Platinum Business Magazine – issue 54 by Platinum Media Group

PLATINUM BUSINESS MAGAZINE THE LARGEST CIRCULATION REGIONAL BUSINESS PUBLICATION IN THE UK.

ISSUE 54 2018

How to

FIX

our railways

Larry & Sergey THE MEN WHO

changed THE WORLD

PAGE SPECIAL Funding for Growth

The case for

export tax credits

Celebrating Business Excellence The Gatwick Diamond Business Awards - 21st March 2019

Join us in the Millennium Suite of the Copthorne Effingham Park for a pre-dinner reception hosted by BGF, before taking your seat for a sumptuous three course dinner with wine. Our presenter for the evening will be comedian and actor, Marcus Brigstocke. Marcus has become a regular voice on BBC Radio 4 with an impressive list of TV & film credits including ‘Have I got News for You’, ‘Live at the Apollo’, Monty Python’s ‘Spamalot’ and ‘Love Actually’ among many others. This Black Tie event will see the very best of the Gatwick Diamond Business community come together to celebrate the achievements of World-Class businesses in this World-Class region. 6.30pm Evening starts with Pre-Dinner Reception Sponsored by BGF 7.15pm Take your seats for Dinner 9.30pm Marcus Brigstocke 10.00pm Presentation of the Gatwick Diamond Business Awards 11.00pm After-Show Party 01.00am Carriages For more information and to download the booking form, visit:

WWW.GATWICKDIAMONDBUSINESSAWARDS.COM

@gdbizawards

CONTENTS

S P ORT

F U N D I NG S P E C I A L

Local and national News

THE BIG STORY: Larry Page & Sergey Brin

South East excels NatWest

The row about NDAs DMH Stallard

Estate agent referral fees Rix & Kay

Office 365 for business LMS Group

Inheritance Tax Relief Carpenter Box

Exploring export Kreston Reeves

GDPR – Where are we now? Sherrards

GDBA 2019 – behind the scenes

Brexit – are you ready to move forward? RSM

Unblocking the bottleneck Coast to Capital

A Santander breakthrough debate

Time to sell or buy? EMC

Grants for success SINC

Get smart, get secure Home Guarantee

What a relief Cooden Tax Consulting

Gatwick takes off with two new hires EMW

Trading Places HSBC

2018 – A year to remember Coffin Mew

Xpress yourself Net XP

Golf – Exclusive reader offers

Charity news Chestnut Tree House

Expert panel – Get arty Whitespace

Gatwick – The import and export hub

Finance for the future Mazars

TRAVEL: MICE & Leisure Travel

The grand affair The Grand Brighton

MOTORING

Christmas spirits Metropole

Start-up surgery Merranti Consulting

Winter warmers i360

Countryside co-working Basepoint

Business expo

100

Anger management

102

When did silence become OK? IoD

105

Sport news

106

Profile of Eddie ‘The Eagle’ Edwards

107

Golf Golf-Escapes

108

Football

111

Rugby

113

Busy being busy Float Spa

114

EFT – The best kept secret in sport Float Spa

116

Motorsport

118

When business meets sport

120

Basketball

122

Cycling

14 40

LARRY & SERGEY

Profile of the Google creators

Business Funding Special

Fixing the railways

The case for export tax credits

All rights reserved. The views expressed in this publication are not necessarily those of the publisher. The publisher cannot accept responsibility for any errors or omissions relating to advertising or editorial. The publisher reserves the right to change or amend any competitions or prizes offered. No part of this publication may be reproduced without prior written consent from the publisher. No responsibility is taken for unsolicited materials or the return of these materials whilst in transit. Platinum Business Magazine is owned and published by The Platinum Publishing Group.

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WELCOME

As the nights draw in

and the central heating thermostat is cranked to max, you can always rely on Platinum to keep you warm.

We have a packed issue for you with DMH explaining the problems with NDA’s, Carpenter Box with news for property owners and SINC explaining how to apply for grant funding. The quarterly Santander Round Table event focuses on the subject of Funding for Growth and there are some eye-opening facts and figures arising from some of the regions largest funders.

Rose has been to Slovenia

to look at the MICE scene there and the roads of Sussex have been a little safer with Maarten poodling around in an electric Nissan Leaf. Although he might be a tad slower you will never hear him coming! Oh, he now has his hands on a monstrous BMW M5, so normal service has been resumed. Ian has profiled two of the tech giants that have changed the world and yet they are barely recognisable where they to walk into your local Asda.

NatWest cheer us all up

with the news that the South East economy is outstripping the UK average and Rix & Kay explain the controversy surrounding estate agent referral fees.

Regarding Platinum,

we are growing at quite a pace. We have opened a new Surrey office in Woking, fully staffed with a top professional team dealing with our surging Surrey Business Magazine. Platinum Event Management is about to complete the last event of the year, the 30th anniversary of the Sussex Business Awards and there are twelve events scheduled for 2019. The Platinum Club continues to grow as we reach its 10th year. So, we have been busy and quite how the 11% of businesses in the region that do not read Platinum survive without this magazine is totally beyond us.

In sport,

Laurence has a chat with Eddie the Eagle Edwards before he joined 200 leading business figures at the Best of British event at the Gatwick Hilton in aid of Rockinghorse, raising £17,500 in the process.

Maarten Ian

Platinum Business Magazine December 2018

The Team

Maarten Hoffmann – Director

Lesley Alcock

Fiona Graves

Laurence Elphick

Kate Morton

Rose Dykins

maarten@platinumpublishing.co.uk 07966 244046

Business Development Director

Events Director

Head of Sport

Copy Editor

Travel Editor

Ian Trevett – Director

Ewa Rogalska

Poppie Sharman

Amanda Menahem

Steve Elford

ian@platinumpublishing.co.uk 07989 970804

Head of Design

Events Manager

Food & Drink Editor

Head of Web Development

Invest in your future Independent Financial Advisers and Wealth Managers You may be seeking reassurance during these uncertain times, looking for specialist advice on a new investment opportunity, or concerned about your plans for retirement. MHA Carpenter Box Wealth Management will offer a fresh approach to all of your financial planning requirements, providing guidance and advice that is suitable for your personal circumstances.

Our services include: Investment advice and planning • Portfolio management Estate planning • Retirement planning • Corporate tax planning

Get in touch Gatwick: 01293 227670 • Worthing: 01903 534587 Email: wealth@carpenterbox.com

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Sussex Photo: Nick Ford

news 200 DesignBrighton take flight for

ore than 200 local business people attended the official launch of DesignBrighton, a new festival celebrating the city’s urban environment. Attendees were treated to a flight on the BAi360 for a stunning view of Brighton’s architectural landscape by sunset.

Brave New World

elegates were challenged to think about the role of humans in an increasingly automated world at MDHUB’s annual event for business leaders – Brave New World - which was held in October at the AMEX Stadium. Over 120 MDs, CEOs, graduates and academics from the University of Brighton debated what effect emerging technologies would have on people and how they could be used for business growth. The conference, which was run by MDHUB in association with Santander and the University of Brighton, examined how technology was changing the way we live and work but with a focus on the continuing importance of people. The day, which was chaired by Simon Fanshawe OBE, started with a presentation from the former CEO of the Science

There are not more than five primary colours, yet in combination they produce more hues than can ever been seen. BUSINESS WISDOM Council, Diana Garnham, who explained why personal interaction will be critical in the technological revolution. She said: “We need to ensure that our leaders have emotional intelligence, social and people skills and that they empathise with the public and the public can relate to them. The future is not just about technology, it is also all about talented and skilled innovators who are what I call people and society smart.”

The Brighton Dome Corn Exchange was named as the hub conference, networking and exhibition centre and it was announced that the programme for the festival will focus on the city’s great designs of the past, present and future. The festival will include: yy A celebration of the 40th anniversary of the Marina, hosted by the original architect yy A trail of open studios and workshop tours to ‘meet the makers’ yy Installations from lighting engineers, makers and designers yy A photography competition to visually highlight the city’s exceptional urban design yy Hack-a-thons engaging the next generation of urban designers Sophie Law-Smith of Stickland Wright Architects said: “DesignBrighton will be much more than an urban realm festival. It is an invitation to us all to come together to light a beacon for our design rich culture, celebrating our heritage and creating a legacy for the next generation.” The festival will take place from October 16th -19th 2019 www.designbrighton.org

ASPIRING LEGAL FIRM

erious injury specialists, asb aspire, has been listed as one of the top personal injury firms representing claimants in the South East of England. The 2018/19 results released by legal directory, Legal 500 also saw Partner Francis Lacy Scott listed as a Leading Individual once again. Francis Lacy Scott, head of asb aspire comments “As a team we pride ourselves on the support that we give to clients to help them achieve the best from their rehabilitation. We are therefore delighted to have had been recognised by the team at Legal 500”.

Is your business Going for Growth? We explore the growth aspirations and strategies of 500+ privately owned UK companies in our Going for Growth survey. Download a copy of the report at www.krestonreeves.com/goingforgrowth For all your business, tax and wealth needs Call: +44 (0)330 124 1399 Email: enquiries@krestonreeves.com

Sussex Too few international aspirations

news

private businesses are hyper-local, generating the majority of revenues from their immediate geographic location with little interest in international markets. That is one of the conclusions from a new piece of research from accountants, business and financial advisers Kreston Reeves. The research published in a report called Going for Growth: UK company growth strategies to 2021 – finds over a third (35%) of businesses have no international aspirations at all. The survey was conducted over the summer of 2018 and is based on the views of 530 privately owned businesses from across the UK, 80% of which with a turnover below £25m. Andrew Griggs, Senior Partner at Kreston Reeves said: “Too many UK businesses are thinking local when our world is increasingly global. Whilst it is true that businesses will continue to grow in their domestic markets, the lack of international ambition at a time when UK businesses should look to wider international markets has to be worrying.” The Going for Growth Highlights: yy 60% of businesses have grown by more than 25% over past three years. yy 58% of businesses remain positive that they will grow by more than 25% over next three years. yy 35% of businesses have no international aspirations at all. yy 47% see Brexit as a business opportunity yy 24% perceive Brexit as an obstacle www.krestonreeves.com/goingforgrowth.

Quantuma completes MBO for Heat Mat

usiness advisory firm Quantuma has led on the management buyout (MBO) of underfloor heating distributor and manufacturer Heat Mat, backed by Danish supplier Heatcom. Heat Mat is one of the UK’s leading distributors of premium electrical underfloor heating. Headquartered in West Sussex, the company provides underfloor heating through electrical wholesalers and the construction industry, as well as offering ice and snow melting systems, mirror demisters and insulation boards.

The deal struck will enable Heat Mat to improve on its product development and infrastructure, as well as strengthen its international growth strategy by establishing new supplier partnerships within the Scandinavian and wider European markets. In line with this, the company is anticipating considerable growth in revenue over the next few years. A team at Quantuma, comprising of partner Mark Lucas, director Fardeen Nariman and associate Mihir Shah, provided lead financial advice to Heat Mat’s management team on the MBO.

There are not more than five cardinal tastes, yet combinations of them yield more flavours than can ever be tasted.” BUSINESS WISDOM

Raising the roof for Teenage Cancer Trust

ichard Soan Roofing Services has raised £34,710 at its Charity Race Day event for the Teenage Cancer Trust.

Held annually at Brighton Race Course, the event included an auction, champagne reception, lunch and an afternoon’s racing, with all proceeds going to the charity. Managing Director Richard Soan said: “ We are delighted that through the generosity of friends, family and fellow members of the roofing and construction industry, we have managed to raise nearly £35,000 for the Teenage Cancer Trust.”. A spokesman for the Teenage Cancer Trust said: “Every year in Brighton an estimated 35 young people are diagnosed with cancer. The fantastic total Richard has raised will help us to make sure no young person faces cancer alone.”

national The

Big

news

BOYS T

ech giants Apple, Google and Amazon have topped a 100-strong list of the most valuable brands in the world. British car company Jaguar Land Rover came in at 78th, while Burberry snatched 94th place and whisky maker Johnnie Walker took 97th. Spotify made its debut on Interbrand’s list coming in at 92nd place. Chanel re-entered at 23, while Hennessy and Nintendo came on for the first time at 98th and 99th. Interbrand made the list by calculating brand value based on a company’s influence in driving customer choice, financial performance, and

its strength compared to competitors. “A decade after the global financial crisis, the brands that are growing fastest are those that intuitively understand their

customers and make brave iconic moves that delight and deliver in new ways,” said Charles Trevail, global chief executive of Interbrand.

Cream of the Corps

ore than two-thirds of the richest 100 entities on the planet are corporations, not governments, new research has found. The world’s largest company by revenue, Walmart, generated sales of more than half a trillion last year, more than the income of all but nine of the world’s 195 national governments. Corporations account for 157 of the 200 largest entities on the planet, according to a list compiled by Global Justice Now. The campaign group compared figures for government revenues from the CIA World Fact Book with company revenues from the Fortune 500 in order to highlight the growing financial clout of large firms. London-listed Royal Dutch Shell is the fifth-largest firm in the rankings and the second-biggest publicly listed company in the world by revenue, behind Chinese oil company Sinopec.

“To win one hundred victories in one hundred battles is not the acme of skill. To subdue the enemy without fighting is the acme of skill.” BUSINESS WISDOM

Berkshire does it best

lough has been named the best place to work in the UK for the second year running. The Berkshire town retained its position based on the cost of housing, the ease of finding a job and employee satisfaction on a list published by job site Glassdoor. Others in the top five were Gloucester, Cambridge, Reading and Guildford. Average

pay in Slough was said to be £29,500, compared with £24,000 in Gloucester, £30,400 in Cambridge, £30,000 in Reading and £27,500 in Guildford. Slough, which also topped the list last year, was said to have more than 22,000 job vacancies - including work for project managers, customer service advisers and recruitment consultants.

ROAD ROBOTS

lans have been unveiled to launch self-driving taxis in London by 2021. Taxi firm Addison Lee Group says it has struck an agreement with Oxbotica, an Oxford-based startup specialising in autonomous software. The companies plan to create digital maps of more than 250,000 miles of public roads in and around the capital. They will include the position of every kerb, road sign, landmark and traffic light, in readiness for the deployment of autonomous cars in the city. Chancellor Philip Hammond has championed autonomous cars, saying that he wants “genuine driverless vehicles” on Britain’s roads within three years. The government has asked the Law Commission to carry out a detailed review of driving laws to ensure the UK is at the forefront of the sector.

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national

news

Boeing goes British B

oeing, the world’s largest plane maker, has opened its first European manufacturing site in Sheffield. The company will make components for 737 and 767 passenger jets at the new UK operation, with plans to produce thousands of parts each month which will be shipped to the US for assembly.

Boeing said the factory had created 52 new jobs, which includes experienced mechanics, engineers and over 20 apprentices.The company has invested more than £40m in the facility and said it will be partnering with 13 UK-based suppliers for its expansion, including Aeromet International, Maher, and Liberty Speciality Steels.

“There are not more than five musical notes, yet the combinations of these five give rise to more melodies than can ever be heard.” BUSINESS WISDOM

Juno hits top-100 F

or the fourth year in a row Juno Wealth Management have been named in the New Model Adviser Top 100 list of UK Financial Planning firms. In creating the top 100 list, NMA analysed business data such as assets under advice, turnover and adviser numbers. However their selection criteria is really powered by many other factors, such as how clients are treated, staff development and how forward-thinking businesses are.

HEALTHY EATING HALTED

he world is not growing enough fruit and vegetables for everyone to eat healthily, according to a new study. A global appetite for fat and sugar, alongside a surge in grain production to feed developing countries, has led to a system that cannot provide balanced diets for all. In order to feed the world’s rapidly expanding population with healthy diets, scientists have said more fruit and vegetables must be produced alongside a

shift to plant-based proteins. They found that such a shift would also reduce land use and cut greenhouse gas emissions, meaning it would be good for the planet as well as the global population. The scientists based their research on Harvard University’s “healthy eating plate” guide, which recommends half of our diets consist of fruit and vegetables, a quarter whole grains and the remaining quarter protein, fat and dairy.

This year NMA applied specific focus on a clear strategy for the growth of Juno Wealth Management; demonstrable succession planning; evidence of conversations about their clients’ investment preferences; a contribution to their profession through sharing best practice; a commitment to client education; and a high level of qualifications among staff. Juno Wealth Management has worked hard to be in a position to claim this accolade four years in a row and to sit alongside the best of the best in the industry.

THE BIG STORY

“

If we were motivated by money, we would have sold the

and ended up on a beach.”

company a long time ago “We will make machines that can reason, think and do things

better than we can.”

THE MEN

who changed

world

the

Profile of Larry Page and Sergey Brin. By Ian Trevett

I hope Google likes me! To get tickets for Brighton SEO (Search Engine Optimisation) you have to be fast. Last year, tickets for the conference were snapped up in less than 15 minutes. The search marketing event at the Brighton Centre - packed with digital marketers, techies and geeks - is a resounding success story. Famously it started up as a couple of dozen mates meeting in the upstairs room of a pub to talk about internet search, and now it is a leading industry event attracting delegates from all over the world. I attended my first Brighton SEO this autumn and was hugely impressed by the quality of speakers, the slick organisation and the buzzy atmosphere. Digital professionals benefit enormously from events like this, but the big winner is Google. A global industry has sprung up around making the internet work better for the benefit of Silicon Valley business. Google sets the rules about how a website is rated on its all-important search engines and the SEO industry works tirelessly to

ensure their clients’ websites fit Google’s model. Make no mistake, outside the Chinese domestic market, search optimisation is all about Google. At Brighton SEO, the only other search engine regularly discussed was YouTube, which processes 3 billion searches a month, more than Bing, Yahoo!, Ask and AOL combined. And who owns YouTube? Who else but Google. With its huge dominance, the power of Google is impossible to overstate. If a potential customer searches online for a service or goods that your company provides, then Google will decide which business is at the top of the list. If your company doesn’t appear on the first page, then you might as well not exist. It has been calculated that an incredible 91.5% of traffic is shared by the sites listed on the first Google search results page (www.searchenginejournal.com/ seo-101/seo-statistics/). It’s no wonder that businesses are keen to find out more about SEO. Personally I am fascinated by the science of how it works, but speaking to professionals in the industry, I have been taken aback by the language they unwittingly use. When I suggest ideas on how we can increase our site’s rankings, I receive answers like “Google doesn’t like that.” Or worse: “If

you do that, Google will penalise you!” Penalise me?! Who or what is this vindictive monster that seeks to punish me? In the age of secularism, do we now have to prostrate ourselves on the altar of the new powerful god that is Google? Earlier this year, Google quietly removed it’s “Don’t be evil” motto from its code of conduct. How worried should we be?

Searching for the real Google Google is so synonymous with search that the words have become almost interchangeable. But Google’s reach spreads far beyond a search engine. It influences (and usually dominates) most of the digital space. Wikipedia lists some of its vast list of industry-leading tools: “It offers services designed for work and productivity (Google Docs and Google Sheets), email (Gmail), cloud storage (Google Drive), language translation (Google Translate), mapping and navigation (Google Maps, Waze, Google Earth, Street View), video sharing (YouTube), and photo organising and editing (Google Photos). The company leads the development of the Android mobile operating system, the Google Chrome web browser, and Chrome OS, a lightweight operating system. It has released multiple hardware products including the Google Pixel smartphone, Google Home

smart speaker, Google Wifi mesh wireless router, and Google Daydream virtual reality headset.” And then there are the ‘moonshot’ ventures, where Google goes off on a tangent with seemingly impossible projects. Google’s Company X explains: “Google founders Larry Page and Sergey Brin always believed in investing some of the company’s resources in hard, longterm problems. In 2010, a new division formed to work on moonshots: sci-fi sounding technologies that aim to make the world a radically better place.” Projects underway include the use of balloons for rural internet connectivity and kites for electricity generation. It easy to view Google in the context of a huge over-bearing multinational intent on global domination, but the driving force has always been the insatiable curiosity of its founders, along with the inquisitive culture they have created.

Larry and Sergey Even with all the power and money, Google founders Larry Page and Sergey Brin are first and foremost techie geeks, driven by the desire to tackle big questions. Page’s father, Carl Victor Page, Sr., earned a PhD in computer science from the University of Michigan, when the field was still being established, and has been described as a “pioneer in computer science and artificial intelligence”. Page’s mother, Gloria, was a university instructor in computer programming. Growing up, Page recalled that his house “was usually a mess, with computers, science, and technology magazines and Popular Science magazines all over the place.” Like Page, Sergey Mikhaylovich Brin was born in 1973 into an academic family, but his upbringing was very different. His father Mikhail was a mathematics professor and his mother Yevgenia was a researcher at NASA’s Goddard Space Flight Center. Both Russian Jews, they had studied at Moscow State University. His father had wanted to be an astronomer, but the Soviets barred Jews from the physics and astronomy departments

at universities. He switched to maths, even though Jews had to do more difficult entrance exams. Unsurprisingly, in 1979 the family emigrated to America, when Sergey was just six. Page and Brin met when studying for their PhDs at Stanford University, as a biography in The Economist recalls: “At an orientation for new students Brin met Larry Page, the son of computer scientists and also of Jewish background. They instantly annoyed each other. ‘We’re both kind of obnoxious,’ Mr Brin once said—as ever, half in jest, half serious. They decided to disagree on every subject that came up in conversation, and in the process discovered that being together felt just like home for both of them. They became intellectual soulmates and close friends.” Together, the pair authored a paper titled: “The Anatomy of a Large-Scale Hypertextual Web Search Engine” - and in doing so they concluded that they could build an internet search engine far superior to those already in existence. Up to then, search engines primarily collected and retrieved URLS and titles based on pure keyword match. The problem was that a search would often take you to a site totally irrelevant to what you were looking for.

“If you’re not doing some things that are crazy, then you’re doing the wrong things.”

Brin and Page created a search algorithm call BackRub, which would crawl sites looking for incoming links, with the basic idea that if websites were pointing users towards a particular site, then the site must be pretty decent. The new algorithm analysed the relevance of the backlinks that connected one Web page to another, and allowed the number of links and their rank, to determine the rank of the page. With the huge amount of processing power they needed, Page’s dormitory room became a machine laboratory. The rapid growth quickly became too much for Stanford’s computing infrastructure, which could hardly cope, and the university had to bring in new servers. In 1996 the Google search engine went live to internet users. The pair were only 23 years old. Both had a strong ethical outlook and aimed to make the world a better place. The objective from day one was to make the internet experience better for all users, and ensure that when someone tried to find something online, their search engine would take them to the right place. When web developers tried to override the system by creating worthless incoming links to boost their ratings, the pair changed the rules by devising ways to assess the relevance of links. For instance, links from sites that were seen to be credible and authentic rather higher than other links. The Economist wrote: “Messrs Brin and Page appear to be trying to do good. They have been mocked endlessly, and understandably, for their corporate motto (“Don’t be evil”), but probably mean it. When they start to look evil, it is usually out of naivety. Google went into China agreeing to censor its search results to appease the Communists, but did so in the belief that a lot more information, with omissions clearly labelled, makes the Chinese better off. Mr Brin certainly had the Russia of his youth in mind, but agonised over the decision.” They were very young when success suddenly arrived. The pair were devoted attendees of the wild Burning Man fes-

THE BIG STORY

Google” third half of your brain.” “We want to be the

tival in the Nevada Desert, and author and festival enthusiast, Steven Kotler, wrote: ”From the very beginning, Larry and Sergey have been kind of rabid attendees. The centre atrium at Google for years was decorated with pictures of Googlers at Burning Man, spinning fire, doing various things.” Just before Google incorporated as a company in 1998, Brin and Page left the pressure of the business behind to let loose at the festival, announcing to the world their absence by creating a Burning Man Google logo for the landing page, setting in train the trademark logo doodles. In 2001 Burning Man featured again when they sent Eric Schmidt to the festival to decide if he was the right man to become the new CEO. Being young meant their behaviour wasn’t always as mature as expected by their positions of authority. Certainly some of Sergey Brin’s actions would be frowned up on in the age of #MeToo. This year, Adam Fisher published an expose book entitled; ‘Valley of Genius: The Uncensored History of Silicon Valley (As Told by the

Hackers, Founders, and Freaks Who Made It Boom).’ Fisher interviewed Charlie Ayers, Google’s first executive chef, who said, “Sergey’s the Google playboy. He was known for getting his fingers caught in the cookie jar with employees that worked for the company in the masseuse room. He got around. H.R. told me that Sergey’s response to it was, “Why not? They’re my employees.” But you don’t have employees for screwing! That’s not what the job is.” Another early Google employee, Heather Cairns, recalled her reaction at the time: “Oh my God: This is a sexual harassment claim waiting to happen! That was my concern.” Most of the pair’s behaviour was harmlessly childish: Another early employee commented: “Google was not a normal place at all. There was just all kinds of weird stuff going on. I would just walk around and check stuff out like the kid in Willy Wonka going around the chocolate factory. Larry and Sergey would be on the floor doing crap with LEGOs.”

Heather Cairns, Google’s fourth employee summed up the scene succinctly: “Larry and Sergey were first and foremost, and probably still are, inventors. That was their true love.” They created a working culture that has been admired and copied around the globe. Employees have always been encouraged to innovate and think big. They were one of the first companies to encourage flexible working and the perks include free, organic, chef-prepared meals, free health and dental, hybrid car subsidies, nap pods, video games, ping pong and on-site physicians. The employee code of conduct has written an entire section on how dogs are welcome in the workplace. A recent survey showed that 86% of Googlers say they’re extremely or fairly satisfied with their job. Larry Page describes the culture: “It’s important that the company be a family, that people feel that they’re part of the company and that the company is like a family to them. When you treat people that way, you get better productivity.”

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THE BIG STORY Alphabet Soup After a while trouble started brewing for Google. It had become too successful, too big and less agile. It faced the problem feared by all dynamic young companies, it was become the establishment rather than the disruptor. The problem was described by Eric Schmidt and Jonathan Rosenberg in “How Google Works’: “In his 2013 Founders’ Letter (to all Google employees) Larry Page noted that ‘over time many companies get comfortable doing what they have always done, with a few incremental changes. This kind of incrementalism leads to irrelevance over time, especially in technology, because change needs to be revolutionary, not evolutionary.’ Larry was concerned that as we were slowing down, becoming more process-driven, and acting like a big company, we ran the risk of realising our worst possible fate: becoming irrelevant. “This is what drove the creation of Alphabet, which we announced in 2015. Google became a subsidiary of the new holding company as well as Waymo (self-driving cars), Nest, X (Loon and other moonshots), DeepMind and Sidewalk Labs, all of which have their own culture, processes and leadership.

“We’re at maybe

1% of what is possible”

aren’t just trying to climb a mountain; people are dropping rocks on you when you ascend! Alphabet is our bid to defeat these forces and keep Google and its sister companies nimble, uncomfortable, and relevant.” Sergey Brin is the current President of Alphabet Inc. and Larry Page is the CEO.

The Evils of Google

“…The Alphabet decision was ambitious and totally Larry: bold, innovative and decisive. To our knowledge, no other company of our size has done a corporate restructuring like this. Companies create operating divisions with presidents; they don’t cleave themselves into multiple pieces, at least not when things are going well.

For all Page and Brin’s best intentions, many believe that Google is indeed evil. A typical comment online on a tech chat room declares: “Google is categorically evil. It’s a monopoly on information. It has more email users than anyone else, it has a virtual complete monopoly on searches. You are its product, it sells you and your information to advertisers.

“…Forces in big companies can actively conspire against smart creatives who are trying to do something different. You

“It controls what you see and how you view it. It has the power to make you like things or dislike things.”

Many accuse it of creating biased search results and say it is guilty of hiding criticisms of its own bad publicity. It is a notorious tax avoider. To the fury of the EU regulators, Google bases its European operations in low-tax Ireland and remits significant profits to a company in Bermuda as payments for intellectual property. In many regards it acts like a large global corporation. The power it wields is overbearing and having such a strong monopoly is unhealthy. But perhaps its greatest crime is being too innovative, too creative - and simply being better than its competitors. Yes, it is worrying that one business dominates the internet, but would our lives be better without Google? Rather than look on in envy, perhaps we should thank Page and Brin for creating such effective and useful products. Perhaps the value of Google is best described by the Information Technology journal which wrote in 2009: “In 1440, Johannes Gutenberg introduced Europe to the mechanical printing press, printing Bibles for mass consumption. The technology allowed for books and manuscripts‍—‌originally replicated by hand‍—‌to be printed at a much faster rate, thus spreading knowledge and helping to usher in the European Renaissance ... Google has done a similar job.”

BUSINESS SURVEY South East Business Activity Index sa, >50 = growth since previous month

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South East Excels Business activity in the South East grows at a faster rate than UK average

Key findings

yy In line with UK-wide trends, business activity in the South East at the start of the fourth quarter grew at one of the weakest rates since the EU referendum. However, business activity in the South East grew at a faster rate than the UK average. yy With the exception of the contraction in July 2016 following the EU referendum, inflows of new orders have risen in every month since the beginning of 2013. yy There was a small rise in the number of private sector jobs in October, although the pace of growth remained subdued as firms reported being mindful of rising costs.

usiness activity in the South East private sector grew at one of the weakest rates since the EU referendum, according to the October NatWest PMI® report. In line with the broader trend for the UK as a whole, the South East saw slower increases in output, new orders and employment, whilst business confidence towards the outlook sank to its lowest in five months amid reports of Brexit uncertainty. Meanwhile, sustained strong cost pressures led local businesses to raise output charges at the fastest rate since June. The headline NatWest South East Business Activity Index – a seasonally adjusted index that measures the combined output of the region’s manu-

facturing and service sectors – ticked down to 52.7 in October, from 52.9 in September. The latest reading was the third-lowest in the current sequence of growth that began in August 2016. Despite the slight loss of momentum at the start of the fourth quarter, business activity in the South East grew at a faster rate than the UK average, the first time this has been the case since May. Local businesses reported a rise in demand for goods and services in October. With the exception of the contraction in July 2016 following the EU referendum, inflows of new orders have risen in every month since the beginning of 2013. However, the pace of new order growth slowed since September and was among the weakest seen in the past six years.

“The South East wasn’t totally immune from the slowdown in growth seen across the UK in October, though the region did show greater resilience than most and saw output of goods and services rise faster than the national rate. “While the number of people in jobs across the region’s private sector increased again in October, the pace of employment growth remained subdued as firms reported being mindful rising costs. Fuel, energy and salaries are just some of the areas where businesses have seen costs rise in recent months, with only part of the burden being passed on through higher selling prices.”

Stuart Johnstone, Managing Director, London & South East, Corporate & Commercial Banking

The slower rise in sales and greater efficiency among businesses resulted in a fall in backlogs of work across the private sector in October. Moreover, the reduction in outstanding business was the steepest seen in over two years. Reflective of a lack of pressure on capacity, October saw only a marginal rise in the level of private sector employment across the South East. Efforts to control costs was another factor behind the lack of hiring. Firms in the South East reported a steep monthly increase in operating expenses in October, linked to not only rising salaries, but also the higher cost of energy, fuel and raw materials (especially metals). Prices charges for goods and services were raised as a result, increasing at the fastest pace since June.

Finally, October’s survey revealed a softening of business confidence in the South East to the lowest since May. Brexit uncertainty was frequently cited by those concerned about outlook.

Methodology The NatWest South East PMI® is compiled by IHS Markit from responses to questionnaires sent to South East companies that participate in IHS Markit’s UK manufacturing and services PMI surveys.

LEGAL

NDAs are typically commercial agreements designed to protect trade secrets and confidentiality.

ROWNDAs about

The

There is currently a lot of comment surrounding the use of so called NDAs to shield perpetrators of abuse, harassment and discrimination from investigation into their actions. Might this affect how employers are allowed to use settlement agreements? Simon Bellm, Partner at DMH Stallard, discusses.

nder the terms of such NDAs (non-disclosure agreements), individuals, typically employees, agree to keep complaints and allegations of misconduct confidential in return for a financial payment. Outrage has peaked following the disclosure that a prominent businessman, now named under parliamentary privilege as Philip Green, had succeeded in the Court of Appeal in relying on such an NDA to prevent the publication of allegations relating to his conduct. Theresa May would not comment directly on the case, but said some companies used such agreements “unethically”. She said NDAs should not silence

whistleblowers and that the government would take action to make sure employees knew their rights. One might wonder what the parliamentarians and press are referring to. NDAs are typically commercial agreements designed to protect trade secrets and confidentiality. However what they are talking about here are the confidentiality provisions that are found in nearly all settlement agreements that are routinely processed in their thousands every week by HR professionals, lawyers and union advisers. Might this affect how employers are allowed to use settlement agreements?

The starting point is that the general criticism misses the point that the vast majority of such agreements are reached not for the sole purpose of silencing victims of bad or appalling behaviour. On the contrary their primary purpose is usually to record a compromise reached to avoid protracted internal processes or litigation. They are acknowledged as an integral part of the pre-termination negotiation process which employment legislators have introduced to facilitate amicable employee exits. As part of those legitimate processes it is entirely reasonable that an employer should protect the confidentiality of such an arrangement. Often the agreement will be entered into without any admission of liability with neither the employer’s position nor the employee’s position having been accepted. It is in the interests of neither party for the debate to be continued publicly after compromise is reached. Similarly the confidentiality provisions protect the privacy of an arrangement that neither party may want to be made public. The criticism also tends to ignore the fact that the employee will receive independent legal advice and will receive

To a significant degree the current legislation protects the whistle blower and the public when disclosure is genuinely in the public interest.

payment in return for entering into the settlement agreement. It is fair to say that the Court of Appeal, in its judgement, does not miss these points. They explicitly point out the legitimacy and benefit of settlement agreements, including the confidentiality provisions contained in them. Of course, the use and regulation of settlement agreements should not facilitate inappropriate behaviour or protect the perpetrators of abuse, harassment or discrimination. However, to a significant degree the current legislation protects the whistle blower and the public when disclosure is genuinely in the public interest. The Employment Rights Act 1996 makes any contractual term which seeks to prevent an employee from making a protected disclosure ineffective. Even where the technical requirements for a protected disclosure are not satisfied the disclosure may be lawful if the information being disclosed is sufficiently in the public interest.

Alternative approaches are also available to the government. The obvious point is that the focus should squarely be behind efforts to effect a cultural shift which challenges and ultimately extinguishes such unacceptable behaviour (perhaps starting in the House of Commons). Alongside this the government could introduce similar arrangements to those that currently exist for the compulsory reporting of safeguarding issues in some sectors or introduce reinforcement of the protection for whistle blowers similar to that which exists within the financial services industry.

Simon Bellm is a Partner at DMH Stallard, specialising in public, private sector complex employee relations and structural change issues. He can be contacted at t: 01293 558511 e: simon.bellm@dmhstallard.com.

LEGAL

Estate agent REFERRAL FEES WHY THE CONTROVERSY? As we enter into the festive season, estate agents are likely to come under the spotlight, as new rules come into force that requires them to make clear their commercial arrangements with customers. Angela Arnold, Head of Residential Property at Rix & Kay explains the reasons for the changes

What’s all the fuss about? For sometime now the government has made it clear that the home buying and selling process needs to improve, citing it as one of our most stressful life experiences. Indeed, the government launched a formal public consultation on the matter twelve months ago, and in April this year announced new laws to force estate agents to disclose fees they receive for referrals to mortgage brokers, solicitors and surveyors.

“The most important thing is that the client is aware of any commercial arrangements before they decide who is best placed to support them.”

From this month these new requirements are in force, and the issues around financial transparency were once again bought to the media’s attention last month when YouGov published results of a survey of 500 people who purchased a property in the last ten years. The results found that the single biggest factor that influenced buyers’ choice of conveyancer was recommendation from an estate agent. More importantly however, is that 59% who took a recommendation did not know whether or not the estate agent received payment for the referral. Housing Minister Heather Wheeler said: “Making the housing market work is about more than just building homes. It is about helping hard working

families buy and sell with confidence. The findings from this valuable survey demonstrate why it is so important that estate agents are transparent about referral fees. “That’s why we are working with the industry to ensure estate agent referral fees are clear, so consumers can make an informed decision before they decide to purchase.” Angela Arnold, who leads Rix & Kay’s Residential Property Team explains: “For many people, and particularly those buying their first home, the entire home buying process is an unknown journey that unfortunately, for some, becomes stressful and unnecessarily expensive. We absolutely welcome any proposals that helps put the customer in control when it comes to making important decisions about who they should appoint to help them with buying a home. “Being clear and upfront about any commercial arrangements between professionals is important and a step in the right direction for the industry.”

Why are referral fees so controversial? Most estate agents that operate referral fee arrangements will charge

a solicitor or conveyancing business anywhere between £100 and £300 for introducing a client. Whilst there is absolutely nothing wrong in such commercial arrangements and no evidence to suggest that this affects the quality of work, referral fees clearly put additional pressure on profit margins that are already challenging. With this in mind, the controversy appears to begin when homebuyers are recommended a lawyer or conveyancer because it benefits the estate agent and not necessarily because it benefits them. The new rules around transparency are clearly intended to address this. Angela Arnold comments: “The most important thing is that the client is aware of any commercial arrangements before they decide who is best placed to support them. There is absolutely

Housing Minister Heather Wheeler said: “Making the housing market work is about more than just building homes. It is about helping hard working families buy and sell with confidence.”

nothing wrong with referral fees but at Rix & Kay we have made a strategic choice not to go down this route. A large part of our business is driven through recommendations from estate agents who want to work with us because they are confident we can support transactions in a way that ensures they complete quickly, cost effectively and with minimal stress.

For any residential property enquiries, including buying and selling property, contact: enquiries@rixandkay.co.uk

“At the end of the day, this approach benefits everyone – the agent, us and of course the customer.”

TECHNOLOGY

ow do you make your workforce more productive? You might have tried bonus schemes, flexible hours, and even making the canteen nicer. What you might not have considered is that the IT and communications systems they work on every day could actually be what’s holding your staff back. This is where Office 365 comes in. In this article, the LMS team will explain what Office 365 is, how it works, and what all of this means for you and your business.

What is Office 365? Office 365 is the newest iteration of Microsoft’s productivity software package. It still includes all of the Microsoft products that you’re familiar with, such as Word, Excel, and PowerPoint. Office 365 also allows you to use these packages across multiple devices, including PCs, Macs, and mobile devices.

STILL NOT USING OFFICE 365?

There’s no better time to

switch

What is Office 365 for business and why you should be using it. How is Office 365 different? All of the above might sound familiar but you would be mistaken for thinking that it’s just a normal update to their service. Office 365 is based entirely online complete with full cloud integration. And this is where the important difference lies. With the advent of cloud computing, Office 365 has successfully evolved to feature additional functionality which offer users added benefits.

Office 365 means you and your staff can take the office with you everywhere you go.

The benefits of using Office 365 The main advantages of Office 365. IT’S CLOUD BASED Office 365 is online so there’s no need to have bulky servers taking up valuable space in your workplace. Physical servers are also prone to breaking and developing problems over time if they’re not properly maintained. With cloud-based computing, this is no longer an issue.

REMOTE LOCATION ACCESSIBLE Office 365 allows you to work from a wide range of devices. One staff member using a Mac can work collaboratively with another who is on their mobile device on the other side of the world. Office 365 means you and your staff can take the office with you everywhere you go. SIMPLE MIGRATION Files created by older versions of Microsoft products can be migrated straight into Office 365 seamlessly. One factor that stops a lot of businesses from moving over to a more efficient software package is how difficult they perceive it’s going to be to transfer all of their data across to a new platform (and still have everything work at the end). With Office 365, this is no longer a problem. DATA PROTECTION AND BACKUPS At some point in all of our lives, a file has been corrupted, an important document has been lost, or the power has gone off and we haven’t been able to save what we were working on. Cloud computing resolves all of these problems by automatically creating backups of all of your data. On the subject of data, it’s protected by the very latest security measures. Microsoft’s systems scan all of your incoming messages for any malware or other malicious add-ons that you might not have known about. IT’S HERE TO STAY Online integration with Office 365 means regular automatic updates. This is an issue which many software packages which aren’t hosted online suffer with. The fact that the software you and your staff will be using means that Office 365 has a much longer life-cycle than most other services on the market. FAMILIARITY There are no surprises with the services you receive as an Office 365 customer. The chances are that you and your staff are already familiar with how to use Word, Excel, and PowerPoint. These apps are still the focal point of the Office 365 service and users now benefit with added functionality that can only be made possible through the cloud.

Microsoft intends to keep Office 365 as their flagship business-facing suite of apps for many years to come.

ONE UNIFIED UI All of these apps you already know how to use are easily accessible through the Office 365 interface. That means that there is no more digging through your computer or your network to find the software that you want to use. Office 365 also makes integration and collaboration between its familiar constituent apps a lot easier. What does this mean for your business? We’ve identified the three main ways your business will benefit from adopting Office 365:

their data in case of a network outage or server crash. Office 365 constantly backs up the files and data held on it to protect against this possibility. FUTUREPROOF Microsoft intends to keep Office 365 as their flagship business-facing suite of apps for many years to come. This means that you won’t need to pay for a company-wide software upgrade every few years with all the disruption that brings.

INCREASED COLLABORATIVE EFFORTS Online based software makes collaborative efforts between your staff much more accessible. Documents can be edited by multiple people – all in real time. RELIABILITY

Please get in touch with us so we can help you decide about Office 365 and its suitability for your business. To find out more, call us on 0330 088 2565 or email sales@lms-uk.com.

Office 365 boasts an impressive guaranteed 99.9% uptime on all of their servers - enterprise-grade reliability. One of the main concerns many business owners have about the cloud is that they couldn’t access the machinery holding

FINANCE

Own a property in the South East? WHY WOULDN’T YOU TAKE ADVANTAGE OF INHERITANCE TAX RELIEF?

Stuart Noakes, Head of Tax Services at MHA Carpenter Box, discusses how to take advantage of the Residence Nil Rate Band to protect your wealth from Inheritance Tax (IHT).

n the period 2017-18 the taxman banked a record £5.2 billion in death duties, an additional £400 million more than the previous year. The rise in IHT over the past decade has been largely down to the rising house prices. Families who previously have not been subject to the tax are now finding that they are actually wealthier than they previously thought (or at least wealthy enough for IHT to bite!).

Recent figures from Direct Line Insurance showed that Brighton was in third place for the number of families likely to pay IHT. Guildford took the top spot with 658 families paying on average £231,000 each in 2015/16 and South West London came a close second.

matter of urgency to ensure it is worded correctly and you don’t miss out on the relief. This will enable your family to notify HMRC when necessary.

This news should be incentive enough to try and use every possible available tax relief. Yet only one in five are taking advantage of the relatively new family home allowance, called the Residence Nil Rate Band (RNRB).

HMRC has said that the family home allowance is automatically applied as soon as the remaining family provides a Will which shows that your main residence has been left to children or grandchildren – even if the relevant form is not completed in order to claim the relief. Your estate can also benefit from any RNRB that a deceased spouse did not use. This is not given automatically; it requires a formal claim to be made.

Residence Nil Rate Band The Government introduced a tax-free allowance in April 2017 for families who leave their main property to direct descendants. For 2018/19 the allowance is £125,000. This is in addition to the already specified IHT allowances of £325,000 (single) and £650,000 (married). The Residence Nil Rate Band is set to increase each April until it reaches £175,000 in April 2020. By then a couple will be able to pass on £1 million without IHT applying to their estate. Out of a possible 24,000 estates that paid IHT in 2017/18 only 5,420 families benefited from this allowance. However, not everyone qualifies for the perk. For example, you won’t qualify if you do not have children. Many business owners may not qualify and if your estate is worth more than £2 million, the relief will be tapered and may not apply. If your estate is above £325,000 but less than £450,000 and you qualify for the Residence Nil Rate Band, no IHT would apply. However, if you have made a Will you should have it reviewed as a

How to apply for the RNRB

The tax office has also indicated that any overpaid IHT, due to inadvertently missing out on the relief, can be claimed back.

We can help We specialise in advising clients on how best to protect their assets from both Inheritance Tax and Capital Gains Tax. It’s a complex area, so we provide a personalised and detailed report summarising the benefits and costs of this type of planning. It is designed to show you how to arrange your family’s affairs in order to minimise death taxes.

If you have any questions about the RNRB or Inheritance Tax, please contact Stuart Noakes on 01903 234094 or visit www.carpenterbox.com

Say Hello

To lead and support its Estate Planning Service, MHA Carpenter Box has just appointed Phil Atherton to the new position of Director of Estate Planning in the firm’s Tax Services Group.

TO PHIL ATHERTON Phil will be based at MHA Carpenter Box’s Worthing office and his new role will involve meeting with families and individuals to discuss estate planning and how they can best protect their wealth and assets for their loved ones. This could include reviewing Wills, Trusts, Inheritance Tax profiling and Powers of Attorney, amongst a whole range of other considerations.

hil has vast experience in tax and estate planning spanning 37 years and is ideally placed to offer the type of advice families need. He started in practice and worked in London for almost 20 years, finally working for the London office of one of the ‘top six’ accountancy practices before he moved south. In more recent years, Phil ran his own Tax and Estate Planning practice with 14 employees.

In the new year, MHA Carpenter Box and their Wealth Management arm will be delivering a series of Estate Planning seminars which will offer tax, wealth management and legal advice from regulated professionals.

Please visit www.carpenterbox.com/ estate-planning for more information

The Government introduced a taxfree allowance in April 2017 for families who leave their main property to direct descendants.

FINANCE

Exploring

EXPORT Is now the time for export tax credits to help businesses expand internationally? Laurence Parry, Tax Partner at Kreston Reeves discusses

reston Reeves has recently surveyed 530 businesses across the UK to explore attitudes and barriers to growth. Whilst businesses have seen impressive growth over the past three years â&#x20AC;&#x201C; 60% of businesses surveyed reported growth of over 25% over the past three years â&#x20AC;&#x201C; much of that growth has come from within the UK. In fact, our research showed that a third (32%) of UK private businesses generate between 50-100% of their revenues

from their immediate geographic location, with 18% considered hyper-local generating between 75-100% of their revenue locally. Our survey also reports that with Brexit looming large, the UK will continue to remain the single most important market for UK businesses with 56% believing their immediate geographic location is the most attractive market for future growth. 35% of businesses have no international aspirations at all.

It appears that despite the best efforts of our politicians, the measures in place to encourage businesses to grow through international markets are just not working. It is time for some radical thinking. One answer could be the introduction of a new tax credit that would help reduce the cost of entering overseas markets. Exploring a new market takes time and money. Finding distributors, navigating regulations, establishing logistics and finding new customers can be expensive and risky. If these challenges and costs can be successfully overcome, then benefits will naturally accrue to the UK economy and exchequer revenues. A tax relief that helps share these costs would benefit businesses wishing to grow internationally.

How might that tax credit work? There are three existing models the government could follow â&#x20AC;&#x201C; the R&D tax credit route, a voucher system, or the Patent Box model.

ty to really change the way businesses think and work.

ensure that such a credit does not contravene WTO rules on export subsidies.

Tax credits can more easily:

It is a route adopted by other EU countries, most notably France, and in a more complex way by some US states. The idea is also not entirely new. HSBC and the Institute of Chartered Accountants for England and Wales both mooted the idea back in 2016.

yy Avoid a complex process for voucher administration with application as part of annual tax returns. yy Ensure companies react more quickly to opportunities as credits would be retrospectively claimed. yy Provide greater flexibility for businesses. yy Give businesses the option to underwrite risk in activities they conduct themselves. yy Provide a â&#x20AC;&#x2DC;nudgeâ&#x20AC;&#x2122; for all businesses filing taxes to think about exporting to new markets in the coming year. yy Incentivise greater activity through being directly proportionate to the qualifying activity. yy It would require the government to define, as it has done with R&D tax credits, what is qualifying activity, and would need to

But as we fast approach Brexit and look to strike a new role in world business, perhaps now is the time to revisit an export tax credit regime. Our survey suggests it is. We endorse this.

For further information contact Laurence Parry, Tax Partner at Kreston Reeves: laurence.parry@krestonreeves.com www.krestonreeves.com Tel: 0330 124 1399

Patent Box, which offers businesses a lower rate of corporation tax on revenues generated through intellectual property registered via Patent Box has, in practice, proved to be complex. There were also state aid issues. Its take-up has been limited and this option may therefore not help businesses grow and expand overseas. A voucher system, where the government contributes to certain services or which can be spent with approved service providers, is another alternative. Vouchers would effectively provide businesses with match-funding to attend, for example, international trade missions or conferences, and on specific services such as localised web support. This requires administration on licensing providers and auditing the outcome. A preferred approach might be one modelled on R&D tax credits. Our experience of R&D tax credits suggests a high level of government support with a dedicated team at HMRC to oversee the regime, wide take-up, and the abili-

It appears that despite the best efforts of our politicians, the measures in place to encourage businesses to grow through international markets are just not working

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GDPR

where are we now? The rights and wrongs of GDPR by Harry Sherrard, Principal at Sherrards Employment Law.

ix months after implementation, there is still a lot of misinformation and confusion about how GDPR works. In fact, I have renamed GDPR the “Great Data Protection Racket” as a result of the dodgy advice that I see circulating from supposed experts.

Top of the list is the misplaced obsession which some organisations have about the issue of consent. Article 6 of GDPR provides a number of lawful grounds on which data can be processed. Consent is only one of these, and is probably the least useful.

By way of illustration, I was recently speaking to a business which rents out hospitality boxes at sporting events. The Business Development Manager had been to a trade show, and had gathered business cards from attendees who were interested in renting a hospitality box. Back at the office, he was preparing to follow up these leads by way of email and calls, but was then told by his employer’s legal adviser that to do so would be a breach of GDPR. He was told that the attendees at the trade show had not “opted in” i.e. consented, and that to follow up these leads would therefore be unlawful processing of data. Total nonsense! The most useful ground in article 6 of GDPR for processing data is that the processing is in the legitimate interests of

How many other organisations are needlessly hindering their business development in this way?

LEGAL the holder of the data, provided this is not outweighed by the interests of the data subject. In the case described above, it clearly is in the legitimate interests of the hospitality box business to follow up on leads. And it could not be argued by the leads that a follow-up in the circumstances described above was in any way damaging to their legitimate interests. It is not necessary for these leads to have opted in, and GDPR does not prevent the Business Development Manager from contacting them. Similarly, I was at a networking event recently and I asked the organiser for a list of attendees. I was told, based on advice that he had received, that he was no longer allowed to do this because of GDPR. Again, it was stated that attendees would have to consent to their names being circulated on such a list. Again, complete rubbish! A further ground for lawful processing of data under GDPR is that it is “necessary for the performance of a contract”. Everyone who was attending the networking event had paid a fee, which creates a contract. For that contract to be performed, it is obvious that attendees had to be aware of the identity of who else was present, so that networking could be effective. Therefore, this data, being the name of the delegate and their organisation, can lawfully be processed (i.e. distributed to other attendees) using the “performance of a contract” ground in article 6 of GDPR. The issue of consent is irrelevant. When it comes to employees, we do recommend that employers ask all staff to sign a GDPR compliant privacy notice, because employers are likely to process sensitive data about employees, such as health information. And in that situation, it is safer and advisable to have consent. But in most other commercial situations it is a complete myth that consent, or “opting in”, is required. Based on my anecdotal evidence above, I wonder how many other organisations are needlessly hindering their business development in this way?

BUSINESS AWARDS

GDBA 2019

BEHIND THE SCENES

We go behind the scenes of the Gatwick Diamond Business Awards to find out what goes into organising such a prestigious event and why you should be there

AVENSYS What’s your involvement in the Awards? Working closely with the Gatwick Diamond Business team, Avensys Hire & Events has been the creative and AV technical producer of the Gatwick Diamond Business Awards for the past four years. As well as responsible for designing the stage setting and on-screen content, the Avensys team delivers all technical aspects on the night, including lighting, sound, projection, live camera work and filming.

What are the benefits of being a supplier of the GDBA? We are proud to be a Gatwick Diamond Business member and to be associated with this hugely respected, successful awards programme, which raises awareness of the creativity, innovation and diversity offered by the best in the region. The awards dinner is a perfect opportunity for Avensys Hire & Events to showcase our own high levels of creativity, precision and high production values.

What should we expect from the night? The awards dinner, which for 2019 is to be hosted by comedian Marcus Brigstocke,

offers its guests a great evening of good food and drink, valuable networking opportunities, laughter and excitement. For those wanting the chance to get up and dance, there’s the after party – all in all a great and memorable evening.

And the highlight for you? The highlight for us is seeing how our input has moved the creative and technical production of the event forward year-on-year, building gravitas, and delivering a modern and engaging experience for those attending. On the night it’s great to see how our part in delivering the event adds to the overall experience for participants, helping to create a memorable night for all.

he Gatwick Diamond Business Awards take place on March 21st 2019 and celebrate people and businesses who have shown innovation and inspiration in their work. Now in their 11th year, the GDBA are gaining ever-increasing attention as one of the region’s premier business occasions. We speak to the supply chain behind the event about what we should expect from the night.

COPTHORNE & MILLENNIUM HOTELS What’s your involvement in the Awards? Millennium Hotels & Resorts has had the pleasure of hosting the annual Gatwick Diamond Business Awards in our Millennium Suite, Copthorne Hotel Effingham Park, for the past eight years. We feel it is important that we engage with the local business community so very much value this partnership as a venue sponsor of the event. We are pleased Gatwick Diamond Business think that our venue offers the right space, quality of service and opportunity to reflect the aims of their awards dinner.

What are the benefits of being a supplier of the GDBA? We provide a wide spectrum of services including accommodation and conferencing services to business travellers visiting Gatwick, and it is therefore important for us to understand the needs of local businesses and the business traveller to ensure that we continue to develop as a business. Being venue partner of the Gatwick Diamond Business Awards provides us with the opportunity to engage with key decision makers from a diverse selection of industries from the Gatwick area.

What should we expect from the night? Millennium Hotels and Resorts is a hotel company that treats the guest as family, with a unique range of global properties. Our hotels are never cookie-cutter, but always fresh, surprising and tailored to their location. We seamlessly blend Asian hospitality with western comfort. Attending the 2019 awards will allow you to enjoy our hospitality, good food and service that comes with passion.

STORM12 Celebrating Business Excellence

Join us as we recognise the passion and talent of our business communit The Gatwick Diamond Business Awards celebrate people and businesses who have shown innovation and inspiration in their work, and have demonstrated a real commitment to the region. The Awards have become one of the most prestigious business occasions – celebrating the best of the best across the Gatwick Diamond.

What’s your involvement in the Awards?

For more information and to download an entry form, visit:

WWW.GATWICKDIAMONDBUSINESSAWARDS.COM

We have been involved in the Gatwick Diamond Business @gdbizaward Awards for seven years, first as a sponsor and judge of the Award for Customer Delight and now we’re very proud to be the awards’ Creative Partner. Along with delivering our attention-grabbing creative for these prestigious awards, we’ve enjoyed meeting some of the region’s best businesses. As Creative Partner, we set the brand style, key messages and activation material such as the website, event collateral, advertising, social media assets and even the menu.

What are the benefits of being a supplier of the GDBA? It puts us centre stage – literally. It allows us to network with the best businesses in the area and meet other judges, sponsors and partners. Our involvement over the years has also given us a number of new clients, new relationships and expanded our network. Above all, being a supporter means having a great evening with great people.

What should we expect from the night?

Talent, fun, networking and glamour. What more do you want?

And the highlight for you?

The highlight for us is the excellent opportunity to host and engage with some of the best businesses from the local business community.

It’s always great celebrating the leading talent in our region and meeting new and interesting people. And there’s no harm in seeing our work being shown off too. See you on the night!

FOR MORE INFORMATION AND TO DOWNLOAD THE BOOKING FORM, VISIT WWW.GATWICKDIAMONDBUSINESSAWARDS.COM OR CALL 01293 813888

ECONOMICS

BREXIT

wick to explore some of the challenges and opportunities ahead. RSM chief economist Joe Brusuelas highlighted the top four risks to the global economy: “US/China – this could escalate into a full trade war if both sides enter a beggar-thy-neighbour dispute.

Are you ready to move forward?

“Italy – the Government’s attempts to release itself from the EU-imposed fiscal straitjacket could have implications for the future of the single currency.

by Rowan Williams, Office Managing Partner at RSM at RSM’s Gatwick office. Now that we are coming to the “end of the beginning” of the Brexit process, we believe that this relative pause in activity is coming to a close. The economic clarity from this will provide an increased ability for businesses to predict the future giving sufficient certainty for investments to be made.

ith uncertainty around the current political and economic climate, our clients across the South East have been telling us that they have found it so difficult to predict the future that it has led many to postpone investment plans, delay acquisitions and take a more conservative approach to their ambitions for growth.

There will be uncertainty remaining for several years as the detailed rules are implemented but we would not expect those matters of detail to stop businesses moving forward. In order to help our clients move forward with confidence, I was delighted to welcome my colleagues Joe Brusuelas, RSM US chief economist, Simon Hart, RSM UK Brexit lead partner, and Brad Ashton, RSM UK international trade partner to a special conference in Gat-

Current levels No Deal Hard Brexit

Brexit deal agreed for 29.03.19

Creative Brexit 4.1 4.1 4.0

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“Brexit – a disorderly exit from the EU could affect the financial markets and have an adverse impact on the real UK economy.”

Economic impact of different types of Brexit Simon Hart opened his address by expressing confidence that a deal with the EU would be done, but warned delegates that they should only expect this at the ‘11th hour and 59th minute’. However, he was more cautious about the government’s ability to clear the domestic political hurdles. RSM unveiled its proprietary research looking at the economic impact of three possible Brexit outcomes. Joe Brusuelas explained: “If there is a deal agreed by the end of March next year, we’re going to see appreciation of the pound, which will increase purchasing power and help reduce the deadweight caused by inflation. Growth will pick up mildly and we’d be likely to see rates rise to 1.2 per cent, while wages and unemployment would remain fairly sticky.”

Brexit scenarios possible economic effects 5

“Emerging markets – countries with large dollar-denominated debts may struggle if the dollar strengthens or US interest rates rise.

UKinflation inflation (%) Unemployment Employment level (%) movement UK rate (%) Wage Earnings growth (%)

He noted that a ‘creative’ Brexit, whereby the parties ‘kick the can down the road until 2021’ and beyond, and in effect we stay aligned to the EU for a longer period, was an outcome that would most

Joe Brusuelas

BREXIT – BE READY TO MOVE FORWARD

TOP TIPS from RSM’s Gatwick team

Laurent Doggett, VAT Specialist

yy Review supplier/customer contracts and whether they might need to be amended as a result of leaving the EU. Many contracts may currently be silent on matters, such as Incoterms yy To reduce interruption, goods suppliers should look at their EU supply chains and delivery models. Service providers should consider how their non-EU status may impact operations

Kirsty Sandwell, Corporate Finance Specialist yy For those looking to grow through acquisition, now is the right time to prioritise your targets and do your homework. With many having built up cash war chests, the ability to execute quickly may be the difference between being successful and being the underbidder yy If you have been looking to sell your business, now is the time to prepare and make your business ready to be scrutinised. A fresh pair of eyes will help you see your business like an acquirer and act accordingly to help maximise the price

David Williams-Richardson, Employment Solutions Specialist yy Retaining employees will be key post Brexit. Ensure that you have assessed the reliance on EEA nationals working in the UK or UK nationals assigned to work in Europe yy Keep up to date on developments and communicate with the workforce on the potential impact and provide appropriate support where required yy Consider the impact of currency fluctuations on the pay for any expatriate employees and ensure that you apply a consistent approach that is recorded in the assignment letter

Andrew Lister, Corporate Tax Specialist yy Understand where you currently benefit from a reduction in tax because of EU tax law eg some dividends from EU subsidiaries yy Changes in how a business operates may change the impact of transfer pricing yy Don’t forget domestic law and double tax treaty changes after BEPS

improve the economic outlook for the UK, and one which could lead to an increased pace of growth, improved living standards and a recovery of sterling against the dollar to the pre Brexit vote levels. “Of bigger concern would be a no deal outcome”, he added. “This would result in a 20 per cent depreciation of sterling within 12 months, which would take inflation up to a cyclical high. Interest rates would drop and growth would slow to almost zero.”

Preparing for Brexit With so many scenarios in play, RSM is advising middle market leaders to take the opportunity to carry out a top-down review of five key areas of their business.

make sure you are communicating with them and letting them know that they are appreciated.”

Preparing for the new customs regime RSM’s international trade partner Brad Ashton warned: “Businesses that trade with the European Union face a perfect storm. In addition to the unknown outcome of Brexit, business will have to cope with a new Customs Declaration Service, adopt new processes for import VAT and get to grips with the introduction of the new Making Tax Digital system for VAT. This will result in a significant amount of work that will be a challenge for any business to manage.”

yy regulation and compliance; yy financial planning and management; yy trade; yy people and talent management; and yy business management.

Post-Brexit, the number of customs declarations is expected to increase from around 55 million currently to around 255 million each year. Depending on the outcome of negotiations, an additional 145,000 companies who trade solely with the EU might be required to make customs declarations for the first time.

Simon Hart explained, “One of the most important priorities for businesses should be scenario planning and financial modelling including sensitivity for labour and supply chain costs, as well as delivery delays.”

Businesses will also have to manage the introduction of ‘postponed accounting’ – a measure designed to mitigate the impact of import VAT on UK importers in a ‘No Deal’ Brexit.

On the UK’s productivity challenge, he urged businesses to consider enhanced automation and artificial intelligence and invest in enterprise resource planning systems instead of relying on spreadsheets.

RSM Gatwick Office Portland, 25 High Street, Crawley, West Sussex, RH10 1BG T: 0845 057 0700 W: www.rsmuk.com

Finally, he said, “Keeping hold of your key talent will be vital. Put your arms around the EU workers you need –

COAST TO CAPITAL

Unblocking the Bottleneck Coast to Capital Local Enterprise Partnership is supporting a transformational plan to remove Britain’s worst railway bottleneck. Katie Nurcombe, Head of Communications & Corporate Affairs, explains why significant investment is required on our railway network. Why is it so important to address the ‘Croydon Bottleneck’?

Where is Britain’s worst railway bottleneck? The Croydon area is by far the busiest and most congested part of Britain’s rail network, with 30% more passengers and trains passing through it each day than London Euston and King’s Cross stations combined. The ‘Croydon bottleneck’ at Windmill Bridge Junction regularly causes delays and disruption to up to 300,000 passengers who travel on the Brighton Mainline and its branches each day. Train punctuality on the Brighton Mainline is the lowest of any major route as the bottleneck magnifies the impact of even the most minor incident or delay.

Coast to Capital has recently published its Strategic Economic Plan – Gatwick 360 - which confirms that connectivity and railway capacity is a major driver of productivity in the Coast to Capital area. This area needs significant long-term rail investment to support a growing regional economy and maintain its competitive advantage. Unlocking this bottleneck will enhance reliability, capacity, connectivity and resilience, driving growth and productivity throughout the region. This is vital for our links to London, as well as our international connectivity.

What are Network Rail’s plans? Network Rail is developing a major scheme to upgrade the Brighton Mainline at Croydon called the Croydon Area Remodelling Scheme. This scheme would see additional tracks constructed in the Croydon area, extra platforms at an expanded and modernised East Croydon station and a series of new railway flyovers to replace the current ‘spaghetti junction’ near

the station where lines from the south coast, Sussex and Surrey meet those to and from London Victoria, London Bridge and beyond. The upgrade proposals are a key part of Network Rail’s long-term strategy to ensure that the rail network can continue to support and drive UK economic growth, providing reliable, fast and frequent services for the increasing numbers of people predicted to travel by rail.

How is Coast to Capital supporting these plans? Coast to Capital is spearheading the Brighton Mainline Alliance, a group of businesses and organisations that support the aim for Government to fully commit to funding strategic investment in the Brighton Mainline, specifically to unlock the Croydon bottleneck. The Brighton Mainline currently has over 60 business members

The Croydon area is by far the busiest and most congested part of Britain’s rail network

and the support from all 16 Local Authorities in the Coast to Capital area and regional MPs. Coast to Capital and its Brighton Mainline Alliance is strongly supporting the Croydon Area Remodelling Scheme.

How can you get involved in the Brighton Mainline Alliance? By joining the Alliance you are adding your weight to the strong collective voice calling for the vital investment required to drive growth and productivity across the whole region, protecting our economic potential and supporting the growth ambitions of our businesses. If your business or organisation wants to demonstrate support please send your logo to jake.daniels@coast2capital.org.uk.

What are the next steps? Network Rail is currently carrying out a first round of public consultation on its plans for Croydon. The consultation

Train punctuality on the Brighton Mainline is the lowest of any major route as the bottleneck magnifies the impact of even the most minor incident or delay. will involve a number of events in the Croydon area, supported by promotional activity at key stations along the line including Gatwick Airport and Brighton, and will ask recipients whether they agree with plans to improve services on the Brighton Mainline around Croydon. Coast to Capital and the Brighton Mainline Alliance will ‘strongly agree’ to this consultation question. The public consultation closes on Monday 17th December and if you would like to respond please visit www.networkrail.co.uk/ Croydon. Network Rail will carry out further rounds of consultation activity as the design for the scheme progresses, with a second round likely in spring/ summer 2019. The Alliance will continue its campaign over the next 18 months

and will urge Government to commit to the design of the scheme once it is finalised and the associated strategic investment which is so vitally needed. Coast to Capital Local Enterprise Partnership provides leadership, investment and business support to grow the regional economy. It covers a diverse and vibrant area which includes the London Borough of Croydon, East Surrey, West Sussex and Greater Brighton. In the six years since Coast to Capital was formed, it has successfully invested more than £300 million of public money in local infrastructure.

A Santander Breakthrough Debate

FUNDING FOR GROWTH

PROMOTIONAL FEATURE

How do SMEs find funding for growth? Are the right funding opportunities available? And how will Brexit impact on lending? A roundtable was held with seven businesses from the region to discuss Funding for Growth...

How is your business involved in the SME growth funding market? DAVID:

We provide funding for businesses who have got past the initial stage of creating a business and proving there’s a market. We aim to make the process straightforward. We recognise that it’s very hard when you’re running a business to find the time to produce the figures that you need to get debt from a traditional source. We can quickly help them to get an answer without taking any tangible security, which is often the biggest challenge for an SME business. We always take a personal guarantee online but that is the only security we take.

Maarten Hoffmann

David Budd Funding Circle

Facilitator, The Platinum Group

Our loans are funded by investors, up to 77,000 people, so we need to make sure that the owners of the business who borrow are at least tied in some way to paying back that money.

We partner with Santander and other Banks, to support businesses that are not yet able to raise bank finance or might need a little extra help.

VICTORIA:

I had a business account from Santander, but in truth I was absolutely clueless when it came to finance. When the time came when I needed to get funds into the business, I rang my Business Relationship Director and said, “I need to borrow £50,000, as I’ve got a contract with Debenhams - and they’re placing an order for 60,000 pieces.”

Victoria Green

Victoria Green Limited Santander Business Customer

My business is wash bags, beauty bags and make-up bags. We will often take a large order from a big retailer a couple of times a year, rather than have steady flows of business. I’ve developed a relationship with Santander and they’ve made the effort to understand my business and to pre-empt what I need in order to fund the business. My relationship director rings me up every month for an update.

Part of my funding is invoice finance, which I rely on the most.

BENJAMIN:

Victoria’s story is not unusual. Businesses often go through organic growth and then suddenly get a big order that they don’t have the resources to fulfil. Their Business Relationship Director will sit down with the owner and get under the skin of the business. It’s not a case of: “Send me your figures, thanks very much.” It doesn’t work.

We want to understand the full picture so that we can find the right solution for them. This could be an overdraft, invoice finance, a loan, trade finance or asset finance. Maybe a combination of more than one.

ANDY: At Let’s Do Business we provide both

start-up and growth loans from various sources including our own resources, LEPs or the tart-up Loan Company. My advice as an ex-relationship banker at NatWest, is always talk to your bank first if you need funding. Your bank should know how best to help you. If your bank can’t help you then you could look into other sources.

Andy Turner Let’s do Business

The funding landscape has changed beyond all recognition and there is a rich source of funds out there. Your bank should be able to point you in the right direction.

HEATH:

We are an investment platform and we pool our investors together. We are also on the equity side, but our sweet spot is between £200,000 and £500,000. We have 2,000 sophisticated, high net worth individuals who have opted into our database. They’re all over the UK and we look for scaling in growth stage companies. There are two things we look for: proof of concept and opportunity to disrupt the sector, and proof of revenue generation.

Heath Lansbury Shadow Foundr

Usually we specialise in tech and renewable energy, but we look at anything that’s got the ability to scale. If you can do it in London, you can do it in New York, Dubai and all around the world.

AMANDA: The aim of the Coast to Capital Growth Hub service is to help busi-

nesses in the region quickly find the most relevant support to address their growth ambitions. We will help you prepare your plans that will help increase your potential for raising funds to support your growth. If a business has a genuine need for funding for specific projects there can be grants for capital expenditure.

The Growth Hub is impartial and independent and that’s why it’s a very good reason to engage with an account manager because we’re not tied to anyone.

Laura Cockburn

BGF

LAURA:

BGF is the UK’s most active investor in growing businesses. Typically, we invest in companies that have revenues of more than £1m, across earlier-stage, established and quoted businesses. We provide patient capital to entrepreneurs looking to get to the next stage of growth in exchange for a minority equity stake. So we don’t own, control or buy companies. In addition to funding, we introduce management teams to senior business leaders or sector experts from our talent network as potential chairs, non-executive directors and finance directors – people with significant experience either in growing and exiting smaller companies or at large companies in similar industries. The companies we back also appoint a BGF investor to the Board. Our capital comes from high street banks, which means our model is different from traditional private equity as there is no set timetable for generating returns. Since 2011, we’ve invested more than £1.7 billion across 250 companies, making us the most active investor in the UK.

Benjamin Earls

Amanda Geel

Santander Business

Coast 2 Capital LEP

It’s brilliant news that there are greater options for growing business owners. More alternative funding means the ecosystem is richer and wider than it’s been previously, but it can also create confusion as to the right route to go down.

We build relationships locally and immerse ourselves in local business communities so that when a business is seeking funding, we’re around to start the conversation.

A Santander Breakthrough Debate

FUNDING FOR GROWTH

PROMOTIONAL FEATURE

It’s about more than just funding… LAURA: Our network is some 5,000 people strong – with every sector of the economy represented. What we find is that entrepreneurs want to stay in control of their business and get high-quality support along the way. That’s what attracts people to our model.

VICTORIA: If the funding comes with a support package, it’s a win-win. If you invest in a company, you want them to succeed and, of course, the company wants to succeed. As a small business owner, I would be looking more for that kind of support rather than just money.

Relationship or convenience? ANDY: The alternative market has grown due to the ease of application for funding. You apply online and you can do it whenever you want, midnight if you want. And then it is the speed of decision. The alternative lenders have shaken up the market and perhaps made traditional lenders think of different ways of doing business.

BENJAMIN: Society has changed. Everybody wants everything now and they want an answer immediately, but we are seeing a lot of demand for more sophisticated loans – where businesses want larger loans and a relationship with someone who understand their business and can support them. Business owners often say: “I need you to help me find someone who can help me trade internationally.” Or: “I need you to introduce me to people who work in government grant schemes.” The alternative funding market actually complements what we are doing and we regularly signpost businesses to those alternative options.

VICTORIA: The thing that we’re coming back to time and time again is that it’s about the relationship that you have with the people that you’re working with - and it’s about them knowing your business and taking time to get to know your business. Meeting people you trust and know you can trust is a hugely important.

ANDY: As a responsible lender we have a huge interest in the well-being of a business.

BENJAMIN: It’s worth remembering that Santander has ‘Relationship Directors’. I’ve seen many businesses where I’ve said, “Actually, we could maybe do a bit of bank funding here but it might be more appropriate for me to introduce you to Funding Circle or one of our other partners to explore what options they could provide with them. We want to support our customers with the best option for them.

DAVID: Every business has different options in terms of the relationship they have with the people who help them get finance. Within 48 hours we can get from the first conversation with a client through to loan offer and money in the bank and so it feels like they don’t need to go through quite a long process and journey. It doesn’t have to be this three month process of getting underneath the projections of the business, the business plan, because we work on their track record. They have an account manager holding their hand the whole way through.

HEATH: We are very much on the investor side of the fence but we have to work very closely with the entrepreneur to package up the proposition for our investors. So we have to work with both sides. We’ve got different types of investors and they’ve all got risk profiles. Some are sophisticated and they’ll go for the secure bridging type stuff, others have £100,000 that they’re happy to place £10,000 into ten different companies. We started an access to finance workshop in the Midlands with grant funders, accountants and some angels. We look at all the different accesses to finance that people can have and help SMEs understand what sort of risks are involved.

LAURA: We spend a lot of time with management teams. Some companies we invest in we might have known for a few years and we’ve maintained the relationship until they’re ready for investment. Others – because they have a more immediate funding requirement – the investment process might be much quicker. We like to introduce potential investee businesses to other companies in our portfolio and across our network to hear first-hand about their experience in partnering with us.

WHAT DO YOU LOOK FOR IN A BUSINESS AND/OR MANAGEMENT TEAM WHEN SEEKING TO COMMIT FUNDS? AMANDA: There are actually quite a lot of events about access to funding. Access to finance, and understanding the different routes to finance, is a topic that comes up regularly, particularly with the chambers. Education is very important. For instance in my role as a grant manager, I prefer to call the funds available as “tax payers’ money” rather “government money”, so everyone knows who’s paying for it. When it comes out of all of our pockets we might appreciate then that we’re all chipping into supporting a business. And people don’t treat the grants lightly.

BENJAMIN: We look for capable people who have a clear vision of what they want to achieve and know how they will set about doing it. Experience is invaluable too and helps to ensure that if things do not go as planned, the management team will be able to adapt and won’t be afraid to ask the Bank to help them to do this.

LAURA: The quality of the management team is really important to us and we’ll discuss things like historical performance as well as the plans for how they will use BGF’s capital to pursue growth. Ultimately, we want to understand their goals and ambitions, and how we can support this. We have streamlined the standard due diligence processes associated with private equity, making it much more efficient. And we identify people from our network that have really relevant sector expertise to help with this.

DAVID: We’re looking for a track record, both in the business and in the management team, and they will have shown the ability to generate cash to service a loan. We are a responsible lender and we do not over-indebt companies and end up ruining them down the line. We make sure that we lend in sustainable ways so that we can see what the business has done in the past and that they should be able to afford a loan we’re doing.

A Santander Breakthrough Debate

FUNDING FOR GROWTH

PROMOTIONAL FEATURE

HEATH: Our process is similar, we are always looking at the track record. We then go more into the valuation of the company and how they can justify the valuation. It’s the owners and the people that our investors will back at the end of the day. We put a CV together on everything that the entrepreneurs and the founders have done previously, to see if they’ve got a business mind. Because we’re FCA regulated we have to put a fully authorised information memorandum document which goes into huge amounts of detail. We’re in a very high risk space. On the equity side we don’t have the debt side secured and our investors know that but there is a way to mitigate their risk by going through all of these checks.

WHEN IS EQUITY THE RIGHT SOURCE OF FUNDING FOR A BUSINESS?

HEATH: Usually in the early part of the journey because the SMEs are going through trialing where it will disrupt. They have to do the trial and error part. They have to come to the table, though, before they go to anyone with a proper plan in place and know exactly what they’re going to be doing. You’re not always going to have these cash flow projections that are going to be on the money.

It’s all about the plan AMANDA: Coast to Capital has a partner called Finance South East and they look after our trade finance, our mezzanine debt fund and the Escalator Loan. I look after the grants available. A grant is a very opportunistic form of funding and I regard it as debt substitution. I’m very risk averse. If we are offering a grant of say £170,000 then I would expect a robust business plan.

ANDY: The accounts are important, but for us it’s all about the non-financials. We’re very much windscreen rather than rear-view mirror, so we try and find reasons to lend, to do something rather than not. So for a start-up loan, for example, where they may be little or no track record it’s all about the people we meet in terms of their skills, their blend, what product or service they’re offering, what marketplace they’re in and how much they’ve thought about it.

DAVID: When I was working for a bank, and clients were looking for large amounts of debt, we’d go through the whole process. What is really refreshing with the way that Funding Circle work is that for any owner-managed business, the most valuable resource they have is their time. Putting together a comprehensive business plan, projections going out over three years of paying it back, all those assumptions, is hugely time consuming. If our underwriters can see a business has already been trading successfully and is generating cash, it’s a strong sign they can afford a loan. We don’t make them do anything other than give us information they already have, which is their annual accounts and bank statements and means they can get that lending very quickly.

AMANDA: A grant should not be the first and only source of finance. A grant will only ever be 40% or 30% of the funding needed. It’s about project financing. It’s about funding a project, not about funding your business. People shouldn’t say: “I need that money next week.” We are not offering an overdraft facility. It’s free money and it can unlock other funds because we de-leverage. For instance, your bank might say: “If they give you a grant then our appetite is a bit more comfortable.” The grant is for capital equipment It’s all asset based.

HEATH: We like any company that has gone through the wringer to get a grant because so much work is being put in. As we’re in that scaling phase, it works really well if you can work with a grant and equity.

DAVID: With a business plan, the real test is in a year’s time when you go back and see that business. Does it look exactly the same as when you last saw it? Or are the pages worn out, are there scribbles all over it, because that’s a live business plan.

AMANDA: A business plan is not a one-off document. Once all that hard work has been done it can be used to help the bank release funds. They will realise that this a serious plan and not one that was rushed through. I waste my life reading poor plans. BENJAMIN: It is all about management. The really good management teams will ring you up half way through the year and say “Do you know what? We’re 25% ahead of our projections, so we’re going to re-do our plan for the next six months, do you want it?” It all boils down to the strength and the ability of the management team and then the figures will follow off the back of what they do.

VICTORIA: I look at my growth plan every week. Like David said, it’s a living document that I use in order to see where my business is going.

BENJAMIN: I gave a talk at an event that was for SMEs that wanted to obtain bank funding. I asked “What sort of MI do you keep? What could you provide the bank on a quarterly or monthly basis?” And most of them turned around and said “My accountant does my accounts every year.” How do they know how much profit they are making or whether they are even making any? It’s surprising how many don’t keep up-to-date information.

LAURA: For any funding you need to have that rigorous, robust growth plan so that you can show an investor where is it that you want to get to. This is really important.

VICTORIA: I did a business accelerator recently and asked people to put their hands up if they had a business plan, a cash flow forecast and a profit-and-loss forecast? Most people there didn’t. I don’t understand how you can possibly run a business and not know whether or not you can afford a nice shiny new MacBook Pro. BENJAMIN: The best management teams will send me a regular upstate cash flow report showing where they are right now and the forecast for the next three months. On the front page the FD just writes a few little bullet points that will say “Sales up by 20% because of X. We’ve gone over on costs because of Y.” It’s invaluable because they all know exactly where they are, the bank knows where they are and any other funders know where they are. And it is just a simple snapshot.

Alternative Funding – Complementing the banks? AMANDA: There’s also the fact that people are willing to invest £500 or £1000 in crowdfunding because the savings rates have been so low for so long.

DAVID: If you are an established business that has a track record that you know what you’re doing and you can show that you are a credit worthy business we can lend to you. Bank managers have told me how impressed they are when they put a business in our direction and the next day they’ve got a lending offer on the table, which is incredibly powerful when sometimes businesses need to move quickly.

BENJAMIN: Technology has shortened the timeframe of near enough everything. You can do everything from your iPhone. Generations of business owners are coming through and saying: “Why can’t I get a loan that I need tomorrow?” The rise of alternative funding is down to advances in technology. That’s good and fine for small simple loans but larger, more complicated loans require a Relationship Director to come out and look through the figures with the business owner. People want things fast - we are very adaptable and we can be fast too!

DAVID: In terms of the opportunity for investors, it’s been very compelling. Generally the returns to investors have been between 6% and 7%. We’ve shown over an 8-year history that our bad debt and loan loss rates are very low, just above 2% at the moment. And on unsecured debt that is very good. We charge customers a fair cost for borrowing the money based on the perceived risk of that company and the investors who put their money in get a fair return for the risk they’re taking. We have major institutions like hedge funds, and pension funds lending on the platform. The British Business Bank alone has lent over £80m through Funding Circle.

A Santander Breakthrough Debate

FUNDING FOR GROWTH

PROMOTIONAL FEATURE

BENJAMIN: It’s a medium risk investment for them between cash on account and the stock market. If fills that medium risk gap.

HEATH: The big thing for us is opening up possibilities for normal people who may not be hugely sophisticated in terms of investing. They might have £30,000 or £40,000 over a year to be investing in high risk opportunities but they’ll get tax breaks on the way. The government has done very well to stimulate this market with tax incentives. LAURA: There has been a growth in alternative funding - on the supply side from investors, and on the demand side from companies. Both sides had an appetite for something a bit different. I would put BGF in that alternative funding network. We were set up in 2011 and are doing something different. In fact, we’ve just won a Queen’s Award for Innovation, the first financial services company to do so because we’ve brought something new to the market.

ANDY: The success of the alternative lending market is because of the sheer number of people and providers you can go to and the flexibility in terms of finance; it’s the speed of response, it’s the ease of application and you can apply whenever you want to. And then there’s the unofficial marketing and networking side. You go and play tennis or squash or football with somebody and you say, “I want some funding for my business.” “Oh, I got my funding through x, y or z.”

HOW DO YOU FUND INTERNATIONAL EXPANSION? WHAT ARE THE IMPACTS OF CURRENCY FLUCTUATIONS? BENJAMIN: Currency movement are always a risk that the bank takes into consideration. Do we need to look at currency hedging? Do we need to look at putting risk management in place to try and mitigate that risk for the customer so that they’re not getting huge peaks and troughs in cash flow?. We want to make sure that it’s as smooth sailing for them as possible by identifying and mitigating every risk possible.

VICTORIA: We just launched in one of the biggest department stores in Australia called Myer and they pay us in US Dollars. One of our strategies is to sell in Dollars so that we’re not having to exchange that currency. We source from China but we pay in US Dollars. In the UK we get paid in Pounds but obviously the fluctuations in the exchange rate have massive effects on us. After the Brexit vote we were paying 20% more overnight for our products. The bank helped me as I have a foreign currency account so I don’t have to change the currency back into Pounds. It can just sit in my account.

BENJAMIN: There are various options that the bank put in place for customers who trade internationally. For example, a currency account where, if you are buying and selling in Dollars, there is no exchange rate risk. We can set various alerts, for example “When the Dollar has reached x amount you said you wanted to pull money out. What you’ve suggested now is the right time to pull it out. How long do you want to hedge for? Are there contracts coming up?” Again, it gets down to understanding the business, and supporting the business owner where possible to keep them safe and make their money work for them.

LAURA: We work with lots of companies that use our funding to expand internationally. They also tap into the support of people or businesses in our network who have experience in certain geographies or markets – there is a lot of shared learning.

DAVID: A lot of very good businesses grow at first because of the energy of their founder, but then they get to a certain size where they need more staff and help, but they often fail to recognise this. Bringing in another resource means that you are bringing in extra cost and reducing your profitability for the short term. And I always think that’s the riskiest time for a business.

Do small business fail due to lack of funding? AMANDA: Growing too fast is equally a killer of businesses as growing too slowly. I’ve seen small businesses overwhelmed when their first big order comes in and it made them go bust because they couldn’t cope. If they’ve overcome adversity, I say put it in the business plan because that to me shows you’re resilient. A lot of businesses throw the towel in, particularly if there are only one or two people involved. There are a lot of reasons why people don’t succeed and it’s not always access to finance.

LAURA: Funding won’t eradicate business failure, which is an inevitable part of the business ecosystem. But it can certainly help provide the platform for future growth and expansion. We look at the reasons why some businesses are successful. Sometimes it’s the IP, a difference in service provision or a really fantastic product – more often than not, it’s about management and leadership.

DAVID: Sometimes, if you don’t find a way to grow quickly, someone who has got better resources will just steal your idea and take it. I hate seeing that because you’ve got so many wonderful entrepreneurs who just don’t have access to the funding. It’s always worth looking at those options.

BENJAMIN: That always comes up on Dragon’s Den where they say “What’s to stop Tesco making 10,000 of these and blowing you out of the water” and you see people going “Oh yeah, actually, didn’t think about that.”

How will Brexit impact on the sector? DAVID: In every recession there are great businesses that continue to trade well because their business owners have plans. Finance directors are now shoring up their balance sheets so that they’re ready for that, and they will take advantage. It’s potentially going to be a challenging trading landscape but the UK does not create goods that are the same as everyone else’s. We have massive added value, we have great skills. That’s why businesses come here and that’s why people buy from us. We will continue to thrive as an exporting nation.

BENJAMIN: The Bank will continue to be open for funding – we always are – but we are asking our clients to help us to understand: “How do you think Brexit will impact you? What are your plans?” The impact can be seen to be sector specific. For example, in the hospitality, food and drink sector, one of the biggest worries is staff, and those that trade internationally are worried about currency fluctuations. We are working with our customers to understand the ways in which we can support them and mitigate these risks.

LAURA: Many of the entrepreneurs and business leaders that we speaking to aren’t deterred by the broader uncertainty. They are focused on leading their business, and have faith that they can continue to grow through difficult times, and that new opportunities might arise.

VICTORIA: I agree that it’s about being agile and flexible and identifying the risks in your business early on and making sure you have a plan. Currently we manufacture in China, so I’m looking at the possibility of manufacturing in the UK. I’m not saying we will move our manufacturing base but it’s just talking to people and being prepared.

AMANDA: When we are looking at for the growth grant next year we are already thinking: “Do we need to review or modify our criteria?” But it all depends on what business confidence is like and what’s happening because the growth grant is predominantly taken up currently by manufacturers. I do think all small and medium sized businesses need to be aware of and plan for different BREXIT scenarios.

Advice that lasts a lifetime

There’s a whole new look to one of the region’s most popular independent financial advisers as Mike Oliver Associates takes up residency in new offices in Mill Green Business Estate, Haywards Heath. Serving the area for over 17 years, Mike Oliver Associates has become a trusted name within the financial industry. This visionary company prides itself on guiding people and businesses through the financial maze with a particular specialism in Lifetime Advice. This expertise covers the critical period of transition into retirement, protecting pensions and other assets and ensuring that the value of clients’ homes are fully realised. The hallmark of the business is the friendly and longstanding relationships it has with clients. Many of these attended the new office

opening and testified to the valuable guidance provided by the company. A good number had been clients since the company’s inception. Mid Sussex MP Sir Nicholas Soames was the VIP speaker and paid a glowing tribute to both Mike and his business. Garry Wall, Leader of MSDC added his appreciation for Mike Oliver’s work with the small business sector and his wider contribution to the community, this was endorsed by Mr James Knight, Mayor of Haywards Heath. If you would like a friendly, no commitment conversation about protecting and enhancing your financial future with Mike or one of his team please contact the company to make an appointment. We understand that your future matters.

A wealth of difference Mike Oliver Associates, Independent Financial Advisers, Spencer House, Mill Green Business Estate, Haywards Heath, West Sussex RH16 1XQ

Telephone: 01444 449 222

• Email: advice@moaifa.co.uk

A Santander Breakthrough Debate

FUNDING FOR GROWTH PROMOTIONAL FEATURE

ANDY: My general perception of the economic marketplace is the closer you get to ‘No Deal’ Brexit the more people will tend to become risk averse. I think the alternative lending market would be the first place that suffers with a lack of demand. People will trench back. I don’t think people with relationships with banks will trench back.

LAURA: We are in for the long term. We don’t have set timelines for when we need our money back. It is up to the Board of the company to decide when is the right time to exit. So if we see some ups and downs, we can ride our way through them and then find the right time to exit.

AMANDA: You take that optimistic view. I’m surprised the consumers aren’t on their knees already but they still seem to be spending money. But if the consumers stop spending it will become a worry.

HEATH: Sometimes when windows close other ones open and we’ve just got to be open to that. No-one really knows but there is always opportunity and if you’re open to finding it then it’ll happen.

DAVID: The issue is that there’s still the uncertainty, and there has been uncertainty for such a long time. If we knew it was a hard Brexit then everyone will just take into account a new way of playing and go from there. It’s the unknown that’s stopping investment. Ultimately both sides of Europe want the status quo apart from a small number of politicians, and everyone is actually working to find a way to keep that happening.

VICTORIA: For us the risk is the massive changes that are happening in retail. Brexit is actually down the agenda for us. Everything is changing so fast.

BENJAMIN: The high street is dying but new van purchases are going up and up because of the rise of online shopping. Delivery companies cannot buy vans fast enough to keep up with the likes of Amazon and Asos. One window closes but another opens.

HEATH: After 2008, everyone just weathered the storm and went through it.

DAVID: The British public are very resilient. Something will get thrown at them and the British public just seem to roll their sleeves up and get on with it.

LAURA: And British entre preneurs are probably up there in the most resilient, the most determined. If you’re interested in finding out more about how Santander can support your business, please contact Colin Berkeley on colin.berkeley@santander.co.uk or visit santander.co.uk/business Opinions given in this article are those of the authors and Santander is not responsible for views expressed. The opinions are taken as part of the discussion with a number of local businesses.

MERGERS & ACQUISITIONS

Whether SELLING or BUYING THE TIME IS RIGHT M&A activity in the South East continues to defy the sceptics. EMC Corporate Finance Director MICHAEL GIBBS looks at what’s behind this resolute market

“With interest rates at 0.75%, M&A activity will continue to thrive, capitalising on the cheap financing environment.” in many cases doing rather well, no more so than in the mergers and acquisitions marketplace.

The Local M&A Market

pervading mood of pessimism has settled over Britain over the last several months. As the Brexit talks stumbled from one crisis point to another, the gloomsters and doomsters dominated the headlines with their predictions of a country about to be socially, economically and industrially crippled. And yet, and yet... Fortunately, the reality is somewhat different. Outside of the Brussels, Westminster and media bubbles, there are still blue skies. The vast army of Britain’s small and medium sized business owners who make up the backbone of our economy are largely ignoring all the brouhaha and just getting on with things. And not only getting on with things but

Here in the South East, the M&A market is showing tremendous resilience. Our own experience is testament to that. At the time of writing, our corporate finance team has already completed 16 transactions in 2018 – by some distance a record in our 30 years of acting as lead advisors to both buyers and sellers – placing us high on Experien’s list of the South East’s most active advisors. What’s more, we have another 29 deals in the pipeline with nine of those under offer, so we can reasonably expect to have several more completed by the year end. In addition, our interim sales and finance people are also busier than they have ever been helping companies to get fit for sale by putting the necessary processes in place with clear business development strategies and robust business plans.

The market across Sussex, Kent and Surrey looks set to continue to be active as owners bring forward their succession and exit plans in light of the double challenge posed by Brexit and the possibility of a Labour government.

Transaction Stimulants The prospect of a Jeremy Corbyn-led government is a growing concern for many business owners. And is it any wonder when, at the party’s autumn conference, the Shadow Chancellor, John McDonnell, announces that a Labour government would make it law to effectively give unionised representation on the boards of companies with more than 250 employees and force them to give the government 10% of their shares over a 10-year period? But that’s not the end of it. Under a Labour government, we could also expect, among other things, higher corporation tax, the rescinding of legislation restricting the activities of trade unions, and the removal of Entrepreneurs’ Relief which, although tinkered with in the Budget, is

“We are seeing the baby boomer generation now able to realise their business asset at a valuation that works.” Demand from PE remains as strong as ever and our network of private equity and venture capital investors are hungry for both platform companies and bolton acquisitions to existing portfolios to make use of their dormant cash. still highly favourable. Not unexpectedly, this has prompted many SMEs to urgently review their plans! Owner-managed businesses that think there is any chance of this scenario becoming a reality would be wise to make any decisions regarding funding, acquisition or sale sooner rather than later to take advantage of the current favourable legislative, taxation and funding environment. With ten years now having passed since the financial crisis, business valuations – much like house prices – have rebounded. We are seeing the baby boomer generation now able to realise their business asset at a valuation that works. This backlog of willing vendors is supporting deal volumes across the South East and the UK in general.

Overseas Buyers While Brexit uncertainties continue we have been pleasantly surprised to see no slowdown in interest from overseas acquirers. Over the last 12 months our UK-based clients have sold to businesses based in the Netherlands, Germany, Belgium and the US. All four acquirers will have been stimulated by the soft pound which we have seen facilitate transactions at valuations that work for all parties.

Brexit continues to be on most boardroom agendas, but until plans for the future are finalised we are seeing business owners continue to focus on business as usual. Most are taking the view that if you are going to wait for Brexit to make a strategic decision, you might be waiting a long time!

Debt vs Equity Finance With interest rates at 0.75%, M&A activity will continue to thrive, capitalising on the cheap financing environment. Most analysts predict that the Bank of England will not impose any additional rate rise before the UK officially leaves the EU in March. Cheap debt finance helps facilitate transactions considerably at a local SME level. This along with high levels of cash sitting in corporate accounts and slow economic growth have left business owners looking to acquisitions to facilitate top and bottom line growth. Private Equity Investors (who can look to purchase minority or majority stakes in trading businesses) are now competing with trade buyers on value which has helped to firm up prices, although vendor expectations, led by unicorn headlines, continue to be a hurdle.

The challenge for equity investors comes with their value proposition versus debt finance that is available. Both provide the cash, but the way they would like it repaid differs significantly. While equity seed investment for start-up businesses remains vital, the rivalry between equity and debt for growing and mature businesses already making profits is competitive.

And finally… Remember, achieving M&A success is not just about finding a buyer or an acquisition at the right price, but being able to steer the deal to a successful completion that keeps both sides happy. We hear of several local transactions that fail due to poor advice and planning.

If you are considering selling or buying a business, or simply want help and advice to enable your business to grow, Call EMC on 01273 945984 to arrange a free no-obligation meeting.

BUSINESS FUNDING Emteq’s Co-Founders: CEO Graeme Cox and CSO Dr Charles Nduka

Grants for SUCCESS INNOVATE UK GRANT FUNDING: HOW AND WHY SHOULD YOU APPLY? Many start-up businesses invest a lot of time and energy into securing the finances to build their product or to help them scale. Typical routes might involve pre-seed and angel investment, crowdfunding or business loans. Grants are one option that is often left unexplored.

embers of Sussex Innovation’s business incubation network tend to come from academic or technical backgrounds, or are working on emerging technologies and knowledge-based enterprises. In other words, they are perfectly suited to make use of the UK’s business innovation grant programmes. So, when should you consider looking for grant funding for your business, what is expected of applications, and how can you improve your chances of securing funding? Founders and experts from the Sussex Innovation community share their advice. Data software agency Datanauts were the junior partners in a successful bid to Innovate UK in 2011. The grant round focused on projects that involved the harnessing of large and diverse data sets, and the business received half of a £500,000 grant.

“We’ve also had one unsuccessful bid, to their open innovation programme,” says founder Peter Osborne. “The lesson there is that you stand a much better chance with a more targeted bid that expressly addresses a niche they’re looking to fill. As a government organisation, Innovate UK are also very focused on ‘UK plc’ – projects that will drive employment and exports.” The project drew on public data sets to provide the insurance industry with more accurate information about the location and construction materials of the properties they cover. It was delivered in partnership with another small business, ImageCat, and a department at York University. “I wouldn’t be afraid of going after these grants as a micro-business, because they are great for pre-commercialisation projects,” says Peter. “Being part of a consortium, particularly one with a higher education connection, is definitely a plus. We found that they had very supportive programme officers who gave excellent advice about monetising the product – it’s worth thinking early on about what you’re going to do beyond the life of the grant.” CDO2 was founded by Gary Kendall in 2004 as a financial technology company. With the intention of pursuing his academic interests, Gary moved to the Sussex Innovation centre in 2017

to work with a new area of technology. Together with the Sussex programme for Quantum Research, they led a successful bid for over £450,000 as part of the government’s Faraday Battery Challenge, to help develop new batteries for electric vehicles. “It was quite a serendipitous process,” says Gary. “I’d just opened an office here at SINC and had a chance conversation at an Innovate UK conference with a colleague at Queen Mary University in London. I suddenly realised that we were working on different parts of the same problem, and sure enough, there was a funding call that it could fit well. I wrote the application to answer the brief, which is really the most essential piece of advice I can give.” Innovate UK awarded the grant to an interdisciplinary consortium involving CDO2, the University of Sussex’s Physics Department, Queen Mary and INEX Microtechnology Ltd. The funds will be used to conduct a study focused on emerging quantum vendor technology, measuring the current flow through electric vehicle batteries, with the aim of extending battery life, enhancing performance and developing a new battery management system demonstrator. Gary noted how their success was partly because they applied to a specific call for funding, which has a higher success rate than an open call for funding. The

CDO2 and the Sussex Programme for Quantum Research Their technology measures emotions through facial expressions and biometric response. The business has received several grants over its first two years of trading, most recently from Innovate UK’s emerging technology fund and the Small Business Research Initiative. The money has funded projects ranging from the development of therapy tools for patients with facial palsy, to more commercial applications as an aid for market research. “Even if you are working on a project designed to have a social impact – as we are – it’s easiest to win grant bids when you can define the commercial opportunity,” says founder Dr Charles Nduka. “Don’t be afraid to get help with writing your bid from an experienced professional. Also, consider how you demonstrate that you’ve thought through and de-risked the potential pitfalls that are inherent in any innovative project – it’s a challenge, but a valuable one for a young business to go through.”

“Grants can help catapult your business into success, bringing in both investment and public interest.” Faraday Battery Challenge was part of an ‘Industrial Strategy Challenge Fund’. This is a Government funding scheme which aims to bring together the UK science industry and business innovation to tackle societal and business challenges today. Emteq have developed ground-breaking emotion recognition technology that will have a huge impact in VR, educational research and healthcare.

Mike Herd, the Executive Director at Sussex Innovation, has worked closely with many of the members in the incubation network who received funding. He informed us about alternate local opportunities to apply for grants, especially for capital projects. Local LEP regularly run grant programmes focused on supporting growth, these local programmes may also focus on jobs rather than intellectual property. Also, always look to understand who will be evaluat-

ing your application – while the evaluators for Innovate UK will be technical, for local grant schemes it’s more likely to be a local accountant or bank manager who may appreciate more commercial language. One of the best grants available for innovative businesses in the UK is R&D Tax Credits, if your accountant hasn’t advised you on these – ask the question. The vast majority of Sussex Innovation businesses receive funding from this source. “Grants can be a great way of bringing much needed ‘free money’ into a business, and of strengthening the credibility of the product development by having a funder’s endorsement,” says Mike. “They can also be an unnecessary distraction if you don’t find the right grant for your business. Grants inevitably have an evaluation period, and this can hold a project back and generate frustration. Finally, make sure you understand any State-Aid implications of different grants and how they might affect your R&D Tax Credits.” Grants can help catapult your business into success, bringing in both investment and public interest. The process is not streamlined, individuals must deliver an expert written bid and successfully pitch their idea. All in all, if you or your organisation has an innovative solution to an existing area of interest in either business or technology, your chance of success is very high. While there are many types of grants out there, it’s all about finding the right one for you.

www.sinc.co.uk

WEALTH MANAGEMENT EXECUTED BEAUTIFULLY

www.pmw.co.uk

Celebrating our 50th anniversary in 2019. We pride ourselves on our ability to provide independent, sophisticated and bespoke financial advice. Aissela, 46 High Street, Esher, Surrey, KT10 9QY 01372 471550

BUSINESS FUNDING

Get SMART, get SECURE Home Guarantee is the clever way for students to secure their rental accommodation. We speak to its Founder, Nick Carter, on the importance of business funding and why this is the wiser way to rent

cquiring funding is an essential step when looking to set up a company. When Nick Carter, Founder of Home Guarantee, identified a gap in the lettings market for those individuals who did not have access to a guarantor, he gained mentoring and key investment from Business Pulse. Over a period of two years, Nick researched the lettings market extensively, consulting with landlords, letting agents and students to create the right business model and proposition to meet the demands of all parties. With the right support from Nasser Elaheebocus, Founder of Business Pulse, and with a strong detailed strategy which included crowdfunding, mentoring and help with formulating business strategies, Nick launched Home Guarantee in August this year. Here we learn more about the business and its plans for the future.

Tell us about Home Guarantee? Home Guarantee is the rent guarantee designed for students. Providing a simple and easy way for students to secure their accommodation without the need for large advance rent payments, Home Guarantee agree to take responsibility for covering monthly rent on flats and shared houses. We can also offer you the option to protect yourself against any damages to your property, that your landlord expects you to cover.

minutes for a student to complete the online application, and 53 minutes to review, check and approve the application, sign and issue our guarantor deed to the landlord/letting agent (subject to the information we require in the application being submitted). Students can apply for our service from anywhere in the world ensuring that they have their guarantor in place before they even arrive in the UK.

How does the service work?

It is normal in the UK for students to be asked to provide a guarantor when renting, and without this they will often be asked to pay between six and nine monthsâ&#x20AC;&#x2122; rent in advance. This is particularly prevalent for international students coming to the UK. Home Guarantee removes the need for this, by acting as guarantor for those students. Our service is very much regarded as a real benefit to parents, who are normally the first point of call to stand as guarantor, as we remove the legal obligation that would be placed on them.

Why choose Home Guarantee? We are the quickest guarantor service in the UK with the average times of six

We work closely with both private landlords and letting agents to ensure the process of approving a student tenancy is as smooth as possible, and once completed we issue a Rent Guarantor Certificate which provides full cover and peace of mind. We also work in partnership with universities to provide a guarantor service that will meet the needs of all students. We administer every aspect of the guarantor process internally, and allocate a Student Care Partner to each student we work with. This ensures that students are fully supported through the short process of securing their guarantor certificate once they have moved in. We charge a single annual fee which is equal to 75% of the first monthâ&#x20AC;&#x2122;s rent with no additional charges subject to a minimum fee of ÂŁ295.

We currently have a partnership agreement with the University of Sussex Students Union to provide our service to their 18,000 students who may require a guarantor. We also have our team on campus every Tuesday providing advice to students and helping to answer any of their property related questions.

What are your plans for Home Guarantee?

“I have been working with Business Pulse for several years, and most recently as part of the setup of Home Guarantee. Nasser is a very patient mentor and advisor and I have found him to be a steady guiding hand in getting my business off the ground and avoiding the pitfalls that many new starts ups can run into.”

We have a four-year plan to grow the business across the UK and internationally. With the help of Business Pulse, we are currently working on agreements with international partners to expand our offering to Europe and Asia, working with educational establishments in specifically targeted countries via Education Agents who advise foreign students on matters such as visas, accommodation and travel, when they are looking to leave their own country to study elsewhere. We will also launch the first European Guarantor Product in 2019 which will see Home Guarantee provide our Guarantor Service for UK Students, who are moving to study in Mainland Europe, which will be the first of its kind. This will position us as the UK’s leading Guarantor service for Students.

You can contact Nick on t: 07503 443082 e: nick@homeguarantee.co.uk. Follow us on social media @homeguarantee For further information or to register for the service, please visit www.homeguarantee.co.uk

From L-R: Nick Carter, Home Guarantee Ltd, Nasser Elaheebocus, Business Pulse, Shaun Grainger, PIB Insurance Brokers. Shaun negotiated the insurance backing of HGL which allowed the business to launch.

BUSINESS FUNDING

Research and Development Tax Relief Specialists

t might sound ridiculous, but sometimes it’s amazing the sources of funding that you can find from simple measures taken from within your business, and by employing some of them, it could have a significant impact on your cashflow. Examples might include asking for extended credit, paying your existing suppliers on their due date rather than before, or encouraging your customers to pay you ahead of the due date by offering a little discount. If you are already doing the above, then there are also legitimate ways to reduce your tax bill. For those companies that might be doing some interesting things with science or technology, one of the best things you can do to reduce your tax bill is to keep doing what you’re doing but to make sure you claim the most rewarding tax relief from government, the Research and Development Tax Credits. This would be more like finding a couple of tenners in your wallet amongst a swathe of receipts, rather than the occasional pound coin the other activities identified above might find! Unfortunately, I can pretty much guarantee that you won’t have been the only person that’s found those tenners, as the rest of this article will attest to. The Office of National Statistics has recently published their annual review of the uptake of the Research and Development Tax Relief Scheme, with final figures for the 2015/16 tax year and interim figures for the 2016/17 tax year. They make for some very interesting reading. Headline figures for all the claims submitted in relation to the March 2016 tax year show that a total of 43,040 claims for R&D Tax Relief were submitted, of these, 36,820 (over 85%) were submitted by SME businesses. The total cost of all claims was a staggering £3.7bn of tax relief. If you think those figures are significant, the initial figures for 2016/17 are

What a RELIEF If you need some business funding, are you only checking down the back of the sofa? asks Simon Bulteel, Director of Cooden Tax Consulting

even more staggering. So far HMRC has processed 39,960 claims, of which 34,060 are from SME businesses, but there were still another nine months for claims to be submitted. This time last year the number of claims processed for the 2015/16 tax year stood at only 26,255 claims, so nearly 40% of all claims were processed after the statistics were published. If the same trend were to follow that would mean that in 2016/17 there would be over 66,000 claims, an increase of over 50% on 2016/17.

South East Claims The table represents the total claims under the SME Scheme for companies in the South East. They don’t publish the split of claimant sectors by region, so we have just taken a pro-rata distribution of claimant companies across the nation and applied it to the number of claimants from within the South East. Even though it’s not 100% accurate, if you operate in one of these industries and aren’t claiming, you can bet your bottom dollar that one or perhaps more of your competitors are claiming and that will be giving them a distinct advantage both in terms of cashflow and accessing other sources of finance. Finally, the 2018 Budget announced on Monday 29th October included one small change to the R&D Tax Relief landscape which, whilst only small, may have a significant impact on smaller businesses paying notional salary and dividends to a director performing R&D, or on overseas business “starting-up” and seeking investment in the UK through a UK Limited company but offshoring their R&D to an existing entity. The change has applied a cap on the amount of payable tax credit in the event of the company making a loss in the year, where that cap is three times the total PAYE and NI Payments the company has made. Whilst the measure is designed to reduce the tax loss overseas in the latter scenario, it may well have a negative impact on the former, but if the company has a history of paying dividends, it will have a history of making profits and therefore paying tax, so it may not necessarily end up in a loss position. How this change may affect the government’s desire to make the UK the best place for tech businesses to “start-up” we’ll have to wait and see.

South East Value (£m)

INDUSTRY

2015/16 (final)

2016/17 (interim)

2015/16 (final)

2016/17 (interim)

Agriculture, Forestry and Fishing

Mining and Quarrying

1,525

1,316

Electricity, Gas, Steam and Air Conditioning

Water, Sewerage and Waste

Construction

212

181

Wholesale, Retail Trade & Repairs

662

589

Transport and Storage

Accommodation and Food

1,468

1,460

Financial and Insurance

Real Estate

1,107

1,030

Admin & Support Services

324

306

Education

Health and Social Work

Arts, Entertainment, Recreation

Other Service Activities

101

5,825

5,250

305

330

Manufacturing

Information and Communication

Professional, Scientific & Technical

If you don’t want to poke down the back of your sofa, you’re in luck. Throughout December we are trialling a series of 15-minute phone calls for companies who want to improve their cashflow by seeing if their company can

claim R&D Tax Credits. Our #FindOutInFifteen promotion will allow you to have a no obligation discussion with director Simon Bulteel to determine whether your company has any projects that might be eligible. Simply book via: https://calendly. com/simon-bulteel/15min and we’ll see if we can help you boost your cashflow.

0345 070 6000 www.emwllp.com

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LEGAL

EMW Gatwick takes off

WITH TWO NEW HIRES

Ian Morris reports on the updates at EMW’s Gatwick office since opening its doors in April.

e are delighted to announce the appointment of Emma van Klaveren, as a Principal in the Real Estate team, and John Connolly, as a solicitor in the Corporate team, at our Gatwick office. Emma, who joins us from PDT, trained at Thomas Eggar, qualifying in 2003 as a commercial property solicitor. She has acted for clients in various high profile acquisitions, and has built considerable experience in leading and managing teams. John joins us having worked at Acumen Business Law, a specialist business law firm in the South East. He advises major companies on a range of corporate law matters. This announcement follows the appointment in June 2018 of Tariq Sayfoo who joined our Gatwick office as a specialist IP/IT and commercial lawyer. We are committed to expanding our presence in the area. The office, which opened in April 2018, is our third, and complements our offices in Milton Keynes and in Chancery Lane, London. Our strategy to offer industry-leading legal advice for

Emma joins as our fourth Principal, working alongside (L-R) Sarah Naylor (Banking & Finance), Frank Bouette (Commercial) and Gurpreet Sanghera (Corporate)

businesses in the Gatwick area benefits by having someone of Emma’s calibre joining us. The talent in our Gatwick office shows businesses in the Surrey and Sussex area that there is a top quality alternative to London firms. Lawyers with knowledge of the regional market are hugely advantageous to local businesses seeking legal advice. Emma van Klaveren, Principal, says, “My move to the new Gatwick office is an opportunity for me to be part of an ambitious growing firm.”

Come and use our collaborative space With the growing demand for renting shared office space we are pleased to offer collaborative working at our Gatwick office that we encourage our clients to use. The space is great for remote working and provides comfortable seating, plenty of desk space, connectable screens and accessible plug sockets to charge your devices. It has been shown that collaborative workspaces reduce stress and depression, and at EMW, looking after your wellbeing (particularly

Strengthening our Corporate team, John Connolly

John Connolly, Solicitor in our Corporate team, says: “EMW offers regional businesses the tailored service you’d expect from a boutique firm, but executed to the high standards of a major City practice.”

at work) is something we feel strongly about. We have signed the employee pledge to demonstrate our commitment to change how we think and act about mental health in the workplace and make sure that employees who are facing these problems feel supported.

If you would like to use our collaborative working space, or would like to get in touch with our Gatwick office please call us on 0345 070 6000 or visit our website at www.emwllp.com.

Open your business to new opportunities with our International Business Guides. Our new International Business Guides are here to help support UK businesses with local insights. From start-up costs to investment opportunities and cultural dos and donâ&#x20AC;&#x2122;ts. Find out more at business.hsbc.uk/openforbusiness

Together we thrive

BANKING

h e Sussex Business Awards, now in their 30th year, are all about celebrating local business, large and small, and provide a great opportunity for companies to boost their profile, grow their network of contacts and help to put Sussex on the map as one of the best places to do business in the South East. “HSBC UK is proud to continue to support local businesses and communities by connecting them to opportunities and helping them thrive locally, nationally and internationally”, said Andrew.

TRADING PLACES

The International Business of the Year Award at the Sussex Business Awards was sponsored by HSBC UK for the fifth year running. Andrew Steer, Head of Business Banking Sussex & Surrey for HSBC UK, explains why the bank was involved in the event.

“The bank serves customers worldwide, from 4000 offices in 70 countries and territories across the globe, and as one of the world’s largest banking and financial services organisations with access to most of the world’s trade corridors, are perfectly placed to help businesses in Sussex access these opportunities. “Sponsoring the Sussex Business Awards International Business of the Year is another fantastic opportunity to reaffirm our commitment to working with local SMEs to help them realise their hopes, dreams and ambitions for international growth.” HSBC UK Commercial Banking serves businesses ranging from SMEs, focusing primarily on their domestic and international markets, through to large corporates operating globally in different territories. Whether it is working capital, term loans, trade finance or payments and cash management solutions, HSBC UK can provide the tools and expertise businesses need to thrive

as well as access to a geographical network covering nearly all of global trade and capital flows. Explaining why the bank continues to sponsor this international category Andrew said: “I am passionate about supporting SME businesses and believe that they play a vital role in not only their own local economy and communities, but also the overall success of the UK economy. The bank has also recently launched our £450m SME Fund in Sussex for 2018 giving business the knowledge that HSBC UK are very much looking forward to helping existing and new customers in Sussex to grow, create jobs and fulfil their ambitions, whether that be locally, nationally or internationally.

that were shortlisted as finalists and of course, congratulations to this year’s winner!”

If your business has growth aspirations and you would like to discuss International Business Opportunities or talk about accessing the £450m SME Fund for Sussex, then please make contact with Andrew at his Gatwick office on: andrew.steer@hsbc.com, or telephone 07584 404399.

“Thank you to all those businesses that entered the category, well done to those

PROMOTIONAL FEATURE Growth and acclaim We feel honoured to have received considerable acclaim and have not just our dedicated people to thank, but our clients too for recommending our services so highly. We were absolutely delighted this year to have been shortlisted for Law Firm of the year at the prestigious Law Society Excellence Awards. It is also my pleasure to announce that we have been awarded Insolvency Law Firm of the Year (up to three insolvency partners) at this year’s Credit Strategy TRI awards.

Miles Brown, CEO Coffin Mew, looks back at what has been a landmark year for the regional heavyweight law firm.

2018 A YEAR

TO REMEMBER

t has been a busy and exciting 2018 for all of us here at Coffin Mew. We have received awards and recognition in the major rankings for the legal profession, enjoyed remarkable growth and opened our wonderful new Brighton premises.

A modern workplace in the heart of Brighton As many Brighton businesses will know all too well, the search for commercial space in our city is not always a simple task! We are delighted to have found and renovated our beautiful new office on Prince Albert Street. It was fantastic to welcome nearly 100 guests to our recent launch party to socialise over some champagne and canapés. Our new office was conceived to reflect Brighton’s creative undercurrent and showcase a new way of agile working. It

spans four storeys and features a modern ‘hot desking’ system and collaborative work space. We are building a firm that is truly a great place to work to attract the very best people. Agile and flexible working environments are part of this, so too is the very best technology to enable our people to do their job more effectively. Training, flexible career pathways and operational support are all critical, and we will be spending time promoting this.

We have climbed an amazing 25 places in The Lawyer UK 200 (The Independents) 2018, which revealed Coffin Mew as the best-performing law firm for growth in the South East. The Legal 500 recognised our work across 11 sectors with a collection of prestigious tier one, two and three rankings for our varied offering of services to both private clients and businesses. In the Chambers and Partners legal directory 2019 we received several tier two rankings for our family law, clinical negligence and personal injury teams. Employment Partner Leon Deakin was also singled out as an up and coming lawyer, highlighted for his expertise and skill in the technology sector. It is gratifying that our recent accolades reflect our services to both businesses and individuals. It’s incredibly motivating to all of us to see the investment in our people, technology and client service being recognised in three of the leading rankings for our profession. I’m proud to be leading the firm through such an exciting period of growth. Delivering our growth strategy to achieve £20m turnover by 2020 is a project that I undertake with the knowledge that our people are as excited as I am about what the future holds.

For more information, please visit www.coffinmew.co.uk.

PROMOTIONAL FEATURE Local business disrupter and entrepreneur talks about his family and new venture Network Xpress

ho is Sonny Cutting, and where does he come from? Sit down, put your feet up, and let us transport you back to where it all began. No, not quite as far back as 1970 and The Beatles, and certainly not to the flairs - though we can reminisce fondly - but to the humble beginnings of Net XP, the exciting game-themed events company, its journey from conception and what drives its founder, Sonny Cutting, to get out of bed each morning. In the village of Hurstpierpoint in West Sussex, just eight miles from Brighton, Sonny lives with his wife and their two five-year old twins, Jack and Charlotte. A far cry from the DJ-ing days he left behind long ago, Sonny manages to have the same amount of fun as he had on the decks, as he does managing Network Xpress, a B2B events company, and Sussex Pages, a marketing agency. After an eight-year stint working for BT, Sonny left behind the traditional corporate world to support his wife Andrea, after she was diagnosed with Multiple Sclerosis. Though undeniably a challenge, Sonny is in awe of Andrea’s strength, and her ability to not be beaten by the neurological disease, resolute that it will not consume her, and she will one day beat it. It was Sonny’s desire to spend time with his family and gain a better work-life balance, triggered by his wife’s diagnosis, that spearheaded the transformation from an average job working for a big company to taking control of the reins with entrepreneurship and a different path to most. Born from an energetic spirit and a creative mind, Sussex Pages was the prelude to a ‘Business Marketing Network’. Thus Network Xpress - or Net XP to our friends - came about, to enable and encourage businesses to connect with

NET XP is a Sussex based business events company with a twist. Imogen Lucas meets its founder, Sonny Cutting, and find out how it all began in his own words.

Xpress Yourself each other on a local marketing level. Already, the B2B events company has successfully delivered four events yearon-year throughout Sussex. Sonny has thrown his energy and passion into solving questions in the business, taking steps to set up a business community to work in partnership with Net XP to help extend its reach across Sussex with a Brand Ambassador Network.

The members of this network get exclusive discounts and perks for spreading the word about Net XP events in their local towns and cities. Numbers are steadily growing, showing firsthand the benefits of utilising a network. Net XP’s final event on 6th December at Malmaision in Brighton Marina was sold out by November, generating a buzz not seen before. The finale of 2018 is guaranteed to be full of Christmas cheer and Sonny is in all-steam ahead mode with all the excitement of what is to come for the rest of this year and for 2019. For now, it just leaves us to say thank you to the community of sponsors, exhibitors, delegates and friends of Network Xpress and to wish them all a very Merry Christmas and a Happy New Year.

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With one of the best courses in Morocco where numerous holes face the Atlantic Ocean while others flow through a captivating woodland, the Sofitel Essaouira will create an unforgettable golf holiday.

Situated just a 5-minute walk away from the beautiful beachfront with crystal clear waters, this property makes the perfect location to indulge in luxury and tranquillity. With two signature courses, The Dunes and The Bay, featuring stunning coastline golf and highly regarded in Europe as the best courses in Greece, Costa Navarino is the new luxury golf destination in Greece.

ocated on a signature Gary Player course and only 5 minutes’ walk to a golden sandy beach is the Sofitel Essaouira Mogador Golf & Spa. This luxurious 5* golf resort in the heart of Essaouira has two large outdoor pool areas, a comprehensive spa facility and a fitness centre, providing the ultimate relaxation when you are not challenging the fairways of the spectacular Mogador Golf Course.

he Westin Resort Costa Navarino is a stunning 5-star resort and an ideal destination for families and golf getaways, with two superb golf courses and a wealth of fantastic facilities and leisure activities.

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CHARITY NEWS

The Snowman™

our – is a lies

will

r one a

Spectacular Christmas Appeal 2018

We hear from one Chestnut Tree parent who will be part of a fundraising campaign to support Chestnut Tree House over the Christmas period.

Chestnut Tree House Dover Lane, Arundel, West Sussex, BN18 9PX Telephone 01903 871800 www.chestnut-tree-house.org.uk

y son Craig is my amazing little man. He has a progressive neurological condition which means he is very fragile, has no independent movement and needs constant, round-the-clock care. But Craig has a rich, rewarding life thanks to the dedicated, expert care he receives from Chestnut Tree House, your local children’s hospice. Chief Executive: Hugh Lowson

his Christmas, , for your help in bringhe Snowman “Today I’d like to ask ing a magical Christmas to all the children this wonderful care, joy andcharity will be caring for over the holidays. at your local Thank you. TM

“From the moment we set foot in the hospice, I knew we were in the right place. We found a place of light, of fun, of laughter that was to become our second home, and Craig’s favourite place in the whole world. Chestnut’s care gives Craig the strength to fight on. This year will be his tenth Christmas since his diagnosis, when we were told he would only have a year to live. “This year, with help from The Snowman, we’ll be leading a fundraising campaign to find the £116,450 Chestnut will spend on care over Christmas for life-limited children like Craig. One hour’s nursing

se.org.uk/christmas1

The Snowman Registered charity No 256789Spectacular Appeal 2018 for

en, Raymond Briggs, ggio, Ben Richards. er Magoogan, Nic Roldan, company limited by

Chestnut Tree House

care for one child costs £35.70. A gift from you this Christmas could allow another child, another family, to experience Chestnut’s extraordinary, unique care. “Please support Chestnut Tree House this Christmas because your donation will bring wonderful moments into a local child’s life, just like The Snowman did in Raymond Briggs’ famous story. To donate online visit www.justgiving.com/Chestnut-Christmas-2018. “With best wishes to you and your family, Trina.“

Chestnut Tree House – your local children’s hospice – is a special place where families spend their days making precious memories that will last a lifetime. It costs £35.70 to pay for one hour’s nursing care for a life-limited child.

Chestnut Tree House Dover Lane, Arundel, West Sussex, BN18 9PX Telephone 01903 871800 www.chestnut-tree-house.org.uk Chief Executive: Hugh Lowson

Please make a gift this Christmas, because, just like The Snowman , your gift will bring care, joy and wonder to children at your local children’s hospice. Thank you. TM

02/01/2018 10:30

To donate online visit: www.chestnut-tree-house.org.uk/christmas1 Registered charity No 256789

President: Henry, Earl of Arundel Patrons: The Lord-Lieutenant of West Sussex, Mrs Susan Pyper, Linda Bloom, Tony Bloom, Tim Breden, Raymond Briggs, Michael Chowen CBE DL, Kathy Gore OBE DL, Julie Graham, Sally Gunnell OBE DL, Ambrose Harcourt, Paul Jones, Matt Prior, Debi Raggio, Ben Richards. 15th Birthday Patrons: Natasha Baker MBE, Julia and Malcolm Donaldson, Chesney Hawkes, Jacquie and Barry Hinves, Jodie Kidd, Lester Magoogan, Nic Roldan, Bruno Saltor, Joe Stilgoe, The Snowman™, Matt Turner. St Barnabas Hospices (Sussex) Ltd is a charity registered in England (Registered Charity Number 256789) and is incorporated as a company limited by guarantee (registered in England Number 930107).

We are a Brighton based creative agency specialising in design, web and marketing. Founded by three passionate creatives.

whitespace.studio

Creators of the Platinum Publishing Group website

EXPERT PANEL

I have prepared my own artwork but I am being told IT’S NOT PRINT READY. HELP! You have spent time on a design and everything looks exactly as you want it to on screen. You are now ready to get it printed but there is a problem. The printer has come back and explained that the artwork is not ‘print ready’ and you have no idea what they are talking about! As a designer this is something I come across all the time and am often asked to step in to fix the issues and prepare the artwork for print. This process can actually end up being more time consuming in the long run and often results in the artwork needing to be recreated. Here are three of the most common problems:

GET

Factors to consider when designing for print, by James Morrison, Co Founder and Creative Director at Whitespace Creative

1 No CROPS

OR BLEED included

These are both needed if your artwork has any design elements which extend to the edge of the page. Crop marks are a set of guides on the artwork that define the printed area and your printer will use the crop marks to trim the artwork to size. Bleed is the term used for an area of artwork that stretches beyond the crop marks. It will not appear on the finished article it simply adds some tolerance to the design and ensures that if there is any movement in the cutter, no strips of white paper will appear on the edges of your finished item of print. The standard amount of bleed required is 3mm. Most publishing software comes with the ability to add both when exporting to PDF.

2 The artwork is RGB

but NEEDS TO BE CMYK

This is another really common problem. Put simply, RGB and CMYK are both colour models. RGB refers to the primary colours of light - Red, Green and Blue that are used in monitors and on TV screens. This is the colour mode used for all online/digital design i.e. websites. CMYK refers to the four primary pigments of colour - Cyan, Magenta, Yellow and Black. These are the inks used on the press in four colour process printing, commonly referred to as “full colour printing”. Again most image editing software comes with the ability to change colour models to ensure you import the image into your design after you have changed it to CMYK.

You can contact James at james@whitespace.studio

3 The images or logos

ARE LOW RESOLUTION Typically this means that the images contained within the design are not going to look great when reproduced. They will appear pixelated or blurry. The image resolution needed for print is 300 DPI to ensure perfect clarity. Avoid images with the file extension BMP, GIF or PNG. Instead try use JPEG’ or TIFF’. In an ideal world use ‘EPS’, AI or ‘Vector’ files for any logos included. These will usually be accessible from the designer. A common mistake is to use an image or logo taken directly from a website or Google search. Web images are typically compressed and much lower resolution to improve loading speed. To ensure best results use an image taken from a digital camera, stock image site (there are plenty of free ones these days) or a scanner. There are many other factors to consider when designing for print but hopefully the above points will help shed some light on the basics.

TRAVEL

Cargo pallet being loaded on to a long haul British Airways flights

GATWICK:

The import and export hub Gatwick Airport’s growth plans could secure region’s prosperity for generations

atwick is well-known as a passenger airport, but a recent study shows that it is also a vital import and export hub, supporting both UK and regional trade.

Gatwick in 2017 alone. Over two-thirds – or £5.3 billion (61000 tonnes) – was exported and £2.2 billion (35600 tonnes) imported and this volume of trade supported over 113,000 UK jobs.

(£2.5 billion), China (£450 million), Japan (£250 million) and Russia (£200 million).

The majority of UK airfreight goes in the hold of long haul passenger aircraft and, as Gatwick’s long haul network has grown rapidly in recent years, so too has the volume of cargo passing through the airport. In the last twelve months alone, volumes are up almost 25%.

Trade and the South East

Gatwick’s recent growth has increased the South East’s connectivity and is driving international business activity from the region to all parts of the globe.

These circumstances made it the ideal time to take a deep dive into Gatwick’s role as a trading hub and the airport commissioned Oxford Economics to conduct the most detailed analysis of its kind into the airport’s influence. The report found that a total of £7.5 billion of international goods passed through

The report also looked at businesses that trade internationally in the seven local authorities in the Gatwick Diamond region and found that the proportion that sent goods to international markets was 50% greater than in the rest of the UK. And – with Brexit in mind – local businesses are also well positioned for global trade – with 60% of the Diamond’s exports going to non-European markets – again more than national average (51%). The top non-EU destinations for the region’s exports outside the EU are USA

Gatwick’s draft master plan

The airport’s recent draft master plan sets out how this might be taken to the next level and is one of the reasons why the plan could deliver 20,000 new jobs, £2 billion in additional GDP and the region’s future prosperity for generations to come.

ACCOUNTANCY

FINANCE

FOR THE FUTURE

How long has Mazars been established? We’re a very modern firm but with roots that go way back. Neville Russell, the UK firm that is now part of Mazars, started in 1900 providing accountancy services to London’s insurance industry. In 1998 it merged with Mazars – an international firm that bears the name of its original founder, Robert Mazars, who started his practice in France in 1945. We’re now an integrated partnership in 86 countries across the globe, with over 20,000 professionals and have become a fully-fledged global player. What makes you stand out from the rest? We’re a positively different firm. We have strong values, where innovation and collaboration are encouraged and diversity embraced, and are committed to building for the future. Working with clients of all sizes, from start-ups and entrepreneurial business, to global firms, we offer a different perspective and aren’t afraid of challenge. We are always committed to providing valuable insights, high quality services and developing enduring relationships. We believe that a societal approach to business and ethical behaviour is more important than ever. Our ‘Business. For Good®’ initiative encourages business leaders to ‘think and act long-term’ in order to enhance business performance and pursue profit responsibly for the benefit of companies, their stakeholders and wider society. How has the landscape for entrepreneurial businesses changed over recent years? Business has become so much faster in recent years. The rate of innovation has increased dramatically and innovations become the norm much quicker. This has brought opportunities for those who

Mike Bailey, Partner at Mazars, speaks to us about the biggest changes in business and finance in recent years.

can embrace disruptive innovation but has spelt doom for those who can’t. The move toward greater inclusivity and diversity in business is gathering pace with implications for engagement with both a company’s workforce and its customer base. There is a growing pressure on businesses of all sizes to demonstrate a more ethical approach to business, whether that’s in relation to procurement, employee behaviour, business decisions, environmental impact or workers’ rights. And businesses that fall short of what society sees as acceptable are called out on social media sometimes within hours of their transgression. What positive steps can businesses take to stay ahead of the game in what seems an unstable future? Businesses must balance the need for a short-term focus with the need for informed, long-term strategies. In times of impending economic and social uncertainty, that’s a hard tightrope to walk. Every business is different but there are some positive steps all companies can consider:

down into the here and now. yy Use business information for data-driven insights that can drive your business forward. A gut feel is seldom good enough. yy Always look for ways to use technology to streamline your business processes. yy Embrace the digital era. An enhanced digital presence opens new markets, improves connectivity and provides a better understanding of your customers’ needs. It can be truly transformative for your business. yy Value and develop your workforce. Workforce planning involves understanding your current and future labour markets to identify where your workforce is coming from. With Brexit looming, companies who get on top of this will stay ahead of the game.

Mike Bailey and his team can help you take your business forward. Please contact Mike at t: 020 8661 4122.

yy However hard it may be, focus on the future and don’t get sucked

TRAVEL Sun setting over Lake Bled

More than 60% of Slovenia is covered in forest. At this time of year, flame-coloured foliage devours its many hills, popping against the chalky sky, just like the eye-catching terracotta Baroque rooftops of its capital, Ljubljana. The city’s architecture has its own distinctive DNA – it’s said that if Prague and Vienna had a baby, Ljubljana would be the lovechild, but there would be an Italian lover in the wardrobe. Slovenia isn’t one to shout about its triumphs, but it’s a massive overachiever, especially given that its capital is one of the smallest in Europe, with a population of 280,000 people. Touted as one of the safest, cleanest and most sustainable countries in the world – Ljubljana was named the Green Capital of Europe in 2016 – there’s a definite progressive vibe, and a feel of looking forwards. The nation’s business-friendly features for international investors include its excellent natural resources, desirable location and skilled workforce, which has the highest level of English proficiency out of any country in Central and Eastern Europe. Last year, foreign direct investment in Slovenia totalled €13.7 billion, equating to almost 32% of the nation’s GDP. Agriculture, auto manufacturing, pharmaceuticals and technology are backbone industries, but there’s one area of innovation in particular that’s propelling the nation forwards. Blockchain technology is fast-becoming integral to Slovenia’s future. Prime minister Miro Cerar recently said: “Slovenia is establishing the pillars of a national Blockchain ecosystem in the areas of the transfer and spread of information, the adoption of legal regulations and the promotion of a supportive environment for the development of companies working in the Blockchain technology.” With such an ecosystem in place, it’s only a matter of time before Slovenia’s population becomes blockchain-savvy, accustomed to being served by these technologies in their everyday lives, and comparatively confident in adopting them for their own enterprises.

Slo

The quietly confident nation is becoming a pioneer in blockchain technology. Rose Dykins reports

ovenia Shake Hands in

TRAVEL It’s said that if Prague and Vienna had a baby, Ljubljana would be the lovechild, but there would be an Italian lover in the wardrobe.

This would not only make Slovenia a desirable test market for blockchain businesses, it would give local tech entrepreneurs a keen advantage over international competition. And the wheels are already in motion to make the nation a world leader in the thriving tech phenomenon. Last month, Slovenia hosted the World Blockchain Summit, welcoming 2,000 key players in tech to the city. Ljubljana is home to the world’s first ever Bitcoinfriendly shopping mall, named Bitcoin City, where customers can pay for goods in all shops via cryptocurrency, operating via blockchain technology. Easyjet flies to Ljubljana from both Gatwick and Stansted (four times per

week from both airports). Slovenia’s small size has traditionally posed a challenge for flight connectivity to the rest of the world. Nonetheless, change is on the way and, next year, construction will begin on a new terminal for Ljubljana airport. The 10,000 sqm facility will have its own departure hall, premium lounge, 22 check-in counters, a baggage sorting area and new food and retail options. In addition, the existing terminal is getting a revamp, and apparently, negotiations are underway for a major international hotel chain opening up near the airport. For many, Slovenia is a well-kept secret. The more you know, the more you want to know. For example, it’s home to one of the largest underground canyons in the world (the unbelievable Skocjan Caves). Its wines are incredible, and it has beaches, natural spas, skiing, history, wildlife – a diverse range of enticing incentive options for corporate groups. And, for companies looking to inspire delegates, Slovenia’s overachievements will certainly do the trick.

Ljubljana Castle

An instant emblem of the Slovenian capital, this Medieval fortress sits right in the heart of the city. Modern event facilities meet rich history, and the venue makes a memorable setting for a gala dinner. Its courtyard can host 500 people for a banquet. ljubljanskigrad.si

CD Congress Centre

One of the largest venues in Slovenia, this modern exhibition centre has 22 spaces to choose from for conferences and corporate events, including a 2,000-seat auditorium. cd-cc.s

Intercontinental Ljubljana

The first five-star hotel to open in the Slovenian capital is sleek and contemporary, with 165 rooms and a ballroom that has space for 300 people. The top-floor B-bar restaurant has stunning panoramic views across Ljubljana. ihg.com

Intercontinental Ljubljana

TOP PLACES

for a meeting or event Zemono Manor House

Also called Belvedere Manor House, this Late Renaissance building is set in the beautiful Vipava valley, one hour from Ljubljana. The catering by Michelin-starred Tomaz Kavcic is outstanding, especially his “gin and tonic” creation (not what you’d expect…)

Ljubljana Exhibition and Convention Centre Offering more than 21,000 sqm of exhibition space, the biggest hall in this multifunctional venue holds 2,200 delegates theatre-style. The round glass-walled hall, Jurcek, can host 350 people for a reception. ljubljanafair.com

zemono.si

Grand Hotel Toplice

This special property enjoys a spectacular location along the shore of Lake Bled. A member of Small Luxury Hotels of the World, its Grand Hotel restaurant has lake views, and can hold 150 guests. bellevue-gstaad.ch

For many, Slovenia is a well-kept secret. The more you know, the more you want to know.

check-in Month-to-month changes shaping your travel, by Rose Dykins

Easyjet gears up for electric flights

ext year, Easyjet plans to launch electric planes on selected shorthaul routes. The airline has already partnered with startup Wright Electric to create a two-seater battery-powered plane, and is developing a nine-seater model, plus a patent for a motor that would be used on larger aircraft. The target range of

the planes is around 500km, and Easyjet is reportedly looking at which short-haul routes could become “electric flyways”, with London to Amsterdam a possibility. The airline’s CEO Johan Lundgren, said: “Electric flying is becoming a reality and we can now foresee a future that is not exclusively dependent on jet fuel.”

Norwegian boosts transatlantic flights from Gatwick

Premier Inn launches “no-frills” hotel chain

his season, Norwegian has increased its low-cost, long-haul offering to destinations across the Atlantic from its Gatwick base.

remier Inn’s owner, Whitbred, has launched Zip by Premier Inn, an ultra-budget hotel brand with pod-style rooms priced from £19 per night. With a size of 8.5 sqm, rooms will be less than half the size of a Premier Inn room. They will have twin single beds that can be combined to make a double, en-suite power showers and 24-inch TVs. Wifi will be free (“fast wifi” will be £5), breakfast will be served in communal areas for £3.95, and each floor of a Zip hotel will have an ironing room. The first Zip property opens in Cardiff next year with another set to open in Southampton.

Most expensive airport car parks revealed

arking your car at Heathrow Airport for one week will cost you around $244 – the most pricey of the world’s 100 busiest airports, according to a survey from: myvouchercodes.co.uk. The research found that parking for a week at Gatwick costs $186, while Stansted costs $211.The average cost for a week of parking at airports around the world was around $93, with Abu Dhabi, Brussels and Singapore among the cities with the most expensive airport parking, and Houston, Seoul and Sao Paolo among the cheapest.

In November, the airline launched a twice-weekly service from Gatwick to Tampa, Florida. In addition, for its winter schedule, the carrier will increase its flights to Fort Lauderdale from thrice-weekly to daily, and its three weekly flights to Orlando will rise to five. What’s more, Norwegian is boosting its Boston and Buenos Aires services to daily (up from five flights and four flights per week, respectively) and its Gatwick to Las Vegas route returns for the winter season, with two additional flights per week.

TRAVEL INSIDER

PERFORMANCE AND PROFITS WHAT THIS MEANS FOR

BUSINESS TRAVELS Our secret travel mole gives us the latest insider info, breaking news and travel facts that you need to know.

ast month the IAG group, ultimate owners of British Airways, Iberia, Aer Lingus, Vueling and The Level, gave the city an update on its current performance which continues to be very positive. This prompted me to delve a little deeper behind the numbers to try to determine what this means for the business traveller, both now and for the year ahead. Let’s first look at a few global aviation facts to better understand the present and the future. Astonishingly in the 63 years between 1947 and 2009 the global aviation industry made a net loss of a staggering $13 billion, or put another way, it failed to make a profit in 62 years. Compare this with the performance of the last eight years between 2010 and 2017 where the same industry made a net profit of $183 billion, and we begin to ask what was the catalyst of this change and how will this affect the future? The airline industry has always been full of glamour and let’s be honest, travel is a sexy product. We all love to travel, to tell people where we’ve been, where we are going, and check-in when we are there, just so everybody knows. It’s also prestigious when it comes to the ownership of airlines, be it country or individual, from air Jamaica, air Berlin, air Canada, to British Airways, plus we also have big personalities who have wanted to own airlines such as Howard Hughes, Donald Trump and Richard Branson to name but a few. When you consid-

er out of the last three individuals only one owns an airline today (albeit on a reduced shareholding), you have to take your hat off to Sir Richard for surviving. The catalyst of this dramatic change in profits was 9/11, on that fateful September day the aviation industry was shaken to its core and beyond, as indeed was the world. It had two choices, continue on the road to oblivion or start acting as if it was running a commercial business. It is against this backdrop that airline brands have merged to become strong global conglomerates that have quickly learned how to leverage the economy of scale and apply similar business disciplines demonstrated by the budget airlines. An example of this would be British Airways holding company IAG, who showed a healthy profit in 2015, which increased by 18% in 2016, by 19% in 2017 and is on course to smash that record. During that time their cost per seat, measured by flown kilometre, has reduced and is one of the best in the industry today, plus their return on invested capital (ROIC) has also increased year-on-year. Recently I wrote about NDC, which stands for new distribution capability, this is the new technology developed by the major airlines to distribute their airfares and products to the travel industry. Travel agents have historically had a guarantee of access to the cheapest

fares, however under the new system this has changed, airlines are now selecting who they distribute their best fares through, and many travel agents no longer have access to the cheapest airfares, which is driving a wedge straight in the middle of the industry – classic technology disruption.

So what does this mean for you the business traveller? yy You need to be smart and make sure your agent has a private fare agreement with the major airlines. yy Many more price points for buying the same journey depending how and who you purchase the ticket from. You will be offered, and have to pay for, additional services during the purchase process, such as speedy check-in, checkin desk fee, baggage fee, seat selection, extra legroom, on board catering and many other services the airline can think of to sell to you. Does this make a difference to the airlines’ bottom line? It certainly does. In 2017 US carrier United charged a $25 baggage fee on non-premium tickets, this equated to additional profits from baggage in 2017 of $4.6 billion, they raised their fees to $30 and this small increase will add significant value to their bottom line.

Want to know more, drop me an email at travelinsider@platinumpublishing.co.uk

LUXURY TRAVEL

The Red City is the perfect antidote to the winter blues, says Rose Dykins

unsets where lavender blends into flamingo pink. The sharpening of your wits at Djemaa El Fna square, as you navigate the cacophony of sound, sights and smells: instruments, street stalls, mounds of spices. The richness of everything. It’s remarkable that UK Duty Free shopping is only a handful of hours from Marrakech’s time-forgotten Medina (ancient walled city).

political dialogue within Africa. Its launch exhibition “Africa Is No Island” showcased Afrique in Visu (a Parisian organisation) which promotes photographers and artists who challenge common misconceptions of Africa through their work. Staying in a riad – a traditional Moroccan house with a courtyard – is a must. The furnishings of recently opened five-bedroom

It’s remarkable that UK Duty Free shopping is only a handful of hours from Marrakech’s time-forgotten Medina Now is a great time to visit the Moroccan city, as it recently gained two major cultural institutions: the Yves Saint Laurent Museum (museeyslmarrakech.com) and the Museum of Contemporary African Art Al Maaden (MACAAL; macaal.org). The former is a tribute to the designer who developed a love affair with the Red City in the 1960s. Made from Moroccan stone, the chic structure is designed to reflect the curves of his work. Inside, its permanent collection presents iconic pieces by Yves Saint Laurent, as well as changing exhibitions. Beside the museum is Jardin Majorelle, a botanical garden where there’s a memorial to the designer and the striking electric blue Villa Oasis, which he bought and renovated in the 1970s. Meanwhile, MACAAL exhibits art that touches upon the

Riad Louhou (thebeldicollection. com) will fulfil your Marrakech fantasy – velvet cushions, gold throws, patterned carpets – while its rooftop terrace with a pool and parasols will make the perfect oasis to escape from the city bustle. There’s hotels, and then there’s La Mamounia (mamounia.com), a ‘Bucket List’ destination in itself. Consistently voted the best hotel in the world by Conde Nast Traveller readers, the palatial five-star property where Moorish design meets Art Deco glamour has been welcoming the world’s elite since 1923, including Winston Churchill, who has a bar named after him there. Stop by for Moroccan afternoon tea, stroll through the property’s palm-lined gardens and marvel at the special building’s spectacular design.

Riad Loulous. Photo by Stephanie Alcaino

BUCKET LIST:

Marrakech

TRAVEL

Posh Club - cabaret tea club in Crawley for those at risk of social isolation

GATWICK FOUNDATION FUND: Not everyone benefits from the jobs and economic boost the airport provides.

Sharing the benefits of growth

atwick Airport is the biggest driver of economic growth in the region and currently supports 85,000 jobs, including over 24,000 based on the airport campus. In all, the airport generates a £5.3 billion contribution to UK GDP and this could increase by £2 billion if the scenarios in the airport’s latest draft master plan are realised.

The draft master plan sets out the airport’s ongoing growth into the early 2030s and the latest thinking on how it can meet the increasing demand for air travel, provide enhanced global connectivity and also new economic op-

portunities and jobs across the region for generations to come. Taken forward the scenarios in the plan could deliver a further 20,000 new jobs, but the airport is aware that not everyone in our local communities is able to take advantage of the jobs and economic benefits the airport provides.

Sharing the benefits of growth As part of the airport’s ongoing commitment to support local communities – and as an efficient way of ensuring that the economic benefits the airport generates

are shared more equitably - the Gatwick Foundation Fund was launched to provide grants to local causes and charities. The grants are purposely targeted at projects that support young people, the elderly or vulnerable and disadvantaged groups, such as the homeless, carers and people struggling to make ends meet. A total of £300,000 in grants are distributed each year, split evenly between projects in Sussex, Surrey and Kent and, since it was launched, 118 organisations and more than 55,000 people have benefited from the Fund.

Some of the

projects supported in the latest round of grants

SURREY

Community Fridges, a Dorking-based project that shares surplus supermarket food among people who may be experiencing food poverty, allowing them to connect with their community, access nutritious food and save money. A grant will fund rollout of five more Fridges, targeting areas in Mole Valley most in need including locations in Leatherhead and Bookham. SeeAbility supports people with a combination of complex needs such as severe learning disabilities, dual sensory loss, autism, cerebral palsy, epilepsy, physical and mental health difficulties. The funding will pay for specialist equipment for people with sight loss and other complex disabilities.

18 organisations and more than 55,000 people have benefited from the Fund

The latest round of funding saw 18 grants (See Figure 1) awarded to projects including a Dorking-based scheme that shares surplus supermarket food among people who may be experiencing food poverty, the Amber Foundation in Ockley, which helps homeless, unemployed young people, a cabaret tea club in Crawley for those at risk of social isolation and funding for 250 home visits by Age UK in Horsham.

Community Foundations The existing Community Foundations for Surrey and Sussex manage Gatwick’s programme and assess all grant applications for their county. These local charities also raise funds and make grants to local charities and community groups, and manage grant funds on behalf of a wide range of donors, including companies, charities and private individuals.

Community Foundation for Surrey, www.cfsurrey.org.uk Sussex Community Foundation, www.sussexgiving.org.uk

Amber Foundation in Ockley provides help to homeless, unemployed young people, supporting them to gain the motivation, confidence and skills they need to gain and sustain employment and accommodation. The grant will be used to support the salary costs for one of three Team Leaders who run the programme. Claridge House in Lingfield offers midweek overnight breaks for adult carers, and the grant will allow unpaid adult carers in Surrey to take some quality time for themselves, in the peaceful surroundings of Claridge House, while Crossroads Carers looks after the person they usually care for.

SUSSEX The Posh Club, Crawley, is a weekly tea club for adults aged 65+ at risk of social isolation - styled as a tongue in cheek ‘posh’ 1940s high tea - with cabaret acts, waiters in black tie, vintage crockery, and an in-house pianist. The grant will help run the club, including hall hire for 16 weeks in the year, five weeks of core staff costs and 18 weeks of volunteer travel. Age UK Horsham aims to reduce poverty, loneliness and isolation and improve health and wellbeing among older people in the Horsham District. Funding enables Age UK to make 200-250 home visits to offer advice and support to older people who may be vulnerable, housebound or unable to travel.

Crawley and Horsham Home-Start transforms the life chances of vulnerable local children and families, with trained volunteers providing emotional and practical support. The grant will go towards the cost of delivering vital services for disadvantaged families with a child under five years old. East Grinstead Foodbank seeks to provide a minimum of three days emergency food for local people in need. Funding is to help meet key core costs of running the foodbank, including staff wages, rent and insurance of a warehouse.

FOOD AND DRINK

Grand THE

AFFAIR

Brighton Chefs’ Table returns as top Brighton chefs serve up the ultimate foodie experience

drink and Butler’s Wine Cellar providing wine for guests to enjoy alongside Alan White’s course of green tomato, cheese and ham. Andrew Mosley, General Manager at The Grand Brighton and Rockinghorse trustee, commented: “Following the success of our inaugural Chefs’ Table in 2017, this year’s event was fantastic - a truly unforgettable epicurean experience. Supporting the local community is at the heart of what we do here at The Grand Brighton and it was wonderful to see some of Brighton’s finest chefs come together in support of such great causes. The funds raised will make a real difference to the Sussex community.” Ryan Heal, Chief Executive at Rockinghorse, said: “We are delighted to have been a part of the wonderful Brighton Chefs’ Table event again this year as a beneficiary charity. Last year’s event was such a huge success, raising over £32,000 for our 50th anniversary appeal projects. Our thanks to all the chefs who have committed their time and resources to the fundraising event again this year and to everyone who bought a ticket to this exclusive dinner – we thoroughly enjoyed it.”

The Grand Brighton hosted their second Brighton Chefs’ Table on Wednesday 17th October in support of Sussex charities Rockinghorse and The Clock Tower Sanctuary, raising an incredible £12,100 for the causes.

he event saw five of Brighton’s most talented chefs serving up some of their finest dishes for an exclusive dining experience, enjoyed by 90 guests. A glass of Ridgeview English Sparkling was enjoyed on arrival, before guests took their seats for the five-course tasting menu created and cooked by some of the city’s nationally acclaimed chefs including, Alan White from GB1; Steven Edwards, Etch; Matt Gillan, Red Roaster, Pike and Pine and Electro Pirate; 2018 Masterchef Champi-

on Kenny Tutt, and Michael Bremner, 64 Degrees and Murmur. Each dish was created and cooked by a different chef and guests enjoyed dishes such as cod with Douglas fir served up by Michael Bremner, as well as pear, almond and miso by Kenny Tutt, giving a taste of the unique and varied gastronomic experiences Brighton has to offer. Local suppliers were also showcased, with Ridgeview supplying the welcome

Frances Duncan, CEO of The Clock Tower Sanctuary added: “We are delighted to be benefitting from the fantastic Chefs’ Table event at The Grand this year. Our day centre receives over 4,000 visits from homeless 16 to 25 year-olds every year, and we rely entirely on the generosity of our donors to keep our doors open. No young person chooses to be homeless, they are the ones who have slipped through the net. Thank you to everyone who has contributed so generously to this wonderful event. Your support will help us move homeless young people from crisis to independence.”

Celebrate Christmas in Grand Style

Contact the conference team for enquiries and bookings: Tel: 01273 224300 â&#x20AC;˘ Email: conference@grandbrighton.co.uk www.grandbrighton.co.uk The Grand Brighton, 97-99 Kingâ&#x20AC;&#x2122;s Road, Brighton, East Sussex, BN1 2FW

MOTORING

Model tested: F90 M5 Saloon Power: 600 BHP Speed: 0-60 3.4 seconds Top Speed: 155 mph limited Economy: 26.9 mpg Price: ÂŁ88,255 As tested: ÂŁ102,295

The M5 price-tag is almost as eyewatering as its performance.

PLATINUM

5 MMM

The BMW M5 has been with us since 1986 on the 535i chassis with a modified engine from the M1, which made it the fastest production saloon in the world. By Motoring Editor, Maarten Hoffmann

he M stands for Motorsport and has gained a reputation for being wickedly fast and after spending a week with the latest version, l can assure you that nothing has changed in that respect. But it is no longer alone in this category with Mercedes famed AMG variants and the Audi RS models fighting for space, the M5 has some stiff competition.

Weight is always the enemy of performance and with the M5 coming in at two-tonnes, one might fear for its performance but fear not, this is an absolute monster of a car. Outside, it is a good-looking vehicle but nothing that really turns heads unless they see the discreet badge and know

that this is the legendary M5. Of course, anyone beside you at the lights would also rapidly know as they watch the boot squirrel off into the distance. On a quarter mile drag, it is just 0.1 seconds slower than the Mercedes AMG GT-R and the Ferrari 488 GTB and as fast as the Porsche 911 Turbo S. When

thinking about that, remember that this is a 5-seater saloon car weighting over two-tonnes – remarkable. What ultimately marks out the M5 as exceptional among fast saloon cars is its remarkable agility, cornering balance and handling adjustability. There is poise and delicacy to the chassis that few cars of this size really approach and neither seem at all muted by the four-wheeldrive system. The car’s M xDrive four-wheel drive system is rear-driven as a default, sending torque to the front axle as needed via a chain drive and electronically actuated clutch. Between the rear wheels, meanwhile, is BMW’s Active M differential, which can vary from 100% open to 100% locked in a split second. And conducting the interactions and combinations of those systems, together with those of the adaptive damping and dynamic stability control systems, is a new electronic ‘chassis brain’ that has the power to overrule the ECUs of each individual system to ensure the M5 is behaving as its driver intends. The 4.4-litre V8 is in receipt of new turbochargers, a higher-pressure fuel injection system and a new exhaust since its adoption in the last M5. And putting customer preferences to one side, the engine’s new peak outputs (591bhp and 553lb ft – both likely to rise a little for the M5 Competition coming later this year) were enough to convince the car’s chassis engineers that a four-wheel drive system has become an absolute necessity. The interior is typically BMW – well built, solid as a Panzer tank and a really lovely place to be. The seats are tremendous, dials all where they should be and you can change the various lighting elements within the car at will. The one thing that continues to discombobulate is the rotary dial computer system. With millions of permutations, it takes a degree in mathematics to work it all out so l am sure most do what l did – set the things that are important to you and leave the internal brain to work out the rest. Really, life is just too short. Two displays you’re likely to use often – out of curiosity, if nothing else – are the performance dials, which

The interior is typically BMW – well built, solid as a Panzer tank and a really lovely place to be. show the power and torque generated in real time, and the M-configuration menu, which allows you to set your preferences for the stability control, four-wheel drive, engine, suspension and steering. The M5 price-tag is almost as eye-watering as its performance. It costs almost £90k in standard form, or £96k for the Competition, and it will be easy to tumble over the £100k mark with a handful of options ticked on your order form. That will have implications for anyone running an M5 as a company perk car, as the Benefit-in-Kind rating is predictably high at 37 per cent. That’s down to the C02 emissions of 241g/km for the standard M5 or 246g/km for the Competition version.

Although the M5’s V8 is relatively compact at 4.4-litres, it’s not especially efficient. You can get 26.9mpg out of the standard car, or 26.1mpg out of the Competition – but clearly any temptation to access the available performance will skewer you at the petrol pumps. And that brings me on to the Competition variant due soon. This is aimed at lunatics who feel that the standard car is not quick enough!! In short, this monster of a car is at the pinnacle of car design and power delivery and you would never, ever get bored driving it.

MOTORING

PLATINUM PLATIN

REGIONAL SUPERCARS The perennial question is who on earth can afford to buy the various supercars that abound in the marketplace? That is a tough question but one that is not so tough to answer is where do these buyers live. By Motoring Editor, Maarten Hoffmann

REGION