embracing exceptional Irwin Mitchell Private Wealth
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The home of innovative entrepreneurs
Expert advice
Hannah Cockroft MBE
Seven times world champion, Olympic gold medallist and business woman
Protecting Ideas & Meet Giles Long MBE Creator of LEXI, the guide to Paralympic sport classification
Contents Cover Story
4 Protecting Ideas & Dreams - Interview with Giles Long MBE 6 Brighton - Innovative Entrepreneurs 8 Somewhere, Beyond the Sea - International Relationships 12 Brexit - Expert Advice 14 Planning For Later Life - Thinking Ahead 16 Tax in the Fast Lane - Safeguarding Your Wealth 18 Philanthropy - The Value of Giving Back 20 UK Powerhouse - The North-South Divide 22 A Trusted Relationship - Digital Regeneration 26 Hannah Cockroft MBE - Training for Triumph 30 The Green & Pleasant Land - Focus on Landowners & Rural Business
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Embracing Exceptional
Foreword Welcome to Embracing Exceptional On this edition’s cover of Embracing Exceptional is Giles Long MBE, whose inspirational story of athletic triumph and later success as an entrepreneur with a bright idea is one not to miss. With a summer of sport ahead of us as we prepare for the Olympics and Paralympics, we interview two gold medallists, Giles Long MBE and Hannah Cockroft MBE. Giles is one of Britain’s most decorated Paralympians and also the creator of LEXI, a revolutionary way of explaining classifications in Paralympic sport. We also chat to world champion, gold medallist and business woman Hannah Cockroft MBE, who is out to defend her London 2012 crown in Rio this summer. Hannah shares her secret to success and what it takes to win gold medals. Following the EU referendum, we discuss the potential impact on EU citizens working in the UK, looking at how they should organise their affairs in light of the Brexit vote. We explore Brighton and Hove, which is recognised nationally and internationally as a leading and dynamic city that combines a vibrant atmosphere and a pioneering culture. It really is unique. I hope you enjoy the read. It would be great to hear your views and if you should wish to discuss any aspect of our private wealth service, no matter what the situation in the business or personal stages of your life, get in touch.
Craig Marshall CEO Irwin Mitchell Private Wealth
embracingexceptional@irwinmitchell.com
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Protecting Ideas &
THE GUIDE TO PARA SPORT CLASSIFICATION
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Sport Innovation
Classification in Paralympic sport provides a framework for fair competition. Once an audience understands why a particular group of individuals are classed together, they can get on with watching and enjoying the sport.
Giles Long MBE is one of Britain’s most decorated Paralympians. He retired from swimming in 2007 with 20 medals, including three Paralympic golds. But his transition into a successful entrepreneur means that when the next Paralympics starts in Rio in September, it is his invention that will be on TV screens across the world. He’s the creator of LEXI, a revolutionary way of explaining the different classifications in Paralympic sport through a simple graphic. Irwin Mitchell is proud to provide Giles with specialist intellectual property legal advice and support. Giles was a keen swimmer from an early age and dreamed of competing in the Olympics. When he was diagnosed with bone cancer in his right arm and underwent chemotherapy, he lost the use of his shoulder, though the elbow and hand still worked. He has a metal bone in his arm. But his dream was not lost. In 1993, aged 17, he began competing internationally and broke his first world record. In 1996 he qualified for the Atlanta Paralympics and won gold, and he then went on to compete in the games at Sydney and Athens. He says unlike some athletes, swimmers peak at a young age. “For myself it was always about getting to the Olympics, taking it as far as I possibly could. At the start it was an idea more than an ambition.” But there was more. “It had to take a back seat to swimming, but I always wanted to do something entrepreneurial.” It was at the Sydney games in 2000 that Giles was struck by how difficult it was for watchers to understand whether competitors with sometimes radically different disabilities were competing on an equal basis. “The basics of sport is that there are rules which everyone adheres to. If one person is perceived to be outside the rules, but the sport just carries on as usual, it is only seen as a bit of a curiosity, a human interest story.”
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“Previously it had been seen as something worthy to watch, it would probably make you a better person. London was the first time people saw the Paralympics as pure sport, as entertainment.” That was down to LEXI. Using a stick-man and an intuitive traffic light colour scheme, it illustrates the location of different disabilities and their degree of severity, allowing viewers to understand at a glance that competitors in an event are evenly matched, and so enjoy it as as a sporting spectacle. Giles says his dad, a graphic designer, inspired him. “He used to say to me and my brother, if you have got lots to say and not a lot of time to say it, you need a picture.” LEXI was 10 years in the making before Channel 4 took it, and Giles, on board for their 2012 games coverage. In September in Rio, it will be a key element of games coverage on channels across the world. Giles says: “When I finished with swimming I thought ‘crikey what am I going to do now?’ My friends had been working for 10 years and although I had a couple of gold medals to my name it didn’t mean I was any more employable.” But he began motivational speaking, firstly in schools, then for corporates, was acclaimed for his TV presenting on Channel 4, and, after 2012 began to drive LEXI into new broadcasting markets. “It’s been a slog...all the investment has to come upfront and it seems like a hell of a lot of money when all you have got is a sketch on a notepad. Any money I have made from it has been reinvested, and although I have got a lot of faith in it, I can’t make the Paralympics come round any quicker so I didn’t want to borrow any money against it.” LEXI is protected by international trade mark registrations, EU Community Design Right registration and copyright. Giles says: “We are not just creating cartoons for people, we are giving them genuine information to open up a whole new world.”
Irwin Mitchell Private Wealth
on As the rising costs of living in London mean more people are priced out of the capital, the South Coast playground shines ever brighter. At its epicentre is Brighton, once the affordable retreat of bohemian creatives, and still a hipster mecca, but now also the province of displaced urbanites in search of London-by-sea. The city which elected the country’s first Green MP has been labelled the hippest and the happiest town in the UK, but it is also one of the more expensive. House prices have rocketed by almost 500% in 20 years and the average is £350,000, though typical local salaries are under £25,000. Flats are up 60% in six years, the average three-bed terrace tops £560,000 and for Regency terrace splendour in the Clifton and Montpelier area expect to pay £2million. That hasn’t deterred comedian Steve Coogan, TV host Zoe Ball, authors Paul McVeigh and Sarah Raynor, and a star-studded resident cast-list which now includes the ‘King of YouTube’, Swedish comedian Felix Kjellberg. Once crumbling mews properties and dilapidated dance halls have been given a new lease of life and are flourishing as aspirational residential and commercial spaces, offering a romantic aesthetic to those looking to enjoy a rich, salubrious lifestyle at comparable affordability to London’s most exclusive boroughs.
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Innovative Entrepreneurs
The university estimates that the digital and creative sector pumps £1billion a year into the local economy, with an array of aspirational spaces such as The Skiff, the biggest co-working space south of London, The Werks, the Dock Hub and Hove Media Centre. The Fusebox hosts Digital Catapult, part of a UK network boosting collaboration between scientists, engineers and business, and the cluster includes the likes of Wired Sussex, and the Happy Startup School, for founders who want to measure success in “happiness as well as profits”. Brighton start-ups talk of a sense of community and mutual support, and 84% say they feel part of a digital cluster, according to a report by TechCity UK. On your doorstep are the rolling hills and bustling market towns of the South Downs National Park, over 1600 square kilometres of green landscapes, tranquillity, and visitor attractions. British Airways i360 is Brighton’s own latest attraction. The 162 metre viewing tower, built by the team who created the London Eye, was begun two years ago and is due to open this summer. Brighton has upcoming rivals in the South Coast gentrification game. Nearby Worthing, long known as a retirement zone, now has independent shops, cafes and restaurants, appealing to a new young audience of first-time buyers. Further along the coast, Hastings is billed as the new Brighton. It offers cheap Regency villas, fishermen’s huts and a burgeoning arts scene helped by the 2012 opening of the Jerwood Gallery. Homes are around a third of the price in Brighton – though the critical commute into the capital is still 50% longer, at 90 minutes to Charing Cross.
Photo courtesy of British Airways i360
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Irwin Mitchell Private Wealth
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International Relationships
Any decisions are not only short-term, but for generations ahead
Many families have personal and business interests which take them around the globe for extended periods of time or require them to relocate abroad. But what are the implications of this if you have children and are going through a divorce? In these circumstances it’s vital to consider in which country and under what jurisdiction your divorce will take place. This may determine your rights to relocate with your children. In the UK, if there is no consent from an ex-spouse, a parent wishing to relocate abroad with a child must make an application to the courts for ‘leave to remove’. Otherwise, removing a child permanently from the UK is seen as child abduction and is likely to be viewed as a criminal offence. An order for the child’s summary return to the UK, under the Hague Convention of 1980, would probably be made. The same applies if you remain in a foreign country with your children after the end of an agreed holiday. These cases can be distressing and difficult for all of the family, especially following a marital breakdown, and should be a last resort. Alison Hawes, Irwin Mitchell Private Wealth Partner and family law expert, says: “Whether you want to relocate or oppose an application to remove your children, there are many issues to consider, which is why it’s vital to seek help from an experienced international family law specialist without delay.” She adds: “Anything you do or say may have serious consequences and you do not want to irreparably damage your case at the outset.” Mediation and collaborative approaches with an experienced lawyer who specialises in international family issues may help avoid confrontation and avoid court proceedings. But how do the courts decide whether to give permission for the child to relocate? Cases are decided, above all else, with regard to the welfare of the child; a judge will put the children’s welfare at the forefront of their mind when making a decision for an application for leave to remove. They will consider the child’s wishes and feelings, which are given more weight as the child grows older, the likely impact of a change in circumstance for each child, and how capable each parent is of meeting each child’s needs. Alison says: “The courts will require you to outline the housing, childcare, healthcare and education arrangements you will have in place should you be successful. “If you’re wishing to relocate abroad with a child you’ll need to show your links to the country you intend to move to, how immigration issues will be dealt with, that it is financially viable, information about a new partner and their employment, and any religious or cultural issues which may arise. “If you’re trying to prevent the removal of your children from the UK you’ll need to demonstrate your current involvement in their upbringing and the long-term impact on both you and them should they be moved abroad. On top of this you’ll have to provide scrutiny of your ex-spouse’s plans to relocate. The most important evidence will relate to the emotional impact on the children in relation to being removed.” Alison adds: “These types of proceedings can be a traumatic experience for children involved. On top of seeking specialist legal assistance, you may want to consider offering them emotional support from a counsellor or therapist experienced with these situations.” Ultimately, everyone involved should understand the impact that the move will have upon every member of the family, not only in the shortterm, but for generations ahead.
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Irwin Mitchell Private Wealth
Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations. - Steve Jobs Quoted in Steve Jobs, the Journey is the Reward (1988) by Jeffrey S. Young
EU citizens working in the UK should protect their residence status
EU citizens working in the UK were in the eye of the referendum storm on 24 June, as the country woke up to its shock Brexit vote. Politicians moved quickly to reassure people there would be no change to the status of EU citizens living here. Although it seems unlikely that any change in the current freedom of movement regime will threaten those already here, there are precautions that EU citizens can take to protect their residence position. Alex Ruffel, Partner at Irwin Mitchell Private Wealth, said: “One of the fundamental principles of EU law is freedom of movement, which gives EU citizens the right to relocate to and work in all EU states. It is unclear how an exit from the EU will affect UK rules on residency because no-one knows what agreements the UK would negotiate with member states regarding the rights of our citizens to live and work in the EU.” Alex added: “Until the UK leaves the EU, it is still a member of the EU, and citizens of member states have the right to enter, live and work in the UK on the basis of EU law. “If the UK does leave, EU law will cease to apply and it is not clear what arrangements will replace it. But despite the uncertainty, there are steps that EU residents of the UK can take now to safeguard their position as much as possible.” Those who have been resident in the UK continuously for five years or more should apply for a permanent residence card, which shows they have a right of permanent residence in the UK. The right is derived from EU law, but Irwin Mitchell believes it unlikely that permanent resident status would be withdrawn from EU citizens who had acquired it. A permanent residence card serves as evidence of status. Those whose residency in the UK is less than five years should consider applying for a registration certificate, showing they are exercising EU rights to be in the UK. In the event that the UK enacts transitional rules that allow EU citizens who are resident at the time of Brexit to remain in the UK, such a certificate may be useful in showing UK residence.
Embracing Exceptional
EU citizens who already have permanent residence may wish to apply for naturalisation as British citizens, as permanent residence may cease if the holder ceases to have a home in the UK. Alex Ruffel added: “The best way EU citizens living and working in the UK can protect their status is to apply for permanent residence or a registration certificate showing that they are allowed in the UK. “Those EU citizens with permanent residence should also consider naturalisation as a British citizen. This has several advantages over permanent residence as it cannot be withdrawn.” Alex added that if taxes have to rise to help underpin economic stability, this may indirectly impact on immigration if the relatively benign UK tax regime for those with a non-UK origin becomes tougher. For families with different nationalities, EU law gives ‘derivative rights’ to family members of EU citizens. For example, if a child is a self-sufficient French citizen living in the UK and their sole carer is an Australian citizen, the carer has a right to move to the UK to enable the child to exercise their right of free movement. “The status of the carer postBrexit could be very uncertain,” Alex said. “Any arrangements will have to make sure these people are not forgotten.” EU citizens and their families who are adversely impacted by any change to UK immigration laws as a result of Brexit could appeal to the Human Rights Act, which is UK legislation and not EU law. They might have a case under, for example, the principle of a right to a family life.
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Expert Advice
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Irwin Mitchell Private Wealth
More than half of people aged between 40 and 50 are failing to prepare for the future by not having a will. Research conducted by Irwin Mitchell Private Wealth highlights how many people have not left instructions about what they want to happen to their assets when they die, while a large proportion of those that do have not reviewed them. Writing a will is an important part of financial planning. If someone dies without a will, rules dictate how their money, property or possessions should be allocated, potentially not in the way the deceased would have wished. Trying to settle the affairs of someone who has died intestate, that is, without leaving a will, can cause financial stress and heartache for loved ones, particularly if they co-habit. Half of those surveyed did not know that people in co-habiting couples do not automatically inherit their partner’s estate.
Unmarried partners who have not registered a civil partnership cannot inherit from each other unless there is a will. If there are no surviving relatives who can inherit under the rules of intestacy, the estate passes to the Crown. Another important aspect of financial planning that is often overlooked is setting up a lasting power of attorney. It’s a document that authorises someone to manage your affairs on your behalf should you become incapacitated for any reason. Elderly people often set one up to give children the authority to manage their financial affairs. But Irwin Mitchell’s research revealed that only 13% of people aged over 40 have a lasting power of attorney. One reason why lasting powers of attorney should be considered is the rising level of dementia. It’s a disease that worries many people now that more than 225,000 people are diagnosed with dementia each year.
Most people say they would want their family to look after assets, but most make no provision to ensure that is the case. Two-thirds have not spoken to family members about how they want their finances managed in the event that they can’t make their own decisions. Nick Rucker, Partner at Irwin Mitchell Private Wealth, said the figures highlight how too many people are not preparing for the future. “Our research paints a worrying picture about the lack of planning for later life financial and legal issues which could potentially cause serious headaches for family members to sort out in future.” “Failing to have a will or lasting power of attorney in place can create a legal minefield over who should inherit your estate and make decisions on your behalf. “Family and friends may dispute who is best placed to make the decisions and the court of protection could step in, which can result in expensive and time consuming legal battles.”
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Thinking Ahead
A lasting power of attorney removes anxiety and gives someone the assurance that, in the event they are found to have lost mental capacity, the people they want to make decisions on their behalf will have the power to do so.
Life
Nick Rucker, Partner and legal expert at Irwin Mitchell
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Irwin Mitchell Private Wealth
TAX fast lane in the
Rarely does a week pass without a celebrity hitting the headlines for incorrectly filling in tax returns or the use of so called ‘tax avoidance’ schemes
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Safeguarding Your Wealth
It’s become a hot topic of debate and one that looks like it isn’t going to go away, with politicians recently referring to ‘aggressive tax avoidance’ – a term that further blurs the lines between legal tax avoidance and illegal tax evasion – as an area of future focus. Professional sportsmen and women often acquire wealth relatively quickly and many simply don’t understand the complexity of the tax system, according to Jon Alexander, Founder & Managing Director of Arundel Wealth Management. This may put them at a disadvantage compared to people who are familiar with this element of finance management. “We work with high-net-worth individuals from the world of business, sport, media and entertainment,” said Jon, “In many ways, young players who get success quickly need to be treated as vulnerable clients (similar to lottery winners), as they suddenly earn substantial money but without having any life experience. Mistakes can be costly so whilst tax isn’t a subject that many sports stars want to think about, it’s an important area which they cannot afford to overlook.” “Our job is to ensure our clients’ earnings are maximised and long-term interests protected by giving clients the best financial planning advice - whether that be via us directly or selected partners we work with.” explained Jon, whose clients include current and former England cricket internationals Stuart Broad, Alec Stewart and Matt Prior, and England U21 football manager Gareth Southgate. One such partner is Irwin Mitchell Private Wealth whom Jon has worked closely with for the past 8 years. Clients will typically be introduced to Irwin Mitchell for tax advice but this often leads to them using a host of other services including wills, conveyancing and family advice. “We have the advantage of being able to offer tax compliance and accountancy services on top of the core legal services that high profile sports personalities need”, said Michael Taylor, Partner at Irwin Mitchell Private Wealth, and a specialist in tax compliance “Inevitably young players are faced with temptations and are seen as a honeypot by others. We have seen many former footballers facing bankruptcy when they finish playing because the money has been blown, not on a crazy lifestyle but often because of totally unsuitable investments peddled by unscrupulous advisors.
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Irwin Mitchell and Arundel Wealth Management share the same long-term approach to clients’ needs, which is why our partnership has proved successful.” “Sports people and high-net-worth individuals generally have more complex affairs. This makes their tax returns more difficult and they can easily find themselves in a dispute situation with HMRC if they don’t receive the right advice.” One area where sports stars need specialist advice is around their “Image Rights” to maximise off-field earnings. Companies are always keen to have their brands associated with and promoted by successful sports people and it’s possible for players to earn considerable money from endorsing products. Most top sports stars will have Image Rights companies which licence the use of the individual’s photographic image, signature, nickname and other assets to third parties but it is essential that the structures are correctly set up at the outset. “We’ve both acted for clients whose Image Rights companies were not correctly established, resulting in substantial amounts of tax being due to HMRC and claims of negligence being made against their previous advisors”, said Michael. “A combination of legal, tax and financial advice is needed to properly advise the client. It’s the legal aspects which often get overlooked, especially the need to assign the rights from the individual to the Image Rights company, otherwise the structures just don’t work.” “I see Irwin Mitchell as an extension of Arundel Wealth, as they have skills we are unable to provide,” said Jon. “It’s about personal relationships and having complete trust in each other. By working together we can ensure that our clients receive the best possible advice and ensure the interests of both them and their families are protected for the long-term.”
Irwin Mitchell Private Wealth
With a human touch
In times where the Internet and rolling news services provide us with a near constant window into the world, it seems we are more aware than ever of the needs and struggles of others
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The Value of Giving Back
From the requests of colleagues and friends to donate towards their latest personal challenge in support of a good cause, to the proliferation of awareness-raising campaigns on social media, it is fair to say that philanthropy, charitable giving and corporate social responsibility (CSR) are becoming more important to us than ever. Julian Chadwick, Partner in Irwin Mitchell’s Private Wealth team, has specialist expertise in charity law. Julian has been impressed over the years to see just how generous many people are with the gift of time, talent and resources. “I think most people like to give,” says Julian. “One of the things people do when they are fortunate enough to inherit money, or they have set up a business that has done very well, is to want to give something back.” It’s an instinct we all recognise. But where to start when what you’re proposing to give is much more than a one-off donation?
There are a number of fundamental questions to bear in mind from the outset, says Julian: first, whether you definitely want to give something back to the world in this way; secondly, whether you want to make a donation to an existing charity or set one up yourself; and lastly, whom you want to help. “We can help with capturing the mood of the client – many need help to focus on what it is they want to do and we can help them with that.” Julian appreciates the importance of being part of a firm with similar values to his own when it comes to philanthropy. He explains the benefits to a business that come from having a strong CSR programme: “Irwin Mitchell’s approach to CSR is fundamental to who we are - it underpins everything we do as a business. We have some incredibly generous and dedicated employees who are committed to making a positive difference.
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“The firm has a united approach and our aims are focussed around supporting people - our own people, our clients and our communities. We are honoured to have been able to help so many people over the years, whether through supporting a client with their personal journey, our own people by ensuring they feel encouraged and fulfilled while at work, or contributing to our communities through our support of local charities. Our CSR aims are embedded into our culture and they will always lie at the heart of what we do, and we recognise that we share this vision and values with many of our clients.” The Irwin Mitchell Charities Foundation (IMCF) allows our partners and employees to contribute to worthy causes. The foundation has raised £1.5million for its numerous and varied charity partners since it was established in 1997.
Irwin Mitchell Private Wealth
UK OWERHOUSE
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Structured Growth
The North-South Divide Many experts are now predicting a short-term slowdown in growth across our economy following the Brexit vote. As we enter a challenging period for the UK, Irwin Mitchell’s Powerhouse Tracker report highlights the importance of overseas investment in tackling regional disparities. The report, commissioned from the Centre for Economics & Business Research (Cebr), warns that the gap between London and the North will widen significantly, reaching almost £22billion by 2026, unless policymakers take action. Many of the 38 cities covered by the Tracker saw annual growth slow in the first quarter of the year. Across the cities, growth ranged from a low of 1.1% in Middlesbrough to the 2.4% seen in Milton Keynes, which once again headed the pack. Niall Baker, CEO of Business Legal Services at Irwin Mitchell, says: “The [former] Chancellor’s economic rebalancing plans have continued to make headlines, and despite the political uncertainty created by the UK’s decision to leave the EU, the need to tackle the NorthSouth divide is as important as ever.”
The turbulent financial markets of early 2016 had already sparked a fall in business confidence, a 0.5% drop in business investment on a year earlier, and a record £18billion trade deficit, in the first quarter. That was before the shock of the Brexit vote. GDP growth had slowed from an annual rate of 2.3% to 2%, and employment growth from 2% to 1.3%. But machinery and equipment production, where the Midlands and North-East are particularly strong, fell by a far greater 8%. This slump was only partially offset by continued buoyancy in the car-making sector in both regions. The report says the North of England has suffered from decades of under-investment in transport infrastructure, and its businesses cite this as the biggest single obstacle to growth. Commuter journeys between Leeds and Manchester are estimated to be 40% lower than they should be. According to a 2001 analysis by the Centre for Cities, the average London commuter travelled 64km to work while in Manchester it was 36km.
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No wonder, when cross-Pennine trains between Manchester and Leeds or Sheffield travel at less than half the average speed of trains between London and Milton Keynes, the report notes. And it was Milton Keynes which boasted the fastest-growing local economy in the first quarter of this year, followed by Cambridge, Oxford, and Outer London. According to the University of Cambridge, some 97% of its business spin-outs are successful, compared with 44% nationally, highlighting the importance of university infrastructure can play in supporting growth in cities and regions across the country. The slowest growing cities were Middlesbrough, Belfast and Bradford. But the report stresses: “Transport investment in isolation will not unlock the true potential of the region.” Private investment is the key.” It’s estimated that over 60% of funding for the capital’s Crossrail project has come from London businesses. Beijing Construction Engineering Group has committed £800million to the expansion project at Manchester airport, blazing a trail for an expected £450billion of Chinese investment across the UK over the next decade. The report says: “The recent decision by the UK to leave the EU is unlikely to make the region more attractive in the short-term and this will now be a significant challenge to overcome.” It suggests that the statutory powers granted to Transport for the North could play a key role, bringing a range of authorities into a unified body to manage investment plans and market them to overseas investors.
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Irwin Mitchell Private Wealth & Dan McGuire of cube19
TRUSTED
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Digital Regeneration
around fundraising and the EMI scheme, and no doubt saved me a lot of money in fees because they work collaboratively. Aside from that, the firm has provided good legal support for personal matters for myself and my family, ranging from property to family matters.” My ambitions: “We want to keep growing fast and put ourselves in a strong position for an exit in a few years time. From day one we’ve been prudent in keeping an information bundle for due diligence purposes when raising or at an exit event. Knowing that all of our paperwork is in good order, that our EMI scheme is appropriate, and that our customer contracts are robust, means that there are no nasty surprises down the road and that is a great comfort.”
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Bryan advises Dan on the sale of Broadbean Technology
Dan is named Online Recruitment Personality of the Year
Irwin Mitchell supports Dan as he launches cube19
Bryan advises on a shareholders’ agreement for cube19
Irwin Mitchell assists Dan with registering the cube19 trade mark
Bryan advises on various shareholder fundraising rounds for cube19
Irwin Mitchell continues to provide cube19 with advice on contracts
Having the trust in the advice I am being given is sound is essential and that comes from a history of good advice.
Dan is awarded CBI/Real Business Young Entrepreneur of the Year
The collaboration was essential and the relationship we built up during those months in 2008 has lasted and grown much stronger.” My new venture: “Bryan was involved from the very outset of cube19 and was heavily involved when we started raising money. This advice when negotiating with investors, particularly with regards to the shareholders agreement and articles and the potential longterm repercussions of certain investor requests, was priceless.” My lawyer: “I need someone who really understands the business and me personally. That helps immensely because I don’t need to go through the background on deals or contracts and we can get to the point quickly. Having the trust that the advice I am being given is sound is essential and that comes from a history of good advice. It’s also extremely important that your lawyer is willing to look at the business case for the advice being given.” My other needs: “Sometimes the advice I need is more about the way to handle a situation and, as an objective and valued advisor, Bryan is someone I can rely on for sensible advice. He has also worked extremely well with my accountants, which has led to better joint advice, particularly
Dan acquires stake in Broadbean Technology
Dan McGuire was Young Entrepreneur of the Year when he and two partners sold online recruitment business Broadbean Technology in 2008. Dan’s next venture, digital recruitment business cube19, was voted one of the Top 20 Start-ups of 2012 in its first year of trading. Bryan Bletso is a Corporate and Commercial Partner in the Irwin Mitchell Private Wealth London office. Bryan has considerable experience in all corporate transactions, but has a particular focus on working for international clients in relation to buying and selling businesses in England, and for owner managed businesses – for whom he provides all types of corporate advisory services, from everyday business law questions to buying and selling companies. Bryan and Dan’s professional association has developed over many years into a trusting relationship founded on expert advice, clear communication and a healthy shared interest in sport. Dan spoke to Embracing Exceptional about his experience of working with Bryan and the Irwin Mitchell Private Wealth team. My sale: “Bryan and his team supported us through the whole process - the many ups and downs - and I don’t think we could have got through it without that assistance.
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Irwin Mitchell Private Wealth
YOU to keep
have to keep
- Hannah Cockroft MBE
Training for Triumph
Hannah Cockroft MBE
Paralympic gold medallist, world champion & business woman
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Training for Triumph
Hannah Cockroft MBE is Britain’s best-known Paralympian. The 24-year-old wheelchair racer from West Yorkshire, seven times world champion and world record holder in four events, and business owner, is supported by Irwin Mitchell as part of our continuing support for disability sport. Disabled from birth, with an unknown diagnosis, the exceptional Hannah is about to head to Rio to defend her London 2012 crown, having inspired countless young people to follow her path. We caught up with her in a break from training. What drives you to get up and start training again every day? I am going for three gold medals in Rio, to retain my 100 metres title and two new events - the 400 and 800 metres - that is my main goal. I know there is competition out there, the races are going to be fierce, but I always believe I can win it.
I don’t want to be beaten by the new me. I went out in March to have a look around the camp facilities, and I was absolutely amazed at such a beautiful country. You have had to finance yourself to a large extent. Do you see Paralympians ever getting the same sort of sponsorship as Olympians? I am still pushing for a kit deal. One of the replies I got was they don’t want to sponsor me because I don’t wear shoes - but I do when I am on the podium getting a gold medal! I have got management behind me and amazing sponsors. They are all really supportive and I don’t want to jump into any sponsorship deals where they are going to use my name for something that might damage my reputation or make me look silly. You have your own sports management consultancy 17 Sports Management Ltd. How important is it for you to think about life after racing? It is really important. I meet so many people who think their gold medal is going to give them work for life. It just doesn’t happen that way unfortunately. For me, I am currently in a gap year from university where I am studying journalism. I started my sports management consultancy because after London I had so many terrible experiences with management companies.
I wanted someone I could trust, someone that other athletes could trust and respect, and the only way I could do that was to do it myself. We have got 12 athletes on our books. I think everyone seems to be happy, I get nice comments, and it gives you something to look to going into when racing finishes. You come from a sporty family but you weren’t allowed to do any PE or sport at school. Is part of your motivation now to encourage participation in disability sport? There is still a way to go in terms of quality and getting everyone involved. It is about giving people the opportunity and choices and the facilities. Before the London Olympics, disabled sport was difficult to get involved in, it was still hidden away. For me, it took my school getting a wheelchair basketball team from outside to come in and show the other students what it was like to be me, and for me to realise that a whole other world existed. It was the first time I had met another disabled person or seen disabled sport, it just blew my mind. You started wheelchair racing at 15 and breaking world records three years later. What sort of goals did you set yourself when you started? It was something I had been held back from for so long, but also surrounded by for so long, I wanted to try everything. I didn’t do it for the fitness or health or any of those things, but because I was surrounded by people like me. It was about not being told I couldn’t do things but being encouraged to try that little bit harder, to go a little bit faster. I like being challenged, I have always been competitive. Why have you said you don’t want people to regard you as inspiring for what you do? I have been disabled my entire life, I have known nothing else. When people imply how hard I work and how fast I go and what I give to my sport, that is great, but when people say ‘you are doing something with your life, that is amazing’ I think that is quite offensive. You would never go up to an able-bodied person and say that, because it’s part of everyday life. Sometimes people concentrate on the wrong parts of what is inspiring.
Photography courtesy of jodihanaganphotography.com
You’ve said you wanted to be ‘the next Tanni Grey-Thompson’, never getting beaten until you retire. What are your goals now? I want to prove I am the best in the world. I work hard, train hard and there are girls who can beat me who are aged 15 and 16 - I am one of the older girls on the track. I don’t want to be beaten by the new me!
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Irwin Mitchell Private Wealth
The life which is unexamined is not worth living. - Socrates Plato’s Apology of Socrates, 38a
The green & land
Following the vote for Brexit in June what does the future hold for landowners? James Pavey, Partner at Irwin Mitchell Private Wealth, considers the implications of Brexit for landowners and rural businesses in England and Wales. These are uncertain times for anyone with business interests in England and Wales, but for landowners at least, the starting point is positive. That is because land ownership, as opposed to land use, remains a matter of domestic law in England and Wales: there will be no change as a result of Brexit and, with a stable political system and a well-developed system of land law, the underlying asset can be bought and sold easily and ownership is free from political interference. With the Land Reform (Scotland) Act 2016 introducing the community right to buy land for sustainable development, the same cannot be said for Scotland. Another positive factor is that debt finance is relatively cheap and, in light of recent signals from the Bank of England, looks set to remain so for at least the medium-term. Mortgaging or re-mortgaging an existing landholding to provide capital for investment in developing other businesses looks to remain a viable option. Will Brexit lead to a “bonfire” of land-use regulations? Almost certainly not. Much of the body of EU environmental law has been implemented by UK legislation, so, unless there is political will to make parliamentary time to revoke it, landowners will be stuck with it. If Britain’s post-Brexit relationship with the EU resembles Norway’s, we will have to continue to implement EU environmental law. If not, in 10-15 years’ time, environmental law in England and Wales may display significant differences.
Embracing Exceptional
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Post Brexit Analysis
In predicting the future, the crucial issue will be the economic viability of farming and environmental stewardship after the Common Agricultural Policy (CAP). Some £3billion a year of subsidy comes to UK farmers from the EU. Agriculture is, in many places, only viable because of subsidy, and the countryside reflects a recent history of subsidy for environmental management. The Brexit campaigns promised a like-for-like replacement for CAP, but the political reality is that maintaining the current levels of farm subsidy is not a vote-winner: it is an easy target for cuts and the UK Government has traditionally had much less to fear from the farming community than its French counterparts. In a recent article, Countryside faces Brexit Anxiety, the BBC’s Roger Harrabin wrote that farm subsidies “are mostly given for little more than owning land – but partly for taking care of wildlife”. That is a fair indication of the hill that the lobby groups for landowners, such as the Country Land and Business Association (CLA) and National Farmers’ Union, have to climb in making the case for continuing subsidy. The economic reality is that, if the countryside is to be cultivated and cared for, so that it looks in 15 years as it does today, it will probably require some radical changes in farming practices, but will certainly require continuing subsidy. Alongside the benefits of food security and a buoyant rural economy, the argument has to be made, as part of a UK land use and agricultural policy, that environmental stewardship is a public good, and investment to that end must continue in years to come. James Pavey heads Irwin Mitchell’s Rural Business and Estates team, many of whose members are actively engaged with the CLA in helping to shape policy at a national and local level. James Pavey, Partner and legal expert at Irwin Mitchell
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Irwin Mitchell Private Wealth
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