Wealth Magazine - September 2016

ISSUE ONE SEPTEMBER 2016

Business

succession planning Camilla James talks about the importance of seeking advice on succession planning - page 26 PLUS: INVESTMENT & ACCouNTANCy | propErTy | LEgAL | LEISurE | FASHIoN & MorE

Markets move fast.

How will I keep up?

The world is more complex than ever before. Which makes it incredibly challenging UP TUBZ BCSFBTU PG UIF MBUFTU OFXT UIBU DPVME BšFDU ZPVS JOWFTUNFOUT 5IJT JT XIFSF PVS 900 analysts can help. Constantly monitoring the world’s markets, they provide our investment teams with the information they need to keep your portfolio on track.

For some of life’s questions, you’re not alone.

5PHFUIFS XF DBO ÃŽOE BO BOTXFS The value of investments can fall as well as rise.

You may not get back the amount originally invested.

UBS Wealth Management 4U +BNFT (BUF /FXDBTUMF VQPO 5ZOF /& +) %BWJE 4DPSEJOP EBWJE TDPSEJOP@ubs.com Tel:

© UBS 2016. All rights reserved.

ab

ISSUE ONE

FOREWORD We at Three Counties are delighted to have facilitated the first issue of Wealth which we believe highlights the preeminent firms in wealth protection in the Region. We would like to thank them for their support with the magazine.

2016 is a year of great change with the uK voting to leave the European union. At the time of writing it is impossible to predict how this will play out and whether or not it is a good thing for the uK’s economic future. It is certainly a brave decision.

The Brexit vote has also provided us with a political change. Whilst the Conservatives are still in power we now have our first female prime Minister since Mrs. Thatcher and she is already making changes.

Change is inevitable and it makes sense to plan for it.

The people and firms within the covers of this magazine have shown consistent ability to protect their clients from the extremes of change, providing peace of mind. I hope, dear reader, that you will choose to contact them and experience this for yourself.

David Hughes Chief Executive, Three Counties group www.threecountiesgroup.co.uk

CONTENTS

6

24

30

4

PLUS: INVESTMENT & ACCouNTANCy: 4 - 13 | propErTy: 14 - 23 LEgAL: 24 - 30 | LEISurE, FASHIoN & MorE: 31 - 51

CREDITS

sales and editorial: Michael grahamslaw MJg publishing www.northern-insight.co.uk

design:

paul MacDonald Stewart Hindmarsh Advertising www.sh-advertising.co.uk © copyright 2016 MJg publishing.

wealth SEpTEMBEr 2016

3

Financial

1

Peter Rutherford, Commercial Director, Three Counties Group

part one Corporate:

good business people always have a plan as to how their business should look and grow. They produce cash flow forecasts and balance sheets. They insure their capital assets.

All the above is very sensible but does it go far enough?

Let us look at the insurance issue first.

What is more valuable to the business, the desk or the person behind it? Which gets insured? Same question for a car and the sales director. And again for the computer and the finance director.

Losing a key individual can finish a business. They could be the star designer, the chief engineer, the main financier etc. In the event of their death or illness the bank may call in loans or overdrafts, customers may cancel orders, staff may leave a perceived “sinking ship.” The possibilities are almost endless. Compare this with the loss of a desk or car.

4

Insuring key individuals should be an essential part of a business plan and need not be expensive. An insurance payment can allow the company to recruit, pay off loans and overdrafts, protect profits etc.

Moving on, imagine that you are in a business with couple of colleagues and one of them dies. Apart from the problems that could be created as outlined above I am sure that you would feel sorry for your friend’s widow*. Instead of widow we could now refer to her as your new business partner or fellow shareholder. Does that appeal? Does she have the necessary skills, experience and intention of helping the business? What if she remarries? What if she remarries and then dies?

Who then owns shares in your company?

Scary thought but what if it is you that has died? How will your widow be treated by your business colleagues? Will she get cheated by them? Does she want the hassle of being involved? Would it be easier for her just to receive a cash payment for your share of the business? properly structured agreements and life assurance plans can achieve this and without Inheritance Tax applying.

Again these are issues that need to be considered and planned for.

And the risks are considerable. According to one insurer** two males, both aged 45, have a 52% chance of disability, a 42% chance of critical illness and a 26% chance of death but a 75% probability of one or the other all before age 65.

The point here is that insurance can put the right amount of money in the right hands at the right time. you can find a couple of light-hearted looks at this on our website www.threecountiesgroup.co.uk which I hope you will enjoy. *or widower. ** Manulife

wealth SEpTEMBEr 2016

2

Planning part Two Corporate:

Let us assume that all necessary protection is in place and the business is going well.

The business owners are enjoying a good life style through a combination of salary and dividends and sufficient surplus profit is retained within the business for planned expenditure and emergencies.

But there is still profit to be dealt with efficiently. pensions have not exactly been flavour of the month in recent years but things have changed. people felt cut off from their pension fund but the new pension freedoms allow complete access, as and when required, from age 55. Further there is now no compunction to purchase an annuity at age 75.

There are two major attractions of investing in pensions.

Firstly your pension fund is free of Inheritance Tax making a pension plan a very attractive proposition in IHT planning.

Secondly, contributions into a pension plan are tax allowable. So a personal contribution attracts tax relief at the highest rate of tax payable by the individual. This can actually be as high as 60%!

Company contributions are usually classed as allowable expenses for Corporation Tax purposes. The main issue for successful businesses is investing meaningful amounts for its shareholding directors. The usual annual allowance is only £40,000 per individual. However, by utilising a defined benefit structure it is feasible to at least double this figure.

Some businesses hesitate from investing significant sums just in case it needs funds. However pension funds can be a source of finance to the sponsoring company. Effectively business owners can pay themselves (through his/her pension funds) interest instead of paying the bank. Interest rates can be very competitive too and there is no bank manager asking for projections and cash flow forecasts etc. pension planning is essential for any successful business.

The benefits are tax relief on contributions, access to loans, IHT efficiency and assets outside the business should trading conditions deteriorate.

At Three Counties we are fortunate to have two of the most highly qualified pension advisers in the region in the (ample) shapes of paul McAtominey and Jonathan Bray. They are happy to provide a free initial meeting to gauge whether or not they can help a potential client. you can contact them and see their profiles at www.threecountiesgroup.co.uk.

peter rutherford

Individual:

What to expect from

Three Counties

Three Counties is a truly independent financial adviser i.e. not linked to or representing any product provider. our advisers analyse what is best for the client and search the market for the most appropriate solution. This may be a product or a service provided by one of our professional connections in conjunction with ourselves.

When recommending investment portfolios our proprietary software interrogates an enormous database of investment fund performance to identify the most consistent, outperforming fund managers, again, regardless of under whose brand they operate.

However, that is the behind the scenes stuff. What should you, the prospective client, see?

The first step is to take advantage of one of our free initial consultations. No commitment, just an opportunity to gauge whether or not you like the feel of the company and the adviser.

Stage two is for information to be gathered about your current financial position but also what you would like to achieve and when.

We also want to know how you feel about things such as investments and life’s risks.

The third step is for the adviser to analyse the information and to identify your needs and wants. At that point a financial plan can be produced.

The plan will state where you are and where you want to get to.

It will identify the risks you may have currently e.g. what if you became ill for an extended period, and recommend action that you need to take. once the plan has been discussed with you and actions agreed then we have to put it into action. That will most likely mean some form filling but we will help with that.

Is that the end of the matter?

Most definitely not!

your financial plan has to be checked and monitored. Has something changed in your life? Have your objectives changed?

Have your investments performed as expected? All these things need to be managed consequently regular meetings are required. usually once a year is sufficient as we know you have a life to live.

By engaging with a Three Counties financial planner you should feel that you; • Have a much greater confidence in where you are going in life • reduce your stress levels and start to enjoy life more • gain control and peace of mind through knowing whether you’re on track for the future you want for you and your family This peace of mind is difficult to value but is well worth investing a bit of time in achieving.

is Commercial Director at Three Counties group.

Telephone 0191 230 3034. Email peter.rutherford@threecountiesgroup.co.uk Three Counties Limited is authorised and regulated by the Financial Conduct Authority

5

In conversatIon wIth...

Stephen Hall, Newcastle office Senior partner for Deloitte e have been speaking to Stephen Hall, Newcastle office Senior partner for Deloitte, about the challenges individuals face when they find themselves with cash proceeds from a company sale. Stephen has been a tax adviser for over twenty years and has much experience in helping individuals prepare their businesses for sale, guiding them through the process and then helping them structure their wealth afterwards.

w

Stephen, what do you see as the predominant reason for clients coming to speak to you when their circumstances change?

usually the client wants peace of mind. The sale of a business is often an emotional experience for the shareholders. The decision to sell was often a difficult one in the first place – is it right for the family to sell the source of its wealth and status? Then the sale process that follows may be protracted, time consuming and intense – perhaps with ups and downs as obstacles to the sale appear and are then overcome -whilst always there is still a business to be run! The day job doesn’t go away.

After the initial euthoria of a successful sale, reality sets in and the realisation that everything has changed. This can be quite a wrench. often the business has taken all of the owner’s energy for years if not decades and there is a sense of loss. The shareholders had previously felt in control of their destiny in owning their own trading business whereas holding large amounts of cash is alien to them and they don’t know what to do. They were happy creating the wealth but feel intimidated by the pressure to preserve it. They want to make informed choices and my role is to help them understand what is possible and help them form a strategy.

Sometimes they just want a chat too, about all kinds of things. I find that sometimes clients who have sold their businesses can feel quite isolated, not quite knowing who to trust and finding that some people treat them differently now they have lots of cash.

6

What areas need to be covered?

The most important thing is to understand what the client wants to achieve going forward. often clients are unsure and we discuss the art of the possible. our first priority after that has to be to help the client to evaluate their tax profile and the best way for them to structure their future investments given their ambitions. We work closely with the client’s financial planner or wealth manager to deliver what the client requires. I think that it is always better if planning for the new found wealth started prior to the business sale and that clients have already found advisers they are comfortable with. For example, the best prepared clients have already modeled how much income they will need once the business is sold and therefore at what price a sale becomes viable! people need to have understood their tax position as there will undoubtedly be tax to pay on the business sale and this has to be factored in to the equation. They then need to have thought about how much money they need to see them through retirement so they know how much of the capital they can spend on treats, gifts or indeed speculative new business ventures.

It is natural for people to think about succession planning at this time. After all, it is an end of an era. We therefore often spend time discussing who they want to provide for and also who they want to leave money to in their Will. often we introduce the client to a private Client lawyer and Wills are drafted as for the first time the individual feels like a wealthy person. Inheritance tax planning becomes an area of interest given the business reliefs available where trading businesses are passed on are no longer available. gifts are a top priority for many. Whilst there is much that can be done after the event, again I would say that decisions around gifts to family members should ideally be made prior to the company sale as often this is when the gifts are most easily made in a tax efficient manner.

What is your main role as tax adviser?

I work with the client and their other advisers to define personal objectives and then to ensure that the investments are held in the most appropriate structure. This may often be a company or trust. once the client has determined their investment, succession and tax strategies, I ensure that everything is set up and reported appropriately to HM revenue and Customs. With wealth comes complexity and it is important that everything is entered properly on the relevant tax returns and explained fully – this avoids misunderstandings arising and therefore gives peace of mind as well as ensuring the right result.

wealth SEpTEMBEr 2016

“

“The most important thing is to understand what the client wants to achieve

going forward. often clients are unsure

and we discuss the art of the possible”

What types of structure are currently used?

Where people are intending to spend cash in the short term, the underlying investments should be held personally. often though cash is being set aside for the long term. There are good reasons for putting assets into other structures. Trusts can be a useful way of ring fencing wealth for future generations but there again they are something most people are not familiar with and can seem complex. people prefer things they can understand which feel simple and straight forward, and given all the press people are wary of “tax planning”. Therefore companies are becoming increasingly popular.

Former business owners are familiar with them as a structure and they are commonly used because they offer flexibility and opportunities for succession planning as well as tax efficiency.

What do you see as your clients’ biggest obstacles?

often people are fearful of the situation they find themselves in – there is a fear of the unknown. They feel a responsibility to preserve the family’s wealth and that can weigh heavily. They feel a loss of control. It’s therefore important to gain the client’s confidence and trust, share your experiences and explain your thinking fully.

There are also many difficult decisions to be made and some uncomfortable truths to face. How much to spend and how much to save? Should wealth be passed to the children? And if so, at what

age? Will it be safe with them or will it be a burden? How much will they need to preserve their lifestyle? people have to think hard about their own and their family’s future. They have to confront their own mortality. Sometimes people feel it easier to put things off.

Whilst not necessarily tax related, I also think it’s my job to sometimes have difficult conversations about things like pre-nuptial agreements and divorce. Not easy conversations to have, but I generally find that wealthy clients are grateful for the candour.

What would your tip be to someone looking to sell their business?

The earlier you fully understand your financial position the better.

Don’t just think about how much your business is worth. Think also about how much money you need going forward to maintain your lifestyle through your retirement. understand your tax position.

Think about your objectives - it can often be easier and more tax efficient to make gifts before the business is sold rather than afterwards. Whilst it may seem like an obvious thing, it’s important to think about why the business is being sold, and actually whether keeping it (either medium or long-term) is the better answer. All too often building to an “exit” is seen as how things are done, but that’s not the right thing for everybody.

Most importantly, select advisers you can work with and that can work together.

Deloitte, One Trinity Gardens, Broad Chare, Newcastle upon Tyne NE1 2HF 0191 261 4111

7

8

an entrepreneur's

quest for meaning

When the relentless focus on a business suddenly stops, not every entrepreneur feels the need to replace it with more of the same. Some achieve a balance of new business interests with giving back, family time – and fun.

G

iving something back is a cliché that is often attached to those who turn to volunteer work or charity giving, perhaps on suddenly finding time on their hands. But some exiting entrepreneurs find that the most useful contribution they can make is to business itself. often this takes the form of investment in a new company. An increasing number of entrepreneurs join angel groups which, in the space of the past few years, have quietly transformed the financing of entrepreneurial businesses in the uK. Angel groups vital to entrepreneur ‘ecosystem’ A new study by the university of glasgow’s Colin Mason and Tiago Botelho reveals there are now 100 angel groups across the country – offering vital funding and expertise to entrepreneurs, and filling a gap left by the retreat of venture capital funding.

As the researchers state, business angels “play a critical role in the uK’s entrepreneurial ecosystem, providing initial funding for new and early stage businesses, many of which are innovative and knowledge-based.” The group approach takes the pressure off individual investors, while their increased visibility makes it easier for entrepreneurs to find and pitch to them.

But offering hard cash isn’t the only way for a successful entrepreneur to support younger businesses. passing on expertise may be equally valuable.

Exit frees up entrepreneurial talent Susan Marlow, professor of Entrepreneurship at the university of Nottingham Business School, suggests that the business world’s emphasis on fostering start-ups ignores the equally critical element of encouraging exit strategies. From this perspective, successful entrepreneurs who stick with one business are effectively depriving the wider economy of their expertise. “government policy focuses very much on start-ups,” Marlow explains. “The knock-on effect is that we’re not actually using what you might call the resources within the cohort of successful entrepreneurs to mentor and encourage the next generation of entrepreneurs, and to help them found more sustainable businesses.”

Post-exit life choices vary These definitions of ‘giving back’ informed Martin Leuw’s thinking after the sale of IrIS Software, where he had been CEo. As well as advising and investing in other businesses, he now works with the prince’s Trust, helping young people into employment. But he also devotes time to painting, drawing and tennis.

“My idea was to spend a third of my time still in business, a third ‘giving back’ in some way – both in time and money – and the other third just having unadulterated fun,” Leuw says.

For others, giving back has a more domestic meaning, as the sale of a business allows entrepreneurs to make amends to family for years of long work days. parents, in particular, often plan to reconnect with their children.

With exit comes planning Whatever their new focus in life, entrepreneurs new to wealth will still be faced with decisions on how to manage this wealth to best suit their long-term objectives. uBS can help demystify the processes, opportunities and responsibilities that come with acquiring financial success and, in the uK has advisors specialising in the North East region – from the area and with the access to uBS's global resources.

For David Scordino, Director at uBS Wealth Management Newcastle office, this local understanding underpinned with global resource is key. “uBS is proud to be a bank that is recognised as a class leader by its peers and experts across the world with numerous awards, including “best uK private bank and best for services for high net worth and ultra high net worth clients in the uK” in the Euromoney 2016 awards.

“I deal with a lot of self-made owner managers who feel the time is right to bow out and enjoy the fruits of their labours. They’re facing the prospect of coming into a life-changing amount of money.

But whether people want to leave money for their children, explore their pension arrangements or increasingly, do something worthwhile and become a philanthropist, we can help,” he added.

David Scordino Tel: 0191 211 1011 Email: david.scordino@ubs.com Web: www.ubs.com/northeast-uk uBS Wealth Management, 2 St James' gate, Newcastle upon Tyne, NE4 7JH

wealth SEpTEMBEr 2016

9

Politics and investing Investec Wealth & Investment have been managing client

But the wind has changed in the last couple of years,

portfolios either directly or through intermediaries in the

and investors are having to pay far greater attention to

North of England for many years. Here, John Wyn-Evans,

political developments. The aftermath of the financial

Head of Investment Strategy at Investec Wealth & Investment

crisis – before which everyone was living high on the hog

looks ahead to what will be a very interesting period for

– has laid bare cracks that were previously papered over.

markets and investors over the coming months.

There is a large constituency within electorates who are unhappy with the status quo. Globalisation has ‘hollowed

When I joined Investec Wealth & Investment almost three

out’ traditional industries in the West, median incomes

years ago it was during the period known as the ‘taper

have stalled, and post-crisis monetary policy has favoured

tantrum’, when the market’s focus was primarily on the

the owners of financial assets, bringing accusations of

actions of the United States’ Federal Reserve Bank.

growing inequality. Somebody or something needs to be

The deliberations of the Fed have been a key driver of

blamed. Incumbent governments and political institutions

market performance since then, which was not entirely

are in the firing line.

unexpected. However, I have found myself having to pay equal attention to the world of politics, something that was less anticipated.

In the UK we have had to weather a Scottish referendum and a general

Politics has not been a major factor for investors since

election in the last two years,

the 1980s and early 1990s. The supply-side reforms

the outcome of both of which

of Reagan and Thatcher laid the ground for years of

was in the balance until polling

productivity growth; the fall of the Berlin Wall and the introduction of China to the World Trade Organisation opened up the channels of global trade. All that politicians had to do subsequently was to stand clear of the evolving trends and they could bask in the glow of strong economic growth. Although business cycles suffered inevitable booms and busts, sovereign bond

day. The difficulty for investors in approaching such events is the divergent potential outcomes – the departure of Scotland from the United

yields fell inexorably, apparently bestowing their blessing

Kingdom or a

on any stripe of government. Who might have guessed

defeat for the

in 1990 that gilt yields would continue to fall under Conservative, Labour and even Coalition governments?

Conservatives were forecast by

Member firm of the London Stock Exchange. Authorised and regulated by the Financial Conduct Authority. Investec Wealth & Investment Limited is registered in England. Registered No. 2122340.

Registered Office: 2 Gresham Street, London EC2V 7QP.

many economists to have negative implications for the UK

border, the expulsion of immigrants and trade barriers

economy, although we shall never know how accurate

against China is playing to the crowd, but his proposed

those forecasts were. As we head towards the referendum

policies threaten to turn America back in on itself and

on our membership of the EU – itself the result of a pre-

reverse several decades of global economic progress.

election pledge by the Prime Minister to unify his party

His stance on China could trigger a retaliatory trade and

in the face of UKIP’s threat – we face a similar prospect,

currency war, and markets have already displayed their

with ‘Remain’ leaving things pretty much as they are, but

lack of appetite for such events. Similar protectionist

‘Brexit’ deemed to threaten greater disruption. Such is the

politics are at play in Europe, with both Francois Hollande

fear factor – a key weapon in the armoury of campaigners

and Angela Merkel under pressure from right-wing

on both sides – that the economy has already started to

upstarts. Meanwhile in Southern Europe anti-austerity

wobble, and the pound has been under the cosh.

parties continue to blossom, creating further uncertainty.

In these conditions it is very difficult, possibly reckless,

Electorates tend to be happier when they are being carried

to take a very strong view as an investor. We stick with

along on a tide of growth. If the world offers lower growth

our tried and tested approach to picking stocks, but also

than we have been used to – a distinct possibility – then

build in some insurance against the worst outcomes.

we can only expect to see greater political instability which

For example, we have tended to favour companies with

may well manifest itself in higher financial market volatility.

earnings generated outside the UK, although following

Strong companies and well financed governments should

a period of underperformance domestic earners have

continue to prosper, and we will continue to favour such

now factored in some of the Brexit threat and are offering

assets until a more stable political environment develops.

better value.

Please bear in mind that the value of investments and As I write, the opinion polls are moving in favour of the

income derived from them can go down as well as up.

Remain camp, but even if the UK weathers this storm, there are other clouds building on the horizon,

If you would like to work in partnership with one of the

with the US presidential election this autumn, followed by

UK’s leading Discretionary Fund Managers or would

similar polls in France and Germany next year.

like an existing pension or investment portfolio reviewed

America’s electorate has shown its own dissatisfaction

please contact:

with the current system by its support for Donald Trump

Alisdair Hogg

and Bernie Sanders, anti-establishment candidates by any

Business Development Director

measure. Trump, with his promise of a wall on the Mexican

Investec Wealth & Investment

Please contact Alisdair Hogg on 0131 226 5000 or email alisdair.hogg@investecwin.co.uk investecwin.co.uk

Offices at: Bath Belfast Birmingham Bournemouth Cheltenham Edinburgh Exeter Glasgow Guildford Leeds Liverpool London Manchester Reigate Sheffield

LLoyds Bank CommerCiaL Banking -

Making the Difference

w

hen dealing with a bank, SME businesses need to know two things; that their banking partner understands their business, and that they know the economic conditions in which it operates.

The Lloyds Bank Commercial Banking team in the North East recognises this, with a number of sector specialists who understand the regional economy.

Sonya Atkins, recently promoted to Area Director for Durham and Wearside, is an excellent example of the bank’s commitment to helping local businesses prosper. As a Sunderland resident herself, she is well placed to help firms in the area achieve their growth ambitions.

In her new role, Sonya is responsible for lending decisions for commercial finance of up to £500,000 – which will often be made within 24 hours – and will also assist businesses looking for funding packages of a higher value.

This means businesses can relax knowing that someone with knowledge and experience of the region is looking after their funding applications.

Leigh Taylor, regional Director for SME Banking in the North East for Lloyds Bank Commercial Banking, said: “We’re committed to helping both those looking start a business as well as existing North East firms with ambitions to grow. As Area Director, Sonya will play a vital role in helping companies in the area reach their next stage of growth.”

With more than 2,000 local SME businesses served by the

“We’re committed to helping both those looking start a business as well as existing North East firms with ambitions to grow. As Area Director, Sonya will play a vital role in helping companies in the area reach their next stage of growth.”

12

Lloyds Bank team across Durham and Wearside, there is a real desire within the team to make the bank first choice for the vast majority of SME businesses in the area.

Sonya said: “My team have a considerable amount of experience and can work with customers on an entirely flexible basis, depending on the needs of the individual business.

“This relationship-led approach means that all customers have direct access to the team, and the breadth of expertise across the bank means that each relationship is truly bespoke. The team can draw on knowledge from across a multitude of sectors from agriculture to manufacturing within the bank.”

This expertise, combined with the strong presence of the bank in the cities of Sunderland and Durham, demonstrates the bank’s confidence in the region. www.lloydsbank.com/business

wealth SEpTEMBEr 2016

13

6

Lindisfarne Road B]kegf\ 9 `a_`dq af\ana\mYd$ dmpmjagmk `ge] af l`] `]Yjl g^ B]kegf\$ j]hj]k]flaf_ gf] g^ F]o[Ykld]Ƅk ƭf]kl lgof eYfkagfk& L`ak ]d]_Yfl$ ^gmj klgj]q \]lY[`]\ ^Yeadq `gmk] ak k]l af YhhjgpaeYl]dq gf] Y[j] g^ kgml` ^Y[af_ dYf\k[Yh]\ _Yj\]fk Yf\ `Yk Y d]akmj] kmal] oal` hggd&

Price Guide £3.995 Million Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( >jge KYf\]jkgf Qgmf_

ooo&kYf\]jkgfqgmf_&[g&mc

6

8

C

6

Suncourt =deƭ]d\ HYjc$ ?gk^gjl` Kmf[gmjl$ k]l ZY[c ^jge =deƭ]d\ HYjc$ hjgna\]k Y eY_faƭ[]fl k]llaf_ ^gj Y ljmdq ^YZmdgmk$ \]lY[`]\ `gmk] g^ dmpmjagmk imYdalq& L`] )1+(k hjgh]jlq `Yk Z]]f ]pl]fkan]dq j]^mjZak`]\ af[dm\af_ l`] Y\\alagf g^ Y k][gf\ Ʈggj$ Yf\ `Yk kmh]jZ klqd] Yf\ klmffaf_ ^]Ylmj]k&

Price Guide £2.995 Million Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( >jge KYf\]jkgf Qgmf_

ooo&kYf\]jkgfqgmf_&[g&mc

4

4

C

7

Glengairn Kgml` <jan]$ Oggdkaf_lgf ?d]f_Yajf ak Y eY_faƭ[]fl \]lY[`]\ `gmk]$ [gfkljm[l]\ af )1*0 Yf\ em[` aehjgn]\ Yf\ mh\Yl]\ Zq l`] [mjj]fl gof]jk& L`] _Yj\]fk Yj] Y ka_faƭ[Yfl ^]Ylmj] g^ l`ak Z]Ymla^md ^Yeadq `ge] oal` eYfa[mj]\ dYofk$ dYj_] l]jjY[]$ eYlmj] lj]]k$ j][j]Ylagf Yj]Y Yf\ `gl lmZ&

Price Guide £1.295 Million Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( >jge KYf\]jkgf Qgmf_

ooo&kYf\]jkgfqgmf_&[g&mc

6

4

D

-

Moore House Whalton Eggj] @gmk] ak Y n]jq aehj]kkan] `ge] oal`af gf] g^ Fgjl`meZ]jdYf\Ƅk ƭf]kl naddY_]k& Gja_afYddq [gfkljm[l]\ af l`] ea\ )0l` ;]flmjq al g[[mha]k Y kal] g^ bmkl mf\]j *&- Y[j]k oal` Z]Ymla^mddq dYf\k[Yh]\ _Yj\]fk$ gmlZmad\af_k af[dm\af_ dggk] Zgp]k Yf\ Y hY\\g[c&

Price Guide £999,000 Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( >jge KYf\]jkgf Qgmf_

ooo&kYf\]jkgfqgmf_&[g&mc

6

4

F

-

Hill Head House ?aZka\]$ :mjfghƭ]d\ @add @]Y\ @gmk] ak Y `Yf\kge] h]jag\ \]lY[`]\ `gmk] j]lYafaf_ eYfq ljY\alagfYd ^]Ylmj]k& L`ak `aklgja[ `ge] ak hgkalagf]\ gf Yf ]d]nYl]\ kal] g^ [aj[Y )&1 Y[j]k oal` ^gjeYd oYdd]\ _Yj\]fk$ o]dd l]f\]\ dYofk$ eYlmj] ogg\dYf\$ ^gje]j klYZd]'klgj] Yf\ kmh]jZ na]ok&

Price Guide £799,500 Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( From Sanderson Young

ooo&kYf\]jkgfqgmf_&[g&mc

+

*

F

4

South Wing :gdlgf @Ydd$ :gdlgf NaddY_]$ Fj 9dfoa[c A fabulous Grade II Listed country home with great character, in an area of outstanding natural Z]Ymlq& L`] eY_faƭ[]fl _jgmf\k ]pl]f\ lg [aj[Y -&* Y[j]k oal` gh]f dYofk$ kmh]jZ Zgj\]jk$ hjanYl] l]jjY[] Yf\ hYlag$ ogg\dYf\$ oYdd]\ _Yj\]f$ hY\\g[c Yf\ gmlZmad\af_k&

Price Guide £795,000 Ashleigh Sundin Yk`d]a_`&kmf\af8kYf\]jkgfqgmf_&[g&mc jYj] GƯ[]2 ()1) **+ +-(( From Sanderson Young

ooo&kYf\]jkgfqgmf_&[g&mc

+

*

heXIt

duncan young from sanderson young takes a look at the post-Brexit property market and offers some sound advice to those selling their homes in the near future.

ost but not all home sales occur because the seller is moving on to another property. yet time and again many sellers become focused on the sale rather than looking ahead to the move. The sale becomes the be-all and end-all when really it is just a part of the whole move.

Estate agents the world over will recall occasions in a declining or static market when a seller refused an offer from a reasonable buyer only to see the value of their property fall further over time, leaving them worse off than ever. In these situations sellers need to take into account the ultimate aim – the move.

In this immediate post-Brexit period it is perhaps too soon to determine exactly where the market is heading. But across the country in all but the hottest locations, prices have steadied and in some cases declined.

M

This is a time for caution not for alarm and certainly not a time for digging one’s heels in over price. The smarter move is to understand that what one may lose on the swings, one may gain on the roundabouts. That is, a negotiated sale brings the freedom to negotiate a great purchase, always bearing in mind that the ultimate goal is a life or lifestyle move to somewhere else.

Flexibility and pragmatism make the best selling strategy in this confusing market where there is a great deal of ambiguity. There is low supply but this doesn’t necessarily mean high demand. Interest rates are low but so to a degree is confidence. So if your aim is leaving your home – Hexit – negotiation is the name of the game and, like the uK’s exit negotiations with the Eu, there will be plenty of strong argument and posturing but in the end there will be a deal. It’s in everyone’s best interest.

DUNCAN G YOUNG Managing Director Sanderson Young T: 0191 2233500 E: duncan.young@sandersonyoung.co.uk

20

wealth SEpTEMBEr 2016

UR U R B BA A N Ba asse e We W e didn’t invent exceptional proper tyy ser vice.

We just deliver it!

We Contact us to arrange a FREE properttyy consultation today - Sales, Rental & Urban Interiorss www.urban-base.com NEWCASTLE 65 Quayside Newcastle City NE1 3DE

DURHAM 61 Saddler St Durham City DH1 3NU

MARKETING SUITE Number Fourteen Maling Street NE6 1LP

SALES & RENTALS • LAND & NEW HOMES SPECIALISTS • PROPERTY MANAGEMENT • FINANCIAL SERVICES • INTERIOR DESIGN

its aLL aBoUt the

BASE

Work really is a family affair for leading north east estate agent, Urban Base. one of the fastest-growing property businesses in the region, it now boasts five offices - and just happens to have five members of the same family who are all bringing their expertise into play. he company was set up in 1995 by property expert, Jan Dale, who had a vision of running an estate agency that offered an exceptional service to the market.

Jan cut her teeth on a range of prestigious developments in the region from working with Sir John Hall at Wynyard to providing services to some of the biggest names in the industry such as Bellway Homes and Taylor Woodrow.

Word of mouth meant that not only was urban Base brought on board to assist in the selling of premium properties but it also lead to the company attracting top staff who wanted to be part of this growing company.

Fast forward to the current day and not only is urban Base proud to call itself a dynamic sales and rental property practice, but it also offers a complete range of land and new homes specialist services to the region’s developers and house builders.

And as the business has grown so has the numbers of staff – which includes a whole host of Jan’s immediate family.

Her husband, gordon, now heads up the rental division, managing landlords’ high end rental properties.

“We are extremely fortunate to have superb clients,” said gordon.

“We rent out some very special investment stock, such as the iconic Baltic Quay penthouses, and ramside mansions in Durham City, and my team do everything we can to ensure our tenants

t

enjoy living in their newly rented homes.”

Son Kurt joined the firm almost ten years ago and now plays an important role as general Manager, supporting the family’s vision of excellence.

“I have been brought up watching my parents supporting their clients at the highest level and that level of service is what we aim to provide at every opportunity,” he said.

Kurt’s wife Faye then joined the team, bringing with her invaluable experience at commercial agents DTZ and Knight Frank along with a genuine passion to sell every kind of house, from the established pre-war semi in Durham City to the luxury flats on the Quayside.

“Who wouldn’t want my job?, “ said Faye.

“When you meet the owner at his Castle one day, and that follows with an appraisal at a seven bedroom mansion with a swimming pool, 12 seater cinema, and bowling alley - I’m in heaven.

“I love meeting new clients, and I am proud to be engaged in selling their luxury homes.”

It’s no surprise to learn that the Financial Director just happens to be Jan’s sister, glynis. After a career at NS&I Finance, glynis joined the team to support the overall management of the company - proving the family’s support to each other is indeed very powerful in ensuring the success of the business.

Jan already has the business planned for the next decade. With grandchildren Amelia-Elizabeth (aged 8), and Spencer-James (aged 5) it seems almost inevitable that the next recruitment phase has indeed already begun.

“We are extremely fortunate to have superb clients”

URBAN BASE can be contacted on 08456431186. Or visit www.urban-base.com

22

wealth SEpTEMBEr 2016

23

24

ProtectInG future wealth after dIvorce

ian kennerley, Partner and Barrister-at-Law at specialist family law firm silk Family Law, looks at the lessons divorcing couples and their financial advisors can learn from the case of a millionaire businessman and his ex wife. he rags to riches story of green energy entrepreneur Dale Vince is a salutary tale for divorcing couples, and their financial advisors, about the need to protect any future monetary claims by a former spouse.

When Mr Vince met his ex wife Kathleen Wyatt, the pair were both penniless students.

The multi-millionaire businessman made his fortune after their divorce, yet decades later Ms Wyatt has been able to make a claim for a lump sum payment from her ex husband in a protracted legal battle.

The couple, who were married in 1981, were penniless New Age hippies before separating in1984 and formally divorcing in october 1992. Neither of them had assets, so did not apply to the court to dismiss their respective claims.

Ms Wyatt, who had two more children following her divorce, continued to have a modest lifestyle. In contrast her former husband established green energy business Ecotricity, which is now worth around £57million. His wealth is what family lawyers term “post-separation accrual” – money made after his marriage ended.

Some 27 years after the couple separated, Ms Wyatt made an application against Mr Vince for a lump sum payment. In a lengthy, complex case – widely reported in the media – the couple have wrangled over the matter all the way to the Supreme Court. This court decided that the Ms Wyatt’s application was legally recognisable, and she has apparently negotiated and accepted a lump sum of £300,000 from her ex husband.

My colleagues and I often see clients whose ex wife or husband is looking to make a financial claim years after their decree absolute.

The repercussions of such a claim can be devastating, costly and drawn-out - particularly if the court process is involved.

Without what is known as a ‘clean beak’ order, provided the applicant has not re-married before lodging a claim with the court, the claims can remain open indefinitely.

t

Clients will sometimes say that their ex is walking away from their marriage and wants no share of a family business, property or farm. Without a ‘clean break’ there is uncertainty for both parties and the financially stronger person is left in a very vulnerable position.

Couples with modest assets on divorce may think it is not worthwhile making an application to the court for a dismissal for their respective claims on a ‘clean break’ basis. However, if one of them goes on to develop a successful business, or inherits considerable wealth, the other is free to pursue a financial claim years after the marriage is over.

If separating couples agree that their financial claims should be dismissed on a once and for all clean break basis, the costs involved in formalising this by obtaining a court order are worth incurring to secure overall certainty for the future.

Another way of protecting current and future wealth (including family gifts and inheritances) is to enter into a pre- or post-nuptial agreement. These arrangements, which can be entered into either before a marriage takes place, or after a couple have wed, set out how assets are to be divided in the event of a marriage, or civil partnership, breaking down.

They may seem unromantic, but such agreements provide clarity, certainty and protection. Although pre- and post-nuptial agreements can’t override a court’s discretion to decide how to redistribute assets on divorce, they will be considered as one of the circumstances of the case. recent high profile High Court cases have set precedents that mean nuptial agreements may well be given decisive weight, overriding all other factors and effectively limiting the exercise of the courts’ discretion. protecting future wealth is an important issue, often with far reaching effects, so legal advice from an expert in the field is essential.

For further information you can visit Silk Family Law’s website www.silkfamilylaw.co.uk wealth SEpTEMBEr 2016

25

Why do

?

Entrepreneurs often fail to find the time to align their personal aims with their business objectives

Camilla James, head of the private Client team at Square one Law talks about the importance for entrepreneurs to seek advice on succession planning as early as possible.

INSET IMAGE: (L to R) Alan Fletcher, Andrew Hoyle and Ian Gilthorpe.

26

MAIN IMAGE: (L to R) Robin Winskell, Malana Jarvis and Camilla James.

e

ntrepreneurs immerse themselves in ensuring their future businesses’ success by making detailed plans for their company and its assets as well as prioritising an enormous amount of time on the welfare and development of the people who work for them, but all too often they are timepoor and neglect to pay the same amount of attention to their personal affairs. Leaving such important issues to chance is something that happens all too regularly, but potential exit, succession and estate planning should be undertaken alongside their strategic business planning to ensure the best long term options as well as protecting their own interests and those of their heirs in the event of a family or personal crisis.

Whether it is your ambition to build one or many businesses, to sell up and retire, our team works closely with you from the very start. We recognise that as an entrepreneur, your business is the main focus and part of your identity, so we make sure that your business aspirations mirror what you want to achieve in your personal wealth planning.

As your business grows, it is important to regularly review aspects like shareholdings, wills, and passing wealth down the generations. We gain a thorough understanding of where your business is currently placed and your plans for the future, to provide tailored solutions to align your business and personal planning.

Although we offer traditional private client services such as estate planning, lifetime planning, and wealth protection, the difference in Square one Law’s private Client team is our ability to understand your business requirements and manage complex tax arrangements. We like to work closely with our clients to make sure they appreciate how their assets could be taxed so they are able to make informed decisions about their personal or businesses’ future.

For more established business owners who may be in a position to use profits from the business to set up a philanthropic vehicle we take a solutions-based approach, centred around how much ongoing input the client wants to have. For example, some people will want to put money into a donor-advised fund; others will want a family charitable trust, which is a very personal way of running a charity, or alternatively, a more corporate structure may be more appropriate. Asking clients questions such as: ‘Do you want your family involved?’, ‘Do you want it based in the North East?’, or ‘Will we have to register the charity in different countries?’ helps us to understand your main drivers and ensures we find the right solutions for you. our team includes robin Winskell, whose work supports planning for entrepreneurial and generational businesses but who also has an impressive understanding of wider private client matters and family litigation. robin acts for high net worth individuals, business owners and professional sportsmen and women and his knowledge is unrivalled in the North East.

wealth SEpTEMBEr 2016

An area of wealth protection that is increasing is pre-nuptial agreements. In order to protect their business or personal assets a client may consider a pre-nuptial agreement before marriage, or a wealthy individual whose child or grandchild maybe getting married, may want a pre-nuptial agreement in place to guard against divorce litigation. Along with trusts and wills they are essential wealth protection tools.

Another distinctive feature that sets our private Client team apart is access to three very experienced business lawyers, Ian gilthorpe, Alan Fletcher and Andrew Hoyle. They all have a proven track record of giving practical and commercial solutions to entrepreneurs and owner -managed business owners surrounding their business interests, including succession and restructuring advice. All three are renowned for their ability to help clients identify a preferred strategy, and work closely with family businesses on their corporate governance issues to ensure that the business objectives and ethos are passed down the generations.

In a number of cases this has included the creation of a Family guide generally supported by a shareholders agreement that formalises the relationship between the company and the family. It presents a context for your vision for the future of the business and any involvement of family members. As well as detailing any philanthropic involvement that the company will undertake. The ethos of the company is embodied in the guide for both present and future family members and can also set out the position in regard to marriage, divorce and death of a shareholder, so that there is a clear procedure that can be followed to protect the business when it moves down generations.

Therefore, we would urge our entrepreneurial clients, that as well as concentrating on their business strategy, the sooner they can begin a structured planning process the more likely it is that, whatever the situation, they will achieve a favourable and effective outcome for their intended beneficiaries.

For further information please email camilla.james@squareonelaw.com or visit www.squareonelaw.com

27

wealth SEpTEMBEr 2016

29

Celebrating 45 years of legal excellence and deep community commitment After working in Newcastle’s legal sector for 45 years, Barry Speker OBE DL has become one of the best-known lawyers - and probably one of the best-known people - in the city.

After qualifying as a solicitor in June 1971, Barry has gone on to achieve widespread national acclaim in his legal career, while also being a leading community figure in Newcastle and the wider North East. receiving an oBE in 2008 for his Services to Business and Community in Newcastle, Barry continues to be one of the most active – and not to mention dapperly dressed – members of the city’s business sector, with no plans to slow down even at the grand old age of 69.

Much has changed in the legal sector since Barry began his articles (or training contract as it is now known) in 1969, being paid £5 per week.

Barry remembers: “It was a very different world from what we have now. There were no computers and instead we used manual typewriters. And of course nor were there any mobile phones, internet, emails, scanners or fax machines, everything had to be sent by post.

There was no means of getting the instant responses and transfers of documents we expect today.

“Forty five years is a long time to be in an ever-changing profession and it is certainly a very different sector for young solicitors starting out these days.”

As a lawyer, Barry spent 25 years as Senior partner of Samuel phillips Law Firm in Newcastle, having joined the firm upon qualification and becoming a partner two years later. After 42-and-a-half years with the same firm, Barry took the decision not to retire, but to move to Sintons as a Consultant in its highly-esteemed Healthcare team in January 2014.

Achievements in his legal career are too many to mention and even the summary of highlights is rather lengthy. He has amassed a loyal and wide portfolio of clients throughout his career, many of whom are something of a ‘Who’s Who’ of high-profile North East individuals and businesses. over the years, Barry has become a national leader in medical ethics and medico-legal work, frequently lecturing and writing for Medical Journals and textbooks on the topic. He achieved international publicity recently over a case involving a patient’s right to privacy even on death.

30

He was a founder member of the Law Society’s Clinical Negligence panel and Children panel (for which he is still an assessor) and is also a past president of the Newcastle Law Society. Barry sat as a District Judge for ten years, and became an Employment Judge in 1991, which sees him preside over Employment Tribunals in Newcastle, Middlesbrough and London.

Barry has also been the highlyesteemed Trust Solicitor to the Newcastle upon Tyne Hospitals NHS Foundation Trust since its inception, and continues to hold the position to this day, dealing with many complex legal issues for the Trust.

But despite his many legal commitments, Barry is deeply committed to his community work.

He has been a Deputy Lord Lieutenant of the County of Tyne and Wear since 2002, which sees him carrying out regular ceremonial duties across the area.

Furthermore, Barry sits on the boards of a host of charities and community organisations, including Age uK, NE1, Tyne Theatre, North of England Civic Trust, The Children’s Foundation and

NECA (North East Council on Addictions) of which he is president. As a director of the grainger Town project, he helped to secure public and private funding worth more than £240m to help sustain the historic centre of Newcastle.

Barry has a well-documented longstanding relationship with the Chinese community in the North East and has become a trusted advisor to them. He was heavily involved in the Imperial Arch project on Stowell Street, which was erected in 2004, playing a central role in spearheading and raising the funding to enable it to become a reality.

Somehow, he still finds time to write monthly articles for two magazines and play the occasional game of golf at Northumberland golf Club, as well as to make regular trips to London to see his children and four treasured granddaughters.

Last month, he was named an Honorary Chairman of the North East Chinese Association, in tribute to his many years of support and dedication.

“I have always been very passionate about my work in the wider community. As busy as my legal work does keep me, l always make time for community involvement. It is something I have done for many years, and I believe everyone should make time for it,” he said.

“It is a great privilege to be recognised for my work and it was a very great honour to receive the oBE in 2008, as well as to serve as a Deputy Lord Lieutenant. I was delighted to be made Honorary Chairman of the North East Chinese Association, a community with whom I have been associated for so long.”

But for Barry, it’s very much a case of 45 years and counting, as he shows no signs of slowing down or retiring. roll on 50?

“Forty five years is a long time to be in an ever-changing profession and it is certainly a very different sector for young solicitors starting out these days.” wealth SEpTEMBEr 2016

32

Gorgeous Grenache

August is the traditional month for the annual holiday with many of us heading for the warm and sunny climate of the south of France and Spain. This part of the world is famous not just for lovely beaches and warm sea, but it is also home to the world’s most widely planted red grape variety. No, not Cabernet Sauvignon, Merlot or Shiraz but grenache; a grape that tends to play more of a supporting role in a multitude of wines not just in southern Europe but also in the “New World”, especially in California and Australia.

The Grenache vine is characterized by a strong, woody, upright growth that makes it ideal to being grown as stand alone “bush vines” rather than being trained along wires and trellises as is usually the case with other varieties such as Cabernet and Merlot.

This robust structure gives it good wind tolerance which is useful in exposed vineyard areas or those effected by strong winds such as the Mistral of France’s southern Rhone Valley. It is also a variety that performs well in hot and arid conditions meaning it is a perfect choice for the dry, warm and breezy climate around the Mediterranean. In order to survive in these conditions the Grenache sends its roots down to depths of many metres to seek out moisture and nutrients not available in the upper levels of the soil.

This usually results in small quantities of fruit that have great character. The vine buds early and needs a long growing season to fully ripen - Grenache is often one of the last grapes to be harvested, often ripening weeks after Cabernet

wealth SEpTEMBEr 2016

Sauvignon. This long ripening period means the grapes develop very high sugar levels that in turn result in strong wines with levels of 15% alcohol and more common.

It generally produces red wines that are spicy, berry-flavoured and soft on the palate, wines that are low in acidity and tannins and as such it is usually blended with heftier, more assertive varieties like Syrah (Shiraz) Carignan, Tempranillo Mourvèdre and Cinsault.

Thin-skinned, the Grenache makes for paler coloured reds and it is this characteristic that makes the variety particularly suited to the production of rosés.

Grenache is planted all over southern France where it produces a vast range of different styles from rustic whites, to delicate rosés, and rich and robust reds.

Grenache/Syrah/Mourvedre is regarded as the holy trinity in this part of France. This is the classic blend for the southern Rhone’s best red wines: Châteauneuf-du-Pape, Gigondas,

Vacqueyras, Lirac, and a host of increasingly exciting wines from villages such as Rasteau and Cairanne. The Grenache is often the main variety in the wonderfully elegant Provençe rosés that so epitomise a holiday on the Côte d’Azur.

In Spain it is known as Garnacha and it is the country’s most widely planted red variety. It dominates vine plantings all over the northern half of the country that has more land planted to vines than any other in the world. Here it usually plays a supporting role to the more fashionable Tempranillo- especially in Rioja & Navarra.

So when you are enjoying your holiday in the South of France or Spain with a glass of something interesting in your hand, spare a thought for the Grenache, not the best known of varieties but certainly one of the most important.

Further information about the aforementioned wine can be found at www.richardgrangerwines.co.uk or instore at Richard Granger Fine Wine Merchants, West Jesmond Station, Lyndhurst Avenue, Newcastle Upon Tyne, NE2 3HH

33

In the Hear Jesmo The Caledonian Hotel Newcastle is located in the heart of Jesmond, a chic and leafy area, only one mile fr from Newcastle city centre with a vibrant cafe and bar culture.

The hotel itself combines Georgian architecture with a contempory edge having recently been ref efurb urbished. 90 spacious en-suite bedrooms, a fu fully equipped conf nfer erence and banqueting centre, and a range of dining options are all avaialable. Choose fr from the relaxed ambience of the Billabong Bistro, the livel Billabong Bar or alfrres dining on t outdoor ter .

With ample ffrre i te parking and ea to all maj major tran ort links, including New tle International Airpo the Caledonian Hotel is ideally situated fo or both the business and leisure traveller.

our booking email events@ca edonian-hotelnewcastle.com or tel: 0191 281 7881

Private di is good business across Newcastle The appetite for business people wanting to celebrate, impress and enjoy themselves in a private dining area in a quirky or swanky restaurant shows no sign of slowing.

n

ewcastle offers a good range of venue options that suit all budgets, tastes and requirements though perhaps one of the smartest, most fashionable and more relaxed is in the city’s most renowned and established restaurant 21, formerly known as Café 21.

This is the flagship restaurant within chef Terry Laybourne’s successful 21 Hospitality group. The group includes the Broad Chare pub, and Italian restaurant Caffè Vivo on Newcastle’s Quayside, along with Café 21, Saltwater Fish Company and Ko¬ Sai Asian Kitchen, all based within the Fenwick department store.

21 is the original, where Terry Laybourne launched his business career almost 30 years ago. It’s a restaurant that’s based on great seasonal food, hospitality and ambience. It’s a restaurant where business people have dined since it first opened its doors.

It was almost 12 months ago now that Terry and his team closed the former Café 21 in Trinity gardens and gave it a sensitive revamp, reopening as the rebranded 21. More than £100,000 was invested in a new bar area, furnishings, lighting and general décor.

Interior design firm Ward robinson developed the new, more sophisticated style at the restaurant. Comfort levels were increased across the restaurant including the private dining room, which became much more flexible acting as a restaurant within a restaurant able to be closed, with switchable-privacy glass doors, to provide a completely private dining space.

This significant refurbishment was a reinvestment in the customer experience. Terry enhanced features that guests already loved about the restaurant, no more so

than the stylish, spacious private dining room. The enhancements have proven to be a winner with regular and new corporate and private dining clients.

The versatile private dining room is an ideal venue for both business and private events. It regularly hosts drink receptions, business meetings, corporate lunches and celebratory meals.

Whatever the event, the professional 21 team provide a dedicated team of staff to cater for every need.

With the festive season only a couple of months away, business people are starting to plan for that special night out or an annual celebration with clients. room hire is available Monday to Sunday, excluding Saturday evenings. A selection of menus are offered, but depending on the occasion these can be customised to suit personal tastes.

Head chef Chris Dobson can create a bespoke menu and dishes to suit any tastes, including mouth-watering vegetarian and vegan options.

Arrival drinks – fizz, wine or cocktails - can be pre-ordered from the drinks menu. Alternatively, if guests or party planners need help selecting wine to complement the chosen menu then the 21 staff are happy and qualified to make recommendations.

“With the festive season only a couple of months away, business people are starting to plan for that special night out or an annual celebration with clients.”

36

ining

For more information, please visit www.21newcastle.co.uk or call 0191 222 0755 and speak to Jen Burnett. wealth SEpTEMBEr 2016

37

singapore service with a smile!

by Travel Writer, Ken Spearen

on our way back home from Brisbane, we chose to stay over in Singapore for a couple of nights. Like many travellers, we had often been in transit through its Changi Airport, one of the largest transportation hubs in Southeast Asia, but had never stopped over. This turned out to be a great decision. In the past, it had been described by some commentators as “little more than a sterile stopover” but things have changed dramatically. Singapore has reinvented itself as one of the world’s coolest tourist destinations offering superb shopping, dining and diverse entertainment opportunities. ingapore’s name is derived from Singapura, the Malay name for "Lion City" and the Merlion, a mythical creature with the head of a lion and the body of a fish, is the country’s national emblem.

The Republic of Singapore, to give it its official title, is very humid being situated 85 miles north of the equator and just south of the Malay Peninsula. Size-wise, it is quite a small country with a population of just over 3m but its location in the far-east is of strategic significance on the international stage.

Hotels in Singapore are plentiful and range dramatically in quality and price. From the famous Raffles Hotel at over £230 a night room only, to the iconic gravity-defying Marina Bay Sands Hotel costing up to £550 B&B a night, there is accommodation available for every budget. Costing nearly $6billion to build, the latter is almost a resort in its own right offering 2,560 luxurious rooms spread over three separate towers sat on top of multi-level retail, conference and entertainment venues including a casino and theatre. The roof spanning all three towers offers the ultimate infinity pool with heart-stopping views. NB: This adrenalin pumping experience is not for the caffy-hearted as your brain is in

s

38

survival mode where walking, let alone swimming, is a Herculean effort.

As you do when in town, we made a point of visiting Raffles for a Singapore Sling but at £12 a go, we had just the one. Its interior had a very eerie feel and seemed to be relying heavily on the echoes of its past colonial glories. We finally booked into the extremely busy 4* V Lavender Hotel complete with outside swimming pool which at £70 a night was a great base to explore Singapore from. Its rooms were compact but quite adequate and very good value for money. A real trip down memory lane was its nostalgic in-house 12” Bistro serving 12” pizzas while playing some rare 12” vintage vinyl records (which diners chose) on an old Dansette record player hooked up to the restaurant’s sound system.

Singapore's MRT (mass rapid transport) is the back bone of its transportation system. In the UK, our own Metro or the London tube system would be its equivalent but Singapore’s version is on a much grander scale. It runs from 5.30 am to 1 am daily, crisscrossing over 100 miles of the city carrying three million passengers a day from 113 stations. In the rush hour, spotless but crowded trains run every 60-120 seconds (on the dot!) and at sixminute intervals at all other times. Our hotel was very conveniently built on top of a shopping centre which in turn was

wealth SEpTEMBEr 2016

itself built on top of the Lavender MRT station. This very inexpensive way of getting around effortlessly whisked us across town to Singapore's massive Chinatown, one of Asia's biggest open air markets. Here you can buy anything and everything including the kitchen sink – and, whatever it is, they’ll ship it home for you! Prices are inexpensive and the market is hugely popular with tourists and locals alike. Although being very up close and personal with the jostling crowds of the market where you have to literally go with the flow, we didn’t feel uncomfortable or threatened at any time. It’s like Dubai used to be a decade ago.

The country’s “can do” mentality is due to Singapore having no natural renewable resources (e.g. oil, gas and coal etc.) and water is scarce too so its economy relies very heavily on the service

industry to attract tourists into the country to fund its imports. As a result, every local inhabitant we met was deferential, helpful, friendly and, more importantly, very good at their roles/jobs.

Nothing was too much trouble for them. The best example I can give was when we first went to Chinatown by MRT. On arriving, we were unsure which direction to take outside the station and were examining a tourist map when a young, suited and booted, professional type approached us and asked whether he could help.

Being rather suspicious of his intensions initially, not only did he give us directions but also insisted on escorting us to Chinatown itself, even though he was on his way to work in the opposite direction. Enough said?

39

This Cherry Tree is Blossoming Again

by Michael Grahamslaw

The Cherry Tree is another prime example of Geordie ingenuity. Previous uses include the old Jesmond telephone exchange and more latterly the Scouts shop but in 2008, it was developed into another top restaurant of note in Osborne Road. I’ve always admired people with vision and this classy venue has it in spades.

t

he restaurant has since been completely redesigned to give it a modern light and airy feel with a glass balustrade and open spiral staircase letting in a lot of natural light. The white linen table clothes and its stripped wooden flooring also add to its modern clean lines and trendy appeal.

Having read some rave reviews about it on line, I decided to take a fellow geordie business contact there for a spot of lunch who like me, hadn’t visited the establishment for a meal before so it was a first for both of us.

I’d also heard a well-regarded head chef – Farhad rakani – had recently taken over in the kitchen and was starting to make his mark, trialling some new dishes. on arrival, we were greeted at a bar/lounge reception area which I understood was not only for the restaurant but also its private dining and meeting rooms. We settled down in its separate bar for a swift one and some olives and rustic bread while looking at the menus.

It describes its cuisine as being modern British but as we found out, it was much more than just traditional fayre.

The day we were there, its lunchtime menu starters consisted of cauliflower fritters with curry mayonnaise; tiger prawn salad niçoise; parma ham with a celeriac remoulade and rocket in a balsamic reduction; chicken livers sautéed in garlic,

40

chilli and shallots with rustic bread as well as beetroot and goats cheese with a walnut salad. See what I mean? This is British food with a twist.

Mains were equally as interesting. Apart from its best-selling bistro rump steak with traditional garnish and fries, it also offers Chicken fricassee in a creamy champagne and mustard sauce with broad beans and tarragon; navarin of lamb served with spring greens and new potatoes; fishcakes with spinach, parsley cream and fries; sea bass with cherry tomatoes in a black olive and chorizo sauce with mashed potatoes and finally, seasonal vegetable risotto with parmesan shavings. The desserts were equally inviting with warm chocolate brownie in a hot chocolate sauce with vanilla ice cream; Eton mess; Lemon cheesecake topped with fresh fruits; vanilla crème brûlée and home-made ice creams and sorbets all on offer. A selection of British and French cheeses was also available as an alternative and this was served with Cherry Tree’s own chutney.

At one course for £9.50, two courses for £15.50 and three for just £20.00, this represents great value for such good food.

The great service was efficient and friendly and is an ideal lunchtime venue for families with young children too.

For a midweek lunchtime, the place was buzzing, so no sign of Brexit cut backs here.

From promotional leaflets, I noticed that it also laid on live music on Saturdays, Sundays and Wednesday evenings but not of the modern ear splitting variety. Think more background music to aid the digestion and you won’t go far wrong. Check out live performance dates and musicians on music in concert @ the cherry tree on its website (www.thecherrytreejesmond. co.uk). There is no cover charge for the musical accompaniment and I intend to take Lisa there for a boogie-in-the-chair very soon.

The Cherry Tree can be found at 9 Osborne Road, Jesmond.

For table reservations (highly recommended especially on live music nights) call 0191 239 9924 and tell them that Northern Insight magazine recommended you.

wealth SEpTEMBEr 2016

41

The Children’s Fo

s

ince its launch in 1990, The Children’s Foundation has strived to provide the very best healthcare and well-being services to the children of the North East and North Cumbria.

In 2015 alone, over 30,000 young people’s lives in the region were changed for the better due to the time and effort of this well respected and important local charity. over the past 26 years, many different challenges have been tackled by The Children’s Foundation, however the health and well-being of children in the local area has never been such a complex and pressing issue as it is today.

44

undation Appeal Children like Jake need your help…

Jake’s mum died when he was eleven years old, four months after being diagnosed with cancer. Jake’s dad did his best to manage his grief while bringing up the children and holding down a job. relatives and friends helped but the children struggled to come to terms with the sudden death and loss of their mother and the resulting complete change to their family life.

Jake had recently moved to secondary school and while he had initially enjoyed this experience, the loss of his mother and his bewilderment and sadness meant that he became more and more withdrawn and detached from school life. His friends were getting on with their lives while he came home every evening to a family

that was lost in its grief and sadness.

Jake started to spend more and more time in his room on his computer. His Dad, busy with work and the practicalities of bringing up four upset children thought little of this at first. Jake found that communicating with his friends on his computer occupied most of his spare time and his thoughts during lessons at school. He became more and more withdrawn and fell behind with his school work.

The social media experience enabled him to vent his anger in a number of ways and before long he was exchanging angry and violent messages with new friends. He began to miss school and spend days and nights communicating with a virtual world via his computer. His Dad felt helpless, initially trying to rationalise with him then alternating between coaxing and angrily berating him.

Jake started to look unwell, with dark circles under his eyes, loss of weight and little interest in his personal appearance. relatives barely recognised the happy smiling eleven year old of less than two years ago. one day his younger sister told Dad that she had noticed that Jake had lots of cut marks on his arm.

Many young people engage in self-harm for different reasons, turning their anger, upset and hated of a situation on themselves.

To help address this The Children’s Foundation are currently focusing on the shocking figures regarding children’s mental health in the North East and North Cumbria. A new fundraising campaign is underway aiming to introduce fresh and modern methods of helping children deal with mental health issues, whilst also ensuring support and understanding is provided in time. In a classroom of 30 children, it is estimated that around 3 of them will suffer from a diagnosable mental health condition. The above statistic acts as a painful reminder that much more needs to be done to halt this drastic and alarmingly escalation.

The last 26 years has seen a lot of success and positive outcomes due to The Children’s Foundation, but none of this would be possible without the generosity and hard work of ordinary people. The charity hosts several fundraisers throughout the year, but also relies on the generous donations from the public to help fund these campaigns. There may be various tax benefits for you when supporting The Children’s Foundation. As higher tax rate payers can be eligible for tax rebates, based upon the value of their donation. The personal allowances of high earners could also be restored when offering a charitable donation. your support will go towards helping reverse the above statistics, and help turn around the lives of the North East’s most vulnerable children and young people.

For more information please contact: childrens.foundation@nuth.nhs.uk Tel: 0191 282 0000

Website: www.thechildrensfoundation.co.uk

Facebook: The Children’s Foundation

Twitter: @tcfcharity

wealth SEpTEMBEr 2016

45

F i n e s t M e n s w e a r. S i n c e 1 9 2 9 .

Exuvy  PALMER JESMOND ENGLAND

www.palmermenswear.com 46

PALMER

wealth SEpTEMBEr 2016

47

What positive changes have you seen in education generally and what further changes would you like to see going forward? unquestionably IT has enhanced learning and enabled children to learn facts and skills which are far reaching and exciting. going forward though we must look at every child as being unique and not base development on sets of data.

FROM THE HEADTEACHERS STUDY Margaret Coates Michael grahamslaw meets

Newcastle preparatory School What was your background prior to joining Newcastle Preparatory School?

I had a lifelong ambition to work in education and began my career at a girls boarding school in Kent. returning North, I taught at the royal grammar School where I gained a huge degree of experience.

Following that I became Head of Junior House at Durham High School for girls which was a hugely enjoyable role, including setting up a brand new nursery.

What have been your major acheivements at the school?

First and foremost developing a fantastic staff team who have helped to develop a happy learning environment. This has allowed us to create a wonderfully creative curriculum which I am very proud of. Also I have enjoyed totally modernising the fabric of the school and it feels good to have such a vibrant place for learning inside converted Victorian houses.

How much emphasis do you place on extra curricular activities?

A huge amount. We offer an enriched programme so that there is something to suit every child with activities changing termly. This includes a glee Club, Irish dancing, street dancing, sports activities, chess, drama, theatre, film, art, creative knitting and even a Lego club and the great NpS Bake off!

What major achievements of students have happened in the past 12-18 months?

Difficult to single one but we have had great success with girls sport as well as the boys winning a lot of football and rugby matches. Also great to see many NpS children becoming competent skiers, following the annual trip to Norway and keen cyclists having ventured to Amsterdam.

How good a grounding does NPS give your students ahead of upper school enrolment?

Fantastic. We aim to create forward thinking, creative, robust individuals fully prepared for the challenges ahead.

What have you got coming up in 2016 and beyond?

This year we will be performing songs from Wicked working with professional musicians and choreographer and year 6 children are developing a very special production.

I am also looking forward to revamping the library using innovative ways of displaying books, investing in new exciting classroom furniture and enhancing the outdoor play areas.

How do you relax away from the desk?

In many ways. I am a lay preacher at Lanchester Methodist Church. I also enjoy flower arranging and love to sing. In addition keeping healthy is important to me.

Newcastle Preparatory School Tel 0191 2811769 www.newcastleprepschool.org.uk

48

wealth SEpTEMBEr 2016

49

on the tee Box at Matfen hall Golf club Location Situated 15 miles west of Newcastle in the charming country village of Matfen. Despite the rural location it is close enough to the main A69 to provide easy transport links and is within touching distance of Hadrian’s Wall.

Setting Set in 300 acres of beautiful Northumbrian countryside. The backdrop is the award winning Matfen Hall Hotel which is the ancestral home of owners Sir Hugh & Lady Blackett. Home of Head Professional and European Senior Tour player John Harrison.

Length of course White tees - 6700 yards Yellow tees - 6355 yards Red tees - 5569 yards

Course Type Sympathetically laid out classic parkland course which incorporates challenging water features and unique obstacles such as our ‘Ha-Ha wall’. 3 separate loops of nine holes combine as 3 varying course options.

This layout allows plenty of tee availability especially useful at prime weekend times for visitors and hotel guests.

Signature Hole The elevated tee box of the Par 4, 9th Douglas hole provides stunning views across the course and of the Country Hotel.

The lake to the right catches your eye as you try and drive to fairway that narrows at the landing area. A hole you can stand back and admire a good shot but never be too disappointed if it doesn’t quite work out as you always have the beautiful view to console you.

Toughest Hole The 219 yard Par 3, 8th Standing Stone.

This challenging Par 3 involves a long carry over the dissecting River Pont to a steep banked and slightly raised green that slopes back to front providing a tricky putting surface. Usually made more difficult by the prevailing wind pushing your ball into the widest part of the hazard. Par is always a result on this picturesque hole.

Facilities • 27 Hole Championship course offering 3 separate layouts.

• Separate 9 hole Par 3 course with family friendly EasyGolf concept.

• Golf Academy with covered driving range and short game practice areas.

• Purpose built 19th Hole ‘Keepers Lodge’.

• Fully stocked Pro Shop.

Longest Drive Par 4, 9th Dewlaw which is a classic risk and reward hole. Take the risk and aim your drive over the water and rough with a carry of 260 yards leaving you a relatively easy short approach. Get it slightly wrong and you will lose your ball in the hazard or rough and you may wish you hadn’t taken the risk. Course management is a must on this hole.

Prices Midweek greenfee - £35 per person Weekend greenfee - £40 per person Society & visitor packages available with discounts on larger groups Earlybird/Twilight - £20/£10 per person

Memberships Full - Annual £819 - Monthly £68.25 Off Peak - Annual £595 - Monthly £49.58 9 Hole - Annual £450 - Monthly £37.50 Age related and country club options available

Golf Manager: Peter Smith Telephone: 01661 866400 Email: golf@matfenhall.com Website: www.matfenhall.com

50

wealth SEpTEMBEr 2016

How mu muc u h data can you afford to lose?

Data is one of the few assets that cannot be replaced, and while many businesses say they cannot afford to lose any data, they are complacent about IT backups.

Contact us today to tour our data centres:

One day they may have to explain to their customers that vital data has been lost forever.

www.itps.co.uk

Without backup there is no recovery. Taalk to us about secure, high speed backup solutions tailored to your needs and budget.

Our world w assures yours

call 0191 or email

442 8300

contact@itps.co.uk