in.

Who might these funds suit?

Investing by risk suits long-term investors

Financial Advice: Independent & Impartial

because they’re able to adapt their risk choice as they get older. When they’re young they might want to choose a risk rating V for maximum return, but as they get nearer retirement, they might want to limit that volatility with a lower risk rating. And, of course, you can invest in more than one fund simultaneously if you want to spread your exposure to risk.

Why should people invest their money with you in particular?

A little over a year ago I was appointed as an independent non-executive member of the governance committee, which is responsible for overseeing the process and structure of the MyFolio range of funds.

I was very impressed and I wanted to work with it. So when I became aware of a vacancy for the post of fund manager I was very keen. I had to go through a rigorous six-month process and many interviews before I was eventually chosen from a long list of candidates. Before this I was at Gartmore and before that Rothschild Asset Management, managing over £1bn. I’ve done this for a long time, but this is the best role yet. «

For more information visit www.standardlife.co.uk

STRATEGIC ASSET ALLOCATIONS (AS AT AUG 2011) MyFolio Managed Funds

I

II

Risk level III IV

V

Defensive asset classes Money Markets UK gilts UK Index-linked gilts Sterling corporate bonds

86% 17% 21.5% 15.5% 32%

59.5% 1% 12.5% 14% 32%

34.5% 1% 4.5% 5% 24%

11.5% 1% 2.5% 8%

1% 1% -

Growth asset classes UK Equities US Equities European Equities Japan Equities Asia-Pacific Equities Emerging Market Equities Hedged High-Yield Bonds UK Direct Commercial Property Absolute Returns

14% 3.6% 1.6% 1.6% 0.8% 0.4% 1.6% 1.6% 2.8%

40.5% 10.8% 7.6% 2.4% 1.2% 2.4% 1.6% 1.6% 4.8% 8.1%

65.5% 17.2% 10.8% 3.6% 2.4% 2.8% 5.2% 2.4% 8% 13.1%

88.5% 23.6% 14.4% 4.8% 2.8% 4% 7.2% 3.6% 10.4% 17.7%

99% 26.4% 20% 6.8% 4% 6% 8% 4% 4% 19.8%

SEPTEMBER 2011 45

MyFolio: Which route is right for you?

With more than 1,800 funds to choose from, navigating the whole of the market can be a challenge. That’s where MyFolio can help. These five, ready‑made funds are rated according to risk. All you have to do is choose the path you’re most comfortable with...

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MyFolio is a family of risk-based funds created and managed by experts from Standard Life Investments. Each of the five funds carries a combination of lower and higher risk investments; and each has its own risk rating. This ranges from MyFolio I, which is at the low end of the risk scale, to MyFolio V, which is at the high end.

MyFolio funds can be held in any of our tax-wrapper products, including Stocks and Shares ISAs. MyFolio makes fund investing really simple – all you have to do is choose the fund that matches your attitude to risk.

Once you’ve chosen a fund, you’re free to switch between funds if your circumstances or your investment plans change.

You can be confident, too, that your fund stays within the risk level you’ve chosen. Like a piste-grading machine, experts at Standard Life Investments constantly monitor each MyFolio-managed fund to ensure they remain true to their original risk rating.

I

ILLUSTRATION BY VALENTIN JOEL

You can swap between any of these funds at any time you choose

YOUR FUTURE 20??

i

IMPORTANT Like ski runs, all types of

investment carry risk, but some more than others. The value of your investments can go down as well as up in value, and you could get back less than you originally invested.

A choice of five

Here’s who the funds might appeal to

MYFOLIO I

This investment option is designed for a customer who is conservative with their investments. They prefer taking a small amount of risk to achieve modest or relatively stable returns. They accept there may be some short-term periods of fluctuation in value.

TODAY 2011

MYFOLIO II

This investment option is designed for a customer who is relatively cautious with their investments. They want to try to achieve a reasonable return, and are prepared to accept some risk in doing so. Typically these portfolios will exhibit relatively modest yet frequent fluctuations in value.

MYFOLIO III

M yF ol io

V

M yF ol io

IV

M yF ol io

II

This investment option is designed for a customer with a balanced attitude to risk.

They don’t seek risky investments but don’t avoid them either. They are prepared to accept fluctuations in the value of their investments to try and achieve better long-term returns. Their investments may be subject to frequent and, at times, significant fluctuations in value.

MYFOLIO IV

This investment option is designed for customers who are relatively comfortable with investment risk. They aim for higher long-term returns and understand that this can also mean some sustained periods of poorer performance. They are prepared to accept significant fluctuations in value to try and achieve better long-term returns.

MYFOLIO V

This investment option is designed for customers who are very comfortable with investment risk. They aim for high long-term investment returns and do not overly worry about periods of poorer performance in the short to medium term. Ordinarily these portfolios can be subject to the full extent and frequency of stock market fluctuations.

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Executive

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Horsepower: 188 bhp at 4000 rpm Transmission: 6 speed, torque convertor, fully automatic coupled with permanent 4 wheel drive Weight: 1650 kg Top speed: 124 mph Torque: 309 lb ft at 1750 rpm 0-100 km/h: 9.5 seconds

s y To

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Executive Toys

Not since the Range Rover, launched in June 1970, has a Land Rover generated so much media comment. It has been derided for having a posh, though spicey interior; not a proper Landie say the critics! Well, they are wrong, and how! This is a masterpiece of über-modern styling, with a beautifully finished cabin, and all the proper oily bits that make Landies the best 4X4 by far: by the time of the official launch, close to 20,000 customer orders had confirmed this viewpoint. Graeme Morpeth explains why.

It is one of the few production vehicles to so closely match the original prototype, in this case the LRX, that was showcased at the 2008 Detroit Motor Show.

This is the first car to be designed under new Land Rover Design Director Gerry McGovern. He references cars like the Mini, Audi TT and VW Beetle, saying ‘they all appeared at motor shows as concepts, but the production cars were very faithful to those designs.

That was unusual back then, but not anymore. There’s no reason why any of what you see on the LRX can’t happen – interior included. The result is so close it’s almost uncanny!

Jaguar Land Rover’s CEO, Dr. Ralf Speth, (who like Gerry McGovern, is an ex-Ford PAG man, and a UK Design Council member) commented on July 4th, when the first production vehicle rolled off the production line at the JLR Halewood plant: “The Evoque is an incredibly exciting vehicle that joins a product range which, across both of our brands, is the strongest we have ever had - and it fits perfectly”.

It’s not just about design excellence though. JLR will be sourcing 50% of all components for this car in the UK, with contracts worth €2.8Bn spread across 40 major suppliers. In addition, JLR directly employs 19000 people in the UK, and indirectly about 140000 jobs in its dealer network, supply chain, and other associated business operations.

The Evoque is the most important car that JLR, as it is now, has launched; it could be the most important car of 2011. Much like the Benz CLS, it has defined a new niche, not yet named (SCCAR for Sports Cross Country Car?), and it is fast becoming the must-have; an automotive equivalent of the iPad. It isn’t a big, fuel hungry SUV, with carefully contoured, barn door styling, ugly bull bars or gaping panel gaps; far from it.

Depending upon the engine/model configuration, it can be fast, at 8.0 seconds for the pointless Traffic Light Grand Prix, or, more to the point, economical at up to 53mpg , and it looks like nothing else in its class. The X3, and Q5, are pale by comparison.

The devil is in the detail - it always is. The Evoque shares the most of its floorpan with its Freelander stable mate, but goes further. The suspension uses MagneRide® dampers; essentially a variable strength magnetic field is used to control the viscosity of the

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damper fluid which has a carefully controlled metallic content. This can change the damper setting from “muddy, rock strewn track” to “motorway” in an instant; and the damping force can be adjusted up to 50 times per second, according to JLR’s own data. The effect is profound, endowing the Evoque with impressive agility, enabling it to cope with lumpy adverse cambers, pot holes, and sharp crests with aplomb. More hot hatch than sloppy SUV. Land Rover’s aim with this car was to meld the commanding driving position of a Range Rover, with the intimacy of a sports cockpit, and in this, it has succeeded admirably. Combine this with smooth riding suspension, state-of-the-art petrol and common-rail diesel engines (the latter shared with the Jaguar XF saloon) and you have a wonderful combination for the driver to enjoy. When the Dynamic Mode is engaged, via the Terrain Response buttons on the centre console, not only is the MagneRide® system properly activated, and the throttle responses sharpened, but the dashboard lighting turns from Cool Blue to Sporty Red - this may be bad news for the back seat passengers if the driver is enthusiastic, but the driver will love the result.

So, after all this, what is it actually like to drive?

A hard task after only 12 hours, and about 100 miles worth of motoring, but first impressions are very good.

The driving position is commanding, a function of the ride height, but the car seems to shrink around the driver making it easy to hurtle down highways and by-ways with confidence, and, conversely, manoeuvre, with a helping hand from the excellent park assist system, into the smallest of parking spaces. The electric front seats, and adjustable steering column allowed a perfect driving position to be found (and the memory function meant that it would always be available, mirror settings included). There are some neat tricks; the gear selector, a knurled aluminium knob, rises from the centre console when the keyless ignition system is activated via the (now de rigueur) Start/Stop button; the mirrors have blind spot indicators built-in, showing bright orange icons when vehicles come within range; and a central screen between the speedo and rev counter can be programmed to show speed related CO2 emissions.

Do I want one? Yes, and so should you. «

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Lansdown Place An obvious statement, you might think, that we should aim to purchase products of quality that we hope will endure both time and the style sheets. Investing in key pieces though from heritage suppliers means you not only build a wardrobe that will stand the test of time, but you receive the sartorial expertise from the instore team as well. One such brand is Crombie.

In our last edition, we looked at overcoats and the weather; it was well timed.

Appreciating accessories as a man is a talent: handkerchiefs, cufflinks, ties, tie-pins, umbrellas, gloves – there are too many for most of us to navigate our way through. What do your cufflinks say about you as an individual?

Does it really matter? Well, various studies have taught us that 55-70 percent of communication is non verbal. In business we learn a firm hand shake and eye contact during a meeting say a lot to the person sitting opposite. Having clothed John F. Kennedy, Sir Winston Churchill and King George VI to name but a few, there is no doubt in my mind that Crombie fit the bill as one of the world’s finest tailors. Who better to look to for a guide when emulating the steely gaze of Churchill or the sartorial elegance of JFK in your next meeting.

In this issue we aim to provide you with the first of three guides to the essentials.

y t i l a u q A question of

For men, accommodating an outfit with accessories happens much less frequently than it does with women; it should therefore be approached with an appreciation for quality.

Peter Robinson picks a selection of his favourites in the first of a three part review.

50 SEPTEMBER 2011

www.lansdownplace.co.uk

THE GOOD OLD BROLLY For the durability associated with so many Crombie products, the quality steel frame, hand-made tension springs and stopper pins are intentionally designed to minimise the risk of blowing inside out. The handle of this particular piece is whangee, an instantly recognisable type of bamboo that is perhaps most popularly embraced these days by gentlemen who revel in a certain delightfully British eccentricity. After passing a rigorous inspection, the umbrella is subtly finished with a polished tip cup on the handle, bearing the Crombie logo.

CUFFLINKS Cufflinks should only be worn with shirts with double cuffs, also known as French cuffs, which the French themselves call Musketeers cuffs. A shirt should either be double cuff with button holes but no buttons, or single cuff with buttons. There are many different types of cufflinks, from very formal and subtle ones that go well with the black tie dress code, to those with a photo of your pet in them which you can wear to Disneyworld. A man tunes his cufflinks to the occasion or mood he is in. These are Crombie retro ‘bachelor’ cufflink, 1930s in style, with enamelled regimental stripes with Bachelor fitting for easy click fastening TIES TO POLKA If you are in love with polka dot ties, then the best suited tie for business attire is a tie with small polka dots that are woven into the fabric. Choose a darker tie colour such as blue or burgundy red. The more conservative colours set a nice contrast to a modern and stylish polka dot tie. This Straight blade pure silk Crombie tie is the epitome of English sartorial elegance.

GLOVES Leather and suede gloves have an air of formality associated with them. These would be great for mixing with suits, professional wear and relaxed formal outfits.

Paired with a great leather bag and either shoes or boots, you can create a really smart look with clean lines – whatever you are wearing.

Handmade in England, with finest quality leather from Pittards, the world’s premier glove tannery, these gloves are the epitome of English style. Hairsheep cabretta leather is generally regarded as the best leather for gloves with great strength and natural elasticity, finer and less bulky than other leathers. These are cashmere lined for extra luxury.

The single most important part of any accessory or piece of jewellery is to make sure that it complements an outfit, not distract from it or override it. The most important part of a formal outfit is the suit, and everything else - the tie, the belt, the shoes, the pocket square, everything – is designed to complement the suit. If you find yourself wearing something that calls attention to its-self or distracts from the overall image you’re pursuing, then it’s too much. Moderation and subtlety are the keys to completing a classic, formal,

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Lansdown Place

Alexander

… t a e r the G

How the McQueen legacy lives on, By Rhiannon Smith In the East End of London in 1970 one Lee Alexander McQueen was born to a taxi driver father and a science teacher mother. The youngest of six, he was raised in a tower block in Stratford and began making dresses for his three sisters not long after leaving primary school. His intention to become a fashion designer was clear early on, as were his unique skills and tailoring vision. At 16, he began an apprenticeship at Gieves and Hawkes on the highly acclaimed and world famous Saville Row. Here he was taught how to translate his ideas into impeccably tailored lines and creations. He famously measured and made a suit for the Prince of Wales, in which he allegedly sewed his true thoughts of the Prince into the lining. He completed his Masters in Fashion Design at London’s Central Saint Martins, and showed his graduate collection, ‘Jack the Ripper Stalks His Victims’, in 1992.

World famous stylist and future close friend Isabella Bow saw something special in his work and bought his entire graduate collection. Indeed, it was Isabella who persuaded him to be known by his middle name, Alexander.

His career spans nearly 20 years, during which he won Men’s Wear Designer of the Year, the CFDA Award for Best International Designer, and the British Fashion Award for ‘British Designer of the Year’ four times. He was awarded his CBE in 2003. Mr. McQueen was not only a huge inspiration and attribute to the British fashion industry, but the world of fashion as a whole – and that’s still an understatement.

Alexander McQueen boutiques were thriving around the world, including London, Milan, New York, Los Angeles and Las Vegas. His innovative ‘McQ’ range aimed at younger customers and sold at lower prices launched successfully, and a collaboration with Puma meant that, between 2005 and 2008, McQueen dominated the fashion world. When the news broke of his is suicide in February 2010 (following the death of his mother, who he was very close to), both the fashion industry and Alexander McQueen label, now part owned by the Gucci Group, flew into shock and horror. In May of the same year, Alexander McQueen’s ever faithful and talented personal assistant, Sarah Burton, was appointed his successor as Creative Director of the brand. Sarah Burton,

54 SEPTEMBER 2011

then 36, had worked for Alexander McQueen since her university days in 1996, and became his full-time personal assistant upon graduating. She later became head of women’s wear in 2000, and was instantly popular with iconic figures, such as Michelle Obama, who wore Sarah’s Red Poppy Bloom dress. She received rave reviews.

Sarah Burton’s initial worries and doubts about following in McQueen’s footsteps were soon quietened by her first collection in September 2010; she paid tribute to his dramatic flair, but also incorporated her own feminine touch. Upon embarking on her new position, Sarah had expressed that she was not going to “copy his theatrics,” as that was “very much his own thing,” but was also not going to “wipe the slate clean.”’ For this she was celebrated and admired.

In April 2011, Sarah Burton unleashed the results of possibly the biggest task that could ever be given to a British designer: the Royal Wedding of Prince William and Kate Middleton. After months of speculation and rumours, it was finally revealed that Sarah Burton was the chosen designer for the Royals’ day. The wedding dress, the evening ceremony dress and the bridesmaid’s gown, all designed by Sarah Burton for Alexander McQueen, were rated ten-outof-ten worldwide. And five months later, people are still talking about them.

Many have asked how Sarah Burton is going to follow on from her early spring success, and she has replied with her outstanding A/W 2012 collection, already featured in Paris and moments away from being showcased in New York. Again, her designs were met with instant acclaim.

The new collection still has flashes of Alexander McQueen, with outlandish mixes of fur, lace and embellishment in floor length, brilliant white gowns, and tweed-embellished trousers, skirts and dresses.

Sarah Burton has taken the Alexander McQueen brand to heights only she could have, doing much justice to the legacy of the ‘Savage Beauty’. « A tribute to the late Alexander McQueen and his complete collections can be seen at the’ Savage Beauty Exhibition’ in New York City’s Metropolitan Museum of Art throughout the summer of 2011.

www.lansdownplace.co.uk

<

The ‘Savage Beauty’ himself, Alexander McQueen

Alexander the Great

“Sarah Burton has taken the Alexander McQueen brand to heights only she could have”

<

McQueen’s acclaimed successor, Sarah Burton (pictured left)

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e m i t of

A matter

For 172 years, the heirs and successors to Antoine Norbert de Patek, a Polish aesthete, and Jean-Adrien Philippe, a truly gifted French watch maker, have been producing watches of sublime beauty and incredible complexity. Graeme Morpeth delves deeper. <

Caliber 324 S QR, priced at ÂŁ77,930

Patek, Czapek et Cie, started making pocket watches in 1839 in Geneva, an association the lasted until the two partners separated in 1844. In 1845 Patek joined forces with the inventor of the keyless winding mechanism, Jean-Adrien Philippe. Patek Philippe & Co was founded in 1851, the same year they started supplying watches to the British Royal Family. As well as having pioneered perpetual calendars, split-second hands, minute repeaters, and chronographs in watches, they belong to an elite club; watchmakers who make their own mechanical movements, rather than buy in mass produced mechanisms.

In November 1851, Queen Victoria acquired a key-wound Patek Philippe watch, created in a pendant style, during The Great Exhibition of London; she also owned one more exclusive Patek Philippe timepiece, in the form of a diamond and enamel brooch, to be worn pinned to clothing. Patek Philippe clientele has included: Popes Pius IX, Leo XIII, and Christian IX; Princess Louise of Denmark; Victor Emanuell II of Italy; the short lived Hussein Kamel, Sultan of Egypt (1914 to 1918); Albert Einstein; James Ward Packard; Madame Marie Curie, and Lev Nikolayevich Tolstoy, to name but a few.

In 1933, Patek Philippe produced an ultra-complicated, 24 function pocket-watch for Henry Graves Jr, the American banker.

Graves had entered into a friendly horological competition with James Ward Packard, the American luxury car manufacturer (and noted watch collector), which resulted in the production

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A Matter of Time

Time and time again

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Caliber CHR 27-525 PS, priced at £373,500

of a watch known as “The Graves Supercomplication”.

After his death, the watch was auctioned at Sotheby’s in December 1999 for US$11,000,000, at that time the most expensive timepiece ever sold. The price was only exceeded on April 10, 2008, when a platinum Patek Philippe “Ref. 5002P Sky Moon Tourbillon” wristwatch made the world record as the most expensive modern wristwatch and was sold at Sotheby’s Hong Kong for HK$11.75 million ($14.9 million US). However their mechanisms are not only complex, beyond most people’s comprehension, they are wonderfully accurate: in 1962, Patek Philippe Calibers set a new precision record in the Geneva Observatory Competition.

In 1989, Patek created one of the most complicated mechanical watches ever made, the Caliber 89, created for the 150th anniversary of the

>

Caliber R 27 PS, priced at £305,300

>

company. It accommodates an astounding 39 complications, including the date of Easter, time of sunrise, equation of time, and many other indicators. 1,728 unique parts allow sidereal time, a 2,800 star chart, and more. The Caliber 89 is also able to add a day to February for leap years, while leaving out the extra day for every 100 year interval.

The Patek Philippe watches shown here are all new models, introduced during 2011, with the most significant being the two ladies watches.

The Caliber 324 S QR, priced at £77,930, is a retrograde, self winding, perpetual calendar model, with day, month, leap year and moon phases, all showing clearly in separate apertures. It is available in a 39.5 mm diameter platinum case with

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A Matter of Time optional sapphire crystal back, and is water resistant to 30m. It is a model of clarity and elegance, inspired by the famous Calatrava Ref. 96, introduced in 1932.

As befitting such a model, the Caliber 324 S QR selfwinding mechanism is described as “mechanically elaborate.”

The Ref. 5270Q priced at £118,940 is an altogether different proposition. Featuring the new column Caliber CH 29-535 PS Q wheel chronograph movement, this manually wound chronograph, has a perpetual calendar, with a centrally mounted chronograph hand, associated 30 minute counter, and a simple 60 second dial for regular timekeeping. In addition it has day, month, leap year, and day/night indications in separate apertures, with a hand noting the date around the periphery of the day/night dial. It is available in a 41 mm diameter platinum case with optional sapphire crystal back, and is water resistant to 30m.

The world of “complicated” watches has, up until now, been the reserve of the male of the species. Thus female watch lovers would be seen wearing men’s watches, a rather perverse situation.

Patek Philippe have addressed this in a bold move, with the production of two exquisite ladies watches;

the Ref. 7059 Split Second Chronograph, and the Ref. 7000 First Minute Repeater, both complications being exemplars of the horological art form.

The Ref. 7059, priced at £349,200, is miniature masterpiece, powered by the thinnest mechanism of its kind, and is contained within a beautifully discrete, 33.2 mm diameter rose gold, Officer style case, which is water resistant to 30m. It is set with 153 diamonds (0.7ct) around the bezel, a further 76 diamonds (0.4 ct) set in the sapphire crystal back, and 26 diamonds (0.18 ct) set on the prong buckle of the strap. It features the ultra-thin, manually wound Caliber CHR 27-525 PS, with a split second mono-pusher 60 minute chronograph.

The Ref. 7000, priced at £285,400, is a refined and elegant example of a First Minute Repeater Grand Complication, contained within a 33.7 mm diameter rose gold case. The self-winding Caliber R 27 PS has a twin gong system, activated by a slide-piece in the case, a 60 seconds sub-dial, over a textured cream coloured dial with gold applied numerals.«

For more information, please visit www.mallory-jewellers.com <

58 SEPTEMBER 2011

Caliber CH 29-535 PS Q, priced at £118,940

www.lansdownplace.co.uk

Mile High

The five

b u l C h g i H Mile

It’s not just the Fortune 500 that are jet-set.

And frankly, there really is no better way to travel. Besides no queues and no waiting, flights guarantee exemplary service, discretion, added security and ultimate indulgence.

Hugh Courtenay, the CEO of Private Jet Charter, talks us through the increase in business jet flights, and how his company has stayed on top of its game.

Can you tell us a little about the operation?

Private Jet Charter is comfortably at the top of its game, and despite the economic downturn Courtenay opened up a new office in Florida this year to accommodate the demand from the US market. Any global corporation requiring Jet Charter services can rest assured that they will be chartering the best aircraft for their trip.

Each time a client comes to us with a trip request, we will be able to give an indication price right away, and then send a proposal.

What sort of increases have you seen in corporate take up over the last six months?

This year to date we are 48% up on business flights compared to this time last year. When the downturn started 4 years ago we were in a strong position in that we had built up a good HNW clientele. Therefore despite business clients putting all private travel on hold, we kept an even keel and continued growing in different markets.

This year we have seen a lot of our business clients retuning to private travel. All things considered it is a cost effective and time efficient way to do business.

How are you providing that little bit extra in terms of service in such a competitive market?

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Our team have a passion for surpassing expectations and will go to great lengths to tailor each trip to your specific itinerary, timing and budget. We make sure everything is monitored from the moment you arrive to the moment you land, so your whole journey runs like clockwork. We strive to make your trip extra special and personal. If there is anything you want – just ask What should clients look for when chartering this year or agreeing a contract?

The main thing to look for when choosing a private jet supplier is how long they have been in business and their reputation in the industry – do they have accreditations? Look for clues that they are a good company, and not just offering the cheapest deal.

What are the benefits of flying via private aircraft for the modern CEO or Board?

The main benefit is the convenience to fly from your closest airport at the time you specify with only the people you choose. You can drive straight to the VIP lounge at the airport just 20minutes before your specified take off time. There you will see your jet and captain ready for you.

You do not have to queue to check-in, your jet will be laid out for your convenience so that you can eat, plan your meeting or just relax in complete privacy. Of course, the luxurious experience of flying on one of the latest generation of private aircraft just cannot be beaten. << Visit www.privatejetcharter.com for further details.

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f l e h s Book On the

and mating to politics, business, film, music, the arts and sport. She also explores why erotic capital is growing in importance in today’s highly sexualised culture and yet, ironically, as a ‘feminine’ virtue, remains sidelined.

Honey Money is a call for us to recognise the economic and social value of erotic capital, and truly acknowledge beauty and pleasure. This will not only change the role of women in society, getting them a better deal in both public and private life – it could also revolutionise our power structures, big business, the sex industry, government, marriage, education and almost everything we do.

Catherine Hakim’s theory of Erotic Capital was first advanced in a paper for Oxford University’s European Sociological Review in 2010 – this makes up the introduction to Honey Money in which Catherine has developed this theory and explores its implications.

HONEY MONEY: The Power of Erotic Capital Catherine Hakim Allen Lane Hardback £20

Catherine Hakim’s groundbreaking book reveals how erotic capital is just as influential in life as how rich, clever, educated or well-connected we are. Drawing on hard evidence, she illustrates how this potent force develops from an early age, with attractive children assumed to be intelligent, competent and good. She examines how women and men learn to exploit it throughout their lives, how it differs across cultures and how it affects all spheres of activity, from dating

Do It or Ditch It Bev James Virgin Books £11.99

Business is the new rock and roll. As such, everyone has jumped on the bandwagon. With so many business books being released, it’s hard to sort the wheat from the chaff: many business authors have little-to-no business experience, whereas others are failed business people with no grounds to give counsel.

Not Bev James.

Bev is one of the most hardworking and respected women in business

On the Bookshelf

today. She is known by her peers, such as James Caan and Emma Wimhurst, as the millionaires’ mentor, and runs one of the country’s leading business schools, the EBA. What I’m trying to say is: Bev knows her stuff.

Do It or Ditch It is perfectly timed and astutely written. More and more people are deciding to work for themselves; however the statistics for failure are disheartening. Business means taking risks, yes, having balls, yes, but it also means implementing the right skills and mindset to turn ideas into a workable, profitable and sustainable reality. Sadly, most people are not innately entrepreneurial, but as with any profession or craft, the knowledge is there to be learned.

Bev James guides you mellifluously and engagingly through her ‘steps to success’, punctuated with characteristic acumen, frankness and flair.

Whether you’re flirting with business, or have been running one for years, this tome is one of the few worth investing in.

The Fear Index Robert Harris

Cornerstone Publishing £12.99 Robert Harris has written seven previous novels – Fatherland, Enigma, Archangel, Pompeii, Imperium, The Ghost and Lustrum – and his work has been translated into thirty-seven languages. No small success. For his collaboration with Roman Polanski on the film version of The Ghost, he won both the French César and the European Film Awards for best adapted screenplay. A graduate of Cambridge University, where he studied English, he joined the BBC and later wrote for the Observer, the Sunday Times and the Daily Telegraph. He is also a Fellow of the Royal Society of Literature.

His newest offering, The Fear Index, is a chilling contemporary thriller from set in the competitive world of high finance. Dr Alex Hoffmann – his name is carefully guarded from the general public, but within the secretive inner circles of the ultra-rich he is a legend – a visionary scientist whose computer software turns everything it touches into gold.

A physicist once employed on the Large Hadron

Collider, Hoffman now uses a revolutionary and highly-secret system of computer algorithms to trade on the world’s financial markets. None of his rivals is sure how he does it, but somehow Hoffman’s hedge fund — built around the standard measure of market volatility: the VIX or “Fear Index” — generates astonishing returns for his investors.

Late one night, in his house beside Lake Geneva, an intruder disturbs Hoffman and his wife while they are asleep. This terrifying moment is the start of Robert Harris’s new novel — a story just as compelling and timely as his most recent contemporary thriller, The Ghost. Over the next 48 hours, as the markets edge towards another great crash, Hoffman’s world disintegrates. But the question that keeps you turning the pages is: who is trying to destroy him? «

To purchase a copy of the books reviewed, Lansdown Place Magazine highly recommend www.foyles.com

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Lansdown Place

Fit for a

n e e u Q

Fortnum & Mason recently brushed off recessional gloom by posting record sales figures, with plans to open overseas outlets for the first time in eighty years. A perfect time, then, to look back at one of Britain’s oldest retailers, and see what keeps it ticking. Peter James Robinson investigates.

Established in Piccadilly in 1707 by William Fortnum and Hugh Mason, Fortnum’s has a long, entwined history, which goes far beyond the retrospect of your average retailer.

How many other shops can say they supply picnic baskets to the Royals, or claim to have invented the Scotch egg? Despite slowly developing into a department store, Fortnum & Mason remains a quintessentially British retailer.

The food, for instance, is idiosyncratically British: cheeses, pies, wines, teas, cakes, biscuits, preserves and condiments. Naturally, high-end wouldn’t be high-end without caviar, seafood and foie gras, and you’d be foolish not to try, or indeed buy, some here.

As the story goes, Hugh Mason had a little shop in St. James’ Market. But it wasn’t until William Fortnum started renting Mason’s spare room that their business acumen truly actualised. Fortnum, a footman for Queen Anne, took advantage of the Royal’s insistence on having fresh candles lit every night and acquired enough wax to flog in order to raise start-up funds.

By 1815, the business was supplying the army with honey, dried fruits and preserves – no small contribution toward the defeat of Napoleon, then, and reinforcing Britain’s sobriquet as a ‘nation of shopkeepers’. But it wasn’t until 1851 that Fortnum’s really made its mark as a purveyor of luxury produce, sophisticating the popular ready-meal with dishes such as poultry and game in aspic, dry and green turtle, boar head, truffles and mangos. This subsequently evolved into the now-famous hamper, which became a favourite at regattas and horse racing events.

So ubiquitous was the brand, it led Charles Dickens to say of Epsom Derby: “Look where I will... I see Fortnum & Mason. All the hampers fly wide open and the green downs burst into a blossom of lobster salad.”

Indeed, your Britishness is sealed

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once you’re bound literarily.

1886 saw Fortnum’s introduce one of our mostloved brands. Picture it: Mr. Heinz strolls into the shop with cases of canned baked beans in tomato sauce under his arms. Fortnum’s ends up buying every case, marketing the product as an exotic import, and serendipitously securing one of the country’s staple foods.

These are just a few of many highlights in the heritage of Fortnum & Mason. But what does the future hold? Expansion to the Middle East has temporarily halted, but a shop in China is planned for the very near future. And why not: with recessiondefying figures, record-breaking sales, and a high-end clientele not showing any signs of slowing, Fortnum & Mason has not only secured itself as a national institution, but one we are prepared to back for a long time to come. «

Savills Clifton 20 The Mall Clifton Village

0117 933 5800 clifton@savills.com

savills.co.uk

abbots leigh, bristol One of the best addresses in Bristol ø entrance hall, drawing room & dining room ø kitchen/breakfast room ø conservatory, snooker room ø gymnasium with wet room ø study, pantry & cellar ø 8 bedrooms ( 3 en suite ) ø 2 further bathrooms ø coach house, garaging, outbuildings, stables & tack room ø landscaped gardens with croquet lawn and paddocks to approx 7.3 acres Price on application

Buying or selling this autumn? Talk to Savills.

TOM FORD

MENSWEAR