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COLIN BARRATT Expensive proper ties
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An EXAMINER publication
KIRKLEES BUSINESS NEWS The business NEWSpaper for Kirklees
Firms benefit from new joint venture
A COMPANY with key operations in Kirklees has launched a new training academy for its manufacturing sites worldwide.. The FDS Group, which includes industrial sealings businesses Flexitallic Group and Novus Sealings, both based at Cleckheaton, has set up its Academy of Joint Integrity. The academy has dedicated facilities at Cleckheaton, Teeside and Humberside, Aberdeen and globally in the USA, Australia, New Zealand, Malaysia, South Africa, Nigeria, Thailand, China, Middle East and Kazakhstan. The academy has been set up to tackle the lack of standardised qualifications for bolted joint assemblers – identified by the industry as a leading cause of joint leaks in gaskets which can result in injury and the release of hydrocarbons. The FDS Group said the academy would provide accredited and awareness training courses in the processes
workers have to follow to achieve and maintain a leak-free bolted connection. It said: “Significant advances in gasket technology in recent years have allowed great improvements to be made in the specification of gaskets for industrial applications, reducing the likelihood of joint leakage and resulting in reduced operating costs.” Gary Milne, who manages the global client training division of FDS Group, will head the new academy. He has extensive technical experience and in-depth knowledge of the sealing industry and jointing products. He has also worked with a number of UK and international committees to promote and advises on industry best practice. Said Mr Milne: “Welders are able to train and become certified to industry standards, but bolted joint
assemblers have no such system, despite assembling pressure boundary joints on the same equipment as welders. “This is a great opportunity to introduce much needed symmetry in training and qualifications to ensure personnel are adequately trained and provide transparency for the industry. “It is a brave move by FDS to introduce an academy, which is not revenue generation-led. “Integrity is central to our mission to deliver quality training.” Training will be delivered at the academy’s purpose-built training facilities, at clients’ premises using mobile training rigs and equipment and via a web-based e-learning programme. The courses, delivered by industry experts, combine practical and theoretical training and assessment and are accredited to international standards..
the LinQ Alliance, Bedfords decided to make the move and invest fully in the logistics network. LinQ Alliance focuses on providing cost-effective supply chain management services. The network brings together a group of the country's leading regional transport and distribution companies. Under Bedfords’ ownership, it will remain under the same name, man-
Crime busters NEW technology is helping to cut crimes against trucks and their drivers. A group including Huddersfield University has developed a new “app” which the lone trucker can access via a smartphone to find safe parking areas along route and plan the journey to ensure personal safety and protect the vehicle.
● Full story - Page 5
■ TRAINING DAYS: Gary Milne, technical training manager at the FDS Group
Takeover puts haulage firm on national stage A BIRSTALL-based haulage company has taken over a nationwide logistics delivery network. Bedfords Transport has bought the balance of the shares in network partner LinQ Alliance – taking its ownership to 100%. This comes after a very successful 2010 for Bedfords, which has decided to expand its business network across the UK. As a member shareholder of
INSIDE
aging its existing networks and assets. Bedfords managing director Steff Pfadenhauer said: “It is a logical move for us as we continue our move from being a regionally recognised haulier to a national one. “We doubled in size last year and hope to do so again within the next two or three years . “The purchase of LinQ Alliance is
part of that growth strategy. “We have been members and shareholders in LinQ Alliance from the start, recognising the worth of working together with like-minded companies to provide cost effective supply chain management solutions. “We will continue the good work of LinQ Alliance, servicing customers and working with partners as before.”
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Running story HUMAN resources consultant Julie Sykes is set to run four half-marathons this year to raise funds for local charities.
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Solicitors for business inYorkshire www.chadwicklawrence.co.uk Huddersfield | Wakefield | Halifax | Leeds
KIRKLEES BUSINESS NEWS
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Warning over cost of new work laws KIRKLEES companies will be hit by “staggering costs” as a raft of new employment laws come into force over the next four years, a leading business group warned today. The British Chambers of Commerce estimates that businesses in the Yorkshire region will have to pay out as much as £1.67bn between 2011 and 2015 – with the national bill totalling £22.8bn. Some of the most costly regulations to come into effect include two measures to be introduced this year and a third to come into force in 2012. Firms will be hit by seven major changes in 2011 alone, including the Agency Workers Directive, which the BCC said will cost business £1.5bn. Giving workers the right to request
time off to train will cost £174m a year, while pensions reforms will have an annual recurring cost of £4.5bn. The BCC said it would be difficult for private sector businesses to create the jobs needed to mitigate the effects of public sector cutbacks if the Government continued to make it expensive to employ people. Stephen Leigh, head of policy and representation at the Lockwood-based Mid Yorkshire Chamber of Commerce, said: “It is unfortunate that despite previous assurances from the Government that they would stem the flow of new employment legislation, they have in fact continued to add to it. “We are disappointed that the coalition has so far been unable to match
■ BURDEN: Steven Leigh bemoaned a lack of business-friendly policies
their rhetoric with some positive business-friendly measures which will create a business environment to help encourage investment and create new employment opportunities.
Declining values
“While the proposed reform of the employment tribunal system is welcome news, the savings will be small compared to the potential costs of this continual raft of additional burdens on British businesses.” BCC director-general David Frost said: “The Government claims business growth is top of the agenda, yet UK firms will be hit with huge costs once these new regulations come into force. “Companies cannot generate growth and create jobs when they are facing a £23 bn bill just to implement new employment legislation. Unless the Government reduces this kind of red tape, we will continue to have high levels of unemployment and could end up derailing the recovery.”
Rolls-Royce wins Emirates deal
Shareholders set to gain
R O L L S - R OYC E h a s r ev e a l e d another contracts boost by securing a long-term services deal with airline Emirates worth £1.4bn. The agreement under its TotalCare scheme means Rolls’ technicians will maintain the Trent engines of 70 Airbus planes which Emirates will add to itas fleet in the next few years. It follows a £700m deal in November to service the Rolls engines on 48 Emirates planes already flying or on order by the airline. The latest deal brings the number of Emira tes planes under its TotalCare contract to 128. Civil aerospace division president
OIL and gas services company Wood Group has promised to deliver at least £1bn to shareholders after sealing a major deal with General Electric. The sale of Wood Group’s well support arm, which makes electric submersible pumps used for oil production, will raise £1.75bn – with more than half of the proceeds set to go to shareholders. Aberdeen-based Wood, which is listed in the FTSE 250 Index, will focus on its engineering and production and gas turbine services divisions. It said General Electric possessed the scale and reach to ensure that the
Mark King said: “With this contract, a l l o f E m i r a t e s ’ Ro l l s - Ro yc e powered fleet are – or will be – supported by TotalCare packages that add significant value and allow customers to optimise their operations.” The power systems manufacturer faced a crisis in November when one of its Trent 900 engines exploded in mid-air, forcing a Qantas superjumbo into an emergency landing. The company has won a number of orders since the Qantas incident, including a £3.2bn deal to supply British Airways with engines for up to 61 aircraft and separate deals with Air China Eastern Airlines.
Houston-based well support business continued its international growth. Following the disposal, which is subject to regulatory and shareholder clearance, Wood said it will return cash of not less than (£1bn to its shareholders. It has also pledged to continue its growth strategy of geographic expansion in its core areas. This follows a deal in December to buy Aberdeen-based rival PSN in an agreement worth £600m. The addition of PSN in areas such as North America, the Caspian and Russia will reduce Wood’s dependence on the UK .
INVESTORS in fashion chain New Look have slashed the value of their stake in the retail chain after tough high street conditions caused a fall in sales, according to latest figures. Investment group SVG Capital – an investor in New Look through buyout group Permira, which owns a 27.7% stake in the retailer– said it had almost halved the value of its holding in the fashion group. Full-year results from SVG showed it cut the value of its investment in New Look by 47%, to £13.5m at the end of last year from £25.7m a year earlier. The blow comes after New Look revealed a 9.1% like-for-like drop in the UK during the 15 weeks to January 2011.
Speedy reactions SPEEDY Hire’s tools and building equipment hire business returned to sales growth in the final quarter of 2010 – despite the contraction in the construction industry. The firm, which has 325 sites, lifted revenues excluding equipment sales by 8.8% against the same quarter of 2009. Equipment sales rose by 23%. Snow meant a 3.3% fall in output for the building industry, but Speedy focused instead on sectors such as water, energy and transport.
SHARE PRICES NORTH AMERICAN American Express £29.09 -0.08 Gannett 1070.76 +6.24 Hess Corp £50.54 +0.25 Microsoft 1682.83 -17.53 Motors Liquidation 46.80 Wal-Mart Stores £34.43 -0.32 AEROSPACE & DEFENCE Avon Rbbr 2311/2 -21/2 BAE Systems 3521/4 -41/4 Rolls-Royce Gp 6541/2 -3 AIM Brady Plc 841/2 +5 Dawson Intl 11/2 Man Brnze 381/2 -3/4 AUTOMOBILES & PARTS GKN 210 -23/8 BANKS Barclays 3103/4 -3/8 HSBC 7077/8 -61/8 3 Lloyds Banking Gp 65 /4 -11/8 Ryl Scotland 441/4 +1/4 Stan Chart 1694 +241/2 BEVERAGES Diageo 1194 -12 SABMiller £211/4 -1/8 CHEMICALS Croda 1521 +48 Elementis 98 1311/2 -1/4 Johnsn Mat £20 +1/8 CONSTRUCTION & MATERIALS Balfour Beatty 3513/8 +1/8 Costain 2301/4 +4 ELECTRICITY
Drax Gp 3993/4 -41/4 Intl Power 3367/8 -21/2 Scottish & Sthrn 1183 +2 Energy ELECTRONIC & ELECTRICAL EQUIPMENT Laird 1711/2 -1/2 EQUITY INVESTMENT INSTRUMENTS Alliance Trust 3671/2 -3 FIXED LINE TELECOM SERVICES BT Grp 1833/4 -11/2 Cable & Wireless 461/2 +1/4 Comm Cable & Wireless 76 -7/8 Wwide 5 Colt Group 153 /8 +5/8 KCOM 583/4 +3/4 3 Talktalk Telecom 151 /4 +2 FOOD & DRUG RETAILERS Morrison W 275 -13/4 Sainsbury 389 +1/2 1 Tesco 394 /4 -3/4 FOOD PRODUCERS AB Food 1045 Nth Foods 741/2 -1/2 Tate Lyle 5901/2 -1 Unilever 1806 -1 3 +11/8 Uniq 6 /4 GAS, WATER & MULTIUTILITIES Centrica 3401/4 -41/4 National Grid 5721/2 Pennon Grp 629 +3 Severn 1446 +5 United Utils 5771/2 +41/2 GENERAL FINANCIAL 3i Group 3123/4 -27/8
ICAP 534 -7 London StockExch 930 -3 1 Man Group 308 /8 -7/8 Provident Financial 998 +111/2 Schroders 1792 -10 Schroders NV 1395 -12 GENERAL INDUSTRIALS Cooksn Grp 686 +6 -7/8 REXAM 3741/8 Smiths Grp 1425 -1 GENERAL RETAILERS Ashley L 233/4 +1/4 Carphone Whse 4201/2 +81/4 7 Dixons Retail 21 /8 -1/8 Home Retail 2301/8 -23/4 Inchcape 387 -33/4 Kingfisher 2527/8 +11/8 1 M&S 363 /2 -41/2 Mothercare 510 -5 Next 2000 WH Smith 477 +11/4 HEALTH CARE EQUIPMENT & SERVICES Smith Nph 734 +51/2 HOUSEHOLD GOODS Aga Rangemaster 1263/4 Barrat Dev 981/8 -1/2 Persimmon 4365/8 -81/4 Reckitt Benckiser £323/4 -1/8 Taylor Wimpey 367/8 +1/8 INDUSTRIAL ENGINEERING Charter 7831/2 +71/2 IMI 919 +7 INDUSTRIAL METALS Ferrexpo 428 -51/8 INDUSTRIAL TRANSPORTATION
BBA Aviation 240 Forth Ports 1330 LIFE INSURANCE Aviva 454 Lgl & Gen 1211/2 Old Mutual 1317/8 Prudential 7171/2 Resolution 2651/8 Standard Life 2371/2 MEDIA BSkyB 750 D Mail Tst 570 ITV 871/4 Johnston Press 101/2 Pearson 1054 Reed Elsevier 584 STV Group 122 Trinity Mirror 89 Utd Business 725 UTV 127 WPP 8361/2 Yell Group 97/8 MINING Anglo American £343/8 Antofagasta 1486 BHP Billiton £251/2 Eurasian Natural 1020 Res Fresnillo 1489 Kazakhmys 1579 Lonmin 1876 Rio Tinto £467/8 VEDANTA £24 RESOURCES Xstrata 15051/2 MOBILE TELECOM SERVICES Inmarsat 7191/2
-3/4 +3 -27/8 -11/4 +3/8 -61/2 -77/8 -21/2 -21/2 +2 +3/4 -10 -61/2 -1/2 +11/4 +1/2 -11/4 +41/2 -5/8 +1/8 +27 +1/4 +5 +20 +21 +31 +5/8 +3/8 +30 +4
Local shares Carclo Marshalls National Grid Weir Gp
2975/8 1161/4 5721/2 1763
-23/8 +1 +68
FTSE closed at
6060.09 Down 2.81
Vodafone Group 1797/8 -1/8 NONLIFE INSURANCE Admiral Grp 1701 -3 RSA Insurance Gp 1405/8 +5/8 OIL & GAS PRODUCERS BG 1520 -4 BP 480 +41/4 Cairn Energy 4151/2 -35/8 Royal Dutch Shell A £211/8 -1/4 Royal Dutch Shell B £207/8 -1/4 Total £363/8 -1/8 Tullow Oil 1440 -12 OIL EQUIPMENT & SERVICES AMEC 1205 +8 Petrofac 1576 +39 Wood Group 652 +791/2
PERSONAL GOODS Burberry Gp 1188 +12 PHARMACEUTICALS & BIOTECHNOLOGY Astrazeneca £30 -1/8 Axis-Shield 3041/2 -1/2 GlaxoSmithK XD 11/2 Shire 1704 +9 REAL ESTATE Brit Land 5461/2 +4 Captl Shop Cent 3791/2 +5/8 DTZ Hldgs 383/4 -1/4 Hamrsn 4325/8 +23/4 Land Secs 701 +1 SEGRO 320 -11/4 SOFTWARE ETC SERVICES Autonomy Corp 1600 +115/8 Invensys 3521/2 Logica 1443/8 +5/8 3 Misys 345 /4 +41/4 1 Sage Group 296 /8 -21/8 SUPPORT SERVICES Berendsen 4411/4 +3/8 Bunzl 783 +5 1 Capita 689 /2 +5 De La Rue 715 +1/2 Electrocomp 2731/4 +7/8 Experian 800 -31/2 G4S 269 +1/8 Hays 1253/8 -1/8 1 Homeserve 478 /4 +161/4 Menzies J 457 -8 Rentokil 100 -3/8 Smiths News 97 +11/2 Wolseley £221/2 -1/8 IT HARDWARE ARM Hldgs 651 +40
Psion Spirent Comms
921/4 1563/4
-11/2 +21/2
TOBACCO Br Am Tob Imperial Tobacco
£24 1979
-1/4 +24
LEISURE & HOTELS Carnival Compass Grp easyJet Enterprise Inns FirstGroup Go-Ahead Gp Greene King Intercontl Htls Intl Cons Airlines Gp Ladbrokes Mitchells & Butlers Natl Express PartyGaming Rank Org Stagecoach Group TUI Travel Whitbread
£291/2 548 3793/4 1053/8 3725/8 1270 480 1386 245
-1/4 -51/2 -51/4 -11/2 +21/4
1393/4 3363/4 2573/4 1781/4 1281/4 2141/4 2433/4 1836
+1/2 -13/4 +23/4 +33/4 -5/8 +1/4 +1/8 -5
+31/2 +12 -4
FTSE 100
INDEX 6060.09
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FTSE 250
INDEX 11833.94
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TOURIST RATES Tourists going abroad can expect the following rates for sterling: Australia...................... 1.51 dollars Bangladesh................. 107.44 taka Brazil.............................. 2.39 reals Canada....................... 1.51 dollars China ............................. 9.46 yuan Czech Republic ...... 26.39 korunas Denmark....................... 8.41 krone Euro............................... 1.13 euro Hong Kong................ 11.87 dollars Hungary................... 287.56 forints India.......................... 64.29 rupees Japan........................... 127.15 yen Mexico ....................... 17.18 pesos New Zealand .............. 1.97 dollars Norway ......................... 8.98 krone Pakistan.................. 128.66 rupees Philippines ................. 59.99 pesos South Africa................. 10.79 rand South Korea.............. 1567.00 won Sri Lanka ................ 168.25 rupees Sweden......................... 9.94 krona Switzerland.................. 1.49 francs Taiwan ...................... 41.08 dollars Turkey....................... 2.42 new lira USA ............................ 1.53 dollars
KIRKLEES BUSINESS NEWS BUSINESSWOMAN Sam Rhodes can justly claim to be serving a worldwide market. But the managing director of translation services firm Transfix, who has been living in New Zealand for the past five years, chose to return to her home of Huddersfield to get the business under way. Derby-born Sam spent her childhood in Meltham and Golcar and is proud to call herself a Yorkshire girl. She attended Golcar Junior School and Colne Valley High School, where her achievements included passing GCSEs in French and German – although at that stage a career involving languages was not in her plans. “I was always interested in art and went down that route,” she says. “I got a degree in graphic art and became a freelance graphic designer and illustrator. “But that led me into languages because a friend told me about a job that was going for a typesetter with a languages firm. I started there in 1995 and have been in languages ever since.” Sam and husband Nick then took the bold step of moving out of the country. She says: “We had young children at the time and decided if we didn’t do it before they were in school we never would. We originally planned to go to Paris – but we went to New Zealand and settled in Papamoa at the Bay of Plenty on the North Island. “We were there for five years, offering typesetting in various languages and providing translation services for clients such as the immigration department. “But we decided to come back because we are from Yorkshire and we wanted to provide these services to businesses here.” Sam and Nick haven’t regretted the move. And despite the widely held belief that “everyone” speaks English, Sam points out: “Spanish and Chinese are the most spoken languages and only one in five people in the world speaks English to some level of competency.” Transfix can translate everything from tweets to websites, short letters to highly-technical manuals and medical documents using its bank of native-speaking translators across the world. Sam could have set up the business anywhere, but believes West Yorkshire is the perfect place for a firm with a global focus. She says: ‘The world’s an amazing place, full of wonderful people, languages and diversity. “We came back to Yorkshire to be part of the business community and to help customers increase their global market share – wherever their business is based.” Sam says Huddersfield’s long history of international trade, its diverse ethnic population – and strong family ties also helped shape the decision.
profile
Sam’s on top of the world She says: “My father-in-law David Rhodes used to be an Examiner junior reporter years ago before becoming a vicar, while on my husband’s maternal side of the family the Weir family have worked in the textile business in Yorkshire for many years. “Doug Weir was a director at F Uttley & Son, mill furnishers of Prospect Street, who serviced the wool and cotton industry in Yorkshire, Lancashire and overseas. “The family history in textiles goes back 100 years as his father Alexander Weir was a director of D.W Orr & Son leather works in Lindley making school bags, belts and footballs. Nick Weir is the owner of DIDACTEC, which manufactures automotive and engineering teaching equipment in Marsden.” Says Sam: “Huddersfield has an exporting history, an international population and lots of great, progressive businesses. We may be in the middle of an island, but we’re part of the big picture.” Sam says technology is making the world smaller and
more accessible. “Internet, email and e-commerce make for exciting times for international business,” she says. “Even with the recession, private sector companies and exporters can look forward to a bright future, if they make the most of the opportunities that exist. “Today, it’s easier than ever to communicate with your target audience, worldwide. “The way we translate information now means it’s more cost-effective, faster and convenient, but clients can still expect high quality service.” One Transfix client has a business to business online networking site offering a translation service for SME businesses worldwide. Through the site, businesses can contact other SMEs to discuss business proposals, buyer knowledge and export information. Says Sam: “Language is constantly evolving, so translators must be surrounded by it on a daily basis. Our translators are based in their native countries and are experts within their
■ WORLD VIEW: Sam Rhodes, managing director of translation company Transfix, has global ambitions
Page 3 Sam Rhodes
chosen field. Transfix also provides interpreters for organisations, including the police and the health authority as well as major firms based overseas in countries such as India and China. Says Sam: “We also want to get involved in the Olympics because Yorkshire will host some of the visiting athletes and their families.” Sam hasn’t ruled out a return to New Zealand. She says: “Our target is to have a New Zealand office as well as an office here in Yorkshire and make ours a ‘24-hour’ company, so there is always someone to talk to our clients on both sides of the world. “We could take the family back to New Zealand knowing we are leaving the Huddersfield
office in capable hands.” At present, though, Huddersfield is home and there’s plenty of business to be done. “I am trying to get involved in business networking groups in the area,” says Sam. “Good contacts are so important.” There’s been little time to relax since the Rhodes move back to Britain, although the couple’s children enjoyed the recent wintry weather. “We landed here and it was snowing, so they did like sledging,” she says. “We get together with family and friends, which is fantastic. It doesn’t matter how far away you go and how long you’re gone for – family and friends are always there for you.”
HENRYK ZIENTEK
Role: Managing director Age: 39 Family: Married to Nick with children Jamie, nine, Molly, eight and Daniel, three Holidays: Exploring Great Britain and Europe as we have lived on the other side of the world for the past five years! Car: Toyota Picnic First job: Saturday girl at Woolworths Best thing about job: Giving clients with an excellent service, providing a communication line to other businesses around the world Worst thing about job: Filing! Business tip: Do your research about your industry and have good advisers in place such as business mentors
Transfix Work: Providing translation, typesetting, voice-overs and interpreters Site: Edgerton Employees: Four Phone: 01484 314125 Email: sam@transfix -global.com Web: www.transfix -global.com
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KIRKLEES BUSIN
Facts and figures on property loans
N previous articles, I have looked at the Iandtax implication of property investment on the expenses which can be claimed
to legitimately reduce a person’s tax bill on rental income. In this article, I want to concentrate on probably the most significant of expenses incurred by property investors, that being loan interest. At some time or other property investors will need to borrow money to fund their activity. Interest payable on loans used to buy land or property which is used in the rental business or on loans to finance repairs, improvements or alterations is deductible when calculating the profit or losses of the business. It is the use of the funds which determines whether a tax deduction is given for the interest paid rather than what the loan is secured on. As long as the funds are used wholly for the purpose of the business, then the interest will be allowed for tax. It doesn’t matter if the interest is paid on a personal loan, a mortgage, or even an overdraft, as long as the borrowing was made to fund the letting business. Management Buy-Out On The Horizon? Get some trusted and independent advice and experience on assessing your options We can guide you from start to finish: ✑
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Getting the job done For further information please contact David Butterworth P 01484 423691 david.butterworth@wheawills.co.uk
W&S Wheawill & Sudworth Chartered Accountants Business & Tax Advisers Registered Auditors www.wheawills.co.uk
Independent financial planning services for companies and individuals Eastwood & Partners (Financial Services) Ltd
Pennine House, Lowfields Close, Lowfields Business Park, Elland HX5 9DA 01422 377737 www.eastwoodfinancial.co.uk Authorised and Regulated by the Financial Services Authority
TAX TALK Colin Barratt
If an individual extends the mortgage on their own home to release funds to buy or repair a let property, they can set-off the interest on the extended portion of the mortgage against the rents received from the let property. It is only the interest payable on the mortgage, not the capital repayment that is deductible. Interest paid on loans to finance private expenditure such as family holidays or second homes would not normally be an allowable expense against rental income. However, under certain circumstances a tax deduction can be claimed for such interest. For example, an individual owns a flat in Huddersfield, which was bought 10 years ago for £50,000 on which there is a mortgage of £20,000 on the property. They have been offered a job in London and decide to rent the flat out. The Huddersfield flat now has a market value of £150,000 and they renegotiate their mortgage
on the flat to convert it to a buy-to-let mortgage and at the same time borrow a further £50,000 which is used to assist in the purchase of the flat in London. Interest paid on the additional £50,000 will be allowed against rental income even though the application of the funds is for a private purpose. This is because the landlord’s business capital remains in credit. The value of the flat at the time it is introduced into the property letting business was £150,000 and the mortgage secured on it is £70,000 leaving £80,000 in credit. As explained in Revenue & Customs’ own internal guidance, a business proprietor (including buy-to-let landlords) may withdraw the capital they have introduced into the business, even though they have to provide alternative funds by way of interest bearing loans. In the above example, the interest is allowable as it is funding the transfer of the property to the business at its open market value at the time the business started.
Colin Barratt is tax partner at Wheawill and Sudworth chartered accountants, Huddersfield
After shocks of A-Day -DAY on April 6, 2006, A brought various changes to the world of pen-
sions and the rules behind them. One of the main aspects of A-Day was the introduction of the Annual Allowance and this meant that the maximum pension contribution limits generally became more generous than per mitted by the pension regimes prior to April 6, 2006. T h e A A s t a r t e d o u t at £215,000 for the tax year 2006/07 and is £255,000 in the current 2010/11 tax year. With effect from April 6, 2011, the AA will reduce to £50,000 and this means that no tax relief will be available on contributions above this. Tax relief will however be available at an individual’s full marginal rate up to the AA. While the AA has increased annually over the five years since it was introduced, the AA effective from April 6, 2011, is unlikely to increase until at least 2015/16. Although the 2011/12 tax year will see the reduction of the Annual Allowance, it will see the reintroduction of “carry forward” in that individuals will be able to carry forward unused
FINANCIAL FOCUS Karen Wynard
allowances from the previous tax years and potentially make contributions in excess of the AA on this basis. However, it must be noted that the carry forward facility is only an option if the individual was a member of a pension scheme at the time. With regard to changes to the way in which the AA operates, there is no change to the fact that the AA will not apply in the year that an individual dies or takes retirement benefits on the basis of serious ill health. However, there will no longer be an AA exemption in the year that an individual takes retirement benefits. The finer details of the AA reduction and its implications are beyond the scope of this
column and different individuals will be affected in different ways. The small matter of Pension Input Periods and the transitional arrangements which will apply to any pension contributions made before the end of this tax year only add to the complexities and are even further beyond the scope of this column! Therefore, the moral is that while individuals need to be aware that the AA reduction is coming and might take this as a good opportunity to maximise pension contributions before the end of the tax year, careful planning is required and full financial advice should be taken before any decisions are made.
Karen Wynard is head of corporate services at Eastwood & Partners (Financial Services) Ltd
Confident view of deal market
KEY players in the Yorkshire region are becoming more confident about prospects for mergers and acquisitions and funding. TheNorthern Private Equity Confidence Survey from Deloitte gauges the mood of the Yorkshire and north-west corporate markets – and collates the responses of bankers, corporate lawyers and private equity investors. An overwhelming 95% of respondents expect deal volumes to rise or remain at least at similar levels to 2010. Deloitte said this represented a welcome signal of confidence in the markets as the flow of deal making activity last year showed a marked increase in deals completed with values exceeding £50m in 2010 compared to the previous 12 months. While the majority expected debt multiples to remain at similar levels to 2010, in a reversal of last year’s results, a larger proportion of bankers – when compared to private equity investors – expected to see more debt in deals this year. Paul Roberts (pictured), a corporate finance director at Deloitte, said: “The fact that there is a trend of bankers expecting a higher proportion of debt in capital structures relative to investors, may be an indication that there is a belief from those inside the banks that there is further bank funding available this year. However, it is likely that the quality of businesses being offered these deals will still be higher than a few years ago.” Despite some bankers’ increased confidence in the likely proportion of debt in deal structures, they remained more pessimistic about the rate of economic recovery than private equity investors.
Helpful events give a boost KIRKLEES firms have been invited to take part in two events which could help boost their businesses. Elaine Douglas, of Kade Consultancy, will speak on wellbeing in the workplace when the Mid Yorkshire Chamber of Commerce holds its first One Minute Presentations of the year at 2.30pm on Thursday, February 17, at the Cedar Court Hotel, Ainley Top. The chamber will also stage a free management seminar from 8.30 to 10.30am on the same day at its Lockwood Park offices when Ramsdens Solicitors will focus on improving your inter-personal skills.
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Technology providing help for haulage firms N E W t e c h n o l og y h a s b e e n developed to help reduce crimes against trucks and their drivers. A group backed by organisations including Huddersfield University – North Sea Freight Intelligence Tr a n s p o r t S o l u t i o n s – h a s developed a new “app” which the lone trucker can access via a smartphone. The driver will be able to identify safe parking areas along route and plan the journey to ensure personal safety and protect the vehicle. The “app” will also provide information to help the driver avoid freight crime hotspots. The information is multi-lingual and is delivered in text, graphical and map formats, using mobile, GPRS, satellite technology and Google. Desktop software is also being developed to allow a transport operator to see the same information as the driver and be able to track the driver’s progress. The development comes as figures from the Logistic Security Network underline the threat of crime against freight.
Yorkshire has almost 7,000 logistics businesses – with major clusters around the Humber ports. The LSN survey found that almost 50% of drivers had been victims of crime while parked in insecure locations in the UK. Despite the risk, almost a third of drivers said they rarely or never parked in secure locations while a similar proportion only did so “sometimes”. A separate survey by TruckPol put the cost of freight crime across the UK between June and November, 2010, at £3.2m. Freight crime in Yorkshire cost almost £630,000 with 206 crimes during the period committed between June and November An earlier report by the International Road Union and International Transport Forum claimed that over a five-year period, 21% of drivers across Europe who were victims of crime had been physically assaulted while a third of them had been attacked more than once.
■ HIGHWAY ROBBERY: New technology is helping combat the growing problem of freight crime
Rewarding a firm with community spirit A COMPANY has been commended for taking time to put back into the community. Fusion IT Management is the latest winner of the Business of the Month Award run by Huddersfield law firm Eaton Smith. The award is run in association with the Mid Yorkshire Chamber of Commerce and Business Link Yorkshire. Jamie Watson founded Edgerton-based Fusion IT seven years ago after he identified a need for unbiased IT support and advice in the Kirklees area and beyond. He said: “We felt frustrated by the raw deal that many people were getting from their existing IT support companies and we wanted to genuinely help people.” This ethos runs right through the business – from recycling computer equipment to supporting young people in apprenticeship schemes. Leeds-born Mr Watson, who is managing director, benefited from work experience early in his career, so he wanted to take on an apprentice in his
own business. The decision paid off and the apprentice is now qualified and in a full-time position. Judges were also impressed by the commitment of company director Nick Ryder, who took part in a scheme last year to mentor new start businesses. He spent time every month working with someone who wanted to set-up on their own, but needed advice and encouragement to take the first steps. Fusion IT now counts accountancy firms, law practices and even a soft drinks supplier among its clients Said Mr Ryder: “Winning this award is very exciting. “It’s good to know that our hard work is paying off in terms of recognition as well as the business succeeding. The award is open to all companies in Calderdale, Kirklees and Wakefield. Go to www.eatonsmith.co.uk or contact Ian Greenwood, of Eaton Smith Solicitors on 01484 821389.
■ WINNERS: Chris Taylor (centre), of Eaton Smith, presents the award to Fusion IT's Jim Houston (fourth right), Andrew Marsland (third right), Nick Ryder (second right) and Stephen Watson (right) with (from left) Nick Brook, of Tax Assist Accountants; David Busfield, of HSBC; Melissa Healy, of the Mid Yorkshire Chamber of Commerce; and Philippa Coultish, of Business Link Yorkshire
KIRKLEES BUSINESS NEWS
property
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Facelift follows takeover A GARAGE in Huddersfield has undergone a facelift and a change of name as part of a major acquisition. The Nationwide Autocentre at Bradford Road has been rebranded as a Halfords Autocentre after car parts retailer Halfords bought the national car service, repair and MOT chain earlier this year. The newly-named Halfords Autocentre is among the group’s 253 centres to adopt Halford’s distinctive orange
and black branding as part of a £73m investment. Existing staff have transferred with the business. Manager Ian Hodgett said: “The presence of a Halfords Autocentre in Huddersfield is good news for both the company and drivers in the town.” He added: “The local supply chain is also set to benefit from the company’s continued investment with suppliers and partners in the area.”
Housing market moves up A PROPERTY group working with hundreds of independent estate agents across the UK has reported a big rise in house sales. Move With Us said sales rose by 27% in January compared
with the same month in 2010. It also claimed that general intrest in property was increasing – with a 16% rise in traffic to its website last month compared with November, 2010.
PROPERTY MANAGEMENT AGENTS CONSULTANT ADVISOR •
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TRAFALGAR MILLS LEEDS ROAD HUDDERSFIELD HD2 1YY •
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Modern Industrial Units To Let Lease terms available on request
Junction 25 Business Park, Huddersfield Road, Mirfield Modern units on a busy industrial estate. Good access to motorway network. Good car parking available with spacious, secure yard area. Unit 4 – 3934 sq ft. Unit 6 – 3260 sq ft.
Queens Mill, Queens Mill Road, Huddersfield Very modern unit on a busy site only 2 miles from town centre. Unit 17 – 4899 sq ft. Unit 19 - 4966 sq ft.
Fieldhouse Park, Leeds Road, Huddersfield New industrial units to let just off Leeds Road in Huddersfield. Prime location for all major road networks. Secure site benefiting from CCTV. Unit 10 – 13,706 sq ft.
Caldervale Works, Brighouse Recently acquired by MB Services, newly refurbished, modern, self contained industrial units available for immediate occupation. Large secure yard and loading area. Sizes range from 4,453 to 13,195 sq ft.
Trafalgar Mills, Leeds Road, Huddersfield 2nd Floor Offices to let. Up to 4,736 sq ft. Modern Office Unit Can be subdivided
Contact:
Paul Andrew Walker Singleton 01484 477600
Christine Eccleston MB Services 01484 557102
■ COST CONSCIOUS: Martin Brooker (centre), director of FIBRE Architects, with Huddersfield University lecturer Peter Hogg (left) and (from left) senior lecturer Richard Nicholls, creative enterprise manager Rafeeq Chaudhry and Dr Richard Fellows, head of architecture and 3D design
Architects build a low-energy future EXPERTS at Huddersfield University have helped a local architect practice develop plans for low-energy buildings after a collaborative research project. Edgerton-based FIBRE Architects joined forces with the university’s school of art, design and architecture to find ways of introducing techniques for low-cost new housing which will meet Government targets for all new homes to be zero-carbon by 2016. FIBRE Architects worked with Richard Nicholls, senior lecturer in
architecture, on the project – which benefited from Yorkshire for Innovation Voucher funding accessed through Business Link Yorkshire. Martin Booker, director at FIBRE Architects, said: “The aim was to determine which were the more affordable and deliverable solutions and techniques for new housing, so that we and our clients could become better informed and feed the learning into newly proposed residential developments currently at feasibility stage.”
The research project was completed last autumn. Now FIBRE Architects is sharing its knowledge with its clients and shaping projects currently in the pipeline. The practice is also looking at further ventures with the university department. Potential projects include using Knowledge Transfer Partnerships to find better ways of upgrading and converting mill buildings for a zero-carbon future, improving the building fabric and maximising the use of renewable energy sources.
Spending cuts contribute to decline in workloads CONSTRUCTION workloads in Yorkshire fell during the last quarter of 2010 as government spending cuts and a lack of commercial finance took their toll on the industry, a survey has revealed. The latest Construction Market Survey by the Royal Institute of Chartered Surveyors showed that 10% more surveyors in the region reported a fall in total construction workloads than an increase during the final three months of 2010. This is slightly worse than the minus 6% logged for the third quarter. The south-east and London was the only area to report positive activity, while all other regions saw sharp falls in workloads. Northern Ireland and
■ COSTS: Kevin Wood, RICS construction sector spokesman for Yorkshire Scotland recorded the largest falls in activity with net balances of minus 52 and minus 23 respectively.
Public housing and public non-housing sectors were the hardest hit – recording net balances of minus 28 and minus 11 respectively. Surveyors said spare capacity created by falling public sector workloads was yet to be replaced by the private sector. Meanwhile in the region, the private commercial sector managed to remain steady with a net balance of zero – although this appears at present to be more indicative of the sector bottoming out, rather than a sustained recovery. RICS regional spokesman Kevin Wood said: “The survey results reflect the extremely difficult market conditions that surveyors are finding themselves in. The
Yorkshire and Humber Region has been particularly badly affected, with little or no signs of improvement over the next 12 months as the spending cuts begin to take effect.” Nationally, material costs rose dramatically, with 56% more surveyors reporting a rise in costs, up from 28% during the previous three months. The cost of hiring construction professionals and tradespeople fell, reflecting increased competition for jobs, which is driving down the cost of labour. Surveyors in the region said the market became increasingly competitive in the last quarter of 2010, with firms seeking to secure work from a smaller and diminishing pool.
KIRKLEES BUSINESS NEWS
property FOR SALE
Substantial Mixed Use Property
Pecket Well College, Keighley Road, Hebden Bridge
1 300.16m2 (3,231 sq ft) 1 Rural location with stunning views 1 Accommodation over 4 levels, with passenger lift 1 WCs, shower rooms, car park and all mains services 1 PP for residential conversion Price: OIRO £200,000
FOR SALE
Workshop/Office Building
29-31a Bradford Road, Cleckheaton, BD19 3HJ
1 Two storey workshop/office building 1 Extending to 659.01m2 (7,093 sq ft) 1 Together with two retail investment units Price: On Application
B&F OFFER BY 12 NOON 25 FEB ‘11
TO LET
Marshall Hall Mills
Elland Lane, Elland, HX5 9DU
■ HAMMER TIME: The former Brighouse Town Hall, which is up for sale
Properties put up for auction PROMINENT properties come under the hammer at a two-day auction this month. The former Lord Nelson pub at Cross Bank Road, Batley, the old Brighouse Town Hall and the vacant former Stainland Mechanics Institute are among 136 lots being offered in the sale organised by auctioneer Eddisons. The properties up for offer on Tuesday, February 22, and Thursday, February 24, include several buildings being sold on behalf of local councils, breweries, British Waterways and receivers. Tony Webber, of Eddisons, said: “It is very encouraging to have this number of lots at our first auction of the year. “Vendors have responded to market conditions by setting realistic guide prices which means plenty of bargains for buyers. It feels like the January sales have been extended.”
The former Lord Nelson pub is offered – with planning consent for change of use to four dwellings – at a guide price of £110,000-plus. Calderdale Council is looking to dispose of several stock, including the former Brighouse Town Hall. The part-tenanted freehold grade II listed building generates annual rent of £7,840 from only three of the various offices and has a guide price of £100,000-plus. The vacant former Stainland Mechanics Institute, has a guide price of £95,000 to 105,000. The two day sale takes place on February 22 at the Premier Inn, Trafford Park, Manchester, and on February 24 at Leeds United FC, Elland Road, Leeds. Both sales start at 12.30pm.
1 Refurbished, attractive office suites 1 232.15 – 468.28m2 (2,499 – 5,041 sq ft) 1 Generous on-site car parking 1 Ease of access to J24 of M62 motorway Rent: From £8 per sq ft per annum exclusive
FOR SALE
Car Sales & MOT Station Well Lane, Batley, WF17 5HQ
1 Garage and substantial car display area 1 378m2 (4,071 sq ft) 1 Site area of 0.22 ha (0.54 acres) approx 1 Edge of town centre location Price: On Application
TO LET
Character Town Centre Offices
10 New North Parade, Huddersfield, HD1 5JP
1 Attractive character town centre offices 1 66.1m2 (712 sq ft) 1 Newly refurbished Rent: On Application
TO LET
Office Suites
Pennine House, Bradley Business Park, Longbow Close, Huddersfield, HD2 1RA 1 Office suites 1 117 – 362m2 (1,260 – 3,900 sq ft) 1 Good quality specification 1 Generous car parking provision Rent: From £10 psf per annum exclusive
FOR SALE – PRICE REDUCED Land at Red Doles Road Huddersfield, HD2 1AT
Safety key for Tesco sites SUPERMARKET giant Tesco has turned to a Huddersfield company to improve safety for workers at its UK distribution centres. Kirkburton-based Easilift Loading Systems is providing a new hi-tech management repor ting and safety system designed to prevent vehicles pulling away from loading bays before it is safe to do so. The system will be installed at the goods sections of all Tesco depots. Tesco is making the investment in the dock management system, which was jointly developed by Easilift and Traka, after the system impressed during a pilot scheme at Tesco’s distribution centre in Hinckley, Leicestershire. The system, which combines Easilift’s dock door and associated control equipment with Traka’s electronic key control system, was tailored to complement Tesco’s existing safety processes, creating a high-tech solution to the problem of vehicle drive-off accidents.
The system works by using electronic keys – known as iFobs – each of which contains a unique electronic chip individually programmed to open or close a specific door when put into a control panel. Tesco trialled the system at 26 goods-in loading bays at the Hinckley depot. The bays are used by 300 to 400 vehicles each day, many of which arrive from overseas. “We have an excellent safety record at Hinckley, but worker safety is paramount and there is always room for improvement,” said Joe Carthy, distribution health and safety manager for Tesco. David Whyatt, sales director at Easilift Loading Systems, said: "We are thrilled that Tesco has agreed to roll out the system UK-wide. By doing so, Tesco has shown great foresight by investing in a solution which has the potential to cut out serious accidents.”
1 Large surfaced secure yard area 1 0.24 ha (0.60 acres) 1 Redevelopment potential (STP) Price: Reduced to £300,000
FOR SALE
Workshop Premises
Calder Road, Mirfield, WF14 8NR
1 Single storey workshop 1 123.77m2 (1,332 sq ft) 1 Rare, small commercial freehold opportunity Price: On Application
TO LET (MAY SELL)
Predominantly Single Storey Factory Premises
Vulcan & Victoria Works, Brighouse , HD6 1NB
1 3,941m2 (42,416 sq ft) 1 Subdivision possible 1 Close to J25 of M62 motorway Rent: From £2 per sq ft per annum
50% RENTAL REDUCTION YEAR 1
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KIRKLEES BUSINESS NEWS
Movers and shakers
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Staff follow the healthy option Colin Causier, Kimberley Hammond & Richard Buckley
Eaton Smith LAW firm Eaton Smith Solicitors has further strengthened its team with three new appointments. Colin Causier (centre) will work in the private client team, dealing with wills, probate and court of protection matters. Mr Causier, who hails from Leicester, where he also obtained his law degree, has spent most of his career working in Yorkshire. His interests include wine, skiing and following the fortunes of Leicester City FC. Kimberley Hammond and Richard Buckley (also pictured) have both started as trainee solicitors. Ms Hammond, who will work in the family law team, graduated from the College of Law in York and enjoys hill walking and the beautiful countryside where she lives. Mr Buckley qualified for his law degree at Sheffield University and will be working in the corporate and commercial team. A member of a football team in Sheffield, he is a big Manchester United supporter and also enjoys skiing and travelling.
Nick Ripley
AN organisation promoting health and well-being in the wo rk p l a c e i s l e a d i n g by example. Staff at Kirklees Better Health at Work have gained new certificates in management of health and well-being at work from the National Examination Board in Occupational Safety and Health Certificate. The qualification, which was established in March, 2010, adds another dimension to the vast amount of knowledge this team already possess. It enables the Better Health at Work team to pass on their knowledge of managing emotional well-being in the workplace and how companies can incorporate well-being as part of the health and safety of their staff. Workplace adviser Ros Sweet
said: “This new qualification has been developed in response to the need for companies to address the well-being of their staff. “Companies in the Kirklees area are now in a fantastic position to take advantage of the many free services that Better Health at Work offer.” Kirklees Better Health at Work, set up in 2004, is run by Kirklees Council, the Health and Safety Executive, the NHS and Job Centre Plus. It helps employers and employees by raising awareness of the effects of stress in business, offering training in stress management, providing coaching and counselling and providing a confidential occupational health, safety and well-being return-to-work service. Better Health at Work is run-
■ QUAIIFIED SUCCESS: Stewart Horn (third from left), manager of Kirklees Better Health at Work, with (from left) colleagues Dinah Wylde, Gemma Seepujak, Ros Sweet, Martin Jordan and GIllian Maxwell-Barrett and their certificates
ning a training session on change management in conjunction with Sheffield Hallam University on Friday, March
Julie’s on her marks for charity
Seabrook Crisps SNACK foods company Seabrook Crisps has appointed Edgerton man Nick Ripley as sales director to build its distribution and growth. Independent figures have shown that Bradford-based Seabrook Crisps is now the fastest growing six-pack brand and the second best-performing brand in the North of England. Mr Ripley (pictured) will spearhead efforts to build the brand nationwide – especially in the south – as part of efforts to achieve annual turnover of £69m by 2015. Mr Ripley was previously commercial director for Red Mill Snack Foods Ltd and became multiples sales director following the firm’s acquisition by Tayto Group Ltd. Mr Ripley began his career at C P C Best Foods, where I worked with brands such as Hellman’s and Knorr before moving to Reckitt & Colman and later Tilda Rice Ltd. Seabrook managing director John Tague said: “Seabrook is continuing to flourish and we know that with Nick’s experience and skills he will be a great asset at this incredibly exciting time.”
Andrew Milton
CR Richard Ellis ANDREW Milton has been appointed director of retail property and asset management for CB Richard Ellis in West Yorkshire. Mr Milton (pictured) was formerly with Donaldsons and DTZ. He will be responsible for managing and developing CBRE’s expanding northern retail portfolio, which includes shopping centres The Piazza in Huddersfield and The Promenades, Bridlington for corporate clients, including Threadneedle.
A HUMAN resources specialist has got her running shoes ready for a massive charity fundraising effort. Not content with covering 168 miles by completing the Liverpool and Sheffield half-marathons – and a coast-to-coast bike ride from Whitehaven to Sunderland – in 2010, Julie Sykes (pictured) is undertaking four half-marathons this year to raise funds for local charities. Julie, who runs Shepley-based consultancy JCS HR, begins her mammoth athletic task overseas on March 6 in Paris. She said: “Being able to combine something that I love doing,
fantastic. And if I can throw in a visit to a beautiful city of culture like Paris in the process, then I’m all for it!” As well as Paris, Julie will also be running half-marathons on April 27 in Liverpool, on May 8 in Leeds and on September 18 at the Great North Run in Newcastle. The charities that will benefit from Julie’s efforts are the Anthony Nolan Trust and two domestic violence services in Leeds and Skipton, for whom she also provides HR support on a voluntary basis. To sponsor Julie, visit www.justgiving.com/JulieSykes.
18, 2011, at the Textile Centre of Excellence in Huddersfield. For details, contact Ros Sweet on 01484 416777.
Economic briefing KIRKLEES businesses will get a chance to discuss the economic outlook with a top market commentator at a seminar in Huddersfield this week. Tom Vosa (pictured), a well-known UK economist and Yorkshire Bank’s head of market economics, will address an audience of 100 local business people at the breakfast seminar on Friday, February 18, at Huddersfield University’s new business school. The two-hour seminar, which will include a questions and answers session, is being staged jointly by Yorkshire Bank’s Bradford-based West Yorkshire Financial Solutions Centre and Huddersfield chartered accountancy firm Wheawill & Sudworth. Mr Vosa joined Yorkshire Bank in 2001 after seven years as an economist with the Bank of England, where his roles included studying foreign exchange markets and the efficacy of central bank intervention. Kevin Newson, Yorkshire Bank West Yorkshire FSC senior partner for Kirklees and Calderdale, said: “The economic outlook remains challenging for many businesses and I am sure that the greater clarity created by Tom Vosa’s talk will be of interest.” The West Yorkshire FSC covers Bradford, Kirklees, Calderdale and has 45 staff in multi-discipline teams covering corporate banking, wealth management, treasury services and credit.