JOHN COTTON
FTSE 100 -66.25 6656.37
HUDDERSFIELD EXAMINER TUESDAY, DECEMBER 2, 2014
Textile times Interview - Page 3
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KAREN WYNARD Pension posers Column - Page 5
An EXAMINER publication
KIRKLEES BUSINESS NEWS The business NEWSpaper for Kirklees
By HENRYK ZIENTEK Business Reporter henryk.zientek@examiner.co.uk
A Mirfield firm has struck gold for going green. SS Components Ltd has won a gold category Green Apple Environment Award in the national campaign to find Britain’s greenest companies, councils and communities. The firm, which supplies secondhand vehicle components such as brake calipers, starter motors and alternators to the re-manufacturing industry, competed against more than 500 other entrants in the Green Apple Awards for Environmental Best Practice. The company received the trophy and certificate at a ceremony at the Houses of Parliament. As a result of the award, SS Components Ltd had been invited to have its winning paper published in The Green Book, the leading international work of reference on environmental best practice, so that others around the world can follow their example and learn from their achievement. The Green Apple Awards began in 1994 and are established as the leading award for environmental endeavour among companies, councils, communities and countries. They are organised by The Green
■■ Amy Neville (left), of the Green Apple Awards, with (from left) award winners John and Helen Smith, directors of SS Components, and operations manager Mark Heaps
Organisation, an independent, nonpolitical, non-activist, non-profit environment group dedicated to recognising, rewarding and promoting environmental best practice around the world. The Green Apple Awards are supported by the Environment Agency, the Chartered Institute of Environmental Health, the Chartered Institution for Wastes Management and other independent bodies.
SS Components reclaims between 60.000 and 70,000 tonnes of vehicle components every month. These components are packed, palletised and distributed to the remanufacturing industries globally. John Smith started trading as a vehicle dismantler by setting up SS Motor Spares in 1974. After some 25 years he changed direction and SS Components was incorporated in 1998. His original enterprise was
launched on a budget of £5 and from that moment on has grown into a multimillion pound turnover business. SS Components provides core components for re-manufacturers and exports to developing countries. Core components are vehicle parts that are removed from end of life or redundant vehicles. The parts are completely re-worked and boxed for sale as a re-manufactured unit which is sold complete with a full warranty. Remanufactured components can cost 50% to 70% less than buying brand new ones. Based on its annual sales, SS Components Ltd estimates it saves some 800,000 tonnes of new steel and aluminium having to be cast to form components. The export side of our business consists of vehicle dismantling. Vehicles are processed through the firm’s environmentally friendly dismantling bay – undergoing a de-pollution process to drain fluids and remove parts such as batteries, fuel, oil filters, engine and gearbox oil, coolants, washer fluid, brake fluid, wheels and tyres. Vehicles are stored on an impermeable surface until they are completely depolluted. The process is strictly governed by The Environment Agency. Once the vehicle is de-polluted it can then have parts removed. The company exports components to customers in countries including Dubai, Nigeria, Angola, and Pakistan.
Company provides clipboards for medics tackling Ebola A company making healthcare products is helping medical staff in their battle to halt the spread of ebola. Skelmanthorpe-based Visual Systems Healthcare has been chosen to supply specialised splatter-proof clipboards to treatment centres and hospitals in Sierra Leone in a bid to tackle the epidemic. Particularly badly hit by the epidemic, Sierra Leone has seen thousands of cases of the illness, resulting in more than 1,250 deaths, according to Centres for Disease Control and Prevention. Visual Systems Healthcare was approached after a nationwide hunt to find a UK supplier that could tailor make the A4 clipboards for the needs
of healthcare staff caring for Ebola victims. One of the UK’s largest designers and manufacturers of visual display products and bespoke signs to NHS and private hospitals, Visual Systems Healthcare was able to get back to the client within an hour to confirm it could design and supply the 2,000 units within a 10-day time frame. The clipboard’s splatter guard and easy clean design helps minimise the risk of cross-infection and contamination while ensuring important patient information is not lost. The clipboards also ensure the correct presentation of notes to track both the patient and the disease. Chris Hunter, managing director of
Visual Systems Healthcare, said: “All our staff are so proud to be involved in this project and we hope our products will play an important part in the fight against this terrible epidemic.” Established in 1981, Visual Systems Healthcare provides a range of innovative visual products and planning systems to help health professionals operate efficiently. Recent customers include Derbyshire Community Health Service, Salford Royal NHS Foundation Trust, and Chelsea and Westminster Hospital. Products include patient chart holders, clipboards, patient name and bedhead boards, magnetic signs, floor graphics, roller banners and pop-up displays.
■■ The team at Visual Systems Healthcare
Healthy option A Huddersfield man delivering sport and health programmes to promote a healthy lifestyle has won an award. Shaun Fox, of Legacy Sport CIC, won £4,000 in the 2014 Social Entrepreneur of the Year Awards. He came third in a public vote from a shortlist of five finalists, who came from a broad range of entrepreneurial backgrounds. All five are about to graduate from the 2013/14 cohort of the Lloyds Bank and Bank of Scotland Social Entrepreneurs Programme, which is run in partnership with the School for Social Entrepreneurs (SSE) with support from the Big Lottery Fund.
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Centre points UK business centres have a “vibrant” customer base of SMEs collectively contributing £2bn to the UK economy, it is claimed. A report commissioned by the Business Centre Association (BCA) provides the first authoritative measures of the size of the market and the factors affecting performance. About 80,000 SMEs are based in UK businesses centres. The report says the flexibility centres offer make them the “natural home” for businesses with major growth ambition.
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TUESDAY, DECEMBER 2, 2014 HUDDERSFIELD EXAMINER
KIRKLEES BUSINESS NEWS
national
Clothing retailer keeps its cool despite the heat Retailer Bonm posted improved profits and sales for the first half of its financial year. The Grange Moor-based womenswear retailer lifted total revenue by 11.8% to £91.1m in the six months to September 27 with same-store sales 7.8% ahead. Pre-tax profits rose by 68.1% to £6.4m against £3.8m last time while earnings per share were 9.9p. The company has declared an interim dividend of 2.3p per share. The company, which was establshed in 1982 and has been part of Sun European Partners – the European adviser to US-based private inmvestment firm Sun Capital Partners – said it made good progress during the half-year with continued developments to product, pricing and supply chain. Efforts to improve its range had boosted sales while online sales now accounted for 7.8% of total takings against 5.35% for the same period last year. The firm had refitted 11 stores during the six months under review and planned a further 40 refits during the
next financial year. Bonmarché opened four new stores with nine other locations on track for 2015-16. At the end of the half-year, the firm traded from 262 Bonmarché stores and 13 other locations, including department stores, garden centres, out-of-town “mill shops” and three long-standing concesisons with the Cop-op. The company, which has a store at New Street in Huddersfield, said: “We ended the half-year with a strong balance sheet, with cash of £13.5m compared to £11.3m last year. “We estimate that this figure is flattered by about £1m due to timing differences, but even allowing for this, the liquidity position is good.” Chief executive Beth Butterwick said: “We are pleased with Bonmarché’s first half performance and
BG changes tack on pay package Oil and gas exploration firm BG has sidestepped a potential revolt over a £15m “golden hello” for its new boss by announcing a revised package in the face of shareholder opposition. The FTSE 100 group has cancelled an initial shares award for Helge Lund worth up to £12m and replaced it with an award worth up to £10.6m under a separate long-term bonus plan with more stringent performance criteria. BG said it would mean the expected value on award of this part of the “golden hello” is cut from about £10m to £4.7m. It also means there will be no need for a planned shareholder vote set for December 15, as the changes mean the award falls within the company remuneration policy approved earlier this year. But the total “golden hello” for Mr Lund – including a £480,000 relocation package and shares worth up to £3m to compensate for unvested bonuses – will still amount to a maximum of about £14m. He will also still receive an annual package of up to £14m a year including an annual salary of £1.5m plus payment in lieu of pensions, annual bonus, and a yearly long-term share award. The changes come after a chorus of discontent over the initial package from investment advisory bodies and the Institute of Directors.
■■ The Bonmarché headquarters at Jubilee Way, Grange Moor
our progress against our strategic objectives.” She said trading conditions became more difficult towards the end of the second quarter due to the unseasonably warm weather – and that those conditions had continued into the
second half. But she added: “However, on the basis that the weather returns to its normal seasonal pattern, the board expects the current year’s performance to be in line with its original expectations.”
Bid for Balfour Beatty contracts
Mouchel targeted for takeover
Balfour Beatty is the subject of a £1bn bid for some of its prized contracts in a move which could signal the breakup of the beleaguered business. John Laing Infrastructure Fund confirmed it has made the offer for Balfour’s portfolio of public private partnership (PPP) contracts, which include long-term agreements to run public projects such as schools
Professional services firm Mouchel has become a takeover target – two years after its near collapse forced it into the hands of lenders. The company, which provides consulting and business services on road building and other public sector projects, is in the bid sights of Kier, although the construction firm insisted there is no cer-
and hospitals. Since joining the stock market in 2010, John Laing said it has proven itself to be a leading infrastructure fund and “an ideal owner” of Balfour’s PPP assets. This year, Balfour Beatty has issued three profits warnings and its shares have fallen by more than a third. Its troubles have centred on
Balfour’s UK construction and engineering services operation due to the impact of design changes, project delays and contractual disputes. The bid comes after £3bn merger talks between Balfour Beatty and rival Carillion collapsed in August after Balfour’s board refused to ditch plans to sell a US unit as Carillion had wanted.
tainty a deal will be completed. The interest comes as the Government announces plans to spend £15bn on about 100 new road projects over the next five years. Mouchel was seized by its lenders in a pre-pack administration in the summer of 2012 after shareholders failed to back a last-ditch restructuring which would have
wiped out much of its £140m debt mountain. It marked the final chapter in a huge decline in value for the group, which previously turned down takeover offers from rivals Costain and Interserve for more than £150m. Since exiting administration the firm has restructured, losing about 1,500 staff .
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INDEX FTSE 100 FTSE 250
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HUDDERSFIELD EXAMINER TUESDAY, DECEMBER 2, 2014
KIRKLEES BUSINESS NEWS
profile
Success in the comfort zone When John Cotton talks business, it pays to listen. The 74-year-old chairman of bedding specialist John Cotton Group Ltd has a wealth of industry experience and wisdom to impart. Yet he retains a youthful enthusiasm for the family business and shows no signs of wanting to retire. He devotes three or four days a week to the business, chairing its monthly board meetings, overseeing budgets and charting the firm’s future direction. He was awarded the MBE for services to Yorkshire business in this year’s Queen’s Birthday Honours List. Mr Cotton, who received the award at a Buckingham Palace ceremony last week said he was thrilled by the accolade. And he fully intends to be around for the company’s centenary celebrations in two years’ time, saying: “We are starting to plan for 2016. We are in the process of deciding what we will do. We want to do something for charity; we want to look after our employees and customers and we want to do something to benefit the business.” John Cotton is among Kirklees’ biggest employers – with more than 600 people working at the Huddersfield Road site. It employs another 200 at its Wigan factory and a similar number at its operations in Wroclaw, Poland. “Many of our employees have spent a lifetime working here,” says Mr Cotton. “We hold long service awards for 25 years’ service when the recipients bring their families along and then take their families out for dinner at our expense. “We are very proud of our workforce. It is nice that people have been with us such a long time. We have fathers, sons and grandsons who have worked for the company.” Many of those employees have accompanied Mr Cotton on a journey which has seen the company transformed almost beyond recognition from its 1916 origins. He joined the company headed by his father after being edu-
cated at Charterhouse, Surrey. He learned the business from the ground up before taking more senior roles. “It’s something I have been brought up with since I was a little boy,” he says. “I used to come down to the factory on a Saturday morning with my father.” Commenting on the company’s origins, he says: “It was a very different company in those days. Its primary function was to re-fibre jute to go into manufacturing underlays for carpets and soundproofing for the car industry. “The advent of foam-backed tufted carpets killed off that business, so the firm diversified to produce fillings for firms making mattresses.” In time, John Cotton decided to go into the bedding business for itself with the acquisition of a firm called Northern Feather in 1997. At the time, Northern Feather’s turnover was £10m. This year, the business will have revenues approaching £40m. John Cotton acquired Snuggledown, of Norway, in 2000 and incorporated it into the Northern Feather business, but re-branded the division Snuggledown. In 2002, the firm took over Northern Textiles and followed up with its Polish acquisition – now John Cotton (Europe) – five years later.
John Cotton
That series of astute acquisitions to shift the focus for the firm has reaped dividends. When Mr Cotton took over as chairman 56 years ago, the firm had annual turnover of £4m. Today, turnover totals £160m. It now operates three divisions. John Cotton Non-Wovens is a UK leader in supplying products to the mattress, upholstery, insulation, filtration, footwear, clothing and automotive industries while John Cottron Home Textiles is a leading supplier of pillows and duvets to national retailers. It is also responsible for the Slumberdown bedding brand. The third division, Snuggledown, supplies pillows and duvets to department stores and independent retailers. Customers include Dunelm, John Lewis and Marks & Spencer. Operations are seasonal to some extent. Some 60% of business is done between September and February. “When we get a cold winter, duvet sales will fly through the door,” says Mr Cotton. “We have developed as time has gone on,” he says – candidly stating that the firm would not be around now if it had not changed its focus. The company’s success is also down to strong and effective management, he says.
■■ John Cotton is full of praise for the company’s loyal workforce
“We have managing directors for each division and they have to prepare budgets. We monitor their performance against those budgets with monthly board meetings. We also spend a lot of time getting the strategy right. “A business is like a small child. For a company to be successful, you have to nurture it, devote your time to it and care about it. A company that’s doing well can go to the dogs in the space of six months if people take their eyes off the ball. “You have to have a vision. You have to have a first class team of people working with you. If you don’t, you are wasting your time.” And never be afraid to admit you don’t know it all. Says Mr Cotton: “Take advice. If you don’t know something, don’t be too ‘big’ to ask people’s advice. That’s something I have always done, but a lot of people won’t do that.” Dedication to work doesn’t mean Mr Cotton has no time for other interests. An enthusiastic follower of the Sport of Kings, he says he owns “a few” race horses, which are stabled at Malton, North Yorkshire and in France. “I would go to York, Cheltenham and Ascot races, but I never had time until I was 60 to think about owning horses,” he says. Mr Cotton says he has enjoyed only modest success on the turf – but his horse Silver Frost won the French equivalent of the 2,000 Guineas a few years back, which was just cause for celebration. Other interests include sport – which brings an admission that he’s a Leeds United supporter. He also enjoys spending time with family and walking his dog, a much-loved Standard Schnauzer named Lola. But work is never far from his mind – and typically, he continues to look to the future. “We are putting a lot of emphasis on product development,” he says. “We spend £5m a year on capital investment in machinery and buildings on an ongoing basis. That’s how we improve all the time.”
Role: Chairman Age: 74 Family: Married to Barbara with sons Nicholas, 48, Mark, 30 and daughter Annabel, 46 Holidays: We have an apartment at Cannes in the south of France and we enjoy Italy, which is a lovely place to visit Car: At the age of 70 I decided a Rolls Royce wouln’t be a bad car to have. it’s something I ‘d always promised myself First job: Joining the family business Best thing about the job? I like to be able to go into a factory and hear the machines running – manufacturing and actually producing something Worst thing about the job? There’s nothing I don’t like about it. Business tip: Live, eat and sleep the business. You have to be totalled dedicated
John Cotton Group Ltd Work: Bedding manufacturer Site: Nunbrook Mills, Mirfield Phone: 01924 496571 Email: sales@johncotton.co.uk Web: www. johncotton.co.uk
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TUESDAY, DECEMBER 2, 2014 HUDDERSFIELD EXAMINER
local
What to do when Saturday comes A Holme Valley businesswoman is backing Small Business Saturday – and urging others to follow her lead. Amanda Vigar, managing partner of Holmfirthbased accountancy firm V&A Bell Brown, said: “Running a small business myself and with the majority of my clients being owner/managed enterprises, I am well aware of the vital contribution that small businesses make to the UK economy and the communities in which individuals live and work. “I would urge consumers to support the UK’s second Small Business Saturday UK, which turns the spotlight on local independent businesses at one of the busiest shopping times of the year. “Small business also should support each other by using local suppliers whenever possible and collaborating in business-to-business initiatives.” Amanda said she would be showing her support by offering free consultations on Small Business Saturday, which is held on December 6. The firm’s accountants and business planners would advise small businesses on issues ranging from accounting and taxation to company secretarial services. Small Business Saturday UK is a grassroots campaign, which highlights small business success and encourages consumers to “shop local”. Research into the inaugural campaign in 2013 showed that 43% of shoppers on the day chose specifically to shop at local independently-owned businesses because of Small Business Saturday. They in turn spent an average of £33 per person on the day and generating £468m for small businesses across the country. V&A Bell Brown hopes to build on the success when it held an advice open day last year to mark Small Business Saturday.
Providing support A Huddersfield IT specialist has completed a contract for a South Yorkshire engineering firm. Rotherham-based steel stockholding and engineering services firm DA Cooper and Sons Ltd has been a client of Lockwood-based P2 Technologies for three years. In its latest move, P2 has provided the firm with its OneSupport service, which provides DA Cooper with a cost-controlled, pro-active remote monitoring platform that forecasts potential system issues. The new IT system is managed by experienced and accredited engineers at P2’s service desk. Andrew Cooper, managing director at DA Cooper, said: “P2 Technologies provide us with great IT support – always professional, always friendly.”
KIRKLEES BUS
Festive treats that aren’t too taxing! With the festive season fast approaching, now is the time for employers to consider bringing some tide and joy to their staff. Popular ways of rewarding employees at this time of year are through the payment of cash bonuses, gift vouchers or food hampers but all are chargeable to income tax. The cash and vouchers exchangeable for both cash and goods are also subject to employers and employees national insurance (NIC) and the hamper will be chargeable to employers NIC but not employees NIC. In these cases, a particularly generous employer can arrange to pick-up an employee’s tax liability on the vouchers and other payments and benefits provided to them on an irregular basis through a PAYE Settlement Agreement (PSA). These are voluntary agreements between the employer and HMRC. For a 2014/15 PSA to be effective the agreement must be submitted to HMRC by July 6, 2015, and the tax and employer’s NIC must be paid by October 19, 2015, or October 22, 2015, if paid electronically. Minor benefits such as a turkey or an ordinary bottle of wine should not be charged to tax or NIC, although anything more extravagant will be. Some other tax-free alternatives worth considering are as follows: For those having a Christmas or New Year party, which is open to the staff generally, there will be no taxable
TAX TALK Colin Barratt benefit or NIC where the expenditure is less than £150 per head. The figure includes the total cost of the function, including VAT and any transport or accommodation provided by the employer, divided by the number of people attending. If each member of staff takes a guest the £150 limit will apply to each individual attending, not just to the employee. The beneficial tax treatment only applies to a function available to the staff generally and would not apply if, for example, one department were excluded. As long as it is available it does not matter if they don’t attend. If the cost per head exceeds £150 the whole amount will become taxable, not just the excess, so be careful if you are being particularly lavish. Also remember that if there is more than one function in the tax year the £150 per head limit applies to the total cost of all functions. In that case only functions, which total less than the £150 per head, will escape tax and NIC.
Where an employer gives cash to employees in lieu of a party, then the cash will be subject to PAYE and NIC. Low or interest free loans made to employees are tax free if the amount borrowed does not exceed £10,000 at any time in the tax year. The loan can be used for any purpose and the exemption will still apply. There are other tax consequences of such loans where they are made to a shareholder who owns (with certain close relatives) more than 5% of the shares in the company. The provision of a car parking space for an employee at or near their place of work is not a taxable benefit. This can include reimbursing the employee’s cost of paying for a car parking space or buying a parking season ticket on their behalf. For those who over-indulge in the Christmas period, HMRC will not seek to collect tax and NICs in respect of health screening and /or medical check-ups provided by employers to their workers.
Colin Barratt is tax partner at Wheawill and Sudworth chartered accountants, Huddersfield
Growing networking group on the move A business networking group has a new home. 4Networking Penistone launched its breakfast meetings at Cubley Hall in February this year - when 20 local businesses were represented. Less than a year later, the group has outgrown its regular venue – and now meets at the White Heart, at Bridge End. Andrea Honeybone, legal executive at Pennine Law in Penistone, who attended the first-ever meeting and is the group leader. said: ”Every fortnight there are more and more members’ pull-up banners on display and member numbers continue to grow. Members and visitors enjoy a slap-up breakfast while growing the network of business contacts. “Interesting and original ‘4Sighters’ – individual members taking the opportunity to share an insight into an area of their business or personal life – have helped to make this group the networking meeting not to miss,
■■ Andrea Honeybone (left) with other Penistone 4N members (from left) Fionnuala Donnelly, Sarah Hattersley and Sharon Nolan
including mind-readers, magic men and surfboarders!” Alec Tinker, of Penistone Osteopathy, joined the group in July. “Since I joined Penistone 4N group I have seen my business grow from strength to strength,” he said. “The Thursday morning breakfast meeting is a great way to start your day.
“There is always a diverse range of like-minded business people who are friendly, enthusiastic and happy to share their own knowledge and experiences.” To mark the move to the new venue, a 4N development workshop will take place from 10.30am to 12.30pm following the next breakfast meeting on Thursday, Dercember 11.
The workshop will be delivered by Debbie Huxton, author and business coach, who will provide an insight into how to get the best out of networking. Contact Andrea at honeybonea@penninelaw.co.uk or call 01226 763551; or email Fionnuala Donnelly at fionnuala@mustardseedmedia. co.uk or ring 01226 379010.
■■ Amanda Speight, o
Switch energy firms ur
Kirklees businesse take advantage of fu operations more ener Kirklees Council’s B Grant makes up to £5 per Kirklees-based b closing date of March are urged to apply as s The grant can help energy, water and including installing LE Amanda Speight, b manager at Dewsbury G Harrison, said: “If world’s lighting to ene we could save 120m e reduce CO2 emission Companies to ben include Oxford Grang bury, which received February. J G Harrison & Son home’s fluorescent 33 – saving £6,000 a year tion. Furthermore, the p five year guarantee wh create savings of alm five years. The home’s ing out the improvem the group. Founded in 1951, has four stores and l Dewsbury, Halifax, Br With Government emissions by 40% by 2 an 80% reduction by has seen a growth in over recent years. Said Amanda: “M aware that they need consumption for reaso green and most imp business having to costs. “However, many co that such funding exis organisations on how the funding; and ho improve the efficienc the business which w costs and reduce their the next several years Kirklees businesses Porter at Kirklees Co funding on 01484 221
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HUDDERSFIELD EXAMINER TUESDAY, DECEMBER 2, 2014
SINESS NEWS
of J G Harrison & Sons
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local
Options require careful thought Now that the government has given members of Defined Contribution (DC) schemes the green light to draw down on their pension savings whenever, and however, they wish after the age of 55 from April 6, 2015, how, if at all, does the increase in the ISA contribution limit to £15,000 from July 1, 2014, impact on the Personal Pension v ISA choice for investors? Before attempting to answer this question though, it is perhaps best to first remind ourselves of how the two compare (see panel). Subject to affordability and due to the generous tax reliefs available, it goes without saying that people should try and utilise both their ISA and Pension allowances as much as possible. Given that, in practice though, many people with some surplus cash to invest will probably want to make a decision to invest in one vehicle or the other, which route is likely to be the more suitable? The ISA or the Pension? There is of course no blanket ‘right’ or ‘wrong’ answer to this question because each case will have to be judged on its merits taking into account the current and likely future tax status of the individual and the importance (or not) of being able to access the funds whenever they want. A key difference between the two is the fact that contributions to a personal pension qualify for tax relief but contributions to an ISA do not. Regardless of the income tax status of the investor, the fact that any personal pension contribution is automatically grossed up by 20% can make a significant difference to the amount growing tax free within the fund, especially where regular contributions will be made and/or the term to retirement is relatively long. Only 25% of a personal pension fund can be paid tax free. The balance is subject to income tax and (from 6 April 2015) as an alternative to drawing a regular income, the balance could either be “stripped out” in one go or taken in ad-hoc instalments as and when required. Because, however, large withdrawals in excess of the tax free lump sum could easily take a basic rate taxpayer into higher or even additional rate tax, it may be prudent to restrict any withdrawals to an amount that keeps an investor within the basic rate band. Withdrawals from an ISA on the
FINANCIAL FOCUS Karen Wynard
Take a look at the technology on offer at innovation centre
other hand are not added to income and are completely tax free, so this could make the ISA route look more attractive, especially if the investor expects to be paying, or close to paying, higher rate tax when a withdrawal is made. Another standout difference between the two of course is access. An ISA gives unrestrained access at any time but a pension can’t (currently) normally be taken before age 55. And, based on the Governments recent budget proposals, in the future this minimum age will rise to 10 years below whatever the prevailing State Pension Age is at the time benefits are taken. Last, but not least, any lump sum death benefits paid from a personal pension are currently free of IHT, and on death before age 75 any lump sum paid from an uncrystallised personal pension would be wholly tax free as long as the amount paid falls within the deceased members available lifetime allowance. With the exception of any ISA funds that are invested in Business Property Relief qualifying AIM shares, however, the full value of an ISA would be included in the deceased’s estate on
death. So, unless the deceased’s estate was within their available Nil Rate Band or (if not) any excess funds over and above their available Nil Rate Band was passed to a surviving spouse or to charity, IHT at 40% would be payable. From a tax perspective, the initial ‘tax relief’ boost that the pension delivers will make the pension take some beating, especially if higher rate relief can be secured on the amount ‘going in’ to the pension but a withdrawal in excess of the 25% tax free cash can be kept below the higher rate band. Conversely, an investor who is a basic rate tax payer at the time of making a contribution but who is likely to pay higher rate tax at the time of making a (potentially large) withdrawal could give the ISA greater appeal. Tax is not the only consideration though, and any decision to invest in an ISA or Personal Pension should really only be made after financial advice has been sought and all the factors relevant to a particular investor have been fully considered. The value of your investment can go down as well as up and you may not get back the full amount invested.
Karen Wynard is at Eastwood Financial Services Ltd
Opportunity to take the chair with IoD in Yorkshire The Institute of Directors (IoD) is seeking a new regional chair for Yorkshire and Humber. Former incumbent Peter Holmes now sits on the IoD national council while also chairing the South Yorkshire branch committee. Jonathan Oxley, West Yorkshire branch chairman is
currently acting regional chairman. Regional director Natalie Sykes (left) said: “We are looking for someone to chair and lead our regional committee with a focus on developing the membership and supporting and engaging with IoD members across our region. This will include
implementing and supporting IoD policies, standards and initiatives.” The ideal candidate for the three-year term should have experience of a senior board role, live in the region and be knowledgeable about Yorkshire and Humber. Application by December 8 should go to iod.yorkshire@iod.com
Huddersfield’s 3M Buckley Innovation Centre (above) is launching a series of free hands-on workshops to give businesses the chance to explore some of the technologies available to them on its state-of-theart Innovation Avenue. Firms from the engineering and manufacturing sectors can benefit from access to the technology at the 3M BIC in Firth Street and are being invited to try out complex techniques through the hands-on workshops (HOW). Attendance is free but is strictly limited to six, pre-booked participants per workshop. The theme of the first HOW event is The Measurement and Characteristics of Surfaces and consists of two sessions that will take place from 8am to 10am and from 10am to noon on Wednesday, January 28. Businesses from sectors such as automotive, aerospace, rail and energy, as well as machine tool manufacturers and forensic scientists would benefit, as would those
from the healthcare sector, in particular manufacturers of medical devices and prosthetics. Each session will include a brief introduction followed by the twopart workshop and will be led by specialists from Huddersfield University. Attendees are encouraged to send in a small sample for analysis and will be able to see the data produced and discuss its significance with experts on the day. Ideal samples are those where the surface is of particularly interest, for example, items that have been subjected to wear and tear, stress and heat or where the nature of the surface is key to an item’s performance. To attend one or both of the free HOW sessions call 01484 473191 or e-mail info@3mbic.com. For more details on future HOW sessions go to www.3mbic.com/ events. 3M BIC is part-funded by the European Regional Development Fund, Huddersfield University and Kirklees Council.
Swiss role for lathes supplier Talented engineering trainees have been put through their paces working on machines from a Kirklees company. Colchester and Harrison training lathes from Heckmondwike-based 600 UK have been used by apprentices taking part in Swiss Skills Berne, a national skills competition in Switzerland. The lathes were supplied through 600’s Swiss distributor, Josef Binkert AG. The world-renowned training lathes have been at the forefront of engineering training in the
country for more than 50 years. Josef Binkert AG has also replaced and upgraded existing machinery at the prestigious apprentice training school, Swissmechanic Training Organisation with a number of Colchester lathes. Howard Bamforth, 600 UK sales director, said the firm was proud of its links with Josef Binkert AG, which had always been at the forefront of education in the extremely influential Swiss machine tool market.
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TUESDAY, DECEMBER 2, 2014 HUDDERSFIELD EXAMINER
KIRKLEES BUSINESS NEWS
property
Business centres play host to ‘vibrant’ SMEs UK business centres have a “vibrant” customer base of high-growing SMEs collectively contributing £2bn to the UK economy. That’s the key finding from a report commissioned by the Business Centre Association (BCA) which provides the first authoritative measures of the size of the market and the factors affecting its performance. About 80,000 small and mediumsized enterprises are based in UK businesses centres. The report says the flexibility centres offer in terms of workspace and facilities make then the “natural home” for businesses with major growth ambition. Jennifer Brooke, chief executive of the BCA, said: “Business centres are uniquely placed to respond to the evolving demands of innovative companies with growth ambition. “The report also shows that the perceived premium for flexibility is a misnomer with business centres representing better value than traditional leases.” Brent Woods, chief executive of The Media Centre , which is a BCA member and operates four buildings in Huddersfield town centre, said: “Business centres offer a strong network effect which contribute to their outstanding value to growing businesses. “The Media Centre has seen a steady rise in occupancy by high growth creative and digital businesses over the past 18 months and we expect many of our occupiers to double in size in the
year ahead. They reflect the 80,000 SMEs nationwide that occupy business centres and account for 33% of new jobs in the economy.” The report found that centres such as The Media Centre are at the forefront of enterprise and entrepreneurship – providing a home for businesses and creating communities in which businesses can flourish. Their flexibility meant they were uniquely placed to respond quickly and adapt to changing demand from small business and corporate occupiers. The report, which was undertaken by IPD and Snapdragon Consulting, looks for the first time at the distinguishing features of the business centre market. It examines the growth of the industry, the facilities offered, how charging structures work and the demand from occupiers. The Media Centre is a not-for-profit organisation with a remit to support business growth, employment opportunities and talent development for the creative and digital industries in Huddersfield. It manages four properties in the town centre providing workspace and support services to more than 150 SMEs. It also works across Huddersfield’s business community to deliver its social mission. All profit generated by its commercial activity is reinvested back into the delivery of its social enterprise remit.
■■ Switalskis directors Alison Kaye (top) and Suzanne Munroe
Law firm bucking the trend
■■ Brent Woods, chief executive of the Media Centre in Huddersfield
‘Bosses must set the tempo for their firms to succeed’
■■ Judith Cork says bosses have to build trust
Company bosses must “up the tempo” to ensure long-term success for their firms. That’s the view of Huddersfield-based businesswoman Judith Cork following her new research into the world’s most ethical companies (WMEC) developed for the Chartered Insurance Institute (CII). “Tempo from the top” is the term Judith has coined to demonstrate the leadership drive needed for companies to achieve long-term, sustainable success. She said: “These organisations have to be firing on all cylinders to maintain their competitive positions and need tempo and dynamism to drive ‘momentum from the middle’.
“What is really interesting about these companies is that they have deeply, entrenched ethical values and behaviours and are financially successful - the two aspects go hand-in-glove. “I felt that the current ‘tone from the top’ was just too passive and apologetic – a term to reflect these leaders’ dynamism, high visibility and support for their teams. “Leaders need to remember that they are the most powerful change agents and key symbols in generating belief in organisational values. In her paper – Changing the story: reasons to believe – Judith said: “Organisations need to reflect on what stories are
told by employees to their family and friends, what stories customers and stakeholders hear and whether these stories give reasons to trust the organisation. “To rebuild trust in business, we need to provide all stakeholders, customers, employees, suppliers, communities with genuine reasons and stories to help them to believe the values they may claim. “This is likely to involve changing the organisational story starting at the very top with leaders living and believing the behaviours they espouse.” Judith is a business ethics consultant and regular blogger on the subject at www. businessinthebuff.blogspot.com.
Brewery supporting charities lands Shooting Star award A brewery operating its own charitable foundation is the latest winner of an award run by Huddersfield Town. Stod Fold Brewing Company has landed a Shooting Star award in the competition run by Town and sponsored by Total Dilapidations Service (TDS). The brewery now joins previous monthly winners in the judging
process for the Shooting Star Champion of Champions annual award. Stod Fold was founded by childhood friends Paul Harris and Angus Wood, who joined forces two years ago after careers in brewing, microbiology and finance and marketing respectively. Over six months, they designed and built the brewery themselves – install-
ing a fully integrated, bespoke, state of the art, microbrewery at Stod Fold Farm in Halifax. The business added partners Samantha Turner and Jonny Naylor, who are responsible for sales and distribution. The brewery also set up and supports the Stod Fold Foundation, a charitable trust backing local charities
that are close to its heart and those of its benefactors. The majority of the fundraising comes from the brewery, which contributes 1% of gross sales to the foundation. Stod Fold Brewing Company is the last Shooting Star winner to gain a well-earned place among the Champion of Champions contenders.
A law firm with offices in Huddersfield is bucking industry trends by promoting more women to senior roles. Switalskis Solicitors, which employs about 200 people across Yorkshire, has a board of directors made up of seven men and eight women. A recent national survey of law firms by the Black Solicitors Network revealed that just 25.4% of law firm partners and directors are women, despite the fact that almost half of all practising solicitors are female. At Switalskis, more than half of directors are women. Two of the firm’s female directors are based at Huddersfield. They are Alison Kaye, solicitor advocate and head of court of protection; and Suzanne Munroe, solicitor and head of clinical negligence. Commenting on why so few women hold senior roles in law firms, Dewsbury-based Switalskis director Sarah Cookson said: “There are still issues within some law firms about women at a certain age who are married: the question of ‘when is she going to have children?’ always looms. I certainly experienced this in the first firm I worked for, where I qualified, which prompted me to leave. The prevailing culture there was male-dominated and there were very few female partners.” The firm is now hoping to attract even more talented women lawyers who feel that their contribution in their existing firms is not being recognised. Senior director Lorrette Law, who became Switalskis’ first female partner in 1999, said that when law firms create the right environment, talented women lawyers can thrive. She said: “We’re committed to recruiting high calibre women to a working environment that offers flexibility and ensures that traditional tensions between professional and family life are not a bar to high achievement. I am very proud to work alongside so many talented and hard working women.”
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HUDDERSFIELD EXAMINER TUESDAY, DECEMBER 2, 2014
KIRKLEES BUSINESS NEWS
property
Long service award for Lloyd Clayware manufacturer Naylor Drainage has recognised the service of one of its long-standing employees. The Cawthorne-based firm, which draws many of its staff from Kirklees, presented a long service medal to national sales manager Lloyd Kelly for 40 years service. Mr Kelly, who joined the company as a wages clerk, worked in internal sales before moving to external sales and culminating in his current position. Mr Kelly is pictured ■■ The William Henry Smith School is set to save on energy bills following work on its roof by Ploughcroft
Energy efficiency hits new heights Work to upgrade a 164-year-old roof – and dramatically reduce energy costs – is under way at a Brighouse school. The project is being carried out at the William Henry Smith School by Brighouse-based energy efficiency and roofing specialist Ploughcroft – one of the few construction companies in the region qualified to complete such specialist work. Ploughcroft will restore the roof of the school’s Newton building to its original glory and bring it into the 21st century by installing state-ofthe-art insulation. These measures will help reduce heat loss through the roof by up to 75% and in turn will help to make
significant savings on heating costs. Caroline Booth, business manager at the school, said: “There is a lot of history behind our school and maintaining the buildings is important to the efficient running and management of the complex. “Refurbishing the roof is an important aspect of our planned maintenance strategy and the additional insulation energy savings that we can reinvest back into our school.” PSK Building Surveyors Ltd is contract administrator for the project. Chris Hopkins, managing director at Ploughcroft, said: “Being a Brighouse-based business ourselves,
we’re delighted to be working with William Henry Smith School. “We are proud to play a part in helping maintain a building that has such an interesting local history and the project was the opportunity to combine our two passions – heritage work and eco roofing.” The school dates back to 1850 and was a family home before serving as a hospital during World War One. In 1916, the estate was bought by William Smith, who set it up as an orphanage. Following the Second World War, plans were put into place to convert it into a special school. The William Henry Smith Special School for boys was founded in September, 1961.
Agency redesigns uni robotics facility An agency based in Brighouse has completed a project to redesign a robotics facility at Leeds University. The Lenny Agency, based at Woodvale Road, refitted the interior of the National Facility for Innovative Robotic Systems – working to a brief to create a professional, modern and inspiring feel to the facility. A world leader in robot design and construction, the facility has undergone a £4.3m revamp, including new state-of-the-art technology. The agency developed initial 3D concepts that focused on examples of the work produced at the lab along with new colour schemes and furnishings. Lenny was also responsible for full project management both on and off site. Victoria Price, marketing manager for the Faculty of Engineering at the university, said: “Having worked with Lenny on a number of projects, I knew the creative team would be able to translate the brief into a design that would compliment our world-leading facilities.”
She added: “The finished design completely changed the overall look and feel of the robotics lab and has received numerous positive comments from members of staff and visitors.” Craig Leonard, creative director at Lenny, said: “From initial concept to the finished robotics lab, the whole project ran smoothly. We found that
in creating our visuals in not only 3D but as a 3D movie, it meant the marketing team was able to envisage how the design would work within the space as well as how the design would flow between different areas. “This helped to speed up the process which meant we were able to finish the project 10 days earlier that the initial deadline.”
(front, centre) with (from left chief financial officer Ruth Moran, plastics division managing director
Rob Hughes, chief executive officer Edward Naylor and chief operating officer Bridie Warner-Adsetts.
Product manager for Naylor Drainage Barry Marshall, formerly of Burden and Source Control Systems, has joined Naylor Drainage Ltd as product manager for Smart Sponge, a newly-acquired product for
the firm’s recently formed Naylor Environmental division. Naylor Drainage Ltd has acquired the European distribution rights for Smart Sponge, a hi-tech
product which helps tackle pollution by removing hydrocarbons from surface water. The product is manufactured by Abtech Industries in Arizona, USA.
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TUESDAY, DECEMBER 2, 2014 HUDDERSFIELD EXAMINER
KIRKLEES BUSINESS NEWS
The fast lane to promotion Matthew Vaughan has become the third generation of his family to work for Thorite, the UK’s biggest independent distributor of pneumatic products and process systems. Matthew (pictured) has been appointed internal sales administrator at the firm’s Huddersfield sales and service centre at Barge Street, off St Thomas’ Road. His father Richard is Thorite’s marketing manager, having joined the company in 1988 at the same Huddersfield centre and in the same role as Matthew. Richard is now based at the firm’s Bradford head office. Matthew’s grandmother, Brenda, was employed by Thorite from 1956 to 1981, latterly as secretary to the then managing director Teddy Wright, greatgrandson of the company’s founder.
Matthew already has extensive customer service experience, having worked for various companies since leaving university, including Kone Lifts and customer service and sales at PC World. His new responsibilities will involve providing pneumatics solutions for Thorite’s existing customers and building relationships with new clients in the Huddersfield area. Matthew, who lives in Bradford, has a keen interest in motorsport – both as a competitor sharing drives in his father’s very successful Thorite-sponsored hillclimb car – and as a reporter. He is official correspondent/photographer covering all rounds of the MSA British Sprint Championship and his reports have been printed in the leading Motorsport News magazine.
Charlene Vilia
Solicitor joins Eaton Smith Huddersfield law firm Eaton Smith Solicitors has added to its team with the appointment of solicitor Charlene Vilia to its private client department. Ms Vilia (pictured), who qualified as a solicitor in 2012, acts for individuals in the preparation of wills, Lasting Powers of Attorney, and also for executors and administrators in the administration of estates following bereavement. Department head Ben Cooper said: “We are delighted that Charlene has joined us. She brings
Shaun makes most of sporting chance By HENRYK ZIENTEK Business Reporter henryk.zientek@examiner.co.uk
A Huddersfield man delivering sport and health programmes to promote a healthy lifestyle has won an award. Shaun Fox, of community-focused enterprise Legacy Sport, was presented with a trophy and £4,000 in the 2014 Social Entrepreneur of the Year Awards. He achieved third place in a public vote from a shortlist of five finalists, who came from a broad range of entrepreneurial backgrounds – from an ethical underwear cooperative offering work to female refugees to an enterprise promoting recruitment for people with disabilities. All five are about to graduate from the 2013/14 cohort of the Lloyds Bank and Bank of Scotland Social Entrepreneurs Programme, which is run in partnership with the School for Social Entrepreneurs (SSE) with support from the Big Lottery Fund. Legacy School Sport CIC, based at the John Smith’s Stadium, was founded by Shaun in 2011. The business delivers PE, sport and health programmes in school and community settings. The aim is to promote healthy lifestyle habits and positive physical activity experiences for young people in order to set the foundations for their future lives. “Being named a finalist in the Social Entrepreneur of the Year award was the culmination of a fantastic year for Legacy Sport,” said Shaun. “The £4,000 third prize award will help deliver our sport and health programmes even further. “The Lloyds Bank Social Entrepreneur Programme has so much to offer Social Entrepreneurs and working with SSE and other social entrepreneurs in the scale up programme in
■■ Shaun Fox (left) receives his trophy at the Social Entrepreneur of the Year Awards from Graham Lindsay, director for responsible business and community affairs at Lloyds Banking Group
the last 12 months has been great.” Graham Lindsay, director for responsible business and Ccmmunity affairs at Lloyds Banking Group, said: “Each of the five finalists for the award this year demonstrated a strong commitment to making a positive impact to society by bringing tangible benefits to communities, individuals and the environment.” Alastair Wilson, chief executive of the School for Social Entrepreneurs, said: “I offer my personal congratulations to Shaun on his third place prize at the 2014 Social Entrepreneur of the Year Awards. “It has been exciting to watch him ‘scale up’
Legacy Sport over the last 12 months. We are delighted that his passion, commitment and effort have been further recognised by all who voted for him. We look forward to seeing how the £4,000 prize will help support his business and accelerate its growth.” The first place prize of £10,000 was awarded to Becky John, of Who Made Your Pants?, an ethical underwear co-operative employing refugee women in Southampton. The second place prize of £6,000 was awarded to West Midlands-based Jane Hatton, of Evenbreak, a specialist online job board run by disabled people for disabled people.
Key appointments for dealership a wealth of experience and has added to the strength and depth of our team, enhancing the service that we are able to provide to our clients across the region.”
Northern regional director Business bank Aldermore has appointed Leyton Jeffs as regional director for its invoice finance team covering Yorkshire. Mr Jeffs joins from Royal Bank of Scotland where he spent seven years, latterly as head of business development
movers and shakers
for invoice finance. At Aldermore, he will lead the team of 14 sales managers and executives based in Leeds and Manchester. He said: “I’m really looking forward to working with the invoice finance teams across the North.”
Two new appointments have been made by family-owned car dealership Harratts, which has a site at Leeds Road, Huddersfield. Craig Fraser has been appointed group operations director with Wayne Bowser appointed as non-executive director. Mr Fraser, a chartered accountant and former professional footballer, has more than 35 years experience in the motor industry, including an established track record in turning around struggling dealerships. Mr Bowser had a long and accomplished career at HSBC working with many UK business leaders before branching out on his own. Mr Fraser said he was attracted to Harratts by its well-appointed facilities in good locations and because it is a family business. “Communication is at the very core of everything I’m doing here,” he said. “From improving customer service to keeping suppliers happy to ensuring we’ve got a
well-motivated and happy team of staff, I adopt an open door policy and it’s all about using the right approach in order to get this business back on track.” Mr Bowser, who has worked with brands including Morrisons Supermarkets, Premier Farnell, Poundstretcher and Grattan, said: “I have long believed that in an increasingly competitive business environment that’s high in uncertainty, the role of non-executive directors in the boardroom has never been so important. “Fresh thinking, high level corporate experience, sound investment advice and risk management are among the most important assets a modern business now needs if it is to flourish.” Founded in 1966 in Ossett, Harratts Group now has dealerships in Huddersfield, Pontefract, Wakefield, Leeds and Darton and encompasses the latest models from Honda, Mitsubishi, Renault, Honda, Peugeot, Dacia and Kia.
■■ Wayne Bowser (left) and Craig Fraser, who have joined car dealership Harratts as non-executive director and operations director respectively