The widest-read business publication in the South East
PLATINUM
SURREY EDITION . ISSUE 27. 2016
SERIAL ENTREPRENEURS
Coutts Bank
THE DEALMAKER Nik Askaroff
JAMES BOND Reviews the RR Sport
PLATINUM
INTERNATIONAL TRADE DMH Stallard
PROFILE
MARK CARNEY Can this man save the UK?
AMSTERDAM
Means Business
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WELCOME
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THE BIG STORY MARK CARNEY Is this the man that can save UKPLC?
30 32 42 47
NEW TAX RULES Kreston Reeves explain the impact
GATWICK DIAMOND The launch of the 2017 Gatwick Diamond Business Awards
EMC The Deal Makers riding out the storm
AMSTERDAM MICE travel at its best
It is that time of the year when all the pasty faced people we work with turn up with glowing tans and suddenly everyone breaks out their white shirts! Brexit - oh that old chestnut. From gloom to joy it would appear as the economy starts to revive, investment still flows and some surprising new deals are brokered. The key is for the entire country to stop talking us down, turn the tide and start a serious programme of positive thoughts about a glowing new future for UKPLC. And as for the new PM halting the Chinese investment in our most sensitive industries - bravo and about bloody time! In this issue, we bring you a profile of the man that might just have our fate in his hands, Governor of the Bank of England, Mark Carney. Coutts Bank discuss serial entrepreneurs being the lifeblood of the UK economy and the Rawlison Butler team chat with the Chairman of the Network Aviation Group on how to grow your business. The very busy bee that is Julie Kapsalis chats with Ian about her roles as Vice Principal of Chichester College, Chair of Chichester Chamber and a board member of Coast 2 Capital LEP - phew! We also catch up with that other whirlwind, Caraline Brown, Managing Director of Midnight Communications and the Sussex Business Awards. There’s another lady that never stands still. Managing Director of Uniglobe Travel, John Burroughes, gets all hot under the collar about the fabled airport expansion and mulls over the fact that he might of popped his clogs long before we actually see it and Maarten goes all James Bond with the new Range Rover Sport. Rose was packed off to Amsterdam to bring you a fascinating insight into this great City and Maarten is off there next month for a photoshoot with the all-new, and Car of the Year, Jaguar F-Pace. We announce the launch, and our exclusive media sponsorship, of the Gatwick Diamond Business Awards and the new Executive Director of the Gatwick Diamond Initiative, Jeff Alexander, talks about the north/south divide. So, ladies and gentlemen, another packed issue and, l cannot resist saying this, but in the next issue we have some tremendous expansion news. Platinum is growing fast and although we are not allowed to tell you, next month we will reveal our plans to take over the world well, the South East at any rate.
Maarten & Ian Platinum Business Magazine September 2016
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Issue 27 - 2016
The Team
AT A GLANCE 6
Local News
10
Serial Entrepreneurs Coutts Bank
13
Growth Hub Enterprise M3
Maarten Hoffmann – Director maarten@platinumbusinessmagazine.com 07966 244046
14
Chamber news
19
National News
22
Global Markets DMH Stallard
24 The Big Story Mark Carney Ian Trevett – Director ian@platinumbusinessmagazine.com 07989 970804
30 New tax rules -
36 Interview Lara Morgan
38 Currency Chaos AFEX
40 Landlords Carpenter Box
42 The Deal Maker EMC
47 Business Travel Amsterdam
56 Case Study Lloyds Bank
60 Anger Management
Kreston Reeves
32 Network Aviation Group - Rawlison Butler
34 Gatwick Diamond Business Awards 2017
62 Coast to Capital LEP 64 Motoring 74 Table Talk 82 Institute of Directors
Amanda Menahem Food & Drink Editor
Amanda Spicer Senior Designer
Julia Trevett Accounts Manager
Rose Dykins Travel Editor
Lauren Psyk Event Photographer
Is it crazy how saying sentences backwards creates backwards sentences saying how crazy it is 5
NEWS
LOCAL NEWS PENNYHILL BRASSERIE Pennyhill Park, the exclusive hotel & spa in Bagshot, Surrey, has announced the re-opening of The Brasserie restaurant following an extensive refurbishment. The Brasserie is the hotel’s more informal day-to-day dining offering, and it sits alongside the fine dining experience at Pennyhill Park’s, Matt Worswick at The Latymer. To reflect the property’s signature colour, soft blue and neutral tones are present throughout the restaurant. Julian Tomlin, General Manager of Pennyhill Park, commented, “We wanted to create a welcoming and friendly ambiance together with tantalising food, and based on our guest feedback so far, we are thrilled with the results. It’s been a real hit.” www.pennyhillpark.co.uk
THE PRESIDENT’S AWARDS This year, Surrey Chambers of Commerce are hosting a President’s Dinner - with two presidents. The Chambers’ President, Frankie Tierney, Managing Partner, Herrington Carmichael LLP, will present her vision for the Chamber for the year ahead.
TAKE A THINK BREAK
Surrey app agency, Sonin, has launched a new initiative giving staff dedicated free-time to think,
And the headline speaker is Francis Martin, the newly appointed President of the British Chamber of Commerce.
create and innovate with new technology.
The evening will also feature five brand-new awards which celebrate the successes of Surrey Chambers of Commerce members. These include:
within their normal work hours to experiment and innovate with cutting-edge technology.
• Best Networker 2016 • Best Support of Chamber Initiatives 2016 • Most Successful Start-up 2016 • International Trade Business of the Year 2016 Best PR Story 2016 (As voted for by our members). Seats for this prestigious event, on the 20th October at Brooklands Hotel, cost £60+VAT, or you can book a table of 10 for £550+VAT. For details, email Anita at anita.avery@surrey-chambers.co.uk
Innovation is a top priority for many businesses, but the majority don’t have the capacity to support it. Sonin’s new initiative, Create, challenges this by giving employees dedicated time Employees from the app development agency in Reigate have the opportunity to create new concepts, develop a new solution or simply experiment to gain a better understanding of how a technology can be used. Launched in July 2016, Create has only one rule: employees must use a piece of emerging tech. Managing Director Paul Jarrett explains: “As a team, we’re passionate about technology and want our clients to use the latest tech, but we also understand the constraints of investing in it without seeing a real-life use case first. So we took a risk, and made innovation a bigger priority. “The team are continually expanding their skill sets and know that their ideas, however ambitious, can become a reality.” Concepts include experimenting with augmented reality, the IoT, integrating wearable devices, exploring new ways of coding and, following the recent public backing from UK government, virtual reality.
“I love deadlines. I like the whooshing sound they make as they fly by.” 6
NEWS
“A diplomat is someone who can tell you to go to hell in such a way that you will look forward to the trip.”
THE BENEFITS OF BENEFITS A recent survey has found that just under half (47%) of UK employees would prefer to have a better benefits package rather than an increase in salary. The research, carried out by Zurich and the Smith School of Enterprise and the Environment, which surveyed 11,000 people from 11 different countries, also found that only 20% of the UK respondents have income protection cover in the event of becoming too ill or disabled to work. Mark Wilde, Director at Camberley-based financial advisers Asset Harbour, commented: “No-one likes to think that something bad will happen to them, but each year nearly a million people find themselves unable to work due to a serious illness or injury. Helping staff to lead a healthier lifestyle and offer them protection if they do become ill, is an area that is becoming increasingly popular with employers. And with research indicating it would be looked on favourably by employees, business owners should be giving this serious consideration. “Having staff off work, unable to do their day job for a long period of time, can be extremely disruptive to a business, not to mention costly in terms of having to recruit new resources. And with 42% of the UK survey respondents indicating they have been seriously ill and have experienced a loss of income due to not being able to work, the need to implement measures to help staff lead a healthy lifestyle and safeguard against such eventualities is increasingly important.” With the shift in responsibility from the state onto individuals, people are having to take measures to protect themselves and their families. Asset Harbour are seeing more and more employers, as part of their duty of care, sensibly looking to help their employees mitigate this growing risk by introducing employee benefits packages. www.assetharbour.com
THE GATWICK GROWTH BOARD Gatwick Airport has announced the formation of the new Gatwick Growth Board (the GGB) under Co-Chairs Tessa Jowell and Steve Norris. The GGB will examine the wider economic and social impacts of Gatwick Airport’s future growth and expansion plans on the local area, the South East region, and on the economy of the UK as a whole. Reporting to Chairman Sir Roy McNulty, it will have a particular emphasis on ensuring that the benefits of Gatwick expansion are properly distributed across the region and the rest of the UK, so that areas most in need of regeneration benefit appropriately from its plans. The airport is now recognised as one of the most important infrastructure assets in the country and its growth carries implications for the country as a whole, as well as for its local region. The GGB will examine the implications of Gatwick’s national status in the context of both one runway and two. Baroness Jowell said: “London and the South East are crucial economic engines that drive growth in the rest of Britain. This is a great opportunity to build on the experience of the Olympics – commissioning the park and staging the games – to bring economic and social benefit across the UK. It is important that the continued growth of success stories like Gatwick is seen through a national lens.” Steve Norris said: “The investment and growth that Gatwick has brought to the UK since coming into independent ownership has been remarkable. Particularly in light of the Brexit, Britain needs the certainty that Gatwick’s future growth and expansion plans bring, and I look forward to helping take this forward to help maximise the real benefits that Gatwick offers for the region, and for the nation.”
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• • • •
A three course meal inc wine A celebrity host Live music & entertainment Awards Ceremony
• • • •
Charity Auction Dancing & DJ until 1am Charity casino Fun photo booth
CROYDON’S NEWEST PRESTIGIOUS VENUE
Situated at 45 Imperial Way, Croydon, CRO 4RR, Grand Sapphire brings style comfort and luxury combining magnificent state of the art banqueting facilities. Hotel rooms are als0 available on request.
BUSINESS AWARDS
GRAND VENUE FOR CROYDON’S FINEST
Grand Sapphire to host Croydon’s Night of the Year
C
roydon Business Excellence Awards has an exciting new venue for the 2016 gala dinner and charity ball – the ultraluxurious Grand Sapphire. Located in Imperial Way, just off the Purley Way, the newly-built hotel and events space will provide a fitting location for the most prestigious event on the borough’s business calendar with organisers promising this year’s occasion to be even more glitzy and glamorous. In fine surroundings with sumptuous food and a tranquil environment, guests will celebrate the very best of Croydon at the purpose-built hotel and events venue, which boasts three premium halls. David Carr of Grand Sapphire said: “We are delighted to be hosting the prestigious 2016 Croydon Business Excellence Awards on October 6th. “Last year’s event was a huge success with 300 people attending and this year’s glamorous dinner is also set to be huge. We look forward to welcoming all the honourable guests and finalists and it will be a great night.” More than 60 businesses have been shortlisted awards in 15 different categories
for the Croydon Business Excellence Awards, being held in association with Gatwick Airport. All are also in contention to take the biggest prize, that of Croydon’s Best Business of the Year, which was won in 2015 by RISEgallery. Katharine Glass, managing director of award organisers White Label Creative, said: “We are thrilled that Grand Sapphire has agreed to host this year’s awards. It is great news that such an exciting new venue has opened in Croydon, particularly at a time when Fairfield Halls is closed for renovation.” Councillor Trakas-Lawlor has made business, culture and the arts the themes of his year in office. As well as the awards ceremony itself, a prestigious guest list will enjoy a sparkling evening of networking and entertainment including a three-course meal with wine, a celebrity host, live music, a charity auction, dancing to a DJ until 1am and a fun photo booth. In celebrating the best business achievements, guests will be able to party into the night with money raised on the evening going to the Mayor of Croydon Wayne TrakasLawlor’s chosen charities – The Stanley
People’s Initiative, Croydon Commitment, and The British Home. Councillor TrakasLawlor said, “I am particularly grateful to the organisers White Label for offering to donate the proceeds from October’s gala dinner to my charities so I am going to make a shameless plug to all those attending to please dig deep. “The reason I’ve chosen business, arts and culture as the theme for my year is that I passionately believe Croydon’s best years are ahead of us. Our time really is now – Croydon is the place to be.” As well as Gatwick Airport, the awards partners for 2016 are Allianz Global Assistance, Croydon Advertiser, Croydon Chamber of Commerce, Croydon Council, Croydon Partnership, Handelsbanken, Keltbray, Platinum Business Magazine, StartUp Croydon, Sussex Innovation Croydon and Wing Yip. Tickets are priced £145 (shortlisted companies £125), £1,295 per table of 10 (shortlisted companies £1,100), and £1,560 per premium table (shortlisted companies £1,265). Prices exclude VAT. To book visit www.croydonawards.co.uk/gala-dinner
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ENTREPRENEURSHIP
SERIAL ENTREPRENEURS The key to the success of the UK economy
W
ith the rise of crowd funding, tech start-ups and the popularity of TV programmes like Dragon’s Den, there has been a lot written about small businesses and first-time entrepreneurs. However, there is little discussion or research into the rising phenomenon of serial entrepreneurship, where entrepreneurs don’t just cash in on their first business and hang up their boots. The respected private bank and wealth manager, Coutts, sees serial entrepreneurship as a key to the success of the UK economy. Against this backdrop, Coutts and the Centre for Entrepreneurs have published a report entitled ‘Beyond the first business: the myths, risks and rewards of being a serial entrepreneur.’ The report surveyed 135 UKbased entrepreneurs to provide an overview of the depth and extent of serial entrepreneurship in the UK. Alex Liddle, Coutts Executive Director, South East England, commented in the findings: “Millennials are widely challenging the notion that entrepreneurs hang up their boots and retire after just one business. Entrepreneurs are starting businesses younger and have faster expectations to sell. These factors, together with longer life expectancy, mean we are starting to see a new breed of serial entrepreneurs. Instead of starting businesses from scratch, more of these seasoned business owners are now investing in and mentoring a portfolio of companies. There is huge untapped potential for serial
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“Serial entrepreneurs are less afraid of failure, with only 13% saying they experienced this fear.”
entrepreneurship, and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits.” The research found that there are two main factors driving the rise in serial entrepreneurs: First, entrepreneurs are starting businesses younger: more than half (57%) started their first business by the age of 25 versus only 23% of those aged 35 and above. This group also had expectations of selling faster, with 63% of our younger respondents planning to exit their current business within the next five years, versus 46% of those 35 and over. Second, longer life expectancy and a lowinterest-rate environment means there is greater appetite among one-time founders to put their capital to work. They are looking to recreate the buzz of working in a fast-growing business, but, by their very nature, they are unlikely to want to work for someone else, and in many cases the thought of starting another
business from scratch is too much. So they are looking to take more of a hands-off approach across a number of companies. The attitude of serial entrepreneurs to actually running a business is also a key differentiator, with only 55% saying they enjoy this, versus 80% of one-time founders. Serial entrepreneurs are less likely to enjoy day-to-day business involvement. Instead, an increasing number of these seasoned business owners is considering other options, including mentoring a portfolio of companies, being nonexecutive directors or being angel investors. Perhaps unsurprisingly, responses from serial entrepreneurs suggested they are less afraid of failure, with only 13% saying they experienced this fear, compared to 40% of one-time founders. While 67% of one-time founders acknowledged good fortune as a contributor to their success, only 56% of two-to five-time founders and 36% of Alex Liddle, Executive Director, Coutts
ENTREPRENEURSHIP
“Millennials are widely challenging the notion that entrepreneurs hang up their boots and retire after just one business.”
Matt Smith, Director, CFE
six-to ten-time founders did so. One particularly interesting finding of the report was that growing wealth, though one consideration for entrepreneurs, is not the dominant motivation. Other considerations rank higher, such as growing a business (90%), interacting with people (79%) and contributing to society (73%). This helps shed light on why serial entrepreneurs are attracted by roles that allow them to share their knowledge and experience more widely to guide young entrepreneurs. A number of Coutts’ entrepreneur clients participate in its mentoring programme for first-time entrepreneurs. This has led to some of these mentors developing a solid relationship with the mentees, sharing their contacts and expertise, with some considering investing in the businesses of their mentees. Other findings from the report include: • Serial entrepreneurs are more pessimistic about a healthy work/life balance, with 47% conceding that success requires putting business before your personal life – compared with only 36% of one-time founders. • The businesses owned by female respondents tend to be smaller: 92% of respondents cited turnover as below £500k, compared to only 59% of men. • A fifth of one-time founders have experienced a stock market listing, compared to less than 2% of serial entrepreneurs – perhaps because onetimers build their businesses for longer. Matt Smith, Director, CFE said: “To go beyond
the first business can be an entirely different challenge to being a one-time founder. We wanted to create a report that explores the motivations, fears, and ingredients for success that surround serial entrepreneurialism. Our report delves into the role of luck, the attraction of multiple projects, and attitudes towards risk, but also indicates areas for growth: How do we encourage more women entrepreneurs? Should we remove the stigma around closures? It’s food for thought and a glimpse into Britain’s entrepreneurial mind-set.” Entrepreneur case studies included in the report include:
• Mark Hogg, Founder of IFE Services and Oceans TV, market-leading in-flight and cruise ship entertainment, whose latest businesses invest in biomass and solarpower technology in Africa and the UK. • Paul Atherton, serial entrepreneur investing in university spin-outs. His latest venture is an ambitious battery company.
COUTTS Coutts is widely recognised as one of the leading private banks and wealth managers in the UK. Our progressive, long-term approach to wealth management is founded on experience gained through looking after clients and their financial affairs for over three centuries. Renowned for intelligent relationships, we provide expert wealth management, private banking and financial planning advice. Headquartered in London with regional offices including Guildford, Thames Valley and Tunbridge Wells, Coutts is part of the Commercial & Private Banking Division of the Royal Bank of Scotland. Coutts has always been in the business of supporting successful individuals and over the last few decades our entrepreneur client base across the broader enterprise community has grown significantly. Successful entrepreneurs choose Coutts because we understand the nature of their success, we can support them at each point in the development of their business and introduce them to someone who has already taken the same steps, and is happy to share their experience. To receive a copy of the report please contact Alex Liddle on alex.liddle@coutts.com or for further information please visit coutts.com Follow the conversation on twitter: @couttsandco using #Coutts www.twitter.com/CouttsUKCIO
THE CENTRE FOR ENTREPRENEURS (CFE) The Centre for Entrepreneurs promotes the role of entrepreneurs in creating economic growth and social well-being. In Spring 2014 it took ownership of the StartUp Britain campaign. The Centre is an independent non-profit think tank founded and chaired by Sunday Times columnist and serial entrepreneur Luke Johnson and housed within the Legatum Institute – a non-partisan think tank best known for its annual Prosperity Index. The Centre researches and communicates the positive impact of entrepreneurs on the economy and society, and encourages entrepreneurship as a career choice. centreforentrepreneurs.org/
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Where can businesses find FREE comprehensive information about local business support, news, and connect with expert advisers?
Check out the Enterprise M3 Growth Hub, a FREE expert advice and resource network which helps businesses achieve results quickly through a personal, tailored service focused on growth. Businesses can find:
Comprehensive database of key business services available locally, nationally and internationally
Helpline - Telephone advice on any business opportunity or question facing a business
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‘My Profile’ feature – Allowing businesses to personalise interests and receive alerts tailored to their needs.
News and Events
Go to www.enterprisem3growthhub.co.uk to keep up to date with the latest local and national business support, you will also soon be able to register on our portal. Find us on Twitter @EM3GrowthHub Main office 01483 685226 Business Support Helpline number O300 456 3565
GROWTH HUB
GROWTH HUB ADVICE TIMELY FOR IGEOLISE W
hen Charlie Davies was stuck in a morning traffic jam on the M27 he pondered the difference between the time that was passing and the miles that weren’t. Six months later, Charlie and his friend Peter Lilley founded iGeolise, a location-based software that tracks minutes, not miles after noticing a gap in the market for a travel time facility. Peter and Charlie began their venture above a garage in Surrey with the aim of improving how location-based data was searched. The company, which now has 14 employees (growing to 20 by the end of this year), began building the technology that could search maps for local content by time travelled, based on the idea that location-based decision-making can be more efficient, more relevant and more human. Now, the iGeolise team is revolutionising the way we search online by turning distance into time and has plans to expand the business rapidly. The product is already live in eight countries and boasts a host of national users including Zoopla, Countrywide, and Jobsite,
“Mark has been great at opening specific doors for us. He’s got a good network of contacts which differs from ours, and he’s been very generous in opening this book of contacts for us to tap into.”
Surrey Research Park
with many more countries launching in the coming months Peter said: “We’re fortunate enough to be a profitable company and we weren’t looking for funding advice but with plans to expand the business we needed to get in front of the right people, with the right message, at the right time. “We were introduced to Mark Selby, an Enterprise M3 Growth Champion, by Mark Pearson of Surrey County Council, who is an old friend. He thought Mark would not only be interested in what we were doing but would have lots of contacts and experience to offer – he was right.” Mark Selby brings to the venture a wealth of experience after spending many years working in the technology, media and telecoms sectors. A visiting professor at the University of Surrey, home of the 5G Innovation Centre (Europe’s largest academic communications research institute), he has held senior roles at Nokia, IMG, DEC and Xerox, influencing and shaping many technology and business innovations. Mark said: “I’m truly impressed by the achievements of Peter and Charlie. They’ve
created solutions that address genuine business and consumer needs. iGeolise brings rapid value, convenience and relevance to search, marketing and analysis. It’s no wonder that major retail, property, media and hospitality companies are racing to use this technology. The results are outstanding.” After working with Peter and Charlie, reviewing and prioritising the company’s strategy, Mark has helped iGeolise make several useful connections to potential clients, which has resulted in new projects coming on board. Peter added: “Mark has been great at opening specific doors for us. He has a good network of contacts which differs from ours, and he’s been very generous in opening this book of contacts for us to tap into.” “Our experience of the Growth Hub has been very professional and useful.”
www.enterprisem3growthhub.co.uk letstalk@enterprisem3growthhub.co.uk
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SURREY CHAMBERS OF COMMERCE www.surrey-chambers.co.uk
A FEW WORDS FROM LOUISE
I
t’s no accident that Theresa May’s first speech as Prime Minister focused on the need to change the dynamics of capitalism in the UK. She – like all of us in business – is well aware that the referendum vote to leave the European Union was also a way for people to express their disquiet over the direction of travel in British society, in the economy, and in their everyday lives. More than anything we are entering a time when businesses need to lead the way, and Surrey Chambers are here to point them in the right direction to do so. Over the next few months we have some fantastic opportunities for businesses from the Access to Business Funding event for SMEs on the 13th October to the Exporting is GREAT truck on the 18th October, as well as an evening of awards and entertainment for the Presidents Dinner at Brooklands Hotel on the 20th October.
SO MUCH ON OFFER
At Surrey Chambers we feel passionately about helping businesses achieve their best so we want to encourage them to get the most out of the support on offer. We can Louise Punter signpost businesses for virtually any need and encourage them to look at the Enterprise M3 Growth Hub and the Coast to Capital Business Navigator sites which can help them to start-up, develop and grow to reach their full potential. For East Surreywww.c2cbusiness.org.uk For West Surrey www.enterprisem3growthhub.co.uk Surrey Chambers of Commerce can be reached on 01483 735540, info@surrey-chambers.co.uk, @surreychambers
THRILLER IN MANILA
Whether you are a new business, a social enterprise, growing or looking to become more sustainable, there is support available to help make it happen. Surrey Chambers of Commerce, are pleased to be working with the Business Navigator Growth Hub to help businesses access grants, funding and other practical support. It’s a free service too so there are no costs involved. The Business Navigator service is a key part of the Coast to Capital Growth Hub. The Growth Hub has helped thousands of businesses across the Coast to Capital region to start up, develop and grow to reach their full potential.
CHAMBER NEWS
The Business Navigator Growth Hub can signpost you to a wide range of business support including:
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• Accessing finance • Identifying networking and membership organisations • Helping to reduce costs • Implementing environmental policies • Understanding the regulatory landscape • Mentoring support • Exploring international markets • Startup workshops and support • Finding premises Andrew Dennis is the Business Navigator for East Surrey. To get in touch with him, call 0800 977 4146 or email andrew. dennis@c2cbusiness.org.uk
BCCP Cross-sector Trade Mission set for 4th - 6th October 2016 in Manila, Philippines. The British Chamber of Commerce would like to invite you to join the Mission, which aims to help you explore the Philippine market as a viable destination for doing business. Participating companies are expected to learn more about the market opportunities and meet potential local partners/ relevant contacts. Please see below the flyer with more details. You may also access the flyer via our OBNi website www.britcham.org.ph/uksmesphilippines/events/bccp-trade-missionto-the-philippines-4-to-6-october-2016/ Participation fee is £500 exclusive of hotel and airfare. The fee will enable delegates to join all networking/ business matching highlights throughout the Mission. It will also cover meeting arrangement with two companies/ local contacts as per request of the delegates. For more than two meetings, the Business Support Service (or OMIS) rate will apply. Philippine Airlines (PAL) has kindly offered a discounted return fare ticket (minimum of £635 for economy class and £1,823 for business class). To register, please complete the registration form through this link https://www.surveymonkey.com/r/BCCPMission2016. Surrey Chambers are excited to announce that the Exporting is GREAT truck will be in Surrey at the Surrey Research Park, Guildford on the 18th October – for more details contact Sarah Butcher 01483 735540.
SURREY CHAMBERS OF COMMERCE www.surrey-chambers.co.uk GUILDFORD GAMES INDUSTRY UNITES AT G3 FUTURES EVENT
O
ver 150 games developers and industry specialists attended the second G3 Futures Event, aimed at galvanising the Guildford-based games industry, often described as ‘the Hollywood of the games industry’. Organised by The University of Surrey, UKIE (UK Interactive Entertainment trade body) and South East technology law specialist Charles Russell Speechlys, the purpose of the event was to provide an opportunity for local gaming companies to network, share ideas and learn about the latest innovations and industry issues from key note speakers and panellists. Dr Jo Twist OBE, CEO of Ukie, delivered the first of two key note speeches. In an engaging presentation, she highlighted the increasing importance of collaboration post Brexit and of maintaining access to over 500 million customers across Europe. She highlighted her mission to enhance the profile of the games industry, positioning it alongside film, theatre and other cultural mediums. The second key note speech was given by Ian Baverstock, CEO of Chilled Mouse, who talked about ‘what makes gaming great in Guildford.’ He concluded that the cluster of people in successful gaming companies in Guildford has attracted other developers over the years, resulting in a thriving community which continues to go from strength to strength. He urged the audience not to be concerned that Guildford does not have the same reputation for being a creative hub as areas such as Brighton. “It’s a great place to live and we make great games!” A recurring theme throughout the evening, was the high cost of office space which can be prohibitive to start-up businesses in the sector. Despite these concerns, there was an overwhelming sense of pride about being based in Guildford, creating games with global appeal and also benefiting from the resources available at the University of Surrey and Surrey Research Park. The importance of more experienced companies helping local start-ups was also high on the agenda for the evening and was acknowledged as being key to ensuring the gaming industry continues to thrive in Guildford. After the event, Nick Hurley, partner at Charles Russell Speechlys and co-host at the G3 Futures event summed up the evening, “Our second G3 Futures event was a real success as it pulled in even more indie developers and people from the industry, making the event
relevant and authentic. A number of delegates told me how energised they felt by the G3 conference. Keeping the creative and developer focus in the Guildford area is critical for the South East’s continued success in the technology sphere so we will continue to put all our efforts into supporting this important and vibrant community as it cements its reputation on a world stage.” Co-host Dr John Collomosse, an academic in the University of Surrey’s Centre for Vision for Speech and Signal Processing added, “G3 is a fantastic opportunity to forge further links between the University and local games sector. The University is heavily invested in the creative industries, through degree programmes such as the Digital Media Arts, and its research in 5G mobile technology, spatial audio, and performance capture – all of which were showcased at this evening’s event.” Dr Jo Twist commented, “G3 Futures is a brilliant opportunity to bring people together and share the knowledge. What’s really good about being in a cluster with other like-minded people around is that you can share talent, share ideas, share technology and work together to support each other. The organisers of G3 Futures have created a website www.guildfordgames.com as a central communications hub for the local gaming community. Local developers and gaming specialists can register on the site, post job opportunities, join in forums and learn about future events.
NOT A MEMBER OF THE CHAMBER? JOIN NOW AND GET CONNECTED 01483 735540 15
WOKING
NEW LOOK FOR WOKING MEANS BUSINESS
W
CHAMBER NEWS
oking Chamber’s annual flagship event runs on Wednesday 5th October at HG Wells Conference & Events Centre, Woking. This will be the fourteenth in the series and runs on the back of a very successful exhibition last year. Sponsored by Woking Borough Council and Woking Works, and supported by Surrey Chamber of Commerce and Platinum Business Magazine, the event has been given a fresh new look for 2016. The event will include some excellent new features to complement those that are already working so well. Traditionally the exhibition is preceded by a pre-show Breakfast Forum run by Woking Borough Council where senior Council officials and guest speakers discuss the work the Council is doing to regenerate the town, attract new businesses and restaurants and support business in the local community. Around one hundred key business visitors attend and are there on site ready to walk into the exhibition as soon as the doors open. The seminar theme for 2016 is ‘Communicating the Message’ and the speakers lined up to deliver various aspects of the theme are impressive. Penny Power OBE, founder of Ecademy, will be talking about the value of networking, Richard Woods, from BBC TV’s The
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Apprentice will be presenting ‘The Digital TrailBlazer’, local entrepreneur and ex pro footballer Doug New will talk on ‘The Power of the Brand, and professional speaker Ges Ray will be talking on Public Speaking. There will be a series of workshops aimed at startups, a major reception on the Council’s Woking Works stand at lunchtime and a free drinks reception, sponsored by Barnbrook Sinclair, towards the end of the show Penny Power OBE for everyone in the room. There is already a superb list of exhibitors booked in and by the time we open, there will be the usual full house of over 70 exhibitors on display. Registration for free attendance at the exhibition and the seminars is now open and stands can be selected and booked online at www.wokingmeansbusiness.com.
Membership of Woking Chamber of Commerce starts, for smaller companies, from as little as £10 + VAT per month and can be paid by direct debit. Full details are available on the Chamber website www.wokingchamber.org.uk
CRANLEIGH
LIGHTING UP CRANLEIGH Summer event raises Christmas cash
G
The next event from Cranleigh Chamber of Commerce is an evening networking event at Rudgwick Brickworks on Wednesday 14th September. Tickets are available at www.cranleighbiz.co.uk/events.
CHAMBER NEWS
uests attending the Cranleigh Chamber of Commerce Summer BBQ in July raised more than £400 towards the cost of the Cranleigh Christmas Lights. With attendance at the event more than double compared to last year, the Chamber Summer BBQ at The Richard Onslow was perfectly timed to coincide with the arrival of the British summer. More than 40 Chamber members enjoyed delicious BBQ food and refreshing glasses of Pimms, and an evening of socialising with local business leaders. Hosting the event, Cranleigh Chamber of Commerce president Richard Graham reflected on a successful year for the Chamber, with membership now standing at 123 local businesses. Richard also thanked committee member John Taylor of The Richard Onslow for his valuable contribution to Cranleigh Chamber of Commerce over the past year. John is moving to Devon with his family this summer. A draw was held for the 100 Club, with Cockerill Shoes winning the £100 prize this quarter. 100 Club chairman Roger Coupe encouraged more Chamber members to sign-up for this initiative, which offers a predictable source of funding towards the Cranleigh Christmas Lights each year. A raffle offered prizes kindly donated by members Santa Fir, Charlotte Hunter Nutrition and Travel Retail Training. Christine Martin of Travel Retail Training also generously donated gift bags for every guest.
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CROYDON
RAMP UP YOUR NETWORKING by Annabel Fogden, General Manager, Croydon Chamber of Commerce & Industry
I
f you’re looking for a business network that can connect you with established businesses across London, then look no further! Croydon Chamber of Commerce is a branch of the London Chamber of Commerce and Industry (LCCI) and our members join a network of several thousand businesses across London. In Croydon, we offer a strong programme of local networking events attended by established businesses of all sizes, from small to large. Furthermore, Croydon Chamber members have access to a good number of events run by LCCI, so there is never a lack of opportunity to broaden your networking horizons. We regularly receive good feedback from delegates about the access to decision makers and the quality of conversations our events facilitate: Paul Whiston, Managing Director, Whiston Solutions Ltd
CHAMBER NEWS
said, “Our diverse business offering requires a lot of networking to ensure we deliver the most effective solutions for our clients. We have attended numerous networking events organised by the Croydon Chamber of Commerce and have been pleasantly surprised by the number of collaborative opportunities resulting directly from its membership”. We also find that people like to network in different ways and we offer a range experiences, from facilitated events with smaller numbers to free flow networking receptions with up to 80 people present. We also like to mix business with pleasure; our annual Summer BBQ at Farleigh Golf Club in July is as popular as ever.
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COME AND FIND OUT FOR YOURSELF Our Grapevine Network event takes place monthly and we offer non-members the opportunity to try us out. Please do get in touch with us to arrange your guest place.
Upcoming Networking Events: • The Grapevine Network: Thursday 29 September, 12.00pm – 2.00pm: Jurys Inn, Croydon • Maximise your Membership: Tuesday 4 October, 9.30am – 11.00am: Jurys Inn, Croydon, CCCI Members and Prospective Members • Executive Club Lunch with Steve O’Connell, GLA Member for Croydon and Sutton: Thursday 13 October, 12.00pm – 2.30pm: Hilton Hotel, Purley Way, Croydon, CCCI Members £44.00 Non-members £68.00 • The Grapevine Network: Thursday 27 October, 12.00pm – 2.00pm: Farleigh Golf Club, Croydon
Membership of Croydon Chamber of Commerce starts at £232 + VAT for 12 months’ membership. If you would like to learn more about how Croydon Chamber of Commerce can help your business, please do get in touch with us. T: +44 (0)20 7556 2390 E: info@croydonchamber.org.uk W: croydonchamber.org.uk
NEWS
NATIONAL NEWS HOLD THE FRONT PAGE Johnston Press cut the value of its local newspaper business by almost half, forcing it to miss profit expectations and knocking as much as 20% off its share price on Thursday. The UK newspaper publisher, which owns more than 200 titles including The Scotsman and the Yorkshire Post, reported revenues of £114.2m in the 26 weeks to July 2, down 11.4% compared with the same period last year. Advertising revenues fell nearly 18% year-on-year in the first quarter, and were down 15% in the second quarter. The publisher revealed a £216.9m write down on the value of most of its newspaper assets, reducing their worth to £259m, excluding the “i”, the national newspaper it acquired earlier this year. The charge pushed Johnston Press into a pre-tax loss of £183.7m in the first half, compared with a £2.2m pre-tax profit a year earlier. Johnston Press bought the “i” tabloid title for £24m from Alexander and Evgeny Lebedev, owners of The Independent, in February. Shortly after announcing the sale, the Lebedevs ceased publication of The Independent’s daily and Sunday newspapers, making the title available only online. Johnston Press said in August that the acquisition of the “i” had been “transformational”, pointing to a surge in sales of the newspaper since the deal completed in April. Average daily circulation of the newspaper was 294,223 in June, compared with 270,182 in the month before the acquisition. Analysts were less optimistic, with Peel Hunt saying that while the i’s circulation trends “look encouraging”, the overall group’s results “paint a depressing picture”. Shares in the London-listed Johnston Press were down 14.5% at lunchtime on August 5th, at 11.75p per share. Johnston Press has struggled with a relentless decline in circulation and advertising revenues over the past decade. Shares in the newspaper publisher have lost around 90% of their value in the last year. The challenges are being felt across the UK newspaper industry. Since 2000, total daily sales of UK national newspapers have almost halved to less than 8m — a decline that shows no signs of slowing. Last week, Johnston Press’s rival Trinity Mirror, the publisher of the Daily Mirror and more than 150 local newspapers, reported a sharp increase in group revenues — driven largely by Trinity Mirror’s £187.4m acquisition of rival publisher Local World last November — and announced a £10m share buyback programme. However, underlying group revenues at Trinity Mirror fell nearly 8% compared with the same period last year.
TRADING SUSPENDED Trading in Barclays shares was suspended on the 1st August following heavy losses on the London Stock Exchange. Barclays share price fell by 10.3%, triggering automatic circuit breakers that kick in when a share price falls more than 8%. When that happens, automatic continuous trading is temporarily suspended and the affected shares are placed into an auction to recalculate the value of the stock. This allows the market to decide on an appropriate value for the stock before automatic trading resumes. Barclays shares were offline for about five minutes, a spokesperson for the London Stock Exchange said. Bank shares have been hard hit following the UK’s decision to leave the EU on Friday. Barclays was trading at 127.20, down 17.35%, by the time the stock exchange closed. Lloyds was down 10.26% at 51.15p, after falling more than 20% on the same day.
“Going to church doesn’t make you a Christian any more than standing in a garage makes you a car.” 19
NEWS
NATIONAL NEWS LEGACY LOSSES Royal Bank of Scotland has reported a £2.04 billion loss for the first half of the year. The loss takes into account £1.3 billion worth of PPI and other legal costs. The state-backed lender has put aside £450 million to cover payment protection insurance (PPI) claims after the Financial Conduct Authority extended the deadline to 2019. RBS was also stung by £630 million in restructuring costs and a similar figure for litigation brought by shareholders linked to its bailout. The bank has also abandoned plans to separate the Williams & Glyn branch network, because of the complexities and costs associated with creating a new banking platform. However, RBS remains committed to selling Williams & Glyn, with Santander understood to be interested in picking it up. Chief executive Ross McEwan blamed the loss on “legacy issues,” saying the bank was still resolving past problems following its £45 billion government bailout, the BBC reports. Mr McEwan said: “We are clearly in phase two of our strategy, where our focus is on drawing a line under many of the legacy issues that have plagued this bank, and transforming the core business so we can deliver consistent, sustainable profits and results for our shareholders and do great things for our customers.This progress is important because it means we are well positioned to support our customers through the challenges that an economic slowdown poses for the country,” Mr McEwan said.
LINKEDIN LOSS Professional network website LinkedIn posted its deepest loss as a public company after being hit by a tax related charge in its final quarterly update before it merges with Microsoft. The company reported a loss of $119.3m for the three months to June 30, driven by a $101m charge relating to the company’s tax assets. However, the firm grew its revenue to $933m in the quarter, 31% up year-on-year thanks to an 18% year-on-year increase in members. The company said it members had grown to 450 million – 18% higher than at the same point last year. Page views from each visitor were up 21% year-on-year, which LinkedIn said showed it was engaging better with its customers.
“Some people just need a high five - in the face, with a chair.” 20
NEWS
“Friendship is like peeing on yourself: everyone can see it, but only you get the warm feeling that it brings.”
A GOOD WALKED SPOILED Nike is back in the clubhouse having called time on making golf equipment. The sportswear giant finished its round with a double bogey. Its execs can at least console themselves with their pals from Adidas at the bar. Nike’s European rival also hit into the rough by betting on golf. Its golf brands were put up for sale earlier this year. It all looked so different back in 1996 when, as is its wont, Nike sunk its hooks into the player who would become game’s biggest star: Tiger Woods. Millennials seem to agree with the oft quoted description of golf as “a good walk spoiled”. They’d rather run, which accounts for a shade above of $5bn in Nike revenues. Or play basketball (a Nike staple). A declining business making equipment for a declining sport? Not a happy combination. No wonder Nike has pulled the plug. No wonder Adidas pulled the plug. Nikes new slogan “Just don’t do it”
EUROPE’S LARGEST SAGE HACK ECONOMY The UK is on course to become Europe’s largest economy within two decades, overtaking France and Germany, according to a new report. The think tank Centre for Economics and Business Research (CEBR) predicts the UK’s GDP will first move to fifth place ahead of France by 2018 before leapfrogging Germany around 2030. However, despite being forecast to be the second most successful of the Western economies after the US, it will fall behind the accelerating economies of India and Brazil. “Germany is forecast to lose its position as the largest Western European economy to the UK around 2030 because of the UK’s faster population growth and lesser dependence on the other European economies,” the report said. But the report added: “If the euro were to break up, Germany’s outlook would be much better. “A Deutsche Mark-based Germany certainly would not be overtaken by the UK for many years, if ever.” Douglas McWilliams, the CEBR’s chief executive, said that Britain could become even stronger outside the European Union.
The details of employees at around 280 businesses may have been compromised after software company Sage Group suffered a data breach.
The FTSE 100 company said today that it was investigating an incident of “unauthorised access to customer information”, which was made using internal login details, rather than an external hack. Sage provides software services to help businesses across 23 countries manage their accounting, payroll and payment systems, meaning a breach could have exposed the bank details of members of staff in the affected companies. Sage said it had notified those whose data may have been accessed, but there was as yet had no evidence that the data had been used, only viewed. It is also understood to have informed the police and the Information Commissioner’s Office (ICO), which is responsible for the enforcement of the Data Protection Act. A spokeswoman for Sage said: “We cannot comment further whilst we work with the authorities to investigate – our customers remain our first priority and we are speaking directly with those affected.” Shares in the company had slipped 1.42pc to 729.5p at midday on the back of the news.
21
EXPORTING
NAVIGATING GLOBAL MARKETS International trade is not the reserve of big business
by James Colvin, Partner at DMH Stallard james.colvin@dmhstallard.com
D
iving into the unknown is never a wise thing to do, but by the same token it is equally nonsensical to dismiss every
unknown as a bad bet. For the majority of UK businesses the global market is untested. But post-Brexit many business owners may feel that dipping a toe or two into international waters is not only preferable, it is necessary. And why not? If you manufacture products
when starting out on the road to exporting.
“Be aware of local laws that sometimes make ending a relationship with a distributor or agent very difficult. ”
June’s earthquake at the polls may well lead to many more exporting opportunities as new trade agreements are entered into with countries around the world as Brexit gathers pace. UKTI will therefore be a vital first stop for understanding the most up to date position. Their advisors have real expertise in the markets that you will want to penetrate.
or offer services that have global appeal,
This intelligence is backed up by extensive
customers are customers wherever they
research reports available through their Open
are. Operating in foreign markets can quickly become the ‘norm’ for businesses rather than
Your starting point
Market Introduction Service. I know that many business owners who have engaged with
Once you’ve looked at developing an
the UKTI have subsequently been on trade
overseas market strategy and considered
missions with them and had the use of the
how that fits with your UK business strategy,
navigate their way through the global markets
facilities within UK embassies overseas. While
consider getting in touch with UKTI. We have
I’m sure you’ve attended a business exhibition
for many years, and while every country is
interviewed a number of businesses about
in the South East at some point, there’s nothing
different – customs, culture, ethics, taxes,
operating abroad that have heaped praise
quite like presenting your business and
governments, and of course, language – there
on the advice and guidance UKTI offers.
networking at an international trade show in
are some steps you can take to ensure you stay
Many cited UKTI’s country research and
Shanghai or Mumbai – something else the UKTI
on the right course.
intelligence reports being of particular use
will help you to participate in.
some sort of niche activity. At DMH Stallard we’ve been helping clients
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EXPORTING The Department for Business, Energy &
countries assessments are made on the risk to
consignment got delayed. The theoretical
Industrial Strategy (formerly The Department
staff of terrorism and kidnapping, particularly
savings did not materialise and the tactic was a
for Business Innovation & Skills) is another
prevalent in Central and South America. The
false economy.
government office that is worth visiting.
government departments already highlighted
Stepping stones Building successful and long-lasting relationships with people on the ground is fundamentally important. Whether you speak the language or not, don’t make the mistake of thinking you’re under the skin of indigenous cultures and business practices – good local knowledge is vital – simply sharing the same language is a million miles away from sharing the same culture. Using distributors for selling stock and
market will prudently put all orders on a
this crucial analysis.
pro-forma basis to start with: customers and
Protecting key Intellectual Property (IP) will
are settled before goods are shipped. “Credit
jurisdictions. For all businesses keen to fly
can come later” was the usual approach of
the flag abroad, staying ahead of the game
businesses interviewed, with one only being
is important, especially for manufacturers.
prepared to discuss credit facilities after at
Manufacturers should take every step possible
least 12 months of working with a customer.
to protect IP which is at the heart of their
Letters of credit are commonly used.
business, rather than having to battle costly
international market:
future.
• Create an export strategy that is integral with your business strategy – avoid the temptation for tactical initiatives
relationships, project management and
Whether you use distributors in your new foreign market is clearly a choice you’ll need to make. Many businesses start this way and once established they create a permanent presence of their own. Be aware of local laws that sometimes
Our top tips for successfully establishing an
disputes that could potentially arise in the
activities such as developing customer
foreign markets as a sensible move.
distributors are invoiced up front and invoices
always be a challenge in new and little known
commodity items, and agents for more complex
managing suppliers, is seen by many new to
Most companies when dealing with a new
and the Foreign Office are there to assist with
• Undertake all the research you can and take
“There’s nothing quite like presenting your business and networking at an international trade show in Shanghai or Mumbai. ”
advantage of any government support and advice • If engaging a local distributor or agent do so in full knowledge of expectations on both sides and the local laws • Invest time understanding the culture and local customs • Use representatives fluent in the native
make ending a relationship with a distributor or agent very difficult. Occasionally, some will
language and original language documents
negotiate an ‘earn out’ with the distributor.
(rather than English translations) wherever possible
Whatever your strategic end game, having bulletproof agreements and contracts in place
One company we know very aggressively
that cover all the main risks help avoid a lot of
defended its IP and took out application patents
pain and expense.
as well as process and technology patents to
All these key local relationships must be nurtured. Businesses we work with invest time in making regular visits to foreign climes to see their partners and organise events to celebrate new business links, discuss new products and services, and get feedback on the ground. Many businesses will also utilise a regional
stop their competitors accessing the market. They also have well-drafted non-disclosure agreements which have proved a successful
• Take precautions to value, register and protect your intellectual property • Consider how you will get paid carefully • Stay compliant and environmentally friendly • Look for networks of businesses in similar
basis for enforcement action in overseas
position to share experiences and best
jurisdictions.
practice.
Expect frustration when your products, already proudly displaying the CE quality standard approval, which theoretically is
DMH STALLARD is an award winning
geographical area such as the Middle East or
acceptable in many countries, aren’t given the
Latin America.
red carpet treatment by certain governments
law firm providing strategic and operational legal advice to clients, enabling them to protect and grow their businesses. We have an established track record of working with clients on a range of international assignments and are a member of a global network, Law Europe International. We have produced a number of reports on exporting which can be found on our website www.dmhstallard.com.
office as a hub to export around a specific
Canada is a good staging post for the US. Companies use it as base to sell to distributors before eventually setting up an office in the US. Having a presence in Canada to manage the US market is advantageous in respect of the business friendly environment in that country,
around the world. The local approval process can take far too long (three years compared to two weeks in some EU countries) and is seen as an indirect strategy for protecting local suppliers. When transporting goods, a company
such as the R&D tax credits and the North
we know of learned to its cost to avoid
American Free Trade Agreement.
‘consolidated transport’. This is where an airline creates a bulk consignment to a country
Risks & Red tape Fuelled by conflict, acute political
by combining the goods of various customers together to offer a cheaper option. This
instability and the breakdown of law and
company discovered that when part of the
order in a number of countries, geo-political
consolidated batch from another customer
considerations are increasingly complex but
encountered problems with customs or other
absolutely necessary. In several high risk
import or export requirements, the whole
For more information on how DMH Stallard can help your organisation please contact james.colvin@dmhstallard.com.
23
THE BIG STORY
THE GOVERNOR That age-old British institution, the Bank of England, has been with us since 1694, and its 120th Governor is, for the first time, not British. by Maarten Hoffmann
M
ark Joseph Carney is a Canadian economist who began his career at Goldman Sachs before joining the Canadian Department of Finance and then rising to become the Governor of the Bank of Canada. Born in 1965,
his home was Fort Smith in the Northwest Territories. He went on to receive a Bachelor’s degree with high honours in economics from Harvard University before commencing post-grad studies at St Peters College, Oxford, where he received a Master’s and a Doctorate in the same field. He met his wife, Diana Fox (sister-in-law of Conservative Peer Lord Rotherwick), whilst at Oxford. As an economic specialist in developing nations, she would seem to be ideal company for Carney. They have four daughters. Carney has been called a ‘steady hand on the tiller’ since he joined the BoE in 2013, preceded by Sir Melvyn King, and one might conclude that his only wrong step to date was allowing himself, and the Bank, to be dragged into the Project Fear ‘Remain’ campaign. But upon further investigation, his central plank was correct. It was indeed not the smartest economic move to leave the EU, and our economy would suffer, but to go further with horror stories of house prices plummeting, cars left unsold, mortgages floundering and general economic mayhem was, perhaps, unwise. The BoE even ‘donated’ £500,000 to the ‘Remain’ campaign whilst declaring their neutrality. This led to a battle between Carney, and among many others, Bernard Jenkins MP, director of the anti-EU brigade, with Jenkins writing: “You are prohibited from making any public comment, or doing anything which could be construed as taking part in the referendum debate. I have taken legal advice from Speakers’ Counsel… [and] wanted to take the opportunity to stress the importance of this matter.” In a letter replying to the MP, Mr Carney said: “All the public comments that I, or other Bank officials, have made regarding issues related to the referendum have been limited to factors that affect the Bank’s statutory responsibilities and have been entirely consistent with our remits”. Repeating arguments he has made in the past, Mr Carney said that the Bank had a duty to inform the public about the implications of the vote for the purposes of monetary policy. He has previously defended the importance of such comments in order to provide clarity about how the Bank will achieve its mandate. The Governor told the Conservative MP that his letter demonstrated “a
fundamental misunderstanding of central bank independence.” He also made clear that the Bank was not legally bound by the Cabinet Office’s purdah rules forbidding interventions during the final days of the campaign by Government departments, but had voluntarily signed up to the code. He added: “I would be grateful if you would do me and my fellow independent committee members the courtesy of consulting the public record before writing such letters.” As Carney was plucked out of Canada at great expense by then Chancellor
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THE BIG STORY George Osborne, it is perhaps not surprising that he was dragged into the affair but rather
Mr and Mrs Carney
unfortunate that he allowed the independence of the venerable institution to be dragged into politics. At the time of writing, he has survived, whereas Osborne has not. To his credit, he has taken the result on the chin and got to work minimising as much of the damage as possible and is now working full tilt to secure the country’s future economic prosperity. As markets around the world plunged following the referendum result, the Governor of the Bank of England appeared live on television before 10 a.m. to reassure the country and the financial markets that all is under control.
“Historically, if you are spending more than 40% of your income on debt servicing, you are vulnerable. ”
As the pound plummeted to its lowest rate since 1985, Carney stood before cameras, and, with a calm and steady voice, promised that Britain was ready to face the challenge. “We are well-prepared for this,” he said. “The Bank of England will not hesitate to take additional measures as required.” He emphasized that any economic adjustments to be made will be supported by a “resilient” U.K. financial system. He said that Britain’s banks are far better positioned to face this situation than they were in the financial crisis in 2008, their capital requirements now 10 times higher than at that time, with £130 billion of new capital and “more than £600 billion of high-quality liquid assets” in place. In addition, he said the BoE would provide an extra £250bn of funds through its normal central banking facilities and substantial foreign currency lending to banks if they ran short of dollars, euros or yen. Mr Carney’s actions were underpinned by a series of statements from around the world. The Federal Reserve pledged to provide dollars
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XERO AWARD WINNER 2016
THE BIG STORY to other central banks if necessary to alleviate financial market turbulence that it said could hit the US economy. In a statement issued hours after the UK voted to leave the EU, the Fed said it was ready to funnel dollars to other central banks. Christine Lagarde, Managing Director of the International Monetary Fund, said she supported efforts “to supply liquidity to the banking system and curtail excess financial volatility.” UK regulators also promised to take “all necessary” steps to ensure financial stability, raising the possibility that the Financial Conduct Authority could temporarily restrict the short-selling of certain shares — that is, when traders borrow shares, then sell them in the expectation their value will fall, buying them back at a lower price and pocketing the difference. So, a steady hand indeed, but where did this steely professional persona manifest itself?
Carney with Christine Legarde
His time at Goldman Sachs would be a good place to start. During his 13 years at the company, he ran the Tokyo, New York and Toronto offices in progressively more senior positions, including Head of Sovereign Risk, Executive Director of emerging debt capital markets and Managing Director of investment banking. He also worked on South Africa’s post-apartheid venture into international bond markets and was involved in the 1998 Russian financial crisis. It is said that Carney was deeply involved with Goldman Sachs when they were named ‘the bank that crashed the worlds economy,’ referring to the 2008 financial crash. The ‘Leave’ campaign reported that he was also the mastermind behind Greece’s fiddling of its public finances when seeking European bailout cash. Whatever the truth, Mark Carney has been around the block a few times, with his hand in some of the largest global financial transactions of this generation. The controversy over that ‘political’ intervention came hot on the heels of his comments on climate change – an intervention that again prompted accusations of political meddling. The Governor is having none of it. Both on Europe and climate change, he insists he is well within his rights to comment. Indeed, he implies it is his duty. “I was in Lima with the International Monetary Fund and G20 last week, and the second-most-talked-about issue was climate change. Is it a bad thing that the Bank of England is not only doing its job but leading the way?” he asks. Crucially, he argues, it is not outside his remit. London is one of the world’s biggest insurance markets. Insurers are having to take account of climate change fears and risk. It is affecting their capital levels and the premiums they levy. Carney pulls the debate back to his core job – regulating and monitoring the UK’s financial system, saying: “If you want to deny climate change, OK. But you can’t deny the market. If you want to deny the market, then I can’t talk to you. On Europe he is equally clear that it’s his job to say something. He says: “Speaking as a central bank, it is very likely that Europe has advantaged the dynamism of this economy. In fact, it is without question. “We have to say something. I have been called to testify in front of the Treasury Select Committee, and I am going to have to say something there,” he declares, adding: “The British people would expect me to have something to say.” Carney refers a lot to ‘the British people’. He does so in the tone of a man expounding upon his public duty to Her Majesty’s subjects. This may sound like the traditional British public servant speaking. But
Many believe Carney has political ambitions in Canada and will return home to try to take the helm of the Liberal Party.
insiders agree the Bank has changed under Carney.
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THE BIG STORY In previous interviews in the imposing grey-stone headquarters of the Bank, Carney has shown paintings of past Governors and other dignitaries adorning the walls, pointing out the desk used by eminent Governors and recounting the superstition that it is bad luck to tread on one particular mosaic in the Bank’s hallowed halls. So, he has a sense of tradition. But he has also made the Bank more open – too open, some would say – making a virtue of speaking as directly as possible to the public. He has increased the emphasis on economic research and listening to outside voices. Then, of course, there’s the man himself. An Everton supporter, he adopted the team in the 1990s after visiting relatives in Liverpool while working for Goldman Sachs in London. He’s also a keen runner, finishing this year’s London marathon in just 3 hours 31 minutes. He’s even been snapped at rock concerts. ‘I recently saw Hey Rosetta! and Arcade Fire,’ he says. For those not au fait with their work, both are Canadian indie rock/folk bands. He also has a taste for Nick Cave and the Bad Seeds. Carney’s manner is a far cry from that of
As the pound plummeted to its lowest rate since 1985, Carney stood before cameras, and, with a calm and steady voice, promised that Britain was ready to face the challenge. his predecessors: he is smiling and at times self-deprecatory. At one point during a media interview, as he was expounding on an issue, his press minder looked nervously at a member of the public nearby. “Am I in trouble?” he smiling enquired, making a zipping gesture across his mouth before continuing more sotto voce. For Carney, the concern is with those he calls ‘vulnerable’ – the Arcade Fire
householders who could find it hard to pay their bills if rates rise. He says: “While there’s been a lot of progress paying down debt, there’s still a substantial proportion of British households carrying a lot of debt. On top of that, the fact is that real wages (taking into account inflation) have not come back to their level before the crisis. “Historically, if you are spending more than 40% of your income on debt servicing, you are vulnerable. Today we have about 2% of households in that position. For mortgage holders it’s about 4% and we are now updating those figures.” At a recent visit to Jaguar Land Rover’s factory, his minders were once again looking very nervous as the playful Governor was again on show. In a virtual reality room to make him feel like he was inside the latest Range Rover, he was required put on special glasses that made him look even more like Clooney, barring the electronic sensors that stuck out madly – they were more Elton John. “No pictures in the glasses,” says the minder. It’s clear that Carney himself is rather more relaxed. His laid-back, off-the-cuff nature and George Clooney good looks go quite some way to allowing him to slip in and out of controversy almost at will. It might not sound like a big thing, but the most frequent mistake people make in their delivery during any kind of interview, but especially
28
THE BIG STORY in the broadcast media, is to speak too quickly. This is completely understandable: you’ve got a lot to say, time is short, you’re feeling anxious and the adrenaline is flowing, so you go like an express train. The problem is that, not only does your audience miss some of what you’re saying, but you lack authority. High-status individuals tend to talk more slowly. This is because they give the impression that they’re in charge of the timing of their comments, and they don’t fear being interrupted or having to give way to others. It’s not arrogance, it’s a quiet, understated confidence – and it’s another reason why Mr Carney is so convincing. His comments before the Scottish referendum infuriated nationalists. He has also voiced a view on the idea of the Bank printing money for Government spending – widely seen as a direct attack on Labour’s policy of quantitative easing.
Justin Trudeau
Whatever the truth, Mark Carney has been around the block a few times, with his hand in some of the largest global financial transactions of this generation.
“I have been a central banker for longer than I would like to admit. First in Canada, then here in Britain, and I have worked with governments of the right and left. The correct answer in all circumstances is to stick to your mandate,” he declares, which for the Bank means monetary and financial stability – setting interest rates and overseeing Britain’s vast financial sector. So, could he work with any government, whatever its tax and spend policies? He says: “As a central banker you take fiscal policy as a given, except in the most extreme cases, where a particular policy was going to imperil your objectives as a central bank. “You will never find me commenting on what a government should or shouldn’t do with fiscal policy. The quid pro quo is we would not expect it to comment on monetary policy. That has been very clearly delegated to us by Parliament.” Many believe Carney has political ambitions in Canada and will return home to try to take the helm of the Liberal Party. But after the recent election results, in which Liberal leader Justin Trudeau won an unexpected victory, that job now looks very firmly occupied. The Governor will not answer questions about his own politics. But what about his own future? “Could you envisage staying for longer than five years if the Chancellor asked you to?” he was recently asked at Victoria train station. He inserted his ticket into the gate. It spit it back at him. “I can envisage missing my train,” he jokes. Finally, he is through the gate. But he will not use this as a shameless chance to dodge the question. Not entirely. He smiles a twinkly-eyed smile again and waves goodbye. “Can I get back to you on that?”
29
ACCOUNTANCY
SLOW DOWN, YOU MOVE TOO FAST Bryan Elkins, Tax Partner and Julie Burton, Private Client Tax Manager at Kreston Reeves on the impact of digital tax returns
O
ne rule of thumb generally applies with tax returns: There are few simple ones, particularly where a business is
concerned. This makes the Government rush to give five
businesses are simply not going to be equipped to prepare the information required digitally themselves, let alone quarterly, even if they have the necessary broadband speeds to do so (by no means certain) by the target date.
Helping hand Unfortunately, a good idea can often come undone on a reality. In this case, the reality is that tax is a highly complex issue these days, with many regulations and exemptions, not to
million enterprises and 10 million taxpayers
A recent Tax Faculty survey showed that
individual online accounts with Her Majesty’s
just a quarter of businesses currently manage
goalposts. For example, the ‘wear and tear’
Revenue & Customs (HMRC) by 2020 as likely to
their accounts electronically using accounting
allowance for buy-to-let has just been replaced,
create burdens as remove them.
software. Mandatory electronic record keeping
and the rules on pension contributions are
will therefore need a significant change of
constantly changing.
HMRC intends that by 2020 most businesses, including the self-employed and landlords, will be required to keep track of their tax affairs
uptake in online accounting packages. The Government and HMRC also appear to
mention a Finance Bill every year moving the
Few untrained people can keep up with the changes, let alone have the expertise to fill
underestimate the contribution already made
in a return accurately. It is hard not to agree
by accountants and tax preparers to ensuring
with Andrew Tyrie MP, chair of the House of
that accurate returns are submitted. A planned
Commons Treasury Select Committee, when
delay in giving professional advisers access
he suggested that digitisation will cause
focused, simpler, personalised tax service, or
to their clients’ accounts online is telling.
compliance costs to actually rise, not fall
would wish to turn back the digital tide. The
Oversight? Perhaps. But it might be a sign that
as Government ministers have suggested.
concerns are to do with timing and inherent
marginal importance is being attached to the
It is not hard to see why. Many people will
complexity. Experience suggests that many
role of tax advisers.
still need help from their accountants, but
digitally and update them at least quarterly in their digital tax account. Few would criticise the aim to create a
30
ACCOUNTANCY
“The alternative may be to place total trust in HMRC’s calculations on your behalf. That’s a big leap of faith.”
in future it will be four times a year rather than the just once. The alternative may be to place total trust in HMRC’s calculations on your behalf. That’s a big leap of faith. There is also a question of what happens thereafter. It seems a small step to take from quarterly reporting to quarterly payments. This might, of course, be attractive to businesses and Government. But it would still represent a significant change and potentially extra effort/cost. Clearly, digitisation of tax accounts is the way forward. But we should question the speed with which it is being
For more information about Kreston Reeves’ tax planning or online accounting services, contact Bryan Elkins on 01403 253282 If you would like to attend one of our October Finance Focus update seminars in Arundel, Brighton, Gatwick, London or Maidstone, please visit www.krestonreeves.com/news-and-events/type/events
rolled out, and the optimistic assumptions being made about how well taxpayers will adapt and what it will save. A recent National Audit Office stated that for every pound saved by HMRC in reducing the cost of administering personal tax, the average increase in cost to taxpayers was £4.
“Many people will need help from their accountants, but it will be four times a year rather than once. ” The Government also needs to make sure the technology works properly, particularly given unhappy experiences with
www.krestonreeves.com
other state initiatives to roll out software reforms across vast sectors of the public economy. Recent departures from HMRC’ s digital team don’t inspire confidence. It would be a disaster if errors undermined public confidence in something as fundamental to our economy and to the wellbeing of individuals as their finances. Accountants and tax planners must be encouraged to participate in how the detail is finalised, not just on behalf of their clients, but because of the knowledge they can bring to what will surely be an evolving, probably bumpy, introduction. The Government must also be prepared to allow its ambitious timetable to slip. A good start would be
31
CASE STUDY
HOW DOES YOUR BUSINESS GROW?
Danos Athanasi and Kate Sun in Rawlison Butler’s Corporate Team ask Andy Leslie, Chairman of Network Aviation Group, how the company expanded
Y
ou’ve successfully established your business and now you’re looking for growth. Organic growth is slow and
into a successful group of companies.They
business,” explains Andy. “Thus we expanded
cover virtually all aspects of aviation cargo
from freighter aircraft management to general
sales, logistics and management of freighter
sales and services agency to cargo services
acquisitions can be daunting. Here’s how one
aircraft offering a variety of sales and services
on passenger airlines and from East Africa to
medium-sized private company went about it.
to client airlines as well as managing a fleet
Europe, the Middle East and Canada.” Know
of freighter aircraft on a network of scheduled
what you do well and keep your eyes open
1985 with two partners who put in £500 each
routes and charters throughout the world.
for businesses that are close enough for your
to form a company that managed one Boeing
Expand in steps, outward or across
expertise to be relevant so that you can build
Network Aviation Group started business in
cargo aircraft for DAS Air Cargo, a Ugandan
“We looked continually for businesses that
cargo airline. By a combination of organic
either did the same thing that we did but in
growth and strategic acquisitions it has grown
new locations or did a different but related
32
on what you’ve already achieved.
Take it a step at a time. NAG’s preferred expansion method has
CASE STUDY
“Acquisitions are always time-consuming. Trusted professional advisers can take some of the burden, but even so you must budget for many management hours.”
been to start with a commercial partnership;
putting the time and effort into an acquisition.
before.”
if this works well, they consider either taking
Choose your professional advisers
Allocate enough management time
an equity stake in their business to form a joint venture or buying them outright. RB’s Danos Athanasi said: “Starting with a commercial partnership avoids the risk of snapping up a business that proves problematic to integrate and manage; the joint venture format often works where an outright takeover would risk losing key managers and customers from the target company; at the same time, an outright
Acquisitions need lawyers and accountants.
Acquisitions are always time-consuming.
Although many firms can advise on most
Trusted professional advisers can take some
acquisitions, where you have a programme of
of the burden, but even so you must budget
expansion it saves time and expense to find a
for many management hours to be spent
good accountant and a good lawyer and use
on finding, negotiating and completing the
them for the whole programme. Andy says, “The RB Team, led by Corporate Partners Tim Sadka and Danos Athanasi, has grown
deal and many more on integrating the new business into your own company. Failure to do this means that either the new business won’t be properly integrated or your original
takeover could work where the founder of a
business will suffer while you integrate the
one-man business is ready to retire.”
new one.
Work out what you really want Yes you want the target’s business, but is it in particular • their assets? • their staff? • their local connections or licences? “While our pattern has been to acquire equity, we are awake to the possibilities of an asset purchase,” Andy says. “We can envisage
“Another way to acquire key senior staff is to hire them as consultants rather than employees.”
Learn from experience Unless you are unusually lucky, there will always be the good targets that get away and the seemingly good acquisitions that go wrong. Minimise these by: • doing thorough research before you start • identifying what you want and where your deal-breakers are • doing good commercial, legal, tax and
circumstances where we would want to acquire
accounting due diligence between
a company’s aircraft or its contracts but not its
agreeing the heads of terms and
contingent liabilities, and we have discussed
completing the deal
with our legal advisors when an asset purchase might suit our ambitions.” Either an asset purchase or a share purchase can work to acquire staff, but another way to acquire key senior staff is to hire them as consultants rather than employees – a format that, with a profit-based bonus, is also a helpful structure for an earn-out for a retiring owner who is to be phased out of the business
to understand our business, how we work and what our priorities are. They don’t have to spend time getting to know us but can get
• listening to your gut and being prepared to walk away if the deal really isn’t working • if an acquisition does fall through, sitting
straight into the nitty-gritty of each deal without
down with your advisers to work out what
having to refer back to us for instructions on
went wrong and how to avoid it in future.
every detail – they know when to bother us
If you would like to know more, contact Danos
and when to get on with it. A level of trust has
Athanasi or Kate Sun in RB’s Corporate Team on
built up through working together many times
01293 527744.
rather than either kept on indefinitely or abruptly retired from one day to the next.
Acquisition is not always the answer While a nice little thriving business to bolt on may look attractive, sometimes it would be more cost-effective to grow organically. Take a look at the staff and connections you already have, think about the timing (the faster you need to expand, the more likely you are to need to acquire other businesses) and consider whether your existing management would be better employed fostering internal growth or
33
BUSINESS AWARDS
SHINE BRIGHT LIKE A DIAMOND
❝
Absolutely delighted to be the recipient of two awards on the night which really reinforces Denbies commitment to strive for the best in all areas of the operation.
❞
DENBIES WINE ESTATE BUSINESS OF THE YEAR & GREEN BUSINESS OF THE YEAR 2016
❝
Basepoint aims to have a culture of responsibility throughout our whole business so this award is a fantastic recognition for all the efforts our hardworking team have put in to share that ethos with the wider community.
❞
BASEPOINT RESPONSIBLE BUSINESS OF THE YEAR 2016
❝
Winning this award means a huge amount to the entire team and we are so proud to have been recognised in this way. HILTON LONDON GATWICK AWARD FOR PLACE TO MEET 2016
❞
❝
I have seen the Gatwick Diamond profile grow significantly over the years and feel proud to be part of it and l have no doubt that this recognition will boost our business.
❞
SIMON PRINGLE, RED RIVER SOFTWARE BUSINESS PERSON OF THE YEAR 2016 34
BUSINESS AWARDS
❝
We are very honoured to have won this award as customer service is the backbone of our business. Thank you, we are honoured.
❞
CLUB CLASS CHAUFFEURS AWARD FOR CUSTOMER DELIGHT 2016
Announcing the 9th Gatwick Diamond Business Awards, Jeremy Taylor of gdb said: “Once again we have brought together a fantastic group of sponsors and judges to help us find and celebrate the very best businesses across the Gatwick Diamond. The Gatwick Diamond Business Awards give any business the opportunity to shine as brightly as they can … like a Diamond.”
HEADLINE SPONSORS TO DATE:
PRE-DINNER RECEPTION:
AWARDS SPONSORS TO DATE INCLUDE:
CREATIVE PARTNER:
VENUE PARTNER:
EVENT PARTNER:
MEDIA PARTNER:
PLATINUM MAGAZINE
TO FIND OUT MORE ABOUT THE AWARDS AND TO BE INVOLVED, VISIT WWW.GATWICKDIAMONDBUSINESSAWARDS.COM OR FOLLOW THE AWARDS ON TWITTER @GDBIZAWARDS
35
INTERVIEW
NEVER BE AFRAID TO ASK Serial entrepreneur, Lara Morgan, is one of the headline speakers at the Gatwick Diamond Business Speakers Conference in October. At the age of 23, she started her first business, Pacific Direct Ltd, which manufactured and sold brand-licensed toiletries and amenities to the hotel industry. Seventeen years later, she sold the majority share (99%) for the sum of £20million. She is now passionate about mentoring and investing in exciting young companies. Her mantra is ‘never be afraid to ask’ - so we asked her about her successful business career…
B
y the age of 18, having taught herself the art of selling, Lara Morgan was managing a Yellow Pages sales team in six countries in the Gulf. But Lara was never going to remain in the employ of another company for long. Some of the terms she uses to describe herself include down-to-earth, direct, sometimes bolshy, competitive, and driven. It was these characteristics that led to her turning up, a few years later, unannounced at the doors of The Dorchester with the aim of selling them sewing kits she had created. This approach could be described as naive, but as Lara maintains, “If you don’t ask, you don’t get.” She was, of course, successful, which leads to our first question:
Do you believe a budding entrepreneur should ignore the perceived rules and act out of instinct? “Yes, my lack of business training, if you like, and not knowing what was considered to be the protocol or method in the early days, enabled me to make braver calls. I was able to be bolder in my outreach, to be original in my ambition and to grow faster because of not being constrained by following the path of those who had gone before.
36
“I literally asked the dumbest questions and was never afraid to let people know when I did not know the basics. What I always did was listen, take note and then respond. I wanted to be original, market-leading, and to be better and different than the rest.”
Pacific Direct built a portfolio of leading toiletry brands, which were supplied as miniature versions to the hotel industry. How did you persuade so many brands to come on board? I watched others in the world develop the global market, companies like Neutrogena in the States, and Molton Brown in UK. I look back on having the cheek to ask Neutrogena and Penhaligon’s to give me the chance, over a period of six or seven years, to market their products. Again, I benefited from not knowing the complete imbalance between my company and theirs, but I will always live by the maxim, ‘If you don’t ask, you don’t get.’”
Can you recall the point when you realised that Pacific Direct had reached a tipping point and was going to become very successful? “I think winning the brand license for Asprey,
who awarded Pacific their first-ever license, was a serious moment in knowing we had a strategy that was world-leading.”
The company grew quickly. Did you have growing pains? What issues did you face when growing the business? “I could not possibly begin to list the classic list of growth pains I caused for myself by lacking focus, by saying yes far too often, by being unaware of a strategy, by having no real plan, and by not systemising through investment in the business foundations. And then there are the people challenges. I feel very lucky that I have a gift of begging great people to join my company by being very genuinely trustful, by looking for ambitious people who want to learn and grow, and by being aware of my total lack of competence and expertise across most skills sets, (except selling). I have always employed great people, and that has meant I got away with a lot of mistakes.”
Was it a difficult decision to sell the company? “No. I had always intended to build and sell. I wanted to bag security for my family. I was stupid at the time and did not think I could
INTERVIEW growth. My strategy for investment is to invest in things that buy the best commodity of all, indeed the most priceless commodity, which is time. “I am proud to be involved with: • Gate8-luggage: Travel kit that avoids baggage check-in anxiety and delay, saving time and money and making travel enjoyable once more. • Scentered.me: Allows people to have a tool and a mood therapy that improves life and gives back control through stopping, inhaling and resetting. • Kitbrix: A wicked set of products making training time more efficient and effective. • Dryrobe.com: The best outdoor ‘get changed and stay warm’ piece of sports kit you could ever invest in, whether for pre-or post-event, or simply to make the most of outdoor time. de-risk and still have controlling shares. I have learnt since that with the right partners, that can be a wholly attractive different way forward for fast growth with even greater expertise.”
Company Shortcuts promotes the development of highly profitable sales engines. Can you be a successful entrepreneur if you can’t sell or don’t understand how to sell? “Sadly, I come across many companies that neither respect the value of sales nor the critical importance of professionalising the method that people apply to their sales systems and process. Every person in a company plays a part in the oiling of the best possible sales engine. This incorporates customer service, and even the accounts department can drive value and contribute to a sales process. It worries me time and time again that founders continue to under-invest in sales recruitment, sales training and the development of their own sales systems.
“In my view, sales should be taught at school” “The advice I give time and time again to people thinking of starting up is to do nothing else other than to make sure the product is sellable; everything else is superfluous. Get the sales pipeline planned, focus on a strategically well-considered sales plan and build efficient systems and processes to deliver the product. Then continually improve that process and you will grow.”
What are your short-term and long-term ambitions? “I am living an exceptional life and I love it. I do not always get the balance of life, family and fitness right. In fact I barely think there is a ‘balance’ as I am happiest when I get time to engage in enterprise. “I am enormously proud to have been trusted by some great British investors, who I am helping as much as I can to drive their sales
• Companyshortcuts: delivers extraordinarily excellent and original sales training and strategy learning for those wishing to deliver a planned and ambitious sales strategy. The results and growth of the companies that attend this priceless course are outstanding. “In my view, sales should be taught at school. We all have to sell ourselves to make a living, and there are no more jobs for life, unless you make your own.”
Speakers Conference 20th October 2016 Gatwick Diamond Business have brought together three expert speakers to help you focus on what is important to your business. • Hear about entrepreneurial business success from Lara Morgan • Find out what the result of the EU Referendum means to you and your business from Geoff Meade • Learn how developing infrastructure could impact business in the South East and the UK from Rt Hon Lord Andrew Adonis Sponsored by Gatwick Airport, Reigate & Banstead Borough Council, Santander and University of Brighton, the inaugural gdb Speakers Conference is being held alongside the Target Business Expo at K2, Crawley on Thursday, 20th October, 2016, and will allow you to hear from three outstanding speakers, as well as have the opportunity to meet and discuss your business issues over lunch. Tickets, including buffet lunch, are: £75 plus VAT: gdb Members or £95 plus VAT: gdb non-members To book your place(s) at the gdb Speakers Conference, please call us on 01293 440088 Delegates will have free access to the Target Business Expo, also taking place at K2 on the same day. For more information or to book a stand, please contact Natasha Money at Targetin1: nmoney@targetin1.co.uk www.targetbusinessexpo.co.uk
To avoid disappointment, don’t delay. Book today! 37
CURRENCY UNCERTAINTY
HOW TO DEAL WITH CURRENCY CHAOS
Suggestions for covering foreign exchange post Brexit By Trevor Charsley, Senior FX advisor, AFEX
I
t has been nearly two months since the EU referendum but in that time so much has already happened, and so many new questions about the future of Britain have been raised, that the vote itself is rapidly fading into a dim and distant memory. It will be sometime before the full implications of Brexit are known and we will see exactly what a post-Brexit UK will look like, but the days since the referendum have provided a glimpse of what is in store while that picture takes shape. While the new Prime Minister Theresa May and her Cabinet in Westminster produce a Brexit strategy and then implement it the UK faces a protracted period of uncertainty that presents businesses with both opportunities and challenges. One of the most immediate and obvious
38
effects of the decision to leave the EU was seen in currency markets. In the hours following the vote sterling dropped to 30-year lows against the dollar, falling by 10%. It also fell by 12% against the Yen and 6% against the Euro. This is already making life difficult for importers, who are seeing the costs of the goods they buy-in from overseas increase. Those companies that hedged their currency exposure ahead of the referendum to lock in a more favourable exchange rate will have been able to weather the storm and have bought themselves time to adjust to the new currency conditions but those that didn’t will already be looking at their margins and contemplating the options available to them. One thing they cannot afford to do is ignore
the movement and wait for exchange rates to return to pre-Brexit levels. While this could happen, the technical data points to Sterling heading even lower. The Bank of England has already announced a large stimulus package in August and added that unless the economy expands faster than it expects they will cut interest rates again before year end. Sentiment and politics currently outweigh the importance of economic data and in an environment where there is a planned delay of 6 months before Article 50 of the Lisbon Treaty is triggered, as yet no coherent plan for Brexit and a UK Parliament that is taking summer recess, the pound is likely to further test the historic lows we’ve seen against the dollar rather than mount a rally in the short term at least. Firms reliant on selling into domestic
CURRENCY UNCERTAINTY
“Rather than reacting in panic or sticking your head in the sand, the key is to be alive to the challenges that uncertainty and changing market conditions present.”
relationship.
markets are also likely to see tougher trading conditions as consumer confidence shows signs of weakening. The latest YouGov/Cebr Consumer Confidence Index showed a sharp decline since the vote with confidence now at its lowest point since May 2013. Faced with so much uncertainty, people are growing increasingly concerned about their jobs and future economic wellbeing. As prices rise, we’re likely to see a reduction in non-essential expenditure and big-ticket purchases, putting further pressure on importers.
“One thing they cannot afford to do is ignore the movement and wait for exchange rates to return to pre-Brexit levels.”
The picture for exporters is better as a weak sterling means their products are essentially cheaper for foreign buyers while they are also continuing to trade as part of the single European market. Any new trade deals with Europe are likely to take a long time to come into effect, not least while the country rediscovers the art. The UK hasn’t negotiated its own trade deal since 1973 when it handed over responsibility to the EC and, with hundreds
required for the task, one estimate puts the number of active trade negotiators in the UK at 20. The likelihood of any new trade deals being struck quickly with the EU and the countries it has trade deals with seems remote and until such times, possibly as late as the end of mid-2018, the UK looks set to trade under its existing rules. However, exporters face their fair share of challenges too. Despite an unchanged trading situation in the short-term, there are longer-term question marks over the UK’s position in the world and international buyers will be weighing up the risks and uncertainty of dealing with a UK company against other possible options. We’ve already seen businesses lose out on contracts because of uncertainty about their future ability to deliver on their commitments due to Brexit while others entering into multi-year contracts have seen ‘Brexit clauses’ written into them, to protect the client in the event the Brexit fundamentally alters their commercial
Regardless of whether you’re an importer or an exporter, the Brexit vote is likely to impact how you do business. In the immediate term, this stems from the uncertainty it has thrown up. Rather than reacting in panic or sticking your head in the sand, the key is to be alive to the challenges that uncertainty and changing market conditions present, reassessing strategies and business plans to make sure they remain valid. One of our clients, for example, has already switched from setting prices annually to reviewing quarterly pricing to enable flexibility against this backdrop of uncertainty. Firms should also look to gain certainty where they can. While a GBP/USD exchange rate at below $1.30 may not be as attractive as it was at $1.50 on June 23rd, there is no evidence that it will return to those levels any time soon. Locking in a rate at below $1.30 against at least some of your commitments could be the sensible approach to protect revenues while the dust settles on the economic and political landscape.
For more information on AFEX, contact Nick Yalden (nyalden@afex.com) or Danny Elsey (delsey@afex.com). afex.com. Tel: 0207 004 3884
Trevor is an FCA CF30 approved Senior market adviser with over 25 years of trading and sales experience, include being Head of FX trading at a Japanese Investment House. Trevor’s latest role includes the provision of market analysis to the AFEX client base and managing their FX hedging policies. Trevor provides a weekly blog on the latest FX themes and is often quoted in the UK business press including the Financial Times, The Wall St Journal and The Telegraph.
39
ACCOUNTANCY
BUY TO LET
Implications for Landlords
Led by Robert Dowling, Partner at Carpenter Box, the MHA Construction & Real Estate team have worked together to provide a national outlook on the changes facing Buy to Let landlords. MHA is a national association of independent accountants which Carpenter Box helped to found in 2010. Here Robert presents the first of two articles to help you better understand the changes that landlords now face. In the second article we’ll look at ways that landlords can reduce their tax burden. Taking the Heat out of the Buy to Let Kitchen A number of measures were announced in the July 2015 Budget by the previous Chancellor George Osborne and then PM David Cameron as part of their ‘one nation’ government. The idea was to reward hard working people and ensure that they could
40
enjoy the benefits of home ownership. Some of these measures were focussed on increasing the supply of residential stock, including the unlocking of public land for development and changes to planning rules for SME builders. Those measures were designed to help to increase the supply of homes over the medium to long term. However, it was the
announcements of tax changes which took effect almost immediately and over the short term that have caused both controversy and delight; the former for landlords and individuals attempting to purchase a second home, and the latter for those trying to get on to the housing ladder to provide a home for their families.
ACCOUNTANCY
“Cameron and Osbourne’s attempt to manipulate the residential market may have had the effect of making it even more difficult for those hard workers who already cannot afford to buy a home.”
The main July 2015 budget announcements affecting the residential property market were: • The increase of stamp duty by 3% for the purchase of a second home from April 2016. • The removal of the 10% wear and tear allowance from April 2016. • The restriction of tax relief on interest for buy to let landlords being phased in from April 2017. • The reporting and payment of Capital Gains Tax on a disposal within 30 days. This acceleration of the tax payable will apply from April 2019. It is the increase in the stamp duty payable from April 2016 that this article will concentrate on.
Stamp Duty Land Tax The new rule changes to Stamp Duty Land Tax affect those individuals buying a second residential property. Corporate bodies buying residential property will either be subject to these additional rates or a more penal rate of 15% if the property is over £500,000 and is not used for a qualifying purpose. This penal charge was introduced to prevent abuse of the stamp duty rules where there was a trend to envelope an ‘expensive’ dwelling within a company before selling the company rather than the property itself.
the highest number of properties transacted in a single month since records began in April 2005. A number of individuals who were moving home in the spring were quite rightly confused by the new stamp duty rules due to the implementation of the policy appearing to be quite rushed. Would they suffer a permanent 3% additional tax charge? Would there be a mechanism to reclaim the additional stamp duty once paid, if they sold the original home shortly afterwards? In fact, where an individual sells their previous main residence after purchasing a new main residence, a refund of the additional SDLT may be claimed. Initially the previous main residence had to be sold within 18 months to be able to claim back the additional 3%, but that was increased to 3 years in the March 2016 budget. Landlords are also asking what can be done to avoid suffering the 3% charge in the future. Would this charge be applied if they move a property portfolio into a company to avoid future tax disincentives?
Some landlords who have suffered the additional stamp duty charge have already attempted to pass on the increase in their ‘cost’ by increasing rents rather than pulling out of the market which, in a location where there is a shortage of good stock, was always on the cards. If this tactic is widespread, Cameron and Osbourne’s attempt to manipulate the residential market may be a policy fail and will have just had the effect of making it even more difficult for those hard workers who already cannot afford to buy a home, by pricing them out of the rental market too. Additionally, with higher rents the ability to save for a deposit becomes even more difficult. In next month’s article, we will explain some of the ways in which these additional tax burdens can be mitigated. In the meantime, should you want any business or tax advice around the construction and the real estate sector, you can contact Robert on 01293 277670.
An additional 3% tax is now being charged to individuals purchasing a second residential property regardless of them being a property magnate with an extended history of purchasing such properties for the rental incomes, or a family that just happens to be moving home and are having to purchase the second home before selling the first. As expected the market reacted to this additional charge with volatile pricing and a large rise in the volume of property transactions in February and March 2016. House prices increased by 2.2% in March 2016 alone and were then reported to have fallen by 0.8% in April 2016. The number of property transactions in March 2016 was 165,480; an increase of 48,550 compared to February 2016, and was
This chart shows the 12 month change in house price growth/decline from March 2015 to March 2016. It is based on mortgage data and was taken from the ONS website.
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INTERVIEW
RIDERS OF THE STORM “With the opportunity cost of their cash in the bank rapidly approaching a negative yield, it makes sense for these larger companies to use it.,”
With post-Brexit nerves still gripping many boardrooms, Platinum Business Magazine talks to Nik Askaroff, CEO of EMC, about the steps his company are taking to help businesses overcome their fears
J
uly was a great month for EMC Corporate Finance. For the first time in many years, the South East-based firm completed on
“I have to admit that we were slightly worried that things might fall over at the last minute following the referendum result, especially as
three major transactions – two large corporate
one of the sales had an international dimension
sales through its Crawley and Hove offices
that made it somewhat more complicated,”
and a significant share buy-back through its
EMC’s founder and chief executive Nik Askaroff
Eastbourne office – all within a few days of each other. What made the month all the more special was the fact that each of the deals was
admits. “But our experienced team were able to negotiate their way past some unexpected obstacles and get each of the deals across the line okay. “Happily the sterling devaluation actually
completed in the wake of the Brexit vote that
helped. And the good news has continued into
many predicted would herald a financial melt-
August with the completion of a major sale to a
down.
German company.”
42
So have the harbingers of doom and gloom got it all wrong as far as Brexit is concerned? “Not completely,” Nik says. “There’s no doubt that many businesses have been spooked by the decision to leave the EU. There’s bound to be some turbulence in the economy whilst the government formulates its negotiating position for a post-Brexit Britain. “But as far as the mergers and acquisitions sector is concerned, particularly here in our corner of the South East that is dominated by owner-managed SMEs, I remain optimistic.” He is encouraged in his view by a recent
INTERVIEW
“Each of the deals was completed in the wake of the Brexit vote that many predicted would herald a financial melt-down”
EMC’s Mike Pay (third from left) with the directors of Viridian Pharma and solicitor Fraser Cunningham of the Smith Partnership (far left) following the sale of the South Wales-based business to international specialty pharma company Martindale Pharma. It was one of three deals completed by EMC in July. report from Private Equity firm Lyceum
he says. “The recent EY Global confidence
it makes sense for these larger companies to
Capital and Cass Business School that showed
barometer showed strong deal sentiment
use it.”
continuing investor appetite for UK-based SMEs.
across all sectors driven by volatility and
Andrew Aylwin, partner at Lyceum Capital, was
disruption. Some sectors will need to be more
instructions that, even if they don’t all come to
quoted as saying that the lower mid-market
granular, carefully identifying where and when
fruition, would still see the firm enjoy another
“is set to shine again as a beacon of attractive
to invest, but the only sector where acquisition
terrific year following those that have seen it
appetite falls below 50% is in telecoms.
twice win the coveted Deal of the Year trophy
investment opportunities with the deepest pool of entrepreneurs and the strongest tech and digital economy hub in Europe.” The continuing interest that PE firms are showing in SME investments is one reason for Nik’s optimism. “Private Equity firms in the UK are sitting
“With the opportunity cost of their cash in the bank rapidly approaching a negative yield,
Nik says that EMC has a strong pipeline of
at the Insider South East Dealmaker of the Year Awards and Nik himself being named Dealmaker of the Year in both 2015 and 2016. It helps that EMC enjoys a unique position in the M&A marketplace as being both a corporate finance adviser and a provider of Board-level
on huge piles of cash – some reports suggest
interim managers able to offer top-end support
upwards of £1 trillion – which they have to
to businesses on a retained or project-by-
invest and use. It’s their jobs. The pressure on
project basis.
them to buy and invest in growing businesses won’t stop whatever the economy does.” Nik also believes that many large companies currently holding sizeable cash reserves will also be tempted to splash some of it on strategic acquisitions. “Larger companies recognise that real growth will need to come from acquisitions,”
It allows the firm to forge long-term relationships with the owners of businesses that often endure from formation through to their eventual exit. A prime example of this was last year’s sale of Lewes-based Ivy Press to the Quarto Group Inc, the leading global illustrated book publisher.
43
INTERVIEW
“Private Equity firms in the UK are sitting on huge piles of cash – some reports suggest upwards of £1 trillion – which they have to invest and use.” EMC had first become involved with Ivy Press
struggle to keep their heads above water.”
the time, they shouldn’t be afraid to shout
when the company started in 1996, initially
Nik was soon joined by several like-minded
assisting with the raising of working capital
individuals who had tired of the corporate life
because of the staff. They fail because the
and then leading the finance department with
but still wanted to use their knowledge and
owners have failed to take action or summon
Nik’s colleague, Michael Pay, becoming interim
experience to help others.
help early enough.
Finance Director. Over the years before the sale, EMC advised the company on a number of
By the mid ‘90s they had established a
for help. By and large, businesses don’t fail
“I’ve said it repeatedly over the 27 years
glowing reputation as corporate first aiders.
that I’ve been running EMC but it still runs true
It was around then that they were described
today. Pay attention to the numbers, increase
in the FT as being the first corporate
your activity and work smarter and you will
were closely involved with a company from
troubleshooters working as a team. They were
reap the benefits. And if you can’t do it, find
its start-up through to its sale.” Nik says. “We
dubbed the ‘mobile boardroom’ – a welcome
knew the business inside out which certainly
someone who can to help you before it’s too
moniker that has stuck to this day. Indeed, it
helped us to engineer a most satisfactory
late and you see everything you have worked
was used as the title of their popular book of
outcome for the directors once they had
for over the years fall to pieces. Post-Brexit
general business advice that was published
decided the time was right for them to sell. It’s
last year by Thorogood Publishing.
that risk is higher than ever.”
operational and strategic issues. “This was a typical case in point where we
an added-value grooming service that others cannot offer.” The success of the Ivy Press deal and others like it are particularly satisfying for Nik as they demonstrate perfectly what he set out to achieve when he set up EMC in Eastbourne in 1989.
The corporate finance arm was added in the late ‘90s completing what Nik always wanted to be a full service offering. Today EMC operates out of offices in Hove, Maidstone, Chichester, Crawley, Eastbourne and London with 22 top-end consultants offering expertise across all the main business
“The country was just about to enter a
disciplines – finance, sales, marketing,
recession that went on for a while and lots
strategic IT, production and operations.
of people thought I was mad to be starting
“EMC is a lifestyle business. All our people
a business then,” he recalls. “However, I
have done high powered jobs in the City or
recognised that it was a time when plenty of
internationally and still have something to
companies might need extra help to survive, so
give,” Nik says. “Some have made money
for me it made perfect sense to leave the family
and want to give something back; a number
business that I had been running for seven
of them have moved out of London because
years to strike out on my own.
they have families. Others just don’t want
“I’d had a good grounding in accountancy
to retire. They could all earn more money
with Grant Thornton before joining the family
working full-time elsewhere but really enjoy
business so I knew I had something to offer
the different challenges that come their way
business owners who may have been having a
through working with a variety of businesses of different sizes and across a range of sectors.” So how are Nik and his EMC colleagues helping companies to overcome their postBrexit nerves? “It’s quite simple,” Nik says. “We are helping them to review their operations to see where they can work smarter and reviewing their business development plans to see how they can get in front of more customers. And then we are helping them to make sure their accounts function is productive and efficient. “It’s not rocket science, but it’s amazing how many bosses don’t focus on these simple actions. If they don’t know how or don’t have
44
Somewhat mischievously he adds: “Of course, if people have already had enough and want out then they shouldn’t be put off by the EU referendum result. There will always be purchasers for well run businesses with a strong presence in their market. “Even then, though, it’s important that they have advisers they can trust and who have the knowledge and expertise to see a deal through from beginning to end – someone prepared to be with them every step of the journey from when they first start to think about selling to the final signature being placed on the completion documents. Now I wonder who that could be….?”
EMC is headquartered at Rochester House, Rochester Gardens, Hove BN3 3AW. Tel: 01273 945984. Web: emcltd.co.uk
BUSINESS EXPO
10 TOP TIPS TO EXHIBITING SUCCESS! Mike Monk is launching the inaugural Brighton Expo at Brighton Racecourse on Thursday 20th October. Here Mike shares his top tips for exhibiting 1.
Promote the event to your database and tell your connections that you’re exhibiting. Use social media to follow visitors, spread the word, connect with other exhibitors, promote your stand and competitions
2.
Have a special offer or show discount which is only available to those who stopped by your stand (it makes those visitors feel even more special). Make sure your offer is relevant, different and that your offer has an expiry date to make visitors act quickly. Your offer shouldn’t last forever. Promote your offer and shout about it in your pre-event promotion.
3.
Run a competition on your stand... make sure your competition is relevant to your business (don’t just have a bottle of wine as your prize!)
4.
Capture data from visitors - have a bowl to collect business cards, have a clipboard and printed sheets to write notes and collect visitor contact information or for £50 hire a professional scanner from us so you can simply scan the new visitor badges to collect data
5.
Talk to people... simple but effective. Avoid using your mobile phone or sending emails people buy from people, so use this opportunity to speak with as many people as you can at the event
6.
Network with other exhibitors - if the exhibition hall quietens down (it happens at all events) use this time to network with your neighbours and try and do business with them!
7.
Take a break - even though the event is only open for 6 hours, plan to have a 15 minute break to sit down and reply to emails and have something to eat and drink. Don’t eat or drink at your stand as it is very unprofessional.
8.
Make sure your stand represents your brand. First impressions really count at exhibitions. People will walk away with opinions on your company and you need to make sure they are positive.
9.
Follow up after the event by sending out an email (use the templates we’ve provided to help save you time) and adding new connections and visitors to your social networking sites.
10. Hot leads go cold quickly... make sure you follow up with leads within two weeks after the show. Every person you spoke to at the event could be your next customer, so continue to follow up. There is not a limit on the amount of follow up you should do...
JOIN US AT THE BRIGHTON BUSINESS EXPO 2016! Come and join Monk Marketing on stand 27 and see what we have to offer you, at the region’s biggest business to business exhibition taking place at the Brighton Racecourse on Thursday 20 October 2016, between 10.00am – 4.00pm. With over 400 businesses attending the show, this is a brilliant event to gather new contacts that could benefit your company in the near future. Don’t miss the chance to grow your connections by getting involved with workshops and speed networking throughout the day and listen to keynote speakers and become engaged with ideas and inspiration for your business. Tickets are free, so there really is no excuse to miss out on this fantastic opportunity. We are also running a competition, and you could be the winner so make sure you drop by our stand to enter. To register for free tickets go to: http:// www.b2bexpos.co.uk/brighton-businessexpo
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DELIVER BALANCED GROWTH FOR BRITAIN A second runway at Gatwick will give airports across the UK greater opportunity to grow, which means more competition and balanced growth for the whole country. Let’s make it happen so all of Britain can get the benefits.
gatwickobviously.com @LGWobviously
TRAVEL SUPPLEMENT
PLATINUM
Rose was packed off to Amsterdam this month to report on the delights of this beautiful City and all it has to offer for business travel, or a quick recreational weekend, with highlights of the best conference locations, top restaurants and much more. John gets hot under the collar about the long-awaited airport expansion and the dire service on the Southern railway network and explains what a Passenger Train Interface is‌...
PLATINUM THIS MONTH:
Amsterdam
Travel GATWICK vs HEATHROW Will I still be alive when it opens? by John Burroughes Managing Director, Uniglobe Preferred Travel
“Gatwick clearly has a case as on the face of it, it would disrupt less people, would help strengthen the south-east economy and could be constructed quicker and cost less”
I
n 2006 the Department of Transport confirmed its vision for expanding the runway at Heathrow and it took another
be constructed quicker and cost less. Add to
ripped off by Heathrow for years and leopards
this their pledge not to increase its passenger
don’t change their spots”.
charge above £15 plus inflation for 30 years,
He added: “I’ll give you an example. We
year before the government set up a public
it’s clearly a compelling argument. There
expressed interest in installing self-service bag
consultation on the proposal.
is also no doubt, since the current owners
drops. The airport estimated the cost at just
took over, that continuous investment and
under £150,000 per unit. We’ve been able to
whether I would still be a live to see a new
improvement in the customer experience is
price the same unit at less than £15,000. That’s
runway, at either Gatwick or Heathrow open,
there for all to see.
is one hell of a mark-up.”
I should have had a bet in 2006 as to
I reckon I would have got good odds then, no chance now.
If only the story stopped there, but the
When I looked at the proposed Heathrow
problem with Gatwick is twofold, firstly it is not
expansion cost of £17.6bn, I can’t begin to
a hub airport which is what all airlines need in
understand how this figure is arrived at. The
governments and decision-makers ducking
order to fill their long haul scheduled planes
new runway is estimated at £182m whereas a
the question we still don’t know exactly when a
with passenger and cargo traffic, this way
new car park we are supposed to believe will
decision will be made. But when it does come
they can keep the ticket prices we pay lower.
cost £800m - we think parking in Brighton is
you can be sure it will lead to a battleground of
Secondly as I have said before, it’s ludicrous
expensive, imagine the cost per hour here!
legal protests, objections and opinions which
that there is no direct high-speed AFFORDABLE
Walsh also claimed “the majority of the
will take goodness knows how many years to
rail link between Heathrow and Gatwick, if this
money Heathrow raises from airport charges
sort out.
were the case even BA may favour Gatwick due
doesn’t go towards upgrading facilities but
to their lower operating costs.
straight into the pockets of the airport’s
So, 10 years on, and with successive
Then we were told it would take up to 10 years to construct, (Gatwick slightly shorter)
While I am on costs, Willie Walsh CEO of IAG,
shareholders. Heathrow paid £1.4bn to its
and cost anywhere from £7.6bn at Gatwick or,
British Airways parent company, slammed
shareholders in the last two years and only
according to the Davies commission, £17.6bn
Heathrow airport recently saying “Heathrow
invested £1.3bn in the airport”
at Heathrow.
is already the most expensive hub airport in
Don’t think the third and much cheaper
Gatwick clearly has a case as on the face
the world with a history of inflating costs”. You
option of extending the northern runway has
of it, it would disrupt less people, would help
cannot trust Heathrow to deliver anything in a
gone away. Although not one of the Davies
strengthen the south-east economy and could
cost effective manner, customers have been
enquiries recommendations, it has not been
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Travel Sussex Office: Old Chatsworth Hall, 11 South Road, Brighton, BN1 6SB. London Office: 18 Buckingham Gate, Westminster, London, SW1E 6LB T: 0845 180 7817 F: 0845 180 7812 sales@uniglobepreferred.co.uk totally dismissed, and nor should it be. This
company or “The Shareholders” out of which
proposal is led by captain Jock Lowe, a retired
they would make even more money, so who are
Concorde pilot, who knows a thing or two about
the share holders, I hear you ask?
flying. Willie Walsh himself has publicly stated
The airport is operated by Heathrow
that the Heathrow Hub plan should be put back
Airport Holdings, which itself is owned by
on the table. Heathrow is one of our strongest
FGP TopCo Ltd, an International Consortium
national assets and fundamental to the success
that includes Ferrovial Group (25%) (who
of the UK economy.
construct transportation hubs), Qatar Holdings
The Hub option would be cheaper to build
LLC (20%), Caisse de depot et placement du
and run, less disruptive to local communities,
Quebec (12.62%), the government of Singapore
it would put Heathrow on the national rail
investment Corporation (11.20%), Alinda
network for the first time and is totally
Capital Partners (11.18%), China investment
extendable if and when Heathrow needs more
Corporation (10.00%) and Universities
capacity by extending the other runway. I would
the increased profit generated would go to the
Superannuation Scheme (USS) (10.00%).
above shareholders some of whom may even
suggest we all watch this space. The other big gripe is the idea that passenger charges would have to be increased very early on, in order to fund the airport expansion. I thought this sounded particularly strange as at places like Twickenham and Wimbledon, debentures are offered to people who are willing to fund improvements in the facilities, this then results in preferential use of said facilities. Whereas at Heathrow, it would appear we, the travelling public, would have to fund it
Heathrow is a primary hub for British Airways as well as the primary operating base for Virgin
have made a profit out of the building of the new facilities!
Atlantic, and our gateway to the world.
I think I’m beginning to understand where
If I have this right, after 10 years of
the price-tag for Heathrow of £17.6bn came
discussion, an unknown number of years of
from. A few weeks ago Theresa May stood in
legal wrangling, a further 10 years of building
Downing Street and said her government would
we should have the runway facilities we
be a government for all of the people. I think it’s
needed five years ago.
time Theresa and Willie had a little Tete a Tete.
We would have paid (through higher landing
One thing you can be sure of with Willie Walsh
charges added to our ticket price) the cost of
is that he’s a straight talker, let’s hope Theresa
the new facilities, which we wouldn’t own and
listens.
by way of higher landing charges. The new infrastructure, which we wouldn’t be able to use for 10 years (and in my case I would probably be dead), would be owned by the
“Heathrow paid £1.4bn to its shareholders in the last two years and only invested £1.3bn in the airport”
THE SAGA DRONES ON... As we go to press the horrific rail strike on Southern Railways by the RMT union has been suspended pending further talks. I recently listened to an RMT representative being interviewed on the Today programme, it was like listening to the trade union leaders of the 60s and 70s, when their catchphrase was “The Aspirations of our Members”. The RMT have surpassed themselves by claiming they have discovered a major source of risk and concern for the travelling public, the risk is located at, wait for it, “The Passenger Train Interface” or doors to you and I. May I suggest that the biggest risk associated with “The Passenger Train Interface” is the trains don’t run on time, when they do there’s not enough carriages, and time after time when a platform is announced you get there to find the doors are locked! What about “The Aspirations of the Travelling Public at The Passenger Train Interface”?
49
Travel Shake hands in...
AMSTERDAM Time to go Dutch? Rose Dykins takes a look at the business credentials and hippest hotspots of the Netherlands’ capital
D
on’t be fooled by Amsterdam’s leisurely exterior. By the stretches of still canals lined with quaint spindly houses and
was established in 1602, and today, away
relocating from London in the wake of Brexit
from the tourist traps of the Old Town, its
– its proximity to the Big Smoke and strong
financial district, known as Zuidas, is home
infrastructure are among the draws.
lime-leafed elm trees. By the gentle kerplunk
to 50 international banks. The banking and
of bicycles stopping and starting. Or hedonistic
financial services sector in Amsterdam and its
this year, it was crowned the European Capital
tourists wandering around the cobbled streets
surrounding area generates 20% of the region’s
of Innovation, thanks to its “smart growth,
of the Red Light District, hoping to exchange
GDP, and KPMG has also placed its global
liveability, digital social innovation and its
their euros for debauchery.
headquarters here. What’s more, Amsterdam
start-ups.”
Entrepreneurial spirit is rife in the city and,
Amsterdam means serious business, and
has been touted as one of the frontrunners
From 3D printing and cloud computing, to
it always has. The city’s first stock exchange
to attract some financial firms considering
apps that allow you to boost your productivity
50
Travel
or borrow other people’s belongings, the diversity of Amsterdam’s start-up scene is incredible. One of the Netherlands’ greatest success stories is Booking.com, which set up in Amsterdam back in 1996 and keeps its global headquarters here – despite operating in 155 offices in 63 countries.
an attractive place to do business? “One of the major things is accessibility from the UK,” says Sandra Ishmael, Director of the Netherlands Board of Tourism and Conventions for UK and Ireland. “There are so many flights in and out of Schiphol airport and it’s very easy to reach the city and the suburbs”.
“Another thing is the ease of moving around the city – the tram system is used frequently by visitors. Also, I think that Amsterdam just has a large pull due to its reputation for being welcoming and friendly.”
Aside from its scent of success, what else makes Amsterdam
Zuidas Financial District
51
Travel TOP EVENT SPACES Rai Amsterdam Covering 87,000 sq.mt. and boasting 11 exhibition halls, the Rai hosts the lion’s share of Amsterdam’s international conferences and trade shows. “In 2018, the NH Hotel Group will open the largest hotel in the region at the RAI,” says Ishmael. “It will be 25 storeys high and have a spa and a TV studio. There are also talks of there being 3D holographic technology for meetings.” rai.nl/en
Beurs van Berlage This characterful clock-tower building was the third stock exchange building to be built in Amsterdam, designed to have the feel of a “public palace”. It can host gala events for up to 3,000 guests in the original trading hall. beursvanberlage.com
Eye Film Museum Amsterdam Noord’s futuristic film museum has four cinema rooms available for hire, plus a glass-fronted space with views across the water towards IJ Harbour, with enough room to hold 900 people for drinks. eyefilm.nl/en
The Playing Circle For boardroom meetings, these industrial-chic loft-style spaces, with contemporary furniture and distinctly Dutch design features are bound to inspire creative thinking. theplayingcircle.nl
Stedelijk Museum The new wing of the largest modern art museum in the Netherlands looks like a giant spaceship has landed upon Museumplein. The beautiful plasterwork of the 19th-century old wing has been given an ultramodern whitewash, with the light installation around the grand staircase by American artist Dan Flavin creating an evocative ambience for an event. stedelijk.nl/en
HAPPY 100th BIRTHDAY TO AMSTERDAM SCHIPHOL On September 19th, Amsterdam Schiphol Airport will become 100 years old – and it’s planning a rather special party. “The CEOs of major airlines and the stakeholders will all come together to celebrate, and the airport has also invited 10,000 residents living in the surrounding area to come and explore behind the scenes,” says Ishmael. Schiphol has certainly come a long way since its humble beginnings in 1916, when it was little more than a few wooden buildings. It served 58 million passengers last year and is now the second-largest hub airport in Europe (after Frankfurt International). It’s also ranks second in Europe for its number of direct flights – 4,633 per week – with London Heathrow
52
pipping it to the post. As air travel goes, transiting through Schiphol is rather pleasant. Despite being a century old, its departure areas have been refreshed continually, so it feels open and relatively chic. Developments are underway, including the revamped Lounge 2 departure area, with seven different themed “worlds”, and the introduction of centralised security – a slight qualm for many of its passengers is Schiphol’s current at-gate security, so your hand-luggage gets searched just as you arrive at your gate to board the plane, which is rather inefficient, and a bit of a faff. What else does the future hold for the hub? “In 2019, a new pier will open at Schiphol to accommodate different-sized jets, further increasing capacity” says Ishmael. “And, in 2023, a new terminal is due to opening, which is anticipated to serve 14 million more passengers annually.”
Travel TRENDY AMSTERDAM EDGY HOTELS Lloyd Hotel The world’s first “1-to-5-star” hotel is set in a towering brick building northeast of the city centre, which used to be a juvenile detention centre. Lloyd Hotel’s 117 unconventional rooms welcome both budget and luxury travellers, and feature off-the-wall touches such as seven-person beds and swings hanging from the ceiling. There’s also a cosy library, eclectic meeting space for up to 100 people, a casual restaurant and a “cultural embassy” – a programme of hosted events and speakers that is staged throughout the hotel. lloydhotel.com
The Hoxton Amsterdam Set across five wooden-floored canal houses – formerly home to the Mayor of Amsterdam – this five-star boutique hotel houses 111 rooms with polished retro decor. Its plush all-in-one meeting venue, The Apartment, features a study, a library, a study, a games room, an outdoor courtyard and a kitchen – the latter is large enough to host 40 people for an event with a homefrom-home feel. thehoxton.com/amsterdam
Zoku Amsterdam This contemporary independent property classes itself as “a new type of hotel category” and a “home-office hybrid”. The furnishings of each of the 133 “lofts” are customisable depending on whether you’re here to work, relax or something in between. The word zoku translates from Japanese as “tribe, clan or family”, reflecting how the hotel attracts and unites a curious, worldly and entrepreneurial community of guests. Its inviting social spaces are set up for co-working and chatting over the free wine and cheese each evening. livezoku.com
CONCEPT DINING Everything On a Stick Inspired by street food, this restaurant does exactly what it says on the tin. Each of its 40 dishes is served on skewers – from sashimi to caesar salad – and you can mix and match them however you choose. eoas.nl
Guts and Glory
Guts and Glory
The changing tasting menu of this excellent Michelin-starred eatery is divided into “chapters”. Guts and Glory’s current and sixth “chapter” is named “La Vita E Bella”, with everything from its seven-course menu to the art hanging on its walls temporarily themed around Italy. gutsglory.nl/en
De Culinaire Werkplaats Here, you’re invited to pull up a high chair in what feels like a family kitchen-slash-laboratory, and pay whatever you think your meal was worth at the end. The team are currently working on creating the next generation of edible fabrics. deculinairewerkplaats.nl
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Travel WHEN IN AMSTERDAM We ask the experts the best way to experience the Dutch capital, away from the reams of tourists: Sandra Ishmael, Director of the Netherlands Board of Tourism and Conventions for UK and Ireland: “Definitely go for a pancake house. There’s a nice one on Prinsengracht by one of the canals, it’s called the Pancake Bakery. The sweet and savoury pancakes there are huge! “There’s also Royal Concertgebouw concert hall, where they sometimes stage lunchtime shows, and the acoustics are out of this world, thanks to the way the building’s clever design. “And there’s nothing like seeing Amsterdam from the water, so book a canal cruise. You can interact with the locals sitting on their boats socialising with beers after work. It really takes you to the heart of the city, and you can see the canal houses up close.” Amber Selby Brown, Events and PR Manager for The Hoxton Amsterdam: “I’d suggest working your way through the restaurants and bars. Check out Breda, Café Panache, Cannibale Royale, Foodhallen, and keep an eye out for pop-up restaurants.”
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6103
BANK FINANCE
HEALTHY SNACK GROWTH Mark Carby with Nimisha Raja
A local manufacturer of air-dried fruit and vegetable crisps is targeting new growth in the UK after securing a £150,000 funding package from Lloyds Bank Commercial Banking.
N
im’s Fruit Crisps Ltd was originally launched in 2012 by single mother, Nimisha Raja, after she was running a
Crisps in Eastern Europe, Nimisha felt it was
as exporting to Belgium and Italy.
the ideal time to set up operations in the UK.
The business now has manufacturing
She switched her banking facilities to Lloyds
café opposite a school and noticed the pupils’
facilities in Sittingbourne and, following the
Bank Commercial Banking, and the local team
tendency to choose unhealthy snacks.
funding support from Lloyds Bank, it has
provided a working capital facility to enable her
secured listings with Amazon and attracted
to purchase high volumes of stock and employ
early-stage interest from several other major
several new members of staff.
retailers including Holland & Barrett and
Nimisha used her own funds for product development and outsourced manufacturing to a company in Eastern Europe, where she
Nim’s Fruit Crisps uses bespoke machinery
Ocado. The business was also named Best
decided to test the products before launching
and a unique air drying process to transform
Local Producer at the 2016 Kent Muddy Stiletto
in the UK.
fruit into healthy crisps, which it then supplies
Awards, which recognises some of the best
to wholesalers and retailers in the UK, as well
independent local businesses.
Following the popularity of Nim’s Fruit
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BANK FINANCE
“Nim’s Fruit Crisps was originally launched in 2012 by single mother, Nimisha Raja, after she was running a café opposite a school and noticed the pupils’ tendency to choose unhealthy snacks.”
both in the UK and overseas and developing new products for our growing customer base.” Mark Darby, manufacturing relationship manager at Lloyds Bank Commercial Banking in Kent, said: “Nim’s Fruit Crisps is an innovative and forward-thinking manufacturing business and it was obvious that Nimisha had a clear strategy in place for the expansion into the UK. “It’s great to witness the business already going from strength to strength since launching here, and encouraging to see that Nimisha has so many exciting plans moving forwards. “We are committed to supporting manufacturing businesses and this is why we have pledged to increase the amount of new “Access to finance proved to be a stumbling block, but when I was put in touch with Lloyds Bank the team understood my business
“Access to finance proved to be a stumbling block, but when I was put in touch with Lloyds Bank the team understood my business objectives from the outset, and the funding support was instrumental in allowing me to get my venture off the ground in the UK..”
objectives from the outset, and the funding support was instrumental in allowing me to get my venture off the ground in the UK. “The health food market has soared in recent years and it’s more important than ever that we’re able to maintain a competitive edge. I
funding support provided to UK manufacturing businesses by £1billion in 2016.”
For more information regarding funding packages, contact: Mark Darby Lloyds Commercial Banking mark.darby@lloydsbanking.com lloydsbank.com/business
look forward to continuing to grow the business
Nimisha now plans to put the funding to additional use by targeting new markets in the US and Australia, as well as expanding the Nim’s Fruit Crisps product line. Nimisha Raja, Managing Director of Nim’s Fruit Crisps, said: “Setting up the company on my own was a big challenge and it made sense for me to start small, but launching in the UK was always my aim.
57
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ANGER MANAGEMENT
ANGER MANAGEMENT by Maarten Hoffmann
BARKING MAD L
ike many of you, l have recently returned from a family vacation and therefore have not really had time to slip back into
far as humanly possible. In my youth l was called a homicidal risktaker and considered slightly deranged as
‘grumpy old git’ mode and get steamed up
l could never refuse a bet, a challenge or a
about anything. I will hang onto this dreamy
frenetic response to anyone who would utter
state for as long as possible (l would give it
those dangerous words, ‘it can’t be done.’
another hour!).
I dived with over 2000 Scalloped
Therefore, l bring you a testament to the
Hammerhead Sharks in Baja, l rode a 10mt
indomitable human spirit and that need to do
Whale Shark in the Red Sea, l jumped from
more, go further and push those boundaries as
a 6th-floor hotel balcony into a swimming
60
pool, missing the tiled edge by less than 2cm, l rolled a cigarette on a motorbike at 85mph on the M4, l climbed into the rear seat of a Jensen Interceptor at 140mph on the Millbrook parabolic banked circuit, l was left in the Sinai desert with no water or food for 4 days to ‘find myself’, l sat at the bottom of the Blue Hole in Belize on straight-air scuba at over 110 metres, l remained when everyone else left during a total of five hurricanes, two of which were killer Category-5, and l waterskied to France in a
ANGER MANAGEMENT
“Mr Aikin was challenged to jump out of a perfectly serviceable aeroplane at 25,000ft – which, of course, is really no biggie. The challenge was to do it without a parachute. Sorry, without a what?!”
65ft from the ground. During testing, when they dropped a Luke-sized object into the net from
“Yes, oxygen was required at 25,000 ft, the height that Everest climbers call the Death Zone, and it was minus 17c.”
only 10,000 ft, it burst straight through and shattered into pieces on the earth beneath. He finally jumped along with three other team members - one to film, one to pump smoke for the ground team and one to collect Luke’s discarded oxygen tank. Yes, it was required at 25,000 ft, the height that Everest climbers call the Death Zone, and it was minus 17c. All three buddies deployed their chutes at 5,000 ft and from there, he was alone and travelling at 150mph.
Force 6 gale. So, l have done my share of stupid stunts, but a chap called Luke Aikin makes me look like a decrepit granny with a walking frame.
His only aid was a system called PAPI, possibly standing for the blood-curdling scream he let out in wishing his Dad had stopped him from doing this, but which actually
Mr Aikin was challenged to jump out of a
means Precision Approach Path Indicator. This
perfectly serviceable aeroplane at 25,000ft
is similar to the system used by pilots to guide
– which, of course, is really no biggie. The
planes onto their landing spot. At 12,000ft the
challenge was to do it without a parachute.
device sounded a beep alerting him that he was
Sorry, without a what?!
at the half way point, followed by another beep
No parachute, no wingsuit - just jump.
at 6,000ft, and a final alert at 2,000ft, no doubt
The idea was to jump into a massive,
informing him that death was imminent. Eight
10,000 sq ft, net strung across a section of a Californian desert. Bearing in mind that, from 25,000ft, (that’s 4.7 miles) a massive net looks like a grain of sand - in fact, it could not even be seen for the first 15,000ft of the jump. If,
high-tech lights on the ground in formation were his only other visual clues as to where he
down once he hit the net, much as you would catch an egg in your hand. Oh, and the only way to survive the impact was to twist around and land on his back in the last 500ft! After a 2-minute, 9-second descent, he landed in the net and broke just about every record in the book, much to the relief of his family. Mind you, they share the same deranged gene, as Luke’s mother completed six skydiving jumps whilst pregnant with Luke. This human trait of going where no man
was going, and small movements of his body
has gone before is what got us to the moon,
the only steering method.
developed penicillin and located the Titanic.
The postage stamp-sized net was strung
in the unlikely event he actually hit the net at
between four huge cranes connected to four
150mph, it would then stop his descent only
compressed air cylinders that would slow him
Without it, we would still be swinging from the trees or grunting in a cave. Thank heavens for people like Luke Aikin.
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COAST 2 CAPITAL LEP
PREPARING THE WORKFORCE OF THE FUTURE of careers education plans and meaningful, quality encounters for students and teachers with local, regional and national employers, training providers and apprentices. Leading the coordination of this strategy for Coast to Capital LEP is Georgina Angele. Over the past 10 years, Georgina’s key focus has been to connect the public, private and voluntary sectors with education through strategic partnerships and careers, enterprise and employability projects (Young Enterprise, LoveLocalJobs.com). Georgina says “the approach and structure of the Enterprise Adviser Network (EAN) enables educators and employers to create inspirational and informative encounters for young people that are directly linked to the world of work and the skills, attitudes and qualifications employers need to operate and grow their business. Effectively, the EAN becomes the platform for business to pipeline local talent and skills directly from our education system and into local jobs
S
ince June 2014, when Lord Young published ‘The relevance of enterprise in education’ report, there has been an ever increasing spotlight on the work readiness, employability skills and the provision of quality information, advice and guidance to support people to make an informed choice about their pathway through education and into employment. In December 2014, the Government created the Careers & Enterprise Company (CEC) and allocated £20m to it. The CEC is a Community Interest Company, independent from government and led by a board of directors from the private and public sector.
“The EAN becomes the platform for business to pipeline local talent and skills directly from our education system and into local jobs and apprenticeships.” Over the course of the past 2 academic years, 37 of the 39 Local Enterprise Partnerships (LEPs) in England have embarked on a national initiative, (or mission, if you’d prefer) to recruit, support and coordinate a regional volunteer network of senior business leaders – Enterprise Advisers (EA’s) - from local private, public and voluntary organisations, to work strategically with school and college leaders on the creation
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“Georgina is now actively recruiting business leaders and employers to join the local EAN and become an essential part of a national Enterprise Adviser Network that is already over 400 people strong across the country.” and apprenticeships.” Over 20 schools and colleges between Brighton and Chichester are already engaged in the EAN and have been matched with an Enterprise Adviser (or two!). Funding to upscale the EAN over the next 2 years across the entire Coast to Capital LEP area is in place and therefore Georgina is now actively recruiting business leaders and employers to join the local EAN and become an essential part of a national Enterprise Adviser Network that is already over 400 people strong across the country. The EAN will have a priority sector focus in line with those of Coast to Capital Skills Strategy, including Advanced Manufacturing & Engineering, Creative Digital & IT, Construction, Health & Social Care and Visitor & Rural Economies.
To find out how you can be involved, contact Georgina directly on georgina.angele@coast2capital.org.uk or 07879 980444.
COAST 2 CAPITAL LEP
EA PARTNER PARAFIX CELEBRATES STAFF SUCCESS EA partner Parafix is Europe’s leading converter of self-adhesive and flexible materials; supplying custom die-cut components into medical, automotive, electronics and industrial markets. MD, Mike Punter is an Enterprise Advisor and avid supporter of the network and he works closely with the Sir Robert Woodard Academy, including employing past student Laura in an apprenticeship role. Mike commented: “We are delighted to celebrate the completion of Level 3 BTECs in Mechanical Engineering by two of our employees – Laura and Luke. My personal role as an EA is based on my desire to pay back something, because of what I have achieved, so working with the Sir Robert Woodard Academy just shows what can be done when a local community commits itself to a plan.” Laura, our Engineering Apprentice, began the BTEC, as well as an NVQ, two years ago as part of her apprenticeship at Parafix. Luke, a Machine Operator, saw the opportunity to gain the same qualifications and asked Parafix Management if he could also study these courses. Impressed by Luke’s enthusiasm to learn, we agreed to support him in both the BTEC and NVQ. For two years Laura and Luke have attended Northbrook College once a week to study the BTEC, which included modules of maths, mechanical principles, drawing, pneumatics and hydraulics. The course has complemented Luke’s understanding of the machines he works with every day; the way they operate and how they’re built. If the machinery isn’t running as it should, he knows exactly where to look to rectify it and he can also perform the maintenance of machinery. Laura is able to apply the course to her every day work as she continues to learn about Parafix and the work of the R&D department,
for example creating CAD drawings for prototypes. I am incredibly proud of Laura and Luke for their hard work and commitment. Their enthusiasm and willingness to improve their skill sets are highly valued qualities and I wish them luck with the completion of their NVQs. Well done to both”. Laura commented: “I’ve really enjoyed the BTEC and it has certainly aided the understanding of my work at Parafix. It helped to have Luke study with me too, as walking into a male dominated classroom for the first time was a little intimidating”. Luke commented: “I really appreciate being given the opportunity to take on more challenges; not only from my studies, but also in training to use more complex die-cutting machinery. I’ve enjoyed the work and it’s been great studying alongside Laura, especially when I’ve struggled with the maths, which was to A Level standard!”. Luke and Laura have completed and submitted all of their BTEC work and are awaiting their final results. They continue to work on their NVQs and Laura will begin an HNC in September. Peter Midwinter, Principal, of Sir Robert Woodard Academy said; ‘As an Academy we are thrilled to learn of Laura’s continuing success. It is clear that there are many pathways available for young people to pursue their careers and life ambitions. Through our partnership with our EA, Mike Punter, we endeavour to ensure that all avenues are kept open and the needs of our students are provided for be it through formal education or enriching activities facilitated by other providers such as industry, commerce or FE and HE establishments. What Laura’s experiences have shown is that university is not the only route to achieve.’ www.parafix.com Mike Punter with Luke and Laura
63
LET MINI DRIVE YOUR BUSINESS. If you run a business, MINI has a range to suit your needs. With compelling monthly rentals, unrivalled design and first-class performance, it’s time to find out which MINI works for you. To find out more please contact our Local Business Development Manager, Dean Eaton, on 0800 915 47500 or visit www.vinesofgatwickbmw.co.uk/business
MINI Business Partnership Official Fuel Economy Figures for the MINI Range: Urban 27.2-72.4 mpg (10.4-3.9 l/100km). Extra Urban 47.9-91.1 mpg (5.9-3.1 l/100km). Combined 37.7-83.1 mpg (7.5-3.4 l/100km). CO2 Emissions 175-89 g/km. Figures may vary depending on driving style and conditions.
MOTORING
MOTORING NEWS MISSING E-TYPE A ‘missing’ Jaguar E-Type, one of the most sought-after early examples of the model, has been recently discovered in the depths of Scotland and was offered at auction by Silverstone Auctions in July and the hammer dropped at £140,630.00. The whereabouts of the 1961 Jaguar E-Type Series 1 Roadster, chassis #62, one of the first 92 right-hand models produced, has been a mystery to classic car historians for decades. With most of the first 20 cars produced being allocated for competition use, the very first road cars, distinguished by their outside bonnet locks, were supplied in July 1961 to Jaguar dealerships to be used as demonstrators. These early cars are considered to be the ‘Holy Grail’ of E-Types, and arguably of all collector’s cars.
TOP TEN SUPERCARS
LAND SPEED RECORD ATTEMPT
Ferrari’s legendary poster icon, the F40, has topped a poll to find out the best 10 supercars of all time, carried out by the organisers of The Fast Car Festival - a major new show that took place at Donington Park, Derbyshire, on July 30-31, 2016.
Triumph Motorcycles, the iconic British motorcycle brand, has confirmed that it will return to the legendary salt flats of Bonneville, USA, in August 2016 to break the motorcycle world land speed record. Triumph’s aim is to exceed the current record that stands at 376.363 mph, using its purpose built 1,000 bhp Triumph Infor Rocket Streamliner.
The F40, built to commemorate the brand’s 40th anniversary in 1988, was the last model to be signed off by company founder Enzo Ferrari himself before his death. It was, at the time, the fastest car in the world, and was said to be the closest thing possible to an F1 car for the road. It was also a sensational looking machine, and still is. The top 10 supercars of all time were: 1. Ferrari F40 2. Alfa Romeo 8C Competizione 3. Ferrari La Ferrari 4. McLaren F1 5. Koenniggsegg 6. Porsche 911 7. Pagani Zonda 8. Ferrari Enzo 9. Audi R8 10. Jaguar XJ220
Riding the purpose-built Triumph Infor Rocket Streamliner over the measured mile will be Isle of Man TT racer and multiple speed record holder Guy Martin. Title partner for Triumph’s 2016 record attempt will be global cloud applications provider Infor with further support from iconic clothing brand Belstaff. The Triumph Infor Rocket features a carbon Kevlar monocoque construction with two turbocharged Triumph Rocket III engines producing a combined 1,000 bhp at 9,000 rpm. The motorcycle is 25.5 feet long, 2 feet wide and 3 feet tall. Powered by methanol fuel, the bike is competing in the Division C (streamlined motorcycle) category.
CAR OF THE YEAR The Jaguar F-PACE has been named Car of the Year by the UK’s best-selling weekly car magazine, Auto Express, as it also picked up the Compact SUV of the Year title Anthony Joshua, recently crowned World IBF Heavyweight Champion, congratulated Jaguar on its latest title, as he took a closer look at the F-PACE. Already the fastest-selling Jaguar ever. Completing a hat-trick of wins, the Jaguar XE also picked up the Compact Executive Car of the Year title for the second year running at the Auto Express Awards. The Jaguar F-PACE is the most practical sports car on the road, combining maximum driving exhilaration with efficiency and space, starting from £35,020. I get my hands on it on September 26th so watch this space.
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MOTORING
VW TIGUAN By Motoring Editor, Maarten Hoffmann
T
he Mark 1 Tiguan from Volkswagen sold phenomenally well and actually outsold the entire 67-year production run of
the Land Rover Defender in only eight years! This new model not only has all the strong
more room in this new model with each seat row raised by 8mm despite the roof line being slightly lower. This makes it easier to slip in and out, and with sliding rears seats, there are plenty of options for long legs and luggage.
The drive is exactly what you would expect - well planted on the road and built to last and although the AWD is optional, why on earth would you not take it. Add to this the optional Dynamic Chassis Control and head-up display
characteristics of the original but is a very
and this starts looking like a class leader.
handsome car. Since launch in 2007, they have
Beside the Nissan Qashqai, it would be odd to
sold 2.8 million of them worldwide and over 100,000 of them in the UK. The drive is typically German - no fuss, no rattles and no revolution. It could be said to be a tad dull inside but that’s a small gripe as it does exactly what is says on the tin. But they have added some frills such as the brilliant Virtual Cockpit from the Audi TT and any smartphone can be easily connected to the large infotainment system. And there is
66
“Japanese cars are good, of that there is no doubt, but l don’t think l have ever found one l liked.”
understand why anyone would plump for the Japanese model when the Tiguan offers so much more, is better built, has better resale value and is a superior drive. Japanese cars are good, of that there is no doubt, but l don’t think l have ever found one l liked. They lack any personality whatsoever and they all look a little drab and uninspiring and l find them the perfect cure or insomnia. I can now hear many of you grinding your teeth
MOTORING TECHNICAL STUFF Model Tested: Tiguan SE 2.0 TDI SCR 150 PS Engine: 2.0 litre turbo Power: 150 bhp Performance; 0-62 mph in 9.3 seconds Top Speed: 127 mph Economy: 58.9 mpg combined Price from: £22.510.00 As tested: £28,035.00
“But they have added some frills such as the brilliant Virtual Cockpit from the Audi TT and any smartphone can be easily connected to the large infotainment system.” and listing all the great and inspiring Jap cars. Good luck with that, it’s a short list. Although it won’t worry many cars off the line, it is brisk enough to satisfy with smooth and well-chosen gear ratios, plenty of traction and a comfortable ride. At motorway speeds,
as standard. If you are intent on a Tiguan, go
then pay the price. The Kuga is quite a good
for a 2.0 TDI 150 SE Nav in 4Motion form and
match and only the terminally insane would go
add Active Info Display (£585), LED headlights
for the Mazda over any of these.
(£1350), Discover Nav Pro (£1365) and Dynamic Chassis Control (£790). The Tiguan proved to be more fuel efficient
it really does feel planted and body roll is
than expected during testing, returning better
negligible in the corners.
than 50mpg when touring – a result as good as
There’s a big jump in price between midspec SE Navigation and upper-level SEL
any you’re likely to see from a car of this ilk. Its rivals would be the BMW X1, Mercedes
The Tiguan is everything the modern family would need and, as always, VW tend to produce models that sit exactly where they intend within the sector and slightly displace all other models. It’s not the most inspiring drive but then the average punter is not really looking for
trim, because the latter gets adaptive LED
GLA, Ford Kuga and Mazda CX-5 and it stands
that - they want build quality, safety, economy,
headlights, 19in wheels, adaptive cruise control
up well against all of them. You’ll get a more
decent residual and style, and in these
and VW’s Active Info Display TFT instruments
involved drive from the Beemer and Merc, but
respects, the Tiguan is a winner.
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MOTORING
RANGE ROVER SPORT By Motoring Editor, Maarten Hoffmann
T
he Sport version of the worlds best 4 x 4 vehicle has now been with us since 2005 and sells by the bucket load. And
so it should. It has all the characteristics of the full-fat Range Rover but is lighter, shorter and quicker. What’s not to like? For me the only complaint l have ever had was the loss of the spilt tailgate and therefore the loss of the convenient seat that presented itself when one suddenly found oneself at a point to point meeting or a grouse shoot. If that has not happened to you, you need to get out more. The new Sport finally comes with the optional seven seats and with a weight saving of 400kg, it is agile. Off road, it does the business with the ability to wade through 85cm of water and has a far greater axle articulation and wheel travel than its rivals.
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There are two diesel options – the potent 292bhp SDV6 and an interesting new diesel hybrid – alongside a deranged 5.0-litre supercharged petrol V8 that makes 510bhp and will propel the RRS to 60mph in five seconds
“To purchase the V6, although very good indeed, is like being in bed with Heidi Klum and playing dominoes - really, quite a waste of a great opportunity.”
flat. Too slow for you? Enter the SVR, whose 550bhp output cuts this to just 4.5 seconds. The SVR is the product of JLR’s Special Vehicle Operations division and is for the totally mental, LA rappers and Saudi princes - and me. Who on earth would not want the finest 4x4 in the world that’s capable of 62mph in 4.5 seconds, will go onto 162 mph and will lap the Nurburgring in 8 minutes and 14 seconds - the fastest ever recorded time of a standard SUV. It will cost you just south of £100,000 but that might just be the best 100 grand you ever spent. All engines use an eight-speed auto that offers a smooth and progressive drive and for a heavy seven-seat SUV, its composure on twisty B-roads is quite baffling. There are lots of computer gizmos working away to keep it stable and flat (ish) in the bends but you
MOTORING TECHNICAL STUFF Model tested: 3.0-litre SDV6 Engine: 2993 cc V6 Power: 254 bhp Performance: 0-62mph in 7.1 seconds Top Speed: 130 mph Economy: 33.2 mpg combined Price: £62,700.00
“The SVR is the devilish product of JLR’s Special Vehicle Operations division and is for the totally mental, LA rappers and Saudi princes - and me!”
just don’t know any of this is going on even though there are sensors firing information to the main computer 500 times per second. The interior is lavish and sumptuous and leaves you wanting from nothing. You climb ‘up’ into all Range Rovers of course and once there you are rewarded with a superb seating position and swathes of wood and leather. The SatNav, as in all JLR models, is touch screen and l find this highly useable and the Sport is the first Landie to offer a colour head-up display. If l didn’t have a house l would be more than happy to live in here. TV, great sounds, electric leather seats, air conditioning, a Champagne fridge, full Bluetooth connectivity - hell, scrap that, l will move in here as it is better equipped than my house. The majority of UK buyers will go for the V6 diesel as it will return 38 mpg but to do this is to totally miss the point. This car was built to be a V8. It needs a V8 to bring it alive and to releases the inner monster that lies beneath. To purchase the V6, although very good indeed, is like being in bed with Heidi Klum and playing dominoes - really, quite a waste of a great opportunity. It is impeccable on the motorway and 2000 miles in one session would be a breeze, A and B roads are a blast and off-road, it will be pulling other mud pluggers out of ditches all day long. Both the Range Rover and the Sport are consummate professionals and it is tough to know how they could be bettered. In that mythical 7-car fantasy garage, there would have to be a place for the Range Rover Sport and if you can afford seven garages and the price of seven cars, then go mental and buy the SVR - you would never regret it. If it’s good enough for Bond, it’s good enough for me.
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MOTORING
RECORD BREAKERS Sandown Mercedes-Benz are rightfully proud of their extensive dealership network and the Mercedes-Benz products are generally considered to be the finest in the world. It has been quite a year and here are just some of the highlights of the first six months:
• 2016 JD Power Customer Satisfaction - Mercedes-Benz is the highest ranking in the premium sector with an increase of 18 points and six places • Mercedes-Benz named Manufacturer of the Year Automotive Management Awards • Mercedes E-Class: • Best Executive Car - Auto Express • Best Business Car - Telegraph Cars
• Mercedes-Benz S-Class: • Luxury Car of the Year - Whatcar? Awards • Best Luxury Car - Auto Express New Car Awards
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MOTORING
• Mercedes-Benz GLC - Most Popoular Compact Premium Car Honest John
• Record Sales for Mercedes-Benz in 2016
WHY GO ANYWHERE ELSE? Here at Sandown Mercedes-Benz, we are privileged to be a part of this success and we welcome you to one of our six Retailers as shown below. Our dedicated Sandown Fleet team specialise in companies operating business vehicles. Each customer, no matter how large or small is equally important to us and we are driven by customer care, ensuring all your motoring needs are met at all times. The Team offers a wealth of experience and specialist expertise in the fleet market and are fully focused on working with you to find a leasing arrangement that’s convenient, suitable and economical. With Sandown you will also benefit from our full range of servicing, parts and accident repair services in the full knowledge that our team is always on hand to support and provide expert advice and assistance whenever you need it. For further information please do not hesitate to contact us. We look forward to hearing from you.
Stuart Head, Group Head of Fleet Sales, Sandown Group Mercedes-Benz Tel: 01483 654541 Mail: stuart.head@sandown-mercedes.co.uk Basingstoke • Dorchester • Guildford • Hindhead • Poole • Salisbury • www.sandown-group.co.uk
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BUSINESS AWARDS
THE KINGSTON SHORTLIST An “outstanding” shortlist for the Kingston Business Excellence Awards 2016 in association with NatWest.
M
ore than 50 companies were selected by an independent adjudicator from hundreds of entries for this year’s awards – the biggest event on the Kingston business calendar. These firms will now go forward to be interviewed at the judging day on 14th September. The winners, including the overall Business of the Year, will be announced at a glittering black-tie Gala Awards Dinner at the Holiday Inn, Kingston on Thursday, 13th October. Commenting on this year’s entries, independent adjudicator Ross Sturley said, “I was really impressed by the high standard of entry, as well as the wider range of business sectors represented this year,”
“The quality of the businesses is outstanding and I think it shows that Kingston, as a centre of enterprise, is well positioned to grow and prosper.” Developed and organised by Kingston Chamber of Commerce, and supported by Kingstonfirst and Kingston Council, the awards celebrate the outstanding talent and entrepreneurship in the borough.
information please contact Viv Newbould on 020 8726 7968 or email viv@kingstonawards. co.uk. To book tickets for the Gala Awards Dinner, email Natasha Miller at nmiller@wlcreative.org.uk
Key category sponsors include Natwest, Antoinette Hotels, CNM Estates, Glenmore House, GSUK, GSL, Kingston College, Kingston University, McDonald’s, TaxAssist Accountants and DoubleTree by Hilton. There are still sponsorship opportunities available for the Awards Gala dinner. For more
Last year’s winners
The 2016 shortlisted Kingston businesses are: Commitment to the Community – sponsored by DoubleTree by Hilton • ABLE (The Academy for Business Leaders & Entrepreneurs) • Genuine Solutions Group • Kingston Pound Community Association • Kingston Race and Equalities Council • Kingston Vineyard and Growbaby • London Ambulance Service Best Business for Customer Service – sponsored by McDonalds • Autotec Workshop • Cornucopia Event • Genuine Solutions Limited • Holiday Inn London-Kingston South • IQ in IT Ltd. • Ismails Barbers • Meeting Point UK • The Cheeky Pea • The Terrace Eatery • Warren Evans Beds Best Start-Up Business (under 2 years) -sponsored by GSUK • A and G Hairdressing • Community Motors CIC • Dickie Wilkinson DickieSays
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• Greenwoods Residential • Pangea | Connecting Everything • 6 Prestige Business Solutions • Sartorial • The Fellowship Barber Shop Entrepreneur of the Year – sponsored by CNM Estates • Clare Garner, Prestige Business Solutions • Ian Brigden, Meeting Point UK • Katerina Damcova, IQ in IT LTD • Mini Vohra, Cornucopia Events • Sara Osborne, Glutopia Bakery • Steven Grant, Figment Agency Best Business for Food and Hospitality • Al Forno • Glenmore House • Jack’s Kitchen at the Holiday Inn London-Kingston South • Ravens Ait • The Boaters Inn • The Cheeky Pea Independent Retailer of the Year – sponsored by Kingston First • Banquet Records • Caterpillars Cafe • CD Jennings & Sons Family
Butchers • Food for Thought • Glutopia Bakery • Natterjacks • The Cheeky Pea • YK Beauty ltd Best SME Business (turnover of under £15million) – sponsored by Antoinette Hotel Group • Caterpillars Cafe • Cornucopia Event • GSUK Ltd • IQ in IT LTD • Meeting Point UK • Speclean Best Business for Staff Training & Development – sponsored by Kingston University • Cornicopia Events • Genuine Solutions Limited • Q in IT LTD • Meeting Point UK • Speclean • Tax Assist Accountants Apprentice Employer of the Year – sponsored by Kingston College • Holland, Hahn & Wills
• IQ in IT LTD • Meeting Point UK • Speclean • Tax Assist Accountants Best Charity or Social Enterprise • Community Motors CIC • Kingston Rotary Club • Milaap Centre • Momentum Children’s Charity • Story Storks • The Community Brain • YMCA London South West • Young Enterprise Richmond & Kingston Tech Innovation of the Year • Hao2.eu 3DNovations • IQ in IT LTD • Pangea | Connecting Everything • Zed One Technology Best Business for Marketing and Social Media – sponsored by GSL • Banquet Records • Cornucopia Events • Figment Agency • Ravens Ait • YA2C LTD
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Table Talk PRODUCER PROFILE
Bolney Wine Estate By Amanda Menahem
I
really am living in the best county there is.
since the 1990s. Unusually for a Sussex wine
There’s something about vineyards that
I love sparkling wine (I love all wine but I’m
producer, Bolney has become known as much
instil a sense of calm and peace. Perhaps it’s
particularly fond of bubbles) and so what
for its still wines as sparkling. Their Pinot Noir
the unconscious association with the act of
better place to live in the UK than the South
is highly regarded, having won Bronze at the
enjoying wine, a slowing down and appreciating
of the country, where we are fast building a
Decanter World Wine Awards 2012 and Silver
a moment and the connection with earth to
reputation for world class sparking wine. I
and Best in Class at the International Wine and
glass. While I stood on their outdoor terrace
have already written about wonderful Wiston
Spirits Competition. Quite an achievement for a
appreciating the view I was served a glass of
(issue 24) and remarkable Ridgeview (issue 22)
grape variety that’s notoriously hard to master.
Bolney.
Bolney Bubbly. This achieved both Bronze at the Sommelier Wine Awards 2016 and Silver at
and so it was about time that I got to beautiful As I stepped through the doors into their
the Premium Select Wine Challenge at Prowein
brand spanking new café I was immediately
2014/2015, and delicious it was too. I found it
drawn to the views overlooking acres of
well balanced and easy drinking. Its description
vineyard. The estate is situated on a hill that
at the awards - “Clean, with toasty, biscuit
from 3 to 39 acres since 1972, and has been
was originally part of the Butting Hill One
aromas and citrus, balanced and fresh on the
run by head winemaker Samatha Lintner
Hundred, listed in the Doomsday Book.
palate” is spot on.
And beautiful it is too. Bolney Wine Estate as it is today has grown
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Table Talk
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There’s something about vineyards that instil a sense of calm and peace. Perhaps it’s the unconscious association with the act of enjoying wine...
❞
Ashtead and run by ex-chefs (with excellent credentials from top London establishments such as Claridges). These were some of the best canapés I have had in some time. Among them were fresh calamari, mini duck rillette, smoked salmon blinis, a delicate pastry cone with a tangy goats curd filling. All of these worked well with sparkling wine. This was a good advert for their offering and I am seriously tempted to book one of their courses as a result. After some sipping and mingling, none other than Ollie Smith (one of the resident wine experts on Saturday Kitchen) officially opened the new café and visitor centre. As part of his speech he expressed praise and pride at the quality of wines being produced in the region. Ollie then proceeded to belie his suave, genteel image by hacking the top of a bottle with a machete. If you are a wine lover I would highly recommend a day trip to Bolney. If you are a walker or hiker it would make an ideal pit-stop for wine tasting and lunch or light bites. Ideally, go when you don’t need to drive…
Ollie Smith I perused the café menu and was immediately impressed. Serving home made and wholesome breakfasts, lunches and bites/platters using local ingredients, such as the Goat’s Cheese (from Lewes) Salad. The cheese and charcuterie plates caught my eye as being an ideal accompaniment to wine tastings. The cheese is mostly supplied from local award winning High Weald Dairy, who were also in attendance on the day providing an impressive array of their produce. I shall be paying them a visit soon. Each dish on the menu is matched with a recommended wine should you so choose to indulge (and have a driver with you). Most of the Bolney wines are available by the glass. It reminded me of the approach taken by new world wine estates; providing a full experience for visitors. While we sipped our bubbly, excellent canapés were provided by Four Gables Food Academy, which is actually a cookery school based in
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11.30 Lara Morgan
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Table Talk
Guernsey A Gourmet Getaway By Amanda Menahem
A
couple of months back I took my first
I heartily recommend Guernsey for a
trip to Guernsey and discovered a
gourmet getaway, especially given the mere
burgeoning artisan food and drink
50-minute flight from Gatwick. It would be
scene alongside beautiful beaches (especially
quicker to fly to Guernsey than get a train to
Cobo Bay), picturesque countryside ideal
London at the moment, but that’s for one of
for walkers and the pretty harbour town of
Maarten’s Anger Management articles…
St Peter Port, with its cobbled streets and Regency architecture. When invited for a gastronomic weekend (with fellow food writer, the lovely Tom Flint), I jumped at the chance to return.
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Somewhat unsteadily, I ventured next to cocktails at the Old Government Hotel.
Thanks to the Brighton and Hove Food Festival team, there are strong food links between Sussex and Guernsey. Many of our greats from Sussex (including Ridgeview wines and Blackdown spirits) are heading out to join friends as part of the Guernsey Food Festival in September (see details below). One of the Festival’s sponsors is First Central who employ 600 staff in Sussex.
Here’s a taster of what to expect.
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After a straightforward morning flight my Guernsey experience kicked off with lunch at The Pavilion restaurant, which is overseen by executive chef Tony Leck, chair of Taste Guernsey. Tony is passionate about the local produce, and having worked all over the UK decided to make Guernsey his home – this is in itself an indicator of the culinary inspiration provided by the island’s produce. The Pavilion is part of St. Pierre Park Hotel. The décor is a little ‘corporate’ in its styling, but the
St. Pierre Park Hotel
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hotel is a good value choice for
business events and nestles comfortably in beautiful grounds. Before lunch we were treated to a cocktailmaking masterclass by the charming and quirky James Le Gallez of ‘Aperitif’, a mobile bar and cocktail consultancy. James is heading up the forthcoming Guernsey Cocktail Week and was entertaining and knowledgeable. Unlike many cocktail experts, James explained the reasons behind certain techniques, as well as the history of the equipment and ingredients he used. We had fun making two interesting and unique cocktail creations using Guernsey produce (including a lovely damson gin – more on that later). On to lunch. We were treated to a selection of small plates representing different elements of the menu. Tony, a ruggedly handsome man, presented us each with a copy of his cookbook ‘Pavilion on a Plate’, which has received a number of accolades including winner in the Gourmand World Cook Book Awards 2012. Flicking through I was struck by the accessibility of the recipes in the book – fine dining made easy (much like my dinner party go to: ‘Raymond Blanc’s Kitchen Secrets’). A Crab Florentine stood out amongst a
Table Talk
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It would be quicker to fly to Guernsey than get a train to London at the moment, but that’s for one of Maarten’s Anger Management articles…
❞
platter of antipasti followed by a taster of
the most of the original period features and
desserts, which included a well-made warm
decorated in muted colours – all very (early)
apple and almond tart.
Hotel Du Vin. The hotel is now part of the prestigious ‘Small Luxury Hotels of the World’
Next up, a trip to try some Guernsey cheese.
club and I can see why.
Mandy and Peter Gerrard at Guernsey Golden
Luke is a trained chef and passionate gin
Goats supply cheese, milk and meat from home
connoisseur. In fact he even distils his own
reared golden goats. Not only did we taste a lovely fresh tangy and creamy goat’s cheese, but I even got to cuddle a baby goat! Mandy
Old Government Hotel
gin, a venture so successful that he has now started selling one of his best creations,
and Peter live in idyllic countryside where
was beginning to feel thankful for bringing a
Wheadon’s Gin. This is distilled with grapefruit
goats roam freely in what is basically their
large suitcase for this trip…
and rock samphire (balancing salty and citrus
back garden. Once I’d torn myself away from some extremely cute baby goats, off we went for booze this time courtesy of Haut Maison Liqueurs. Katherine and Stephen Payne welcomed
Somewhat unsteadily, I ventured next to cocktails at the Old Government Hotel. There l tasted their chicken liver parfait - smooth and creamy with good brioche. The bar exudes old world glamour, with impeccable table service
us to their Haut Maison, which turned out to
(reminding me of my favourite line from the
be a huge stone farmhouse where they distill
film Arthur “aren’t waiters wonderful, you ask
liqueurs from an outbuilding using berries and
them for things and they bring them to you”).
other ingredients grown on their land. These
They have an excellent gin selection all served
include loganberry, raspberry, boysenberry and
in large goldfish bowl glasses with the correct
a damson gin (used earlier by James to make
garnishes. I enjoyed The Botanist with sprigs
our cocktail). We walked through the gardens
of thyme and lemon. This is an ideal pre-dinner
tasting the berries as we passed, before
destination – although in fact it was a prelude
sampling the finished product. My favourite
to what would turn out to be a major gin
was the horseradish vodka.
extravaganza back at the Belle Luce hotel.
This would be good in a Bloody Mary or to
notes), an unusual and interesting combination that has fast become one of my favourite gins. It’s best served, so I discover, with a wedge of grapefruit. Luke runs gin tasting events as part of the
My goodness, Belle Luce is impressive. Firstly, the building itself – a large period stone house tastefully converted to a luxury boutique hotel. It is both elegant and informal. “Luxury with its shoes off” as owner Luke Weadon describes it. The bar area feels like a country pub, there’s a lounge area /snug making
offering at Belle Luce. I attended one, of course. This lasted a good 90 minutes in the beautiful snug with at least 10 gins sampled and
accompany a beef carpaccio or salmon starter. I was also rather partial to their espresso vodka –ideal for making espresso martinis. I
Belle Luce
79
Table Talk compared. The real treat was when Luke
The only slight disappointment was dessert,
brought out some samples of his own
a chocolate sponge and mousse concoction that
creations, hand-labeled in artisan bottles. They
was slightly lacking in ‘wow’ factor. But then
were interesting and delicious. Being a chef he
what had preceded it was always going to be
has a natural talent for flavour combinations,
such a tough act to follow. The menu changes
achieving balance and harmony within the
regularly making the most of the local seasonal
finished product.
produce from land and sea. I would describe
The star event of the weekend was dinner at the hotel. I had been looking forward to this having recalled an excellent lunch on my last visit. I wasn’t disappointed. We started with
the style of cooking as gastropub at its very best. After this mighty feast I was more than ready to climb the stairs to my comfortable bed.
Snails at Le Petit Bistro The
a seafood platter – a luxurious and generous
On to the finale of the weekend. And boy
selection of hot and cold fruit de mer. Amongst
next day,
the highlights were tempura soft shell crab,
I skipped
mussels, scallops, both grilled and ceviche,
breakfast to
crab and lobster. All perfectly executed. Next up
make way
was an incredible cote de boeuf with sides of
for lunch
glass of perfectly chilled champagne while we
truffled mac and cheese (very ‘now’) and triple
at hotel
chose from the extensive loose-leaf tea menu.
cooked thick chips (some of the best I’ve had).
Ziggurat, a
Now I am not usually one for ‘afternoon tea’,
Naturally the beef was locally reared, and hung
Moroccan
which has always struck me as a thing that
in the premises of Belle Luce for over 30 days.
themed
gets in the way of what could be a much more
hotel with a
interesting lunch or dinner. I had intended just
roof terrace
to pick at a couple of things. No chance!
It was flawless.
Kofte at Ziggurat
dining area overlooking the bay. A stunning location from which to enjoy a feast of expertly cooked authentic Moroccan cuisine. Stand-outs were a spiced pan fried sea bass, a lamb shank
what a finale. Afternoon tea back at the Old Government hotel. This kicked off with a gin cocktail and then a
❝
Even the shortbread biscuits were some of the best I have tasted
tagine, sweet potato fries, a fattoush salad, some excellent meze including kofta, aubergine wedges, hummus and falafel. I could have sat there all afternoon soaking
❞
This was the best afternoon tea I have
ever had. The quails-eggs Benedict was tiny but luscious and delicate; there was more
up the sun and gazing out to the sea but there
of that wonderful chicken liver parfait, mini
was more eating to be done. Namely, snails at
homemade smoked salmon bagels and cream
Le Petit Bistro. This was a delightfully authentic
cheese alongside the usual sandwiches. And
French bistro with an all-French team. Here
then the Scones. Warm and fresh from the
I enjoyed a Crement de Bourgogne rose (a
oven with accompanying Guernsey butter,
sparkling wine using the same method and
clotted cream and jam. These were light and
grapes of champagne but made in burgundy)
delicious. Two mini tarts, one a fruit the other
and the best snails I have had outside of
a sublime Bakewell, both with excellent pastry
elegant Chateau Neuf du Pape. The wine list is
France. I wish I hadn’t filled up at Ziggurat, the
crisp and buttery. Even the shortbread biscuits
impressive here, and has a good selection of
menu reads like the epitome of good value,
were some of the best I have tasted – crumbly
quality wines for under £30 as well as more
French classical bistro dishes. This is a place I
and buttery. The only elements I thought dipped
prestige options.
will certainly return to.
below the stellar standard of the rest were the
cote de boeuff, Belle Luce The food was washed down with a rich and
lemon drizzle cake and mini chocolate éclairs. http://www.hautmaison.com/. http://bellalucehotel.com/ http://www.hotelziggurat.com https://www.facebook.com/www.guernseygoatscheese.co.uk. http://www.theoghhotel.com/
Everything was completely homemade by award winning resident chef Simon McKenzie (who I have written about previously). I ate the lot. I departed Guernsey a few pounds heavier in
http://petitbistro.co.uk
both luggage (Wheadons Gin and Horseradish
(http://www.cocktailweek.gg)
Vodka) and stomach. But boy was it worth it.
16-24 September – Guernsey Cocktail week
Never mind the Lake District, Cotswolds or
22nd September – 2nd October Guernsey international food festival
Cornwall – for high quality cuisine in wonderful
Find out more about the exciting line up of food and drink events happening as part of the
surroundings, get yourself to Guernsey.
festivals at http://www.visitguernsey.com/content/food-events
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INSTITUTE OF DIRECTORS
DERAILED DAVID SEALL CEng FRAeS MiMMM MIoD David is the Regional Chairman of IoD South. He is a former Chair of IoD Surrey and is an experienced Non-Executive Director. He is retained by DMH Stallard LLP as their Strategic Adviser Manufacturing www.davidseall.co.uk ∕ www.dmhstallard.com
T
will only forgive poor performance if they
that won’t be around for another fifteen years
see positive change correcting problems.
at the earliest and will probably be running at
One only has to read the Twitter feed of the
full capacity the moment it’s introduced. The
work in London. Aside from the usual lacklustre
companies to see the never ending list of
Mayor of London has called for Transport for
performance from South West Trains, the melt
unhappy customers. I now see that the former
London to be given the franchise that Southern
down in the Southern railways service almost
Eurostar platforms at Waterloo are now going
have as an emergency measure. Perhaps that
beggars belief.
to be utilised fully - Nine years after operations
would be a start. Perhaps a network halfway
ceased.....
between the local London needs and the region
his summer has brought yet another return to the chaos that is frequently inflicted on commuters attempting to
I know that within the Surrey membership of IoD roughly a third work in London and a
Anyone old enough to remember British Rail
might work, similar to the RER system in Paris.
considerable number of those registered as
will remember that that was pretty dire but it
London members live in the County.
never saw the levels in investment and access
integrated rail system can work efficiently, even
to new technology that the current franchisees
with trains that were by no means new.
The effect that this has on the personal lives of the individuals concerned is thoroughly depressing and affects not only them but their families and all close to them. The damage
have had. They certainly have a much higher number of paying customers than BR. This model of rail privatisation needs
A recent family trip to Berlin showed how an
Whoever the franchisees are in the future, perhaps they should start to genuinely address the needs of the multitude of stakeholders
it causes to businesses is very difficult to
major reform. Even the Government Minister
involved, customers, employees, businesses,
calculate, not only to commuters but also to
responsible seems to have had enough and has
employers, other parts of the transport
all of us that travel regularly into London on
walked away.
network to name a few and not just those that
business. How many lost hours of productivity
The industrial relations in the businesses,
hold the purse strings? They certainly won’t
does this cause, let alone the chaos caused
particularly Southern Rail, seem to be an
deliver shareholder value to investors in the
when whole days are lost, important meetings
unmitigated disaster with sides being taken
long term if they continue in the current vein.
cancelled and earlier trains than necessary are
and a series of industrial disputes that seem to
Of course that’s what any well run business
taken to help mitigate the frequent delays to
come from a bygone age. Whilst all this goes on
does and such businesses also have open and
journeys?
the businesses affected are taking a major hit
accountable leadership who can perform in a
to productivity.
truly competitive environment. What is clear is
With all of this going on the train operators and Network Rail dish out apologies that are
So what’s the answer? Perhaps Crossrail 2, if
that the current franchisees have lost the trust
virtually worthless as there doesn’t seem to be
it’s built and is run by a competent operator will
of these stakeholders and that positive change
any solid corrective actions in place.Customers
introduce some much needed competition but
is now needed more than ever.
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