suffolk SPRING 2014 | www.iod-suffolk.co.uk
Inspiring and connecting the county's business leaders
The Eurozone: the way forward?
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CONTENTS
Welcome. Our focus for this Spring edition is Europe. How important is the Eurozone for Suffolk businesses? Should we stay or should we quit? We’ll be debating the killer questions at our Question Time Dinner and we need your views on what’s important about Europe. To prepare you for the debate, we ask the expert panellists what they see as the burning issues. We also meet the next generation in our collaboration with sixth-form students from Suffolk One. It’s the first initiative of its kind in the UK and we’re delighted to lead the way. We find out whether age matters for innovation in business: do business people ‘of a certain age’ still have an important role to play? And we check out why the Cornhill development could boost more than just retail. Wherever you’re doing business – in Suffolk, Europe or globally – we wish you a profitable Spring. Email us at IoD-feedback@tilstonphillips.com or write to us at the address below. Jane Chittenden – Editor Published by: Tilston Phillips Magazines Limited 141 Norwich Road, Ipswich IP1 2PP enquiries@tilstonphillips.com www.tilstonphillips.com
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Designed by: Toni Escriche
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Contents
1
Europe: What does it mean?
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Recent IoD Suffolk events
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Third Age Entrepreneurs
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Across the region
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Protecting the Director
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Wellbeing
12
Property
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Join our forthcoming IoD events
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The Eurozone
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Business recovery and insolvency 19
All rights reserved. Reproduction, in part or in whole, without the prior consent of the publisher is strictly prohibited. The content of this magazine is based on the best knowledge and information available at the time of publication. All times, prices and details of events were correct at time of going to press. The views expressed by the contributors are not necessarily those of the publishers, proprietors, the Institute of Directors or others associated with this production. © Tilston Phillips Magazines Limited 2014
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A word from the accountants
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Ipswich Town Centre
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Anglia Business Exhibition
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It’s all in the Jeans | Coes of Ipswich 24 Meetings | Hintlesham Golf Club
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Meetings | The Hanger
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Leisure
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Applying Fresh Thinking
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Business books
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Business Leader | Ian Twinley
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Bringing you certainty through our expertise 01473 346046 www.poundgates.com Pound Gates St Vincent House, 1 Cutler Street, Ipswich, Suffolk, IP1 1UQ Pound Gates & Co Ltd, trading as Pound Gates, is authorised and regulated by the Financial Conduct Authority, and is an ISO and Investor in People accredited company.
WELCOME
New members to Suffolk branch Toni Maria Abrahams Suffolk One Anna-Marie Adeseko Nottingham Trent University Oliver Ault Suffolk One Jeffrey Bennett Niall Bond Suffolk One Remi Braithwaite Suffolk One Renata Chester Suffolk Life Annuities Ltd Trevor Conway C4 Growth Ltd Thomas Cowley Suffolk One Thomas Earl Nottingham Trent University Zeinab Faris Suffolk One Emma Gage Keele University Rosanna Jane Gentle University of Brighton Elise Grenfell-Smith Suffolk One Laura Harvey Suffolk One Jordan Holder Suffolk One Charlotte Humphreys Suffolk One
EUROPE: WHAT DOES IT MEAN? Europe continues to define and divide our media, our politicians, our academics, our economists and, indeed, ourselves.
Mary Jones Suffolk One Harry Lymer Suffolk One Andrew MacPherson NHS Midlands and East Andrew McAuslan BP Iraq NV Charles McGowan Suffolk One Benzad Monzavi-Tabrizi Suffolk One Sandra Moore Cottrell Moore Ltd
The uncertainty of the Eurozone economy and of Britain’s — and indeed Suffolk’s — role within that union is one that has never been more important to explore. We have European elections on May 22, 2014 and the Prime Minister has spoken of a comprehensive renegotiation in the future.
That’s why it’s now right to seriously debate Europe, and debate Europe from the perspective of Suffolk specifically. This edition opens that debate and nicely pre-empts our Question Time dinner at Hintlesham Hall Hotel on Wednesday 26 March, 6.30 – 10.30pm.
Megan Mortimer Suffolk One Jamie Morton Nottingham Trent University Alicia Mulcahey Banks Suffolk One Jordan Padmore Suffolk One
Having said that, it’s by no means clear what that actually means. What will be discussed? When? Who will lead our negotiating team? And that’s only if David Cameron wins next year.
Andrew John Pike Handelsbanken Max Planck Suffolk One Robert John Rixon Independent Mortgage Advice Bureau Buckinghamshire Ltd Charlotte Rowntree Suffolk One William Self Suffolk Life Annuities Ltd Ben Sewell White Concierge Ltd Jessica Sexton Suffolk One Bradley Singleton Suffolk One Nabil Sultan School of Business Leadership & Enterprise Jerome Stuart Walls
François Hollande certainly didn’t seem to think it was a priority during his recent visit to the UK. On the other hand, the Swiss, famed for their referenda, have just backed quotas and infuriated Brussels. We know there are a broad range of views across our membership: some feel the free movement of goods and people within a single market is a triumph, others are fed up with the apparent regulatory and financial burdens of membership and question who is really benefitting.
Alexandra Wisely Suffolk One Simon Ernest Wootton Annabel Rose Young Suffolk One
www.iod-suffolk.co.uk
Suffolk MEPs from all sides have accepted our invitation to join our debate. This provides a unique opportunity for you to contribute to something that will have a huge impact on all of us. We will also be joined by the IoD’s new Chief Economist, Professor James Sproule. The evening will be chaired by Rachel Sloane. There is still time for you to take your seat at our European table. Visit: www.iod-suffolk.co.uk/events to book your place. I hope to see you there. Best wishes
Josh Ward Suffolk One Andrew West Gotelee
“Eurozone: the way forward and its impact on the UK economy and Suffolk”
Like many difficult questions, it often comes down to simple, raw emotion. Many on the “no” side see this as simply about sovereignty. Ironically, precisely the sorts of arguments Alex Salmond is applying to his “yes” campaign. Yet he wants to keep the pound. Interesting, isn’t it?
Luke Morris IoD Suffolk Chairman
Follow @SuffolkIoD
IoD suffolk | spring 2014 | 3
RECENT IOD SUFFOLK EVENTS
SUFFOLK ONE STUDENTS BUILD LINKS WITH IoD SUFFOLK MEMBERS 24 JANUARY 2014 Suffolk One, Scrivener Drive, Ipswich
Jordan Padmore (One student), Lucy Hykin (student membership administrator, IoD London), Jenny Milsom (vice-principal at One), Rebecca Sharpe (student membership executive, IoD London), Luke Morris (chairman of IoD Suffolk) and Alan Whittaker (Principal at One).
Suffolk is the first IoD branch to welcome and embrace this pioneering project with the largest sixth form in Ipswich. The event was an opportunity for 26 IoD new student members to meet with Suffolk business members to forge a link and send a message that students, when they leave One, or any other college, are fit and ready for work. This was the first initiative of its kind in the country and IoD Suffolk members felt privileged to meet such outstanding students. One student, Jordan Padmore presented what he expects from his IoD membership. He currently runs a karaoke business with his father while studying for his A-levels. He hopes to become a roboticist.
One students, Oliver Ault and Charlie McGowan, gain a new business day being mentored by IoD Suffolk Committee member, Catherine Chambers, Easilife Cleaning Services Ltd.
He said: “I aim to get the most out of being an IoD member by building contacts and learning from the best. It will add more gravitas to my CV and I feel the edge it will give me over others will be priceless.” Rebecca Sharpe, Student Membership Executive at IoD, London and champion of the IoD Student Membership scheme concludes: “This is a wonderful opportunity for students to get work experience early, learn how to network and be inspired by business leaders.”
Jenny Milsom (vice-principal at One), centre, talking about the benefits to both students and businesses of starting relationships early.
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Breakfast: Maximising Business in 2014
IoD Chair Luke Morris with Stephen Unwin, Business Action Coach, and James Young, Events Manager for Ipswich Borough Council, in the historic Council Chamber of Ipswich Town Hall
29 JANUARY 2014 Council Chamber, Ipswich Town Hall
dreaming, planning, taking action and most importantly having fun.
Our events year opened in association with Ipswich Borough Council.
Next, James Young, Events Manager for the Council brought us right up-to-date with Ipswich Borough Council’s selffunding Ip-art programme, focused on promoting Ipswich as both a leisure and business location. There are many events for local businesses to be attracted to this
Business Action Coach, Stephen Unwin led the proceedings providing guidance for achieving work and life goals in 2014. He expressed the importance of
Breakfast: Britain in 2020 12 FEBRUARY 2014 The West Wing at Ickworth Our second breakfast of the year was in association with West Suffolk College. Part time lecturer and Ovation Consultant, Neville Stein led us through what we might be able to expect in the Britain and Suffolk of 2020. The population make-up of our nation is changing, as is the way we live our lives and how we consume and interact with business. Social media has changed the dynamics. Perhaps that's fairly obvious, but the remarkable factor is the speed and scale of the change.
Some predictions:
year including Ipswich Arts Festival, Celebrate Ipswich, Maritime Ipswich, Ipswich Food and Drink Festival and Ipswich Cycling Weekend. Visit the Council’s Events page to see just how much is going on in East Anglia’s Waterfront town centre. www.ipswich.gov.uk/eventscalendar/month
What we can expect in 2020: Neville Stein, West Suffolk College part time lecturer and managing partner of Ovation Ltd
• The population will increase by 5m people from 62m in 2010 to 67 million in 2020 – the increase will be due to 3m increase in the number of births over deaths and a further 2m in net migration to the UK • The population over 65 will increase by a further 2m • The working population will increase by over 2m
• There will be a further 2m lone/single person householders. To read the full article visit www.iod-suffolk.co.uk
IoD suffolk | spring 2014 | 5
THIRD AGE ENTREPRENEURS
Innovation in business: does age matter? Compared to previous generations, we’re living longer and working longer and for some, the prospect of having to work beyond 60 or 65 in order to receive a half decent pension is a great worry. But for some business leaders, the extended working life offers opportunity and the chance to build relationships, not to mention profits, with those just starting out in commerce. Alex Till, CEO at Menta, the Suffolk Enterprise Agency, is one business figure who thinks older and younger business people are missing a trick. He said: “There can be a fusion of mind-sets between the generations, a situation where the different parties can bring different skills and experience to the table. “That’s especially true in areas such as social media platforms and web-based companies where younger people have the ideas and drive but not necessarily the business experience and access to funding that an older, more experienced business person has. Put them together and it’s a great platform, but it’s encouraging to make that contact in the first place.” He added: “That’s why brands like our GoMenta One, which we’re developing, aims to get people together so they can add value to each other’s skillsets.” According to the Office for National Statistics, by the year 2020, a third of the working-age population will be over 50 – an age group that will comprise almost half the adult population. Mr Till said that’s a lot of potential experience. A new study by the NEOMA Business School in Rouen, suggests that the socalled ‘third-age entrepreneurs’ may lack the innovation skills of the younger generation but not necessarily the hunger. Assessing entrepreneurial activity in ‘new product’ and ‘new technology’ areas, the research found that 40% of the older business founders offered an innovative product compared to 45% of entrepreneurs under 30. Mr Till added: “What we need to do as a society is encourage younger entrepreneurs to link up with older, more experienced business people. There are 6 | IoD suffolk | spring 2014
Alex Till, CEO at Menta, the Suffolk Enterprise Agency
barriers, of course, but you don’t need to be suited and booted to do business. So what if some young people have nose studs, tattoos and dreadlocks if they can design £250,000 skate parks or build media platforms? “Often what these people can’t do is access funding, expertise and experience and that’s where older entrepreneurs can help.” One person who has benefited from mature advice is Ipswich entrepreneur Josh Seager. Mr Seager, 25, has developed a local loyalty card scheme called GenR8, targeting independent businesses in the town and has already signed up 60 firms.
me in his down time in the evenings when I’ve been stuck and don’t know where to turn. He’s been able to call on support networks and channels, places I just didn’t know existed.” Mr Seager, who received business advice from Menta when he first started, added: “But it’s not just the practical, business and computer help, he’s been able to give emotional support because when you set up on your own it can be a lonely place. He’s provided an enormous amount of support and help, often in situations when he didn’t realise he was doing so. “I think older people can offer so much to younger businessmen like me.”
He linked up with an older computer programmer via the Suffolk Chamber of Commerce which he said had been ‘invaluable’. He said: “In an hour’s chat you can draw on nearly 30 years of business experience. A lot of people I’ve met at networking events have been in business longer than I’ve been alive so they can offer incredible advice - what works and what doesn’t work. “My mentor has been invaluable, helping
Alex Till: 01284 760206 www.gogmenta.org.uk www.menta.org.uk
ACROSS THE REGION
New outlet for foreign cash
Farmer’s wife lays down the law Essex law firm Birkett Long has recruited a prominent agricultural lawyer with a strong history in the farming industry. Emma Coke has joined the firm’s rural and residential real estate team. She has a masters degree in European law and is ideally placed to know the intricacies and impact the Common Agricultural Policy has on farmers in the region.
She also sits on the committee of the Hadleigh Farmers’ Agricultural Association, is a member of the Agricultural Law Association, the National Farmers’ Union, Country Land and Business Association and the National Sheep Association.
As the wife of a Norfolk farmer, she also has a great understanding of all aspects of farming. She said: “Being married to a farmer gives me a great insight into the lives of farmers. I also have a long association with the farming and equine industry and I strongly believe in supporting the local farming community. No.1 Currency, a leading provider of foreign exchange services in the UK, has opened a new bureau de change in the Thoroughfare, Ipswich. It is the first of 20 new outlets the company plans to open across the country this year, with the creation of 80 jobs. Head of retail, Simon Phillips, said: ‘No.1 Currency is undergoing a major expansion of its high street retail network. By the end of the year, we will be operating out of more than 30 locations across the UK. The growth and performance over the last two years has been very impressive and we are committed to building on this success and establishing ourselves as number one for convenience, price and service.” He said that the company offers the widest range of currencies with no commission charged, adding: “With click and collect, it couldn’t be easier for customers to order their currency online and collect it from any No.1 Currency outlet, or at any of the 160 agents across the UK.”
“This gives me the edge on someone who is perhaps just an agricultural lawyer and I am able to bring a very strong commercial approach.”
Taste of Paris heads for Bury A new branch of the French brasserie chain Côte will open in Bury St Edmunds in the spring. Housed in the Barclays building in Abbeygate Street, it will provide ‘classic brasserie dining’ from breakfast through to lunch and dinner every day.
and moules marinières, with desserts such as crème caramel and crème brûlee. The new restaurant will also feature a weekday lunch and early evening menu (£9.95 for two courses, £11.90 for three) with dishes such as pork rillettes with sourdough bread and cornichons followed by chargrilled chicken breast with puy lentils and sauce vierge.
The award-winning Côte says it is inspired by new trends in Paris, and is dedicated to serving authentic dishes with a modern twist, using high-quality produce at great prices. The menu includes steak frites, tuna Niçoise
David sets sail for new role Fox’s Marina has appointed David Russell as yard manager. A chartered engineer member of the Institute of Mechanical Engineers and an experienced blue water yachtsman, David brings a wealth of yacht building and marine engineering experience to the Fox’s team. His career includes composite project manager at Devonport dockyards, which included work on super-yachts, naval vessels and lifeboats. He later joined Oyster 8 | IoD suffolk | spring 2014
yacht builder, EC Landamore, overseeing the new build of yachts. David likes nothing better than to be working or sailing on his own. His previous projects have included refitting a 37-ft steel sailing yacht in which he subsequently completed a five-year circumnavigation (1995-2000) with his wife, Jane, who is the director of the Pilotage Foundation and author of the Atlantic Crossing Guide. This was followed by the fit-out of a 39-ft
steel vessel in which David and Jane and family undertook a 13-month cruise of the Mediterranean in 2011-2012.
SOLICITORS NEWS
Growing team at Barker Gotelee Barker Gotelee specialises in a wide range of services for life, land and business and tailors its approach to suit its clients. The firm has continued to grow and develop in conjunction with the changing nature of the economic landscape and the needs of its clients, whilst providing concise and commercially-focused advice. As part of Barker Gotelee’s commitment to providing an excellent service to its clients, it has recently expanded its corporate team. Clare Richards has been joined by Elaine Mann and together they provide a full range of corporate and commercial services to clients, benefiting from their combined experience and knowledge. Elaine’s recruitment further enhances the addition to the corporate team in Spring 2013 of Insolvency specialist John Bradshaw who works alongside vastly experienced Dispute Resolution specialist Dermott Thomas. Clare is a specialist in corporate law and has previously worked at two well-regarded City firms. Clare has acted for listed companies and businesses as well as non-profit organisations and is well respected across the commercial field. Elaine specialises in
providing businesses and investors with advice on all aspects of the transactions in which they are involved, including asset and share sales, management buy-outs and commercial contracts. Together, Clare and Elaine’s experience and versatility ensures that the most practical and commercial advice is provided. The Department’s clients range from young start-up companies to very established and well-known businesses, many of whom have a local connection. Whatever the nature or complexity of your transaction, Clare and Elaine aim to forge a close working relationship with each of their clients based on pro-active advice and delivering an excellent quality of service. If you have a legal matter that you would like to discuss with Clare or Elaine, or you would like to consider your potential options for the development of your business, please do not hesitate to get in touch to see how Barker Gotelee’s advice can really make a difference.
Clare Richards
Elaine Mann
WE SEE THINGS FROM WHERE YOU’RE SITTING At Barker Gotelee, we know that you’re looking for more than just expert legal advice. The close working relationship we forge with each of our clients ensures we understand matters from all sides.
01473 611211 www.barkergotelee.co.uk
For life, land and business
IoD suffolk | spring 2014 | 9
ACROSS THE REGION
Port shapes up for future growth The Port of Felixstowe has received consent from the Marine Management Organisation (MMO) for the extension of its newest container-handling facility, berths 8 and 9. The expansion marks another milestone to increase the port's ability to berth the next generation of the very largest vessels. Clemence Cheng, chief executive officer of Hutchison Port Holdings UK, said: “This scheme represents the latest in a long line of investments by HP UK at the Port of Felixstowe. This new extension will allow
New boss for new homes us to offer more berth-windows and greater flexibility to our customers. This is an important investment as it will increase our ability to berth a greater number of the very largest container vessels in the future.” Felixstowe is the only UK port to have handled the 18,000 TEU class, the biggest container vessels in service, recently introduced on the Asia-Europe trade. Work on the new quay will start as soon as possible and is scheduled to be operational next year.
Working closer – by degree UCS provost and chief executive Richard Lister said: “The reason for this announcement relates to a strategic decision that will enable our partners at Easton and Otley College to appropriately manage their land-based higher education provision centrally – following their merger in August 2012 – thus ensuring equality of the student experience at both campuses. All undergraduate degree courses offered by Easton and Otley College will now be validated by UEA.”
University Campus Suffolk (UCS) and Easton and Otley College have confirmed that, from September, all undergraduate courses at UCS Otley will be validated by the University of East Anglia (UEA). UCS and the college will continue to work closely together in the delivery of teacher training courses, building on a partnership set up in 2007.
Vice-principal of Easton and Otley College, Clive Bound, said: “We have explained the situation to all students and staff involved and we would like to assure them that we do not believe that everyday life at the college will be disrupted by this decision. We will, of course, be on hand to reassure students and staff throughout this process. “Our overall strategy is to give our learners access to more opportunities and courses in the land-based sector and we believe that this decision will assist us in achieving this strategic aim.”
Silver status for train operator The revenue protection team at train operator Greater Anglia has been awarded the ‘Investor in People’ silver status in recognition of its progressive approach to business improvement through its people. Around 350 members of staff work in the team, which is made up of revenue inspectors, ‘making travel safer’ officers and gateline operators. The team was able to demonstrate that it achieved the 39 requirements for the standard IIP status, 10 | IoD suffolk | spring 2014
which it has held since 2009, plus an extra 76 points of evidence to achieve silver status. Greater Anglia’s head of revenue protection, Kim Gorman, said: “The award is another key milestone in our approach to offering customers a consistent, professional and high-quality standard of service.” Other Greater Anglia teams to hold the accreditation include catering (silver) and the customer contact centre (gold).
David Bentley has been promoted to head of new homes for Bidwells. David, who joined the firm in 2002, has more than 25 years' experience in the residential market and is a recognised industry professional. Having managed successful offices through two property recessions, he has learnt the 'nuts and bolts' of the housing market, specialising in new homes for over a decade. He said: “I started my career from college as a graduate at John Lewis, and although it may seem a far cry from agency work, I believe this has been one of the keys to my success. It was engrained into all employees the importance of customer service and professional ethos, which is imperative to what I do now.” The Bidwells new homes team was in its infancy when David joined the firm. Since then the business has quadrupled and over the past decade the team has managed more than £1billion worth of property for developers.
PROTECTING THE DIRECTOR
WHO DECIDES THE DIVIDING LINE? When a couple divorces, who decides on the dividing line between private and company assets. And who gets what?! In 2012 Mr Prest, and some of his companies, appealed to the Court of Appeal against the £17.5 million divorce settlement that the High Court had awarded to his ex wife of some fifteen years. She had originally sought £30 million and he had offered her £2 million having claimed that he was significantly in debt. At the original trial Mr Prest’s evidence was described as “deceitful and shambolic” and the trial judge pointed to the many court orders that he had ignored as well as the orders for costs against him that he hadn’t paid. Mr Prest was found to be a “wholly unreliable witness” whereas Mrs Prest was “careful and honest” as was one of her main witnesses, a former business associate of her ex husband’s! The trial judge estimated Mr Prest to be worth £37.5 million and ordered him to transfer eleven properties in London, and a further three abroad, to Mrs Prest in order to satisfy the judgment. The judge’s rationale was that although these properties were actually held by Isle of Man based companies, Mr Prest was entitled to them because he was the sole owner of the companies involved. He based his assumption on the fact that the companies operated exactly as Mr Prest dictated. The distinction between property of a marriage and assets of a company has always been a difficult one for the court. Where a business person owns all or
Philip Hoddell is a family lawyer who specialises in divorce cases for company directors. Contact him on 01206 217320 or philip.hoddell@birkettlong.co.uk
most of the shares in the company they control, there is bound to be a claim that the value of the company is theirs and must be taken into account. However, when Mr Prest appealed to the Court of Appeal, two judges there said that this wasn’t necessarily going to be the case. There should be a clear distinction between the legal identity of a company itself and the identity of the shareholders of that company. The Court of Appeal’s judgement was welcome news to business people (although less so to their former spouses) but it did give rise to the third judge, one of the country’s most senior divorce judges, to describe the opportunities that it would provide to an unscrupulous business owner as “an open road and a fast car”. Because of the importance of the subject and the amount of money at stake, it is perhaps inevitable that that Mrs Prest appealed to the Supreme Court, which decided her case in 2013. The court was asked to decide whether the assets of a company of which one spouse is the sole controller can be treated as assets to which that spouse is entitled for the purposes of divorce legislation. The Supreme Court decided that unless a business owner has behaved dishonestly, the divorce court should bear in mind that a company has a separate legal identity to that of its shareholders.
Unfortunately for business owners, the Supreme Court went on to find that in the circumstances of this case, the disputed properties were held by the companies on trust for Mr Prest (even though the High Court and the Court of Appeal hadn’t even considered the point!). It is worth noting that the Supreme Court took into account the companies’ failure to co-operate and inferred from it that such failure was consistent with an attempt to conceal the fact that the companies really were Mr Prest’s “alto ego”. Their property could therefore be used to satisfy the divorce settlement that the court had originally ordered. The moral of the tale is straightforward – where companies are properly set up and run, the best defence in divorce proceedings is co-operation with the courts, and where one spouse owns all the shares and directs the operations of the company, this is all the more important.
WELLBEING
The Role of Occupational Health in Business Ask someone what Occupational Health is and the response can vary greatly, but rarely is the response correct. Health & Safety at Work Act 1974; furthermore different industries, job roles and environments will have varying hazards and risks. Occupational Health plays an important role in helping businesses effectively manage those hazards and risks so employees can carry out their work in a safe and effective manner.
Mark Braithwaite, Managing Director
So, what is Occupational Health? Let’s be clear, Occupational Health is about the impact of work on health and health on work. A key purpose is to ensure that the work and work environment does not affect an employee’s health in a negative way. Employers are required to comply with various legislation, for example the
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In addition it looks at how an employee’s health can affect their ability to do their job to the required standard. Whether the concern about an employee’s health is physical or mental it can be challenging to know as an employer how to manage some situations. By seeking expert advice, misunderstandings can be avoided, time and money can also be saved. As the old adage goes, prevention is better than cure and encouraging employers to take a more proactive
approach to work related health issues can have a positive impact on sickness absence, performance and productivity. Having a commercial understanding is also a key requirement of an Occupational Health Specialist, working with the employer to provide tailored and appropriate solutions, whatever the size and type of business. If health and work matter to your business talk to Gipping Occupational Health, your local Occupational Health Specialists, who can guide and advise you on the right approach for you and your employees. For more information about occupational health please call 01449 766913, or visit www.gipping.co.uk
PROPERTY
The Futura is Bright… Next generation business space at Futura Park, Ipswich
Confidence in the commercial property market is now at its strongest since the financial crisis, as businesses dust down their expansion plans and look at investing in new premises. Ipswich is the fastest growing centre in the East of England and it is home to a new wave of regeneration schemes that are pivotal in helping drive forward its economy. Key among these, Futura Park is set to become one of East Anglia's most important retail and business parks. This is the first major commercial site to be delivered since the downturn of 2008 and is one of the few schemes that can accommodate larger scale occupiers of 100,000 sq ft upwards in the A14 corridor. Tony Chambers of AquiGen, the developer behind Futura Park, comments: “Thanks to investment from the private and public sectors, Ipswich is raising its profile and attracting business and trade from across the region. There is renewed optimism in the commercial property market and this has been translating into strong interest in the commercial space at Futura Park. We are offering the opportunity for companies to bring forward the next generation in business space in an excellent location.”
Futura Park is located on a 44-acre former industrial site between Ransomes Way and Nacton Road. Its first phase was launched in November 2012 with the opening of the flagship John Lewis at home and Waitrose stores and is now established as one of Ipswich’s most popular retail destinations, attracting shoppers from across East Anglia. Last summer trading at Futura Park was further boosted by the launch of the second retail phase including Furniture Village and DFS. Kick-starting the regeneration of the site with the delivery of a successful retail offering has been just the first step in creating a major new commercial hub, which when complete is expected to create up to 1,500 new jobs. Conveniently located to the South East of Ipswich and right next to the A14, the site was identified as an important strategic employment location, as part of the council’s vision to promote sustainable economic growth in the wider Ipswich area. Now the remaining 25 acres are available to provide occupiers with bespoke business and office space. Discussions are already under way with number of substantial local companies
seeking to take advantage of the many benefits of the scheme. The commercial space is targeted at a wide range of manufacturing, trade counter, motor trade and office based users, with some plots offering main road frontage onto Nacton Road. Also in place is substantial investment in infrastructure including two new access roads, as well as extensive landscaping and car parking, ensuring an attractive and user-friendly environment. Buildings can be designed and constructed to meet the occupier’s specific needs or if preferred, land can be sold to those wishing to design their own scheme. Plots ranging from 1.25 to 16 acres are available and as planning permission has already been granted across the whole site, new facilities can be delivered much more quickly than other locations.
For further information contact agents Coke Gearing on 01279 758758 or Savills on 01473 234 800 or visit www.futura-park.com
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JOIN OUR FORTHCOMING IOD EVENTS
Question Time Dinner: “Eurozone: the way forward and its impact on the UK economy and Suffolk” 26 MARCH 2014 Hintlesham Hall Hotel, IP8 3NS 6.30 - 10.30 pm Not to be missed. East of England’s MEPs, the IoD’s Chief Economist, Professor James Sproule and chaired by Suffolk Broadcaster, Rachel Sloane. Your chance to be fully aware by the European elections on May 22, 2014, ask some interesting questions and make your vote count. But please do submit your questions by email beforehand so that we can be sure your concerns are answered. Flick through our main article to see who is saying what and then email: caroline@iod-suffolk.co.uk It promises to be an exciting evening and places are selling out fast so please secure your place now by visiting: www.iod-suffolk.co.uk/events connect and get involved with them as a business.
Ask Professor James Sproule, IoD Chief Economist and Director of Policy • How important is Europe in the world economy? • How important is the UK? • And what about Suffolk? Ask Andrew Duff, Liberal Democrats MEP, Constitutional Affairs Committee • Why have you dedicated your working life to this since 1999?
Wednesday 26 March 2014 18.30 – 22.30, Dinner at 19.00 Hintlesham Hall Hotel, Ipswich, IP8 3NS
Ask Richard Howitt, Labour MEP, supporter of Europe • What’s in it for us? Apart from “peace, prosperity and jobs? • How realistic is regional aid? • Is it all a bit fluffy?
£50.00 +VAT for IoD members and their guests £60.00 +VAT for non-members
Ask Stuart Agnew, UKIP MEP, Agriculture & Rural Development Committee • What’s it like being a farmer in the East of England? • What would really, really make a difference? • Why spend your time fighting the cause?
Reception drinks, three course meal and coffee Other drinks are not included but can be ordered prior to dinner
Our 2014 events programme is kindly sponsored by:
Ask David Campbell Bannerman, Conservative MEP, true Eurosceptic • Why should we withdraw from the European Union? • What about the East of England, specifically? • Would we miss our allies?
BOOK YOUR EVENTS To book any of our events you have the following options: Book online at www.iod.com/suffolkevents Contact our Suffolk IoD branch administrator Caroline Kearney Telephone 07917 699498 or email caroline@iod-suffolk.co.uk Caroline will take credit card bookings or invoice your business. Use our booking form. Each of our events has a marketing leaflet with a booking form you can return by post. If you have not received a leaflet and would like to receive one please contact Caroline Kearney.
14 | IoD suffolk | spring 2014
NON MEMBERS VERY WELCOME
Breakfast: Ipswich mum wins Dragon’s heart 23 APRIL 2014 Seckford Hall, Woodbridge, IP13. 6NU 7.30 – 9.30 am
Jo’s PlayAway case was inspired in 2010 when on a long-haul flight with her children.
Inventor and entrepreneur Jo Kerley will share her experience both of designing and launching a completely new product and then being brave enough to face the Dragons in the Den.
Join us on Wednesday 23 April 2014 to learn about Jo’s journey as she not only creates and manufactures a completely new and exciting product from scratch but also secures the expert involvement of one of the nation’s favourite Dragons.
In the programme aired on Sunday 23 February this year we learned that Jo won the heart of multi-millionaire Dragon, Duncan Bannatyne.
£27.50 (£33.00 inc vat) for IoD members & their guests £33.00 (£39.60 inc vat) for non-members
JOIN OUR FRESH THINKING CONFERENCE In association with Stoke by Nayland Hotel, Golf & Spa
Special guest: Dominic Frisby, comedian, author, presenter, MoneyWeek columnist, actor, financial guru. He has also worked as a TV presenter, a boxing-ring announcer, a florist, a removal man, an extremely camp theatrical agent's PA, a sports commentator and a busker. ?
14 MAY 2014 Stoke by Nayland Hotel, Golf & Spa Leavenheath, CO6 4PZ 9.00 am – 4.00 pm £95.00 + VAT for IoD members & their guests £142.50 + VAT for non-members £200.00 + VAT exhibitor stand receive one ticket with space to exhibit your company and products within the main conference room Hot buffet lunch provided
A day to encourage fresh thinking in your business. A day to confer with business leaders across the county as they debate ‘What comes next?’. Chaired by David Hall, Director of The Ideas Centre, the event is designed to provide you with some ideas and clear actions that you can implement in your business straight away. Bring your greatest challenge to the table and plenty of experienced minds will help you find the answer. Our special guest will be comedian Dominic Frisby. Dominic is a comedian with a twist. He is a book author, columnist, actor, voice-over artist, writerproducer and a financial guru. Dominic’s first book ‘Life After The State’
is a serious dismantling of how societies are run in the west with some simple suggestions about how things can be vastly improved. Dominic writes an investment column for MoneyWeek and has written and produced numerous short films and videos, including the viral hit ‘Debt Bomb’. ‘Bitcoin - The Future Of Money?’ is his second book.
David Hall: How do you apply fresh thinking to get the very best out of you, your staff, your customers and your life?
Successful businesses across the county will also be invited to showcase and share the fresh thinking they have implemented to make a difference in their worlds. Possibly an un-conference. Away with keynotes and talking at you, more practical experience and solutions to meet your every day concerns. Work or personal.
IoD suffolk | spring 2014 | 15
IOD QUESTION TIME DINNER
The Eurozone: Its impact and the way forward for Suffolk businesses Is the Eurozone good for Suffolk businesses or a club we don’t want to be part of any more? IoD Suffolk’s Question Time will be putting some tough EU-themed questions to IoD’s Chief Economist and our four East of England MEPs. To brief you for that debate, Jane Chittenden asked our expert panellists and businesses for their views. Professor James Sproule James Sproule is the IoD Chief Economist and Head of Policy. He joined IoD in November 2013 from Accenture, where for the past seven years he has led UK and Global Capital Markets research and Accenture’s “Thought Leadership” programme. He was previously Director of Research for Augusta Finance plc and Chief Economist at the Association of British Insurers. He has been a visiting fellow at the London School of Economics Institute of Management.
“The crisis is far from over. There is an enormous number of things that need to be done that are far beyond monetary policy in making the euro work. First, the banking sector of the Eurozone needs a banking union – and even that isn’t guaranteed to address the problem. The issue right now is that most corporates in the Eurozone are financing bank debts and that southern Europeans in particular have lost faith in their banks. They’ve moved all their money out of their local banks and into northern European banks. We’re seeing significant credit shrinkage; the southern European banks’ ability to lend is radically diminished. And in those circumstances you get a recession; there’s no way you can have a strong economy if your banks can’t get refreshed credit. They’re hoping that bank guarantees will encourage citizens to move their money back to the local banks. But will it be sufficient? If individuals decide that they’re happy to stay with (say) Deutsche Bank, how do you kick-start those local 16 | IoD suffolk | spring 2014
banks, or tempt Deutsche Bank (with its now fat balance sheet) to extend into some of these south European countries where they’re desperately keen to have some of that credit? The second key issue is: “Does a single currency need a single political mechanism?” and the case is very much out on that. There are those who would clearly like to see a United States of Europe, but it’s only one valid view among a number of valid views. Others, not only Britain, have significant reservations about what’s going on. The third critical issue is the idea that you can have open-ended deficit financing. Britain, which still has a very bad deficit, is attempting to close its deficit; everyone in Europe is looking to close their deficit. But how do you get more for less as a welfare state? The demand is still there; it’s just that there’s no money. And how do you win elections promising lower taxes and lower spending, without harmful side-effects?”
Andrew Duff Andrew Duff has served as the LiberalDemocrat MEP for the East of England since 1999. His responsibilities include Spokesman for the Committee on Constitutional Affairs for the Alliance of Liberals and Democrats for Europe (ALDE), President of the Union of European Federalists and Chairman of the Spinelli Federalist Intergroup of the European Parliament. He is a Founding member of the European Council on Foreign Relations (ECFR). Andrew was awarded an OBE in 1997. “Clearly the campaign for the elections is a rehearsal for the forthcoming referendum. It will be more polarised than previous elections between pro and anti. And the financial crisis has of course accentuated divisions between left and right. We’ll fight very clearly as the party of “In”, but we’re not proposing that we should join now the euro now. That would be completely absurd, as the Eurozone is striving to extricate itself from a great crisis. But it’s in Britain’s interests that financial stabilisation takes place as the ground for economic recovery.
Speaking to people in the City, privately they’re saying that in 10 years or so there will be a sterling crisis, as we used to have in the past. It would be extraordinary to expect the ping-pong ball of sterling bouncing between the giant footballs of the dollar and the euro to have a very easy time of it in the long run. Currency
transactions will become far more volatile in the next phase of the crisis. We can already see that with the currencies of the emerging economies. So I would say: “Fasten your seat belts!” Any idea of complacency that the crisis is over is nonsense. We have a lot more to do in the
EU to put in place a proper solid durable banking union. It’s highly regrettable that Britain isn’t going to be in and we aren’t going to have any influence on its design. It won’t be long before the City banks say: “We have to be in the Eurozone; we have to have our HQ inside the principal market”.”
Richard Howitt First elected to represent Essex South, Richard has represented the whole of the East of England since 1999 and is now senior serving Member of the European Parliament for the region. Richard is the Labour Spokesperson on Foreign Affairs in the European Parliament, the Socialist & Democrat Group Human Rights Spokesperson, the European Parliament Rapporteur on Corporate Social Responsibility, and the VicePresident of the All-Party Disability Rights Group of MEPs. “At the moment there’s some evidence of economic recovery, but it’s incredibly fragile. For our businesses the key is that the European single market sustains its recovery because it’s our major export market, and at a time when export markets around the world are stuttering it’s even more important for us that the Eurozone goes in the right direction. The vast majority of people in business (8 out of 10 in a CBI survey) are very clear that the EU single market is vital to them and the benefits to them are being put at risk by this current debate. To say: “For Europe or against it” is over-simplistic. Instead, we have to talk about the reforms we need, to assure businesses
that those of us who are for Britain’s membership of the EU are committed to getting the changes we need. There isn’t some invisible list of reforms that can be won at a moment’s notice. If there are good ideas for reform we’re pursuing them now. Of course change needs to happen; we must be openminded. But it’s worth noting that in a single market, one common regulation replaces 28 individual country versions, which makes trading a lot simpler. I want to get on with helping businesses to secure EU investment, to help them train and employ people, to help small businesses to share in the benefits of trade,
to help new projects for low carbon growth – and that’s nothing to do with these high level political debates about Europe. Nobody is proposing for us to join the Euro in this generation. But irrespective of the fact that we’re outside the Euro, we’re intertwined in terms of trade and export and that’s essential for our economic health. It’s in our interest to pursue recovery here in Britain and in Europe.”
Stuart Agnew Stuart Agnew is the UK Independence Party MEP representing the East of England. He is a farmer and lives in Norfolk. Stuart is a member of the European Parliament's Agriculture & Rural Development Committee and the Parliament's Constitutional Affairs Committee, where he is reserve Committee Member. He has also recently taken over from Nigel Farage MEP, as a member of the Fisheries Committee. He is a keen campaigner against the man-made global warming myth and on coastal erosion. “The real burning issue in the Eurozone debate is 'should a political gimmick take precedence over economic reality?'. In UKIP, we were astonished that Greece did not exit the euro after the second bail-out. A return to the Drachma with a massive devaluation stimulating tourism and exports was the obvious economic choice for them. We under-estimated the determination of the Commission to keep the ‘political project’ afloat whatever the cost. If Greece left the euro, others would follow and the political project would take a step backwards for the first time ever. This could not be countenanced. Greece received veiled
threats of expulsion from the EU, etc, and were frightened into agreeing a major loss of sovereignty. Their financial affairs would be run by the Troika (Commission, IMF and ECB). The consequences of this have put Greek citizens into a no-hope situation of chronic unemployment and negative growth. As a result extremist political parties are on the rise. Compare this to Iceland who, by retaining their own currency, have rescued themselves from apparent oblivion to the point where their employment rate is now higher than any EU country and they no longer wish to join the EU.” IoD suffolk | spring 2014 | 17
IOD QUESTION TIME DINNER
David Campbell Bannerman David Campbell Bannerman is a Conservative MEP for the East of England, first elected to the European Parliament in June 2009. David was Special Adviser to Sir Patrick Mayhew, Secretary of State for Northern Ireland, during the Irish peace process. He was also Chairman of the Bow Group think-tank and stood for the Conservative party during the 2001 General Election campaign in Warwick and Leamington. David loves Europe, its peoples and cultures, but regards the EU as being dangerous to our shared freedoms, and destructive of our historic British identity. David is well known for his strong views on Europe. Unfortunately, he was not available for interview, so a look at his constituency website gives us an indication of his perspective on the Eurozone.
“Britain must withdraw from the EU political union and have a trade-only relationship. As a strongly committed Eurosceptic, I’m determined that voters must have a referendum on the EU. I’m fighting for our national interests in Brussels as I seek to reduce the burden of EU bureaucracy.
I’m making the case for EU withdrawal (two-thirds of Conservatives want Out) but backing our ‘Renegotiation or Out’ policy. I’ll continue to oppose EU Superstate and bad EU legislation; and I’ll continue to hold EU to account in trade, defence and other bodies.
My Ultimate Plan B is of a Britain replacing its membership of the EU with a simple, free trading relationship under a UK/EU Free Trade Agreement.
The Business View... John Dugmore, CEO Suffolk Chamber of Commerce Exporting to the EU has gone up 4.3% year on year across the region and the country. If you look at the latest snapshot of the top five trading partners for the East of England – the US, Germany, France, Belgium and the Irish Republic four out of the five are in the EU. But for the last quarter of international trade for Suffolk, our top five trading partners (based on Suffolk Chamber export documentation) were: China, India, the Middle East, Turkey and Russia. Suffolk Chamber members do export to the East of England’s top five partners, but our top
five are in emerging markets. Suffolk is very entrepreneurial and understands that the EU is a single trading bloc on our doorstep and easy to do business with. We’re finding that businesses tend to grow their export markets first in Europe, and then grow globally. We did a survey of Suffolk businesses in April 2013 to find out their view of the EU relationship. 95% of the Suffolk Chamber members who responded (a large proportion of our membership, so it was statistically of value) told the survey that
withdrawing from the EU would be a step back for the region’s economy. Businesses in Suffolk were telling us that withdrawing from the EU would be bad for business. As part of our Exporting is Good for Suffolk campaign we found that being part of the EU was viewed as a great opportunity for opening doors for exporters. Clearly, by being able to trade in the EU and trade across the globe, it’s encouraging growth and creating jobs.
Iain Dunnett, Operations Manager, New Anglia LEP The argument we’re developing for New Anglia LEP is that the EU is an economic geography that’s important but only one small part of a global market. We’ve been discussing how, if you’re going to compete on a global scale and if exports and trade are important to you, you have to be part of a wider
cooperation across an economic geography. That could be the Southern North Sea or whatever - if we’re going to develop some of these exciting innovative sectors and technologies and so on in this area, it’s got to be part of a European offer on a global scale. There’s a tremendous opportunity to collaborate across our part of Europe.
The links are there, through culture and through trade. I think that lines on the map and debates about bureaucracy , euros vs pounds and “Are we in or are we out?” get in the way. It’s good for business. We have to have that European relationship; it’s as simple as that.
Liz Basing, East of England Regional Director for UKTI “It is encouraging to see continuing strong rises in markets outside the EU, particularly high-growth markets like China and India… However, the EU remains a core focus for many of our 18 | IoD suffolk | spring 2014
region’s exporters. More recently we have seen the Eurozone start to turn a corner, and our increased trade to Greece is of particular note.”
The trend for exports over the last year has been the continual rise of non-EU exports while EU exports have slowed with a few exceptions. (December 2013)
BUSINESS RECOVERY AND INSOLVENCY
Recovery experts move to Ipswich Parker Andrews, the award winning business recovery, insolvency and corporate turnaround firm is delighted to announce its continued expansion with a new office opening its doors in Ipswich city centre. Based in Saracens House on St Margaret’s Green, the new office managed by Steve Causer will deliver a full service proposition to help support local businesses, individuals and professionals. Originally from an industrial background, Steve has worked with accountancy and legal firms for many years, helping to advise business and personal clients when they are experiencing financial difficulties. Steve will be looking to carry on the success that Parker Andrews has achieved by helping the firm expand further into Suffolk and highlighting the many resources and vast experience that Parker Andrews can bring, including access to specialist lenders able to assist companies who are not able to obtain funding form high street lenders. He said: “I am aware that Parker Andrews has built a niche in the industry for being able to deal with clients of all sizes
quickly and effectively, and although there are definitely green shoots of recovery showing, this is a critical time for businesses that are not as financiallysound as their competitors. I know there is a need for a firm like Parker Andrews to have more of a presence in Suffolk and I am looking forward to help build this.” Jamie Playford, a director and licensed insolvency practitioner at Parker Andrews, added: “Parker Andrews is the fastest growing business rescue firm in East Anglia and it is the continuing and growing demand for our services which has allowed us to firmly establish ourselves as the market leaders in East Anglia. “Just like any other professional firm, we are service-driven and very much look forward to providing the same level of professional, creative and empathetic service and technical expertise to new clients as we currently provide from our other offices in Norwich, Cambridge and London.”
Jamie Playford
To celebrate the launch of our Ipswich office, Parker Andrews will be hosting a networking event at the Ipswich Town Football Club on Wednesday 19th March from 5.00pm to 7.00pm. If you would like to join us for a glass of wine and a chat, please contact events@parkerandrews.co.uk for more information. Saracens House,25 St Margaret’s Green, Ipswich, IP42BN 01473 530204
IoD suffolk | spring 2014 | 19
A WORD FROM THE ACCOUNTANTS
My business is doing well, and I want to give something back... This is a statement we hear often (fortunately), with the next question being – can I start a charity? A charity is not the only option available to someone in this position, with social enterprise, such as a Community Interest Company (CIC), offering an alternative. So what is the difference, and which would be more appropriate? This will largely depend on factors such as whether you need to draw earnings from the organisation, the benefits of the new activities, tax, grant availability; and your affection for red tape. We recently worked with Jenny, who wanted to use the expertise built up in her training company to expand into a new area of work. She knew that grants were available, but needed to separate the new venture from her business to access them. In this instance, even though training and
education can often be charitable, the charity route wasn’t available because of the benefit to Jenny herself through the additional business. Separating the enterprise as a CIC allowed access to the funding and we hope a successful venture will follow.
non-profit venture, but with everyone’s circumstance being different, I should emphasise that there is no single right answer – consult a charity specialist adviser to help you make the right choices for you.
We also helped an arts association become a charity, in order to attract significant private donations to secure viability. An additional benefit was that the charity also achieved savings on business rates. When making the application for charity status, care was needed to justify the benefits to the artists being promoted.
For more information on how we can help, please contact Giles Kerkham on Giles Kerkham 01473 833411 or at giles.kerkham@larking-gowen.co.uk
These examples give a flavour of what might be considered when setting up a
1 Claydon Business Park, Great Blakenham, Ipswich, IP6 0NL
This article is designed for the information of readers. Whilst every effort is made to ensure accuracy, information contained in this article may not be comprehensive and recipients should not act upon it without seeking professional advice. Larking Gowen is registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. ©Larking Gowen.
20 | IoD suffolk | spring 2014
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IPSWICH TOWN CENTRE
Cornhill development: a boost for business, not just retail? Is the proposed Cornhill development just another retail window-dressing scheme? Or could it make a real difference to Ipswich’s economy? Jane Chittenden investigates. • Better prospects for retail – if there are more jobs in the town or city centre, more people have to come to the city centre five days a week, which increases the size of the retail market. • Potential for high value economic growth - many of the highest skilled and best paid industries prefer to locate in city centres. This is because there’s access to more skilled workers (because of transport connections) and opportunities for “knowledge spillover” as a result of being close to clients, competitors and collaborators. • Centralised public transport access to jobs, especially for low skilled/low paid workers.
The Cornhill scheme is attracting strong views. Many people agree with Sir Stuart Rose’s comments: “Depressing, shabby… with the empty shops it is a barren wasteland.” But in the furore of debate about revitalising retail, is there enough focus on strengthening Ipswich’s businesses in the town centre? Could run-down retail be reflecting a deeper malaise in Ipswich’s economy? “Sluggish retail is the symptom of an underperforming city centre, not the cause of it,” says the thinktank Centre for Cities, in its report Beyond the High Street. They argue that Mary Portas and others are looking at the wrong end of the telescope: the real issue is the performance of the city’s businesses, which is reflected in the vibrancy of retail in the high street – not the other way round. So how well is Ipswich positioned for the future, as one of the UK’s 64 largest towns and cities? Does the shabby state of Cornhill indicate difficulties for Ipswich’s economy as a whole? The statistics present a mixed picture: although there’s high employment, the workforce is poorly paid compared with the national average. There are low numbers of highly skilled workers, high numbers with low 22 | IoD suffolk | spring 2014
skills and small numbers of high growth SMEs. But there are strengths too: affordable house prices, good digital connectivity, exceptionally low CO2 emissions and the highest level of “wellbeing” of all of the 64 towns and cities – the number 1 spot.
Local Enterprise Partnerships across the UK are highlighting the importance of “placemaking” in helping to ensure economic growth. In their current bids for government funding (Strategic Economic Plans) they’re saying that quality of place is essential for attracting and retaining skilled workforces, as well as attracting inward investment.
So, it seems clear that bold investment in the Cornhill scheme could do much more Ipswich has a particular strength that it than improve the outlook for Ipswich’s could capitalise on: the high numbers of retailers – it could do wonders for the people employed in the town centre. Most town’s economy as a whole. cities have been decentralising their private sector jobs in recent years; on average three-quarters of their private sector jobs have been relocated to out-of-town Ipswich Performance (ranking out of 64 largest towns business and industrial parks. and cities in the UK) But almost half of Ipswich’s private sector jobs are still Highest level of wellbeing 1 based in the town centre – the Lowest CO2 emissions 3 Population growth – fastest growing 5 most centralised private sector Highest employment rate 6 workforce of all the 64 cities. Innovation 13 (Its neighbour Norwich is also Digital connectivity 18 highly centralised, in sixth Job creation 29 Lowest number of low-skilled workers 33 place; but not Cambridge, Highest number of businesses 35 which has a complex Lowest JSA claimant count 37 relationship with its major Highest business start-up rate 42 freeholder, the university.) Highest number of high-skilled workers 46 Why is this an important advantage for Ipswich? The Centre for Cities explains:
Rise in house price Earnings Source: Centre for Cities www.centreforcities.org.
48 54
Anglia Business Exhibition Taking place at Trinity Park Ipswich on Wednesday 7th May 2014, the event not only has a new name but even more exhibition space and attractions. As one of the county’s best attended, respected and supported business events (formerly the Suffolk Business Exhibition), the demand for stands has always been high. In 2014 as well as the main Event Centre and the Trinity Rooms, there will also be the addition of a large marquee adjacent to the main Event Centre to allow even more businesses to exhibit. Building on the success of the exhibition and the need for more space and networking areas, a new VIP marquee for sponsors and strategic
partners is also being introduced. This area will also be home to the networking brunch prior to the opening of the event and keynote speaker area. This new area is kindly being sponsored by Tick Office Solutions and Realise Futures and is a real indication of how the exhibition is growing. State of the art barcode scanning technology will also be in operation given the bigger number of visitors expected to the event. James Davey, Chairman of ISSBA commented: “We are delighted that the Suffolk Chamber of Commerce has agreed to be our main strategic partner of the event again for the next three years and Suffolk County Council as a 2nd tier partner. Their support is paramount to us putting on such a successful event. I would
also like to say thank you to our media partners Archant, who are once again supporting our event along with Town 102. We are also encouraged that many other local organisations are keen to be involved with our event and realise the value of such an important exhibition.” Details of all stand prices and reservations can be made at www.angliabusinessexhibition.com There are also still some Strategic Partnership opportunities available. For further information contact Kim Brown at Boleyn Events on 01473 712330 or Sonia Shelcott, Millriver Publicity on 01473 410278 who would be delighted to talk with your business about potential opportunities. IoD suffolk | spring 2014 | 23
SARTORIAL ELEGANCE
It’s all in the jeans In the last ten years, nearly every item of menswear has become slimmer. Initially revered by the high fashion houses, the look has slowly filtered down into more classic menswear brands too.
This general trend hasn’t escaped the jeans market either. Boot cut, loose fit and flared jeans were being sold in their droves. However, these days we’re hearing the phrase “skinny jeans” all over the shop (quite literally!) – in both the male and female departments. Straight fit, slim fit, skinny jeans, jeggings – they can sound quite intimidating if you’ve been in your jeans comfort zone for the past 30 odd years. However, we want to dispel that perception. The styles and ranges stocked have become slimmer because they are, quite simply, very flattering, and not because they’re uncomfortable or won’t fit.
24 | IoD suffolk | spring 2014
At Coes, we’re even now selling men’s skinny fit stretch denim jeans with tiny 15” hems – that is the extreme, however! When shopping for new jeans, listen to our advice to help you discover your new favourite pair: Ensure that the new jeans have stretch included in the fabric content. (You’ll thank us later!)
Opt for a slightly higher rise than normal. (As this will be the most flattering on all shapes) One for the girls - take different heel heights with you when trying on.(This will help to achieve the ideal leg length) Finally, be bold! We have a wide range of colours available in-store and online this season. (Don’t be afraid to try something fun!)
Invest in a clean indigo wash. (This will easily take you from day to night, whatever the occasion) Buy the smallest possible size that you can still fasten. (The denim will relax with each wear)
William Coe, Coes of Ipswich t: +44 (0) 1473 256061 e: info@coes.co.uk
MEETING VENUES
Business and pleasure If you are looking for a meeting room with a difference then Hintlesham Golf Club could be your ideal location. There is a certain charm at the Golf Club that will make it a very comfortable and positive experience for delegates who are able to enjoy meetings in a soundproof, air conditioned and private room.
Set in 150 acres of Suffolk countryside the spacious club house is the perfect setting for meetings, conferences or conducting interviews. The spacious and private Orchard Room is bathed in natural light overlooking ‘Home Wood’ and the golf course. The room has a private outside space, perfect for breakouts and networking. The staff are available throughout the day to ensure that your event runs smoothly and are on hand to help with any last minute requests.
As well as being able to offer a private meeting room and a large function room, there is the 18 hole golf course. (Mixing business with pleasure is not all that bad when you get to play 18 holes at Hintlesham Golf Club!) A superb course - it can provide a challenge for players of all abilities. This is a great chance for the team members to socialise without work pressures and being in the normal working environment. The Golf Club can create a package for you that includes the hire of the meeting room, lunch, followed by 18 holes of golf. Contact Catherine Swan, the Events Manager on 01473 652761 for details.
w: cooperscountry.co.uk 26 | IoD suffolk | spring 2014
The Hangar at Kesgrave Hall – a unique venue set for take off! Reaction to the new-look event venue at Milsoms’ Kesgrave Hall can be summed up in one word – wow! A £1million investment has transformed The Hangar into a stylishly stunning spot to host a conference, wedding reception, new product launch or private party. The dazzling decor, draped in silk lining and carpet, is illuminated with imaginative black-star cloth ceiling lighting. The effect is electrifying. Large leather sofas provide a soothing, relaxed area to receive guests. Paul Milsom explains the thinking behind the venue’s makeover: “Over the last few years we’ve hosted a variety of events on an ad-hoc basis, but you’d always needed a big imagination and an even bigger budget to get the space looking great. Not now, The Hangar has been turned into a seriously glamorous room, ideal for all types of yearround events, from weddings and parties to product launches and conferences for anything from 80 to 300 guests.” Nothing has been left to chance to ensure that the venue is equipped with absolutely everything the host could possibly need to satisfy the whim of the most discerning guest. Outside, the thoughtful landscaping even includes a ‘secret garden’ area – providing the perfect backdrop for those precious wedding photographs. General manager Oliver Richards is extremely proud of the new development, which has been driven by Milsoms’ dedication to excellent service and food and has the company’s stamp of quality indelibly imprinted all over it. Oliver says: “Everything from the lighting to the menus can be tailored to suit individual requirements and we are really looking forward to welcoming corporate guests, wedding guests and hosting charity balls and conferences alike.” Room dividers offer the opportunity to reconfigure the hall into smaller, more intimate areas, if desired.
And while The Hangar is a sparkling choice for glitzy evening events, it also has the flexibility to function as a firstclass venue for corporate conferences, complete with theatre-style layout and all the most up-to-the-minute technology to deliver interactive audience participation, if required. This state-of-the-art technology is a key feature of the venue. Six months ago advanced wi-fi routers were installed to provide broadband speeds up to six times faster than the average domestic equivalent. The system is also deemed to be ‘clean’, meaning that it is never diluted irrespective of how many people are using it. The telephone set-up is also cutting-edge and provides Power of Ethernet (POE) handsets with colour touch screens and hands-free capability. Although aimed at the corporate market, these developments have also proved popular with leisure guests at the hotel. Oliver explains: “We have a lot of bluechip companies here, and everyone has smart phones and iPads these days, and people appreciate that their equipment will work efficiently when they stay with us. What has surprised us is that the mums love it, too!”
To see The Hangar and judge for yourself contact Oliver Richards (General Manager) on 01473 333741 oliver@kesgravehall.com www.milsomhotels.com/kesgravehall IoD suffolk | spring 2014 | 27
LEISURE
The power of the Olympics Without wishing to gloss over the plight of some of our colleagues in the south and west of the country who are going through a particularly torrid time with the floods, it has been great to see that Team GB had their most successful winter Olympics in recent memory. Will this help to inspire more children and adults to take up other sports that they may not have experienced in the usual school team sports?
Stuart Robertson PGA Golf Professional and Director of Golf Ufford Park Woodbridge, Suffolk IP12 1QW 01394 382480 www.doctorgolf.co.uk mail@doctorgolf.co.uk #doctorgolf247
For those of us that managed to watch some of the events, whether it was curling, snowboarding, skating or skeleton, it was easy to be inspired. Being involved in sport, particularly for youngsters, will help to develop some key life skills: goal setting, determination, patience, honesty and respect. Sport creates a great feeling of self worth which can help them in later life. Anything that can help teenagers escape from their phone or computer has to be positive, particularly as many school children do not involve themselves in any
sport whatsoever. Unchecked, this can lead to a generation that may be more reliant on public services and healthcare! For 2014, set yourself, unless you have already done so, some sporting goals for the year – walking or jogging, cycling or swimming, dancing or skating, I urge you to get involved in something and you will feel the benefits. I can recommend golf too, as there are many benefits to be derived. A leisurely walk in the fresh air through some scenic countryside, interrupted occasionally (frequently in some cases) by the striking of a ball towards a flag! This can involve bending, stretching and some dynamic flexing of different muscle groups, giving you an all over body workout. There will also be some mental stimulation in negotiating your way around the obstacles that abound the golf course, helping golfers to continue to play into their 80s and beyond. Get into Golf – the new Olympic sport, making its debut in Brazil!
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IoD suffolk | spring 2014 | 29
APPLYING FRESH THINKING
Work on your business As we approach the end of the tax year, many Suffolk business leaders may be thinking about the next stage: a plan for growth, investing or exiting. Stephen Page of Suffolk family business financial planning firm, Page Russell, provides some thoughts.
Page Russell, Independent Financial Planning, Bury St Edmunds www.pagerussell.co.uk
First, do you have a business plan? A simple one-page plan outlining your goals, ambitions and motivations, financial and otherwise. One that crystallises your core purpose, the reason you get out of bed in the morning and the reason your staff may want to get out of bed in the morning. Most importantly it should carry the reason that all your customers and prospects will flock towards you and stay loyal. Without this plan, numbers and budgets don’t make sense, big plans less tangible and effective business development improbable. Second, have you separated these two distinct ideas: “working in the business” and “working on the business”? Working in the business is good. It means you will know what’s happening, what works well and what may work less well. Working on the business is vital. This means giving yourself time. Time to think. Time to talk. Time to nurture and develop your team. Can your business survive without you? Will you be able to retire when you want? What do you need
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30 | IoD suffolk | spring 2014
Stephen Page: A passion for planning
to do to make it happen, one year, three years, even ten years from now? Focusing on profit not turnover is key. Which employees can help you achieve the growth you need? Do you need funding? Finally, what about you? Many business owners and leaders put off planning their own lifetime goals, just simply because they are too busy. The only focus is the business value at the end of each short company year. What good is that? If you don’t know why you are working so hard - don’t.
BOOK REVIEWS The Wolf of Wall Street by Jordan Belfort Two Roads £5.99, Kindle edition £3.99 By day he made thousands of dollars a minute. By night he spent it as fast as he could, on drugs, sex, and international globe-trotting. From the binge that sunk a 170-foot motor yacht, crashed a Gulfstream jet, and ran up a $700,000 hotel tab, to the wife and kids who waited for him for at home, and the fast-talking, hard-partying young stockbrokers who called him king and did his bidding, here, in his own inimitable words, is the story of the ill-fated genius they called...The Wolf of Wall Street. In the 1990s Jordan Belfort, former kingpin of the notorious investment firm Stratton Oakmont, became one of the most infamous names in American finance: a brilliant, conniving stock-chopper who led his merry mob on a wild ride out of the canyons of Wall Street and into a massive office on Long Island. In this astounding and hilarious tell-all autobiography, Belfort narrates a story of greed, power, and excess no one could invent - the story of an ordinary guy who went from hustling Italian ices at sixteen to making hundreds of millions. Until it all came crashing down.
In 100 Years: Leading Economists Predict the Future by Ignacio Palacios-huerta MIT Press £17.95, Kindle edition £9.26 This pithy and engaging volume shows that economists may be better equipped to predict the future than science fiction writers. Economists' ideas, based on both theory and practice, reflect their knowledge of the laws of human interactions as well as years of experimentation and reflection. In this book, ten prominent economists – including Nobel laureates – offer their ideas about the world of the twenty-second century. In scenarios that range from the optimistic to the guardedly gloomy, these thinkers consider such topics as the transformation of work and wages, the continuing increase in inequality, the economic rise of China and India, the endlessly repeating cycle of crisis and (projected) recovery, the benefits of technology, the economic consequences of political extremism, and the long-range effects of climate change. In a 1930 essay mentioned by several contributors, "Economic Possibilities for Our Grandchildren," John Maynard Keynes offered predictions that, read today, range from absolutely correct to spectacularly wrong. This book follows in Keynes's path, hoping, perhaps, to better his average.
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Open Morning Dates 2014 wwwstjos.co.uk Informal Open Morning If you would prefer to view the College ‘at work,’ please contact the admissions team to arrange a visit on the next available date in the 2014 academic year.
Talk Like TED: The 9 Public-Speaking Secrets of the World's Top Minds by Carmine Gallo St Martin’s Press £15.09, Kindle edition £8.05 TED talks have redefined the elements of a successful presentation and become the gold standard for public speaking around the world. TED and associated Tedx conferences are held in more than 130 countries and are being viewed at a rate of 1.5 million times a day. These are presentations that set the world on fire, and the techniques that top TED speakers use are the same ones that will make any presentation more dynamic, fire up any team, and give anyone the confidence to overcome their fear of public speaking. Communications coach, Carmine Gallo has broken down the top TED talks and provides a step-by-step method that makes it possible for anyone to create, design, and deliver a TED-style presentation that is engaging, persuasive, and memorable.
A co-educational Independent Day School for 3-18 year olds with boarding facilities. Scholarships and bursaries up to 100% of fees available. A Christian School in the Lasallian Tradition. Belstead Road, Ipswich, England IP2 9DR Telephone: 01473 690281 registrar@stjos.co.uk www.stjos.co.uk
IoD suffolk | spring 2014 | 31
INSPIRING BUSINESS LEADER
Ian Twinley Chairman, John Grose Ian Twinley is the chairman of John Grose the motor retail group. He took over from Mr John Grose, in 2002. The Grose family business started in 1888 when John’s grandfather Joseph Grose started his cycle company. John Grose employs around 400 people across its eight locations. Ian is also Trustee of the charity Inspire Suffolk, the Chairman of the East Anglia Reserve Forces and Cadets Employer Engagement, a Fellow at Suffolk New College and a Deputy Lieutenant of the county of Essex. Ian Twinley, Chairman of John Grose keeping Ben Gummer on his toes at the launch of Ipswich Chamber
Have you always been interested in cars? I grew up in Essex attending Chelmsford Technical High School. As a young teenager I was a keen schoolboy scrambler and car enthusiast. I used to buy and sell bicycles and motorcycles as well as work on nearby farms to pay for my hobbies. I guess it is fair to say that I also had a keen interest in agriculture. I then joined Ford Motor Company in 1979 as an Engineering Trainee. I remember the early days well; the journey to college was 26 miles each way on a 50cc moped for the first twelve months of my apprenticeship. A one hour journey each way at 30mph in the depth of winter was a challenge in itself. What was your career path to become the Chairman of a Motor Group? I finished my apprenticeship in 1983 and for the next nineteen years I had the most fantastic career with Ford in Britain, across the rest of Europe and the U.S.A. I was fortunate to hold various appointments in Marketing, Sales, Engineering, Financial Accounting and Corporate Strategy. I owe a great deal to
Ford as on average I moved jobs every eighteen months as well as attending a management MBA programme and various other leadership programmes. I worked with some very smart people that helped me become a cosmopolitan business leader that is comfortable with change. How different is it working in Suffolk in a retail environment versus a corporate life? As you can imagine my working day is now very different, but the satisfaction that I get in my job now is more immediate and has greater longevity. At Ford in one day it could be the World Rally Team, the Formula 1 team, or maybe the television advertising across Europe. At John Grose it is quite simply about how we deliver an outstanding customer experience. Forgive the cliché but we are in the people business and employee satisfaction is our number one goal. If we can attract, retain and develop the best people they in turn will deliver outstanding customer experience and in turn they will also deliver great business processes and the financial results that go with them. I like to think that we have
created a community within a community with our employees as an extended family. You hold a number of volunteer positions – why is that? Having spent 35 years accumulating plenty of knowledge and experience, then it would be a crying shame not to put it to use to try and improve the community that we all live in. The latest initiative that I am pleased to be chairing is the Suffolk Skills event to be held at Trinity Park on 22 October. It is an event for 5,000+ young people to participate and engage with over 200 Suffolk employers. If businesses would like to get involved please do contact me, the IoD Suffolk or: www.theskillsshow.com/exhibitors/west -suffolk-college As employers we all have a huge interest to try and improve the employability of the youth of today as they are very likely to be our employees of tomorrow. We would like to hear from small and medium size companies as soon as possible.
Are you a member of the IoD? Join us and you’ll discover a unique mix of opportunities to learn and be inspired by interesting speakers; meet other directors, senior managers and professionals and enjoy a variety of social occasions with a big member discount. You are also entitled to free access to a dedicated workstation at the Eastern Enterprise Hub on Ipswich waterfront. 32 | IoD suffolk | spring 2014
For a complete list of the current affinity member benefits, please see www.iod.com/speciallynegotiated • • • • • •
IoD Travel Services IoD Car Rental IoD Director’s Liability Insurance IoD Professional Indemnity Insurance IoD Home and Contents Insurance IoD Health Plans
To find out more about joining IoD Suffolk branch please contact: Caroline Kearney Suffolk Branch Administrator 07917 699 498 caroline@iod-suffolk.co.uk Institute of Directors Suffolk Branch 25 Wilding Drive, Grange Farm, Kesgrave Ipswich IP5 2AE
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