Ulster Business November 2022 by Ulster Business

NOVEMBER 2022 Price £2.30 (€2.60)

Vicky Davies: a year at the helm at Danske Danske Bank’s chief executive on helping customers in tough times and supporting economic growth

FEATURE

The American dream: deal or no deal?

LIFESTYLE

The watch brand making waves in Swiss high horology

Contents 08 News

44 Analysis

77 Motoring

The latest news and exclusives from across the world of Northern Ireland business

John Mulgrew takes a look at the mini budget and then the second mini budget...

A six-speed Supra and an all-electric Nissan crossover keep Pat Burns occupied

18 Cover story

47 Corporate law

84 Photocall

Danske Bank’s Vicky Davies on one year at the helm and facing a challenging landscape

Insolvency numbers could be set to rise but can we avoid a tsunami on the horizon?

A look at what’s been happening across Northern Ireland over the last few weeks

30 Review

57 Human resources

92 Lifestyle

John Mulgrew enjoys an evening of drams and a personal hot tub at Galgorm Resort & Spa

John Mulgrew looks at the technology commanding the biggest paychecks

The German-owned watchmaker making waves in the world of Swiss high horology

37 Exports & international business

65 Christmas planner

96 Technology

Ulster Business takes a look at what some of our leading venues are up to this festive season

Adrian Weckler tries on the latest Apple Watch Series 8 and finds out what’s new

The American dream: deal or no deal?

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NOVEMBER 2022

EDITOR’S COMMENTS

Westminster giving us a run for our money

f you’re feeling stressed or under pressure at work, take some solace in the fact that you aren’t Liz Truss.

Dysfunctionality has long been at the heart of regional politics here in the years gone by, but in the last few weeks some of the antics at Westminster have paled in comparison with our own domestic governance, or lack thereof, I should say. December 15 was being bandied about over the last few weeks, before the Electoral Ofﬁce of Northern Ireland conﬁrmed the date in which another Assembly election would take place if Stormont hadn’t been restored by October 28. I’d hope by the time you’re reading this we’ve returned to a fully-functioning Executive, but I won’t hold my breath. In the case of returning to

the polls once again, it’ll be a £6.5m bill for the taxpayer, while the make-up of our Assembly is unlikely to look much different this side of Christmas, possibly aside from some of the most strident opponents of not returning to government facing an even worse night than May 6, when the results came ﬂooding in to count centres across Northern Ireland. Welcome to the November edition of Ulster Business. It’s another packed magazine and this month features Danske Bank chief executive Vicky Davies, chatting about her time at the helm one year on, what the bank is doing to assist personal and business customers amid the current economic landscape, and continuing to play its part in helping companies grow and expand. There’s also the usual host of exclusive

Publisher Ulster Business c/o Mediahuis UK Ltd Belfast Telegraph House, 33 Clarendon Road, Clarendon Dock, Belfast BT1 3BG Printer W&G Baird Greystone Press, Caulside Drive, Antrim BT41 2RS www.wgbaird.com

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news, interviews, analysis, features, proﬁles and more. In this edition Pavel Barter looks at the prospect of a UK-US trade deal delay and what that means for the ﬁrms here which count America among their key export markets. In the months ahead Ulster Business will be looking closely at the big stories, announcements and major investment taking place right across Northern Ireland. But it will also be examining the ongoing, evolving economic landscape that exists around us and the challenges which lie ahead for many sectors. And with that I hope you enjoy this edition of the magazine and we’ll catch up soon. ■ John Mulgrew

Editor John Mulgrew Advertising Sarah-Ann Gamble, s.gamble@mediahuis.co.uk Graphic design Susan McClean, Mediahuis Ireland Design Studio Cover photo Elaine Hill

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NOVEMBER 2022

NEWS

A month in numbers

500

By John Mulgrew

The number of new jobs being created by FinTrU which is opening an office in Portugal.

£7m boutique hotel being developed by actor James Nesbitt and his business partner could create 100 new jobs at it takes a major step forward, Ulster Business can reveal. Plans have now been submitted for the luxury hotel, brasserie and spa which will be located in Drumbeg, close to the Lagan Towpath. It’s being developed by Nesbro Ltd – which counts James Nesbitt and Maurice Brown among its directors. The initial scheme was due to cost around £5m but it’s understood the value could now rise to £7m.

£7m

The value of a new proposed boutique hotel being developed by actor James Nesbitt.

£6.5m The estimated cost of calling and running another Assembly election here in December.

500

The workforce size of Version 1 in Belfast as the firm continues to grow here.

Jimmy Nesbitt’s new £7m NI hotel ‘could create 100 jobs’ as it takes major step forward

Actor James Nesbitt

It’s understood that’s down to increased build costs along with additional features being proposed. The developers want to replace a number of derelict buildings at a former farm with a luxury boutique hotel, brasserie restaurant, spa and public open space, including formal gardens. Matrix Planning has held an online community consultation to share information about the project, a requirement before filing outline planning permission for the development. An outline planning application calls for the proposed replacement of existing buildings with a luxury boutique hotel, brasserie restaurant, health and wellbeing spa, provision of car parking, public open space. That will include formal gardens, landscaping and alterations to existing access including all associated site works Last year the Belfast Telegraph reported the ambitious project would be modelled on “arts and crafts design elements that were previously deemed to be acceptable under the earlier approval”. The latest application points to Lisburn and & Castlereagh’s tourism strategy, which includes the possibility of additional hotels in the area. The site which would play host to the hotel development is an almost 10-hectare area of land, located on the northern side of Ballyskeagh Road, around half a kilometre from Drumbeg. Supporting documents say that with the easing, and now removal, of Covid-19 related restrictions “this has resulted in a significant increase and accelerated demand in the domestic tourist market for Northern Ireland with ‘staycations’”. It says that has “highlighted the unparalleled demand for high-quality hotel destinations like the Galgorm Resort & Spa in Ballymena”. A supporting statement from Matrix Planning says the development “provides unique accommodation and facilities to complement the existing tourism offer”.

NEWS

Kainos to select contractor as it pushes forward on £30m Belfast headquarters

ainos is pushing forward with plans for its new £30m headquarters in Belfast as it moves to choose a contractor for the scheme. It comes after the IT services giant sold off part of the Dublin Road site to Queen’s University, which will develop its section into student accommodation. A further announcement will be made on the completion of the sale process, it says. The new 80,000 sq ft building will be able to “support the company’s significant future growth plans and has the capacity to accommodate up to 3,000 people”, the firm has said. Kainos had originally planned to build on the whole site, which was formerly the Movie House cinema, but has since revised down its scheme in terms of footprint. It’s currently being used as a food market

NOVEMBER 2022

Brendan Mooney

called Trademarket. “It remains the company’s intention to fund the construction using cash on the balance sheet and, subject to final design, costs and board approval, will represent a capital investment of between £27m and £30m in the new office complex,” Kainos says. Brendan Mooney, chief executive of Kainos, said: “The announcement is another step towards the development of our new office in Belfast. “Our new Bankmore Square development will provide us with a larger, more sustainable office that will bring all our colleagues together in a single location and, at the same time, provide significant capacity for our future growth.”

NEWS

Card Factory eyeing five new NI stores

iscount chain Card Factory is eyeing up five new locations in Northern Ireland, Ulster Business can reveal. It’s understood the firm, which has around 40 locations here already, is seeking out a further five additional locations here. The company has stores across Belfast, including Victoria Square and CastleCourt, along with locations in Bangor, Craigavon and Banbridge, among others. Earlier this Card Factory upgraded and expanded its store in Castle Mall, Antrim, moving to a larger unit within the centre. Card Factory sells a range of greeting cards, celebration balloons and seasonal gifts. Speaking at the time of the opening of the new larger Card Factory store, Pamela Minford, centre manger with Castle Mall said the recent openings and relocations speak volumes about the power of customer loyalty. “It’s wonderful to see such commitment in the centre from our retailers and we are looking forward to working closely with them throughout the year. “I’d like to extend a warm welcome to Veena and her team wish The Card Factory and Banh Boy Antrim continued success as they grow and expand.”

Quotes of the month

Tim Harrison, Ionic Rare Earths, Professor Peter Nockemann of Queen’s University, Esther McKee and Andrew Holmes of IonicTech

Queen’s spin-out bought by Australian listed firm

Belfast company specialising in techniques for recycling magnets has been acquired by an Australian multinational. Queen’s University spin-out Seren Technologies has come up with new ways of recycling magnets using a process for the separation and recovery of rare earth elements from mining ore concentrates and waste magnets. It’s now been taken over by Ionic Rare Earths (IonicRE) and will be rebranded as IonicTech. The Belfast-based business was recently awarded a grant of £1.72m from the UK Government’s Innovate UK Automotive Transformation Fund Scale up Readiness Validation (SuRV) program, The grant’s purpose is to enable it to develop a demonstration-scale magnet recycling plant, to help secure UK supply of rare earth metals for electric vehicle manufacture. IonicTech will now be accelerating the scaling-up of the technology at its new facility at the Titanic Quarter. It has 11 full-time employees in Belfast, with another 25 positions to be created in 2023. Tim Harrison, managing director of Ionic Rare Earths, said: “The world’s supply of magnet rare earth elements is failing to keep pace with demand, whilst the importance and ubiquity of magnets as part of everyday life is growing.”

“OSG Cloud has enjoyed exceptional results across its first full 12 months of trading.”

“Olympic House has sustainability at its heart as we strive to build a better future for Belfast.”

Terry Moore of Outsource Group speaking after securing three new contracts for its growing OSG Cloud business.

James Eyre of Titanic Quarter speaking following the completion of the new Olympic House grade A office.

“Following the economic turmoil of the last few weeks, the emergency fiscal statement was a necessary intervention by the new Chancellor.” Ann McGregor of the NI Chamber speaking following a statement from Chancellor Jeremy Hunt.

NEWS

Imperial House sold for £7.1m By John Mulgrew

major Belfast city centre building has been sold for £7.1m, it can be revealed. Imperial House at Donegall Square East was on the market with a price tag of £6.9m. It’s understood it’s now been sold for £7.1m. Lambert Smith Hampton placed the property on the market in May this year seeking offers in excess of £6.9m. The four-storey ofﬁce building was designed by Kendrick Edwards and built by Thomas McKee in the mid-1930s. It currently plays host to a number of businesses, including Centra on the ground ﬂoor, which opened in 2019. Meanwhile, a government-leased building close to Belfast’s Cathedral Quarter is on the

NOVEMBER 2022

Imperial House in Belfast city centre

market for £2.3m. The Headline Building on Victoria Street, home to the Judicial Appointments Commission, was completed in 1864 at a cost of £14,000. A number of other Belfast retail and ofﬁce developments have been sold recently. The Martin Property Group bought the Danesfort building in Stranmillis after it was vacated by Ulster Bank, which had called it

home since 2002. The property group is now investing around £15m in a major refurbishment plan for the development. It’s also just purchased Ross’s Court – formerly home to Argos – in the city centre, Marlborough House – a 25,000 sq ft scheme home to law ﬁrm Tughans until later this year when it moves to the Ewart – and 37-41 High Street.

NEWS

Richard Ramsey

Northern Ireland private sector suffers fifth consecutive month of slowdown

he private sector here has suffered yet another month of contraction and reduced business, new figures have shown. The pace of decline and volume of new orders accelerated in September – it’s now the fifth successive month of protracted turbulence here, according to the latest Ulster Bank purchasing managers’ index. It say “falling new orders, sharp cost increases and deteriorating economic conditions all contributed to the latest decline”. “Activity was down across all four broad sectors, led by construction. Manufacturing posted the weakest fall in output.” However, employment levels here are continuing to rise. It’s now the 19th consecutive month in which job levels have risen. “‘Going for growth’ was the Chancellor’s new approach for his new era, but contraction was very much to the fore in the September PMIs in Northern Ireland, across the UK and indeed beyond,” Ulster Bank chief economist, Northern Ireland, Richard Ramsey said. “And this was before the turbulence that

the Chancellor’s ‘mini budget’ caused, which doesn’t bode well for the rest of the year.” “Local firms saw the pace of decline in output and new orders accelerate in September, which represented the fifth successive monthly fall with all four sectors firmly in contraction mode. “Survey respondents cited deteriorating economic conditions, falling consumer confidence and rising prices as explanatory factors behind the continuing decline.” Mr Ramsey said input costs continued to rise at a substantial rate and are at “levels not seen prior to May 2021”. “Services firms reported the sharpest increases in their cost base, with wages and energy costs now increasingly at the forefront of inflationary pressures. “The one positive in the latest report is employment with firms notching up their 19th consecutive monthly rise in staffing levels. “However, the pace of employment growth was the weakest in that sequence and manufacturing saw the first decline in staff numbers since February 2021. The slowdown in hiring is currently linked to difficulties finding suitable staff rather than just reflective

of falling demand. However, the expected further reductions in business activity will no doubt weigh more on hiring intentions in the months ahead. “We have started the fourth quarter of the year with heightened uncertainty, not least in financial markets and in politics. Firms may be relieved to see energy cost pressures easing, accompanied by much needed government support. But borrowing costs have now moved rapidly in the opposite direction. It’s hard to see the Chancellor’s much desired growth coming any time soon.” The business activity here dropped to 42.3 in September, where 50 means no change. That’s a further drop from 45.4 a month earlier. “The rate of input cost inflation ticked higher, with rising energy prices key to the latest increase. In addition, companies reported higher costs for raw materials, staff and transportation,” the report says. “Output prices also increased sharply, but at the softest pace for a year-and-a-half. Pessimism around the year-ahead outlook was the joint-strongest in almost two years amid worries about inflationary pressures and economic conditions.”

NEWS

NI firms named Best Managed Companies

hree Northern Ireland businesses are among this year’s Best Managed Companies. The Deloitte Best Managed Companies programme, in association with Bank of Ireland, promotes and recognises excellence in Irish and Northern Irish owned and managed companies, considering their business performance from every perspective. Nine companies achieved Best Managed status for the first time this year. That includes three from Northern Ireland, Kilwaughter Minerals, Clarke from Ballymena and Newry-headquartered waste management group Re-Gen Waste. “Year-on-year we’re impressed by the businesses that qualify and requalify for our Best Managed Companies Awards and this year the entries continued to raise the bar,” Aisléan Nicholson, Deloitte, said. “Despite the challenges these businesses faced, the management teams of the winning companies have embraced new opportunities for innovation and growth, offering best-in-class products and services to their customers and retaining their competitive advantage in a changing world.” Nikki Canavan, senior director, Bank of Ireland corporate banking

Neil O’Prey from Re-Gen Waste, Gary Wilmot from Kilwaughter Materials, Deloitte partner Aisléan Nicholson and Eugene Clarke from Clarke

said: “The performance of these Best Managed Companies throughout the pandemic and these more recent headwinds is a testament to the energy, resilience and skills of their respective management teams and staff who have all been resolutely tested in ways we could not have predicted over the last few years.”

Bullitt hotel rooftop bar reopens as Tetto

elfast hotel Bullitt has reopened its rooftop garden restaurant and bar following a £1m facelift after a major fire earlier this year. Tetto, formerly known as Babel has now reopened and includes a new bar and Italian restaurant. The owners say the revamped space will offer “something unique” in Belfast, with Tetto showcasing fresh seafood alongside sourdough pizza and cocktails. Bullitt temporarily closed earlier this year following an accidental fire which completely destroyed the hotel’s rooftop bar and kitchen area in March. Sixty firefighters were involved in dealing with the blaze with the venue later

NOVEMBER 2022

Tetto in Belfast city centre

reopening in August 2022. “After the fire in March, we had to carry out significant restoration work and decided to use this time to completely renovate the entire rooftop bar, garden and restaurant,” Conall Wolsey, managing director of owner

Beannchor said. “During the seven-month closure, we invested £1m and have given Tetto a completely new design and feel with a carefully curated food and drink menu to match its modern vibe.”

RECRUITMENT

Workplace diversity is improving but employers can’t take eye off ball By John Moore, managing director, Hays NI

here has been a lot of discussion in recent years about the use of artificial intelligence to remove bias from the recruitment process, so I was interested to read recently that researchers from Cambridge University decided that current AI programmes still can’t remove it completely. The drive to use software and intelligent hiring tools based on AI has, of course, come from noble intentions – to counter the human biases that every person has, even if they are not aware they have them. The idea is to make sure that application and interview processes don’t discriminate against people based on gender, ethnicity, age, sexuality and other factors. Without getting into the details, the Cambridge study found that because the AI tools can’t be trained to only identify job-related characteristics and fully strip out attributes related to gender or race, there’s a long way to go before it will solve the problem of making the hiring process fairer. Personally, I think that’s a good thing, because it means that employers are going to have to continue to work hard on equality, diversity and inclusion (ED&I) rather than just relying on the tech.

Hays conducts annual research into how the journey towards genuine equity in the workplace is progressing, surveying both employers and professionals, with this year’s research receiving over 3,100 responses across the UK. Our most recent survey suggests there have been some marked improvements from organisations across the UK, with over half of professionals (56%) saying their employers are taking steps to attract and hire more diverse talent, up from 42% the previous year. Proactive efforts from employers to attract and hire more diverse talent includes over half (58%) offering flexible working arrangements and close to half (44%) offering remote working roles to access a broader range of talent. Over two-thirds (67%) of professionals say they believe everyone has an equal opportunity to succeed within their organisation, indicating a marked improvement from 57% last year. However, there remains room for improvement as a third (33%) of professionals still believe those with differing ethnic backgrounds do not have equal opportunity to succeed within their organisation, and a third (33%) think the same about those over the age of 50. Last year, 61% of professionals said that there have been occasions where they felt their chances of being selected for a job had been limited due to an identifying factor. This year, this had dropped and

improved to 39% who said there have been occasions where the chances of being selected for a job had been limited. Breaking down the data, 56% said they felt their age was a factor in reducing their chances of being selected for a job followed by ethnicity (35%) and gender (31%), 15% felt their socio-economic background was a factor in being selected for a job and 12% felt their status as a parent or carer was a factor. Last year, 64% of professionals reported occasions where they felt their chances of career progression was limited due to an identifying factor. This year, this dropped and improved to 45% of professionals who felt this way. Over half (55%) of professionals say age was a factor in their career progression being limited, followed by ethnicity (33%) and gender (28%). It’s really positive to see a number of considerable year on year changes in the data, which indicate that employers are putting in a significant amount of effort and taking action to build more inclusive workspaces. But undoubtedly there is still a long way to go, with the need for ongoing progress when it comes to attracting and retaining diverse talent, made even more pressing in a talent short market. A tried and tested approach is working in partnership with organisations to support routes into employment such as charitable organisations or social enterprises. For employers, there’s also no harm in seeking out the advice you need from ED&I experts who can help you navigate challenges to drive changes that really make a difference. The most important thing is to keep making strides in the right direction. ■

HOMEGROWN BUSINESS

Deli Lites grows as a top food market leader The HM Homegrown Top 50 campaign showcases the leading employers within our SME sector which were founded and are still headquartered in Northern Ireland. In the third of the Homegrown Series with Harbinson Mulholland, we look at Deli Lites, a family-owned convenience food manufacturer based in Warrenpoint

eli Lites is a market leader within the Irish food-to-go market and has been providing convenience food solutions for close to 25 years. In recent years, the business and brand has evolved to become much more than a fast-moving consumer goods manufacturer. Nowadays it is a truly purpose-driven brand, committed to giving back to communities and caring for our planet.

Jackie Reid

The ﬁrst Deli Lites manufacturing location opened in Newry, Co Down in 1994 to a loyal customer base. Led by Jackie Reid and her husband Brian, Jackie saw an opportunity to make artisan sandwiches for convenience stores, schools and universities – so they bought a premises of their own and founded Deli Lites Ireland Ltd. Starting with a modest 30 sandwiches per day, sales quickly grew and in just three years, demand for Deli Lites’ products led to expanding their manufacturing capability – twice. A major deal for supplying Debenhams cafes throughout Ireland helped further establish a reputation for innovation and premium quality. Further contracts with Costa Coffee and Applegreen soon followed. Still run by Jackie and Brian, and supported by an experienced senior management team, the company has an ever-increasing portfolio of customers, a workforce of approximately 250 employees – and are still growing. The ﬁrm has added a bakery facility and currently supply every county in Ireland every day of the week with an award-winning food-on-the-go product range including gourmet sandwiches, innovative wraps, and artisan salads. However, the growth trajectory isn’t showing

any signs of slowing down with the recent launch of Planet Café – a new heat to eat product range that Jackie and Brian believe will provide a genuine opportunity to scale their business globally. Jackie credits hard work and determination for their success, alongside making the most of every opportunity, which in the last few years has seen them breaking into the GB market and several European countries. She also attributes their family culture as being a key driver of their success. “In a family business you can move very quickly to address challenges and with loyal customer base, bringing them with you and working through issues together is crucial,” she says. Looking after their people is an important element of the business and as Jackie refers to

in the podcast. “When you’ve a good team on your side, you can do anything.” The HM Homegrown campaign highlights the signiﬁcant contribution of SMEs, with this year’s analysis showing over 10,500 people are employed by the Top 50 companies, 43 of which are family owned and 12 of whom are in the manufacturing sector. ■ You can listen to the Ulster Business Podcast on Spotify, Apple or Soundcloud and hear more about Deli Lites’ plans for growth with new brands, and expansion into new markets

COVER STORY

Vicky Davies: a year at the helm supporting customers Danske Bank chief executive Vicky Davies is marking her first year at the helm of the organisation, having helped navigate the bank through the pandemic, she is now focused on ensuring Danske is there for customers during this time of great economic uncertainty. Looking forward she’s prioritising supporting customers amid ongoing cost of living challenges, while continuing to help businesses grow and families realise their home owning ambitions

“W

e want to be a bank that is there for customers, colleagues and society during the good times, and the more challenging times,” Vicky Davies says. “A year on and it’s been an interesting period. We’ve come through the pandemic strongly and the key focus has been getting the bank back to growth, helping our customers to achieve their goals,” Vicky says. And as we enter a very challenging economic environment amid a cost-of-living crisis, rising inflation and interest rates, Vicky is keen to highlight Danske Bank’s key role in growing the economy here by supporting local businesses. “All business leaders are now faced with a raft of new challenges – my focus is on navigating the bank through high inflation and significant economic uncertainty, with the real threat of recession, but still remaining focused on the

five priorities I set out when I became chief executive,” Vicky says. These priorities include retaining Danske Bank’s position as the market leader here, developing its targeted offering across the rest of the UK, boosting its digital proposition and simplifying banking, ensuring it is an increasingly sustainable and responsible business, as well as being one of the best places to work. “If you look back over the last 10 years to Danske Bank becoming the clear market leader – that comes from continually being focused on supporting customers. “We can see success in our much-improved financial results. We are the largest bank in Northern Ireland, providing £5bn of lending to businesses and personal customers. “Our lending volumes are growing, which means we are helping more people to buy a

home and helping businesses to expand, invest and create new jobs.” But Danske remains extremely conscious of the impact rising costs are having on both households and companies right across Northern Ireland. “I know customers are concerned about the cost of living, energy and other bills. And in response to inflationary pressures, the Bank of England has raised interest rates from 0.1% just a year ago, to 2.25% – their highest level for 14 years. The Bank of England is expected to raise interest rates further in the weeks ahead,” Vicky says. There is something of a cushion for some customers out there, with deposits growing during the pandemic and personal customers having an average of 25% more

COVER STORY

Vicky Davies in her office at Danske Bank’s headquarters in Belfast city centre

savings in their accounts. “But not all customers have that cushion and I’m concerned about families on low incomes and businesses which rely on discretionary consumer spending or that are absorbing higher costs as well as dealing with a slowing in demand,” Vicky says. “We always encourage our customers to come and speak to the bank, and we’re proactively outreaching to them to provide guidance and support. “We have created an online Money Worries hub for consumers and a customer call back service for those who are worried and want to talk to one of our advisors.” And while Vicky says many businesses, from the micro, to SMEs and giants of industry, are

NOVEMBER 2022

performing well, there remain many which are facing a myriad of challenges. She says Danske’s 80 strong team of business banking relationship managers, by far the largest of any local bank, are staying close to customers and supporting them with the challenges they may be facing. “That includes worries about energy costs, borrowing costs, staffing, Brexit, supply chains and changes in demand,” Vicky says. “We would encourage businesses to speak to our business banking team – they are here to help.” And while the landscape remains challenging for many, Danske Bank is focused on continuing to support growth across the economy through responsible lending. “We provide essential fuel in the tank of the

economy through lending to businesses and personal customers,” Vicky says. “Our focus is on responsible lending. But we very much retain an appetite to help businesses grow, create jobs, as well as playing a key role in helping people to buy a home.” Danske has also grown its reach in the last year through its new GB business – including launching its carbon neutral mortgage offering through brokers in England. “That part of the bank is performing well, and we are really pleased with how things are going. We will deliver around £200m in mortgage lending approvals in England during this year alone.” Vicky says. “Another key area of growth is housing associations, where we are the market leader in Northern Ireland. We have now taken >

COVER STORY

zero as quickly as possible. Our emissions have halved since 2015. We’re a year ahead of target and have moved all our branches away from fossil fuels entirely.” However the big priority is helping customers to transition. For personal customers, Danske has partnered with the Energy Saving Trust to launch an online tool that helps homeowners to understand how they can reduce their energy costs and their emissions. On the business banking side it has already helped 50 of its business customers through a Climate Action Programme, as well as partnering with the Woodland Trust to plant 20,000 trees here in Northern Ireland.

our banking knowledge in that sector over to the rest of the UK and are banking several of the largest housing associations in GB – with lending approvals there of around £150m year-to-date.” The bank is also active in the syndicated lending space on a UK-wide basis. While there’s been the rise of the so-called digital challenger banks in the last couple of years, Danske is continuing to expand its own digital services – offering a best of both worlds approach, with a long-standing local high street bank presence and local contact centres, alongside the convenience of adapting to the latest tech. “We’ve been at the forefront of leading digital solutions for many years,” Vicky says. “We have been investing in digital skills and now have nearly 100 people working in our technology and digital development unit here in Belfast.” To support personal customers Danske has added new functions to its app, including allowing customers to set up their own standing orders and the ability to make international transfers. There is also a Spending Overview tool which allows customers to

analyse their spend broken down into different categories, particularly useful for budgeting. On the bank’s website customers can also secure a mortgage decision in principle in around 10 minutes. The number of customers using digital banking channels has more than doubled in recent years.

Vicky’s also keen to showcase the bank’s position in the market as a great place to work. The bank benchmarks itself annually through the UK Best Companies survey. In the latest survey Danske ranked in the top 10 financial services companies in the UK to work for and are ranked as the top locally led business here in Northern Ireland. “I’m so proud of the people that we have at Danske Bank – it’s a huge honour to work with them. Especially when I think about how they were there for customers during the pandemic, the support for refugees from Ukraine in getting set up here, and now how they are assisting customers with cost-of-living challenges.”

Danske’s District online platform continues to be market leading for local businesses and new features include being able to aggregate all of a customer’s bank accounts in one place, or apply for an overdraft, or overdraft extension, online.

Danske Bank also operates a series of colleague networks focused on diversity and inclusion and has recently added both a menopause and a transitioning at work policy.

But Vicky says the “human touch” remains an incredibly important part of the bank’s strategy – and it continues to invest in its branches, its contact centres and its relationship managers.

A focus on growing talent within the bank has seen over 200 colleagues currently benefiting from mentoring relationships and over 120 internal promotions this year so far.

Danske Bank also has a firm focus towards playing its part in tackling climate change. That includes the bank going green itself, as well as helping customers to do the same.

Looking back on an extremely busy 12 months in the job, Vicky says: “I am so fortunate to be blessed with amazing colleagues and a fantastic senior team. For us, making sure we are there to support customers through times of adversity is something that is hugely motivating.” ■

“It’s the biggest crisis in our generation,” Vicky says. “We want to become operationally net

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Ideally located just one hour from both Belfast and Dublin and 10 minutes outside Newry city, Killeavy Castle Estate offers much more than a venue. In addition to a range of spaces, function rooms and outdoor areas that can be configured to meet your exact needs, it is the setting of Killeavy Castle Estate that helps sets it apart from other venues, providing a calm space to make strategic decisions, a break from the norm that will rejuvenate your creativity and a surrounding landscape that provides the opportunity to take part in a range of unique activities that promote cohesion within teams. With modern audio-visual facilities, award-winning cuisine, and a range of accommodation options, it offers a unique venue and tailor-made experiences for all kinds of conferences, meetings and events. Centred around a fully restored 19th century castle, the estate offers

NOVEMBER 2022

elegance matched with excellent customer service, guaranteed to impress your guests. The 45-guestroom boutique hotel is ideal for residential stays, with the opportunity for your guests to enjoy nightly entertainment and experience the award-winning ‘Farm to Fork’ approach to dining in one of the estate’s restaurants. To find out more or make a booking for your next meeting or event, visit killeavycastle.com or email events@killeavycastle.com Killeavy Castle Estate, 12 Ballintemple Road, Killeavy, Newry, Co Armagh, Northern Ireland, BT35 8LQ, +44 028 3044 4888

INTERVIEW

‘We printed more books in 2021 compared with any year in the last 15’ Patrick Moffett, managing director of commercial printing company W&G Baird says there’s significant life left in an industry which is continuing to evolve, writes Kurtis Reid

orking in the commercial print industry change is something Patrick Moffett, managing director of W&G Baird, is all too familiar with. But he says the company has embraced the potential of change throughout its lifespan as it marks 160 years in business with around 90 staff.

W&G Baird – which prints Ulster Business – produces books, magazines, brochures, catalogues and leaflets uses multi-millionpound automated print and finishing machinery. Patrick was born in east Belfast but later moved to Bangor, studying at Sullivan Upper School in Holywood. Patrick continued his studies with a degree in business studies at Ulster University, followed by a Masters in business administration. The ‘sandwich’ part of his degree was within a software company, before returning to his degree. He later worked for a year in Software Ireland before joining W&G Baird in 1993. His uncle Roy Bailie previously owned the business.

“To be honest, the appealing thing about was the training was taking place in the London School of Print and Design,” Patrick says, looking back on his first experience in the printing company, which now operates out of Antrim. Despite the family connection, Patrick says he initially didn’t think he’d end up in company. “I had grown up conscious of the business and aware of it, but I never really thought I’d end up working in it.” But, like all of us from Northern Ireland, he was aware of one of the company’s most famous products. The company, then under the ownership of its founders, William and George Baird, established the Belfast Telegraph in 1870. The first edition, then known as the Belfast Evening Telegraph, was made available on September 1 that year costing half-a-penny and featured news from the Franco-Prussian War alongside local stories. The newspaper was founded in Arthur Street in Belfast before the entire business, including printing, moved to Royal Avenue.

When Patrick joined, the operation looked substantially different. “By those days, the newspaper and the printing part of the business had already been split, back in the 1960s, I believe.” The Union Street location of W&G Baird had housed most of its print operations, until it was blown up in the Blitz in the Second World War. It was later also attacked during the Troubles, when the Provisional IRA bombed the building in November 1971. The group then moved to its new printing plant in Antrim. “I always been aware of the link (to the Belfast Telegraph) and the heritage of W&G Baird’s involvement with the paper. It’s something I’m very proud of.” He also is keenly proud of his company’s role in printing the Good Friday Agreement pamphlet, almost 25 years ago. “Baird has had a number of milestones, and

INTERVIEW

to the point where it became one of many. “Print is in a competitive market, and it has to offer different things and the quality of print defiantly has a place in the sales mix for a lot of our customers.” The businessman points to the education market as one example. But there’s no question that many publishers are evolving quickly and having their own print operation is no longer a priority. Patrick regards print as “still an important method of communication” and says his company fills a gap in this market. “We provide a high quality product to fit that gap, there are still huge amounts of products printed. In terms of printing, we printed the biggest number of books in 2021 in 15 years. “There was a move away to Kindles and such products, but there seems to be a move back to it,” he says.

Patrick Moffett of W&G Baird

Patrick says W&G Baird, like many companies “struggled throughout the pandemic” but did remain open the entire time.

the GFA is something which happened during my time here. I remember the presses printing it, our folding machines folding it, it was a large job that all of the factory was working on, and it’s something I’m immensely proud of.”

taken over by electronics very fast.” As he was then in his mid-20s, Patrick didn’t see the rapid and extensive overhaul of the industry he joined as a negative.

“There was a lot of pressure and worry,” he says. “When furlough and the help with the government kicked in, we were able to take the company forward and prepare for when it ended. “

Patrick describes the print industry when he first joined the company as “very analogue”.

“It was exciting, the change was exciting. I got to see the technology unfold. What previously came in as big lumps of metal and people doing everything by hand and to watch that all be taken over my technology, I thought it was very good and exciting, especially to be involved first-hand in the process,” Patrick says.

“The numbers we had were greatly reduced, but in terms of numbers we are now closer to where they were in 2019. We’ve had growth this year and last year, and we are predicting growth next year too.”

“We were still using pieces of film, everything was very much still manual. If you ran out of piece of film, you planted it together, you took photos and you physically cut and pasted them in,” he says. However, he didn’t have to wait long for the digital revolution to take hold, with Patrick saying it was within three or four years the company “rapidly went digital.” “We got desktop publishing which then aligned with scanners, all the files previously came from bits of film to then digital files. “It was previously very much a craft, and it was

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He says the company responded well to the dramatic change by embracing new technology. And in 2006, he was involved in a management buy out of W&G Baird with fellow directors David Hinds, Niall Halligan and Trevor Brennan. “Embracing change is something we’ve always strived to do, and we did it with the technology as the industry changed. It all moved from a time when print was the medium of exchange,

“Once we got into it, there was a real war spirit working hard together to get out of it.” Patrick says he plays close attention to what is happening in the world of business, and says the cost of living crisis is something on his radar as a company director and employer of around 90 staff. “We obviously have a life out of business and we have a lot of staff right across the business. It’s really difficult times.” ■

BUSINESS SHOWCASE WITH ULSTER BANK

Demystifying female angel investment Mary McKenna is a tech investor with impressive successes under her belt. Now she’s helping other would-be female angel investors and start-ups with their own entrepreneurial journeys, trying to demystify everything, with some help from Ulster Bank along the way

s a seasoned tech entrepreneur and now successful angel investor, Mary McKenna MBE says she’s well aware how much harder it is for women to access funding and finance here.

Mary McKenna

Mary is the co-founder of AwakenHub – a cross-border female founder community which aims to bring women of all business backgrounds together. But her business acumen goes back much further – she cofounded Derry-based tech firm Learning Pool back in 2006. “I’m an exited technology founder. I cofounded Learning Pool in Derry, along with my business partner at the time and sold my half about seven or eight years ago and then started angel investing. I angel invest in women founders which have a ‘tech for good’ product… and something which through my network or experience I can add value to,” she says. And following the creation of AwakenHub, Mary launched Ireland’s first all-female accelerate programme called SheGenerate. “Ulster Bank has been a real key part of what we have been doing at AwakenHub,” she says. “We competed for £15,000 last summer. “We ran that for 12 months and 56 women participated,” Mary says. “It was really early stage businesses and totally sector agnostic – butchers, bakers candlestick makers – next to med tech companies.

“Out of those early stage 56 companies we think six to eight of them are ready to raise a seed round in the next 12 months.” The programme is running again this year with 24 in the cohort from around 100 applications. Mary also recently spoke an event held at Ulster Bank’s Entrepreneur Accelerator, called ‘Demystifying Angel investing for women’, alongside Women in Business, the UK

Business Angels Association and the British Business Bank. It’s something, as a seasoned tech entrepreneur and angel investor, she wants to see more of throughout Ireland. One of Mary’s early investments was in Elemental Software, also based in Derry, which was subsequently sold in 2021. “I don’t really do it for the money, I do it

John Ferris

BUSINESS SHOWCASE WITH ULSTER BANK

experience to start-ups. The challenge is that the low proportion of female angel investors seems to limit the pool of investment available to support entrepreneurial growth. Research from the Women Angel Investment Task Force shows direct correlation between growing the number of female angels will directly increase the levels of investment in female entrepreneurs. So, this seems like an appropriate place for us to concentrate and focus our efforts on when it comes to levelling the playing field.

Commitment to enable female entrepreneurs to increase access to funding By John Ferris, regional ecosystem manager, Ulster Bank

hen the Government-backed Rose Review of Female Entrepreneurship was first published one of the key findings outlined how £250bn could be added to the UK economy if women started and scaled businesses at the same rate as men.

Since then, we have been focusing on what can be done to achieve this level of parity and it is clear that one of the biggest factors is around funding. To realise their potential, female entrepreneurs must have access to the finance they need to grow their businesses. Angel investment is an important source of early-stage funding both in terms of capital and bringing an extra layer of expertise and business

for the support of the female founders. Having been a tech founder myself I know how much harder it is for women to access finance, to be taken seriously and to grow a business. “The amount of women angel investors in Ireland generally is way behind England, Scotland and Wales, other parts of Europe and the US. “We’ve tried to address this because no one

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Within the Ulster Bank Entrepreneur Accelerator we have been hosting a number of events to try and raise awareness and understanding of the importance of angel investors. With the support of the UK Business Angels Association and other colleagues from within the NatWest Group, we hope to bridge the gap between female founders and angel investors who have the capital and capabilities many early-stage businesses require. We were especially pleased to have one local angel investor, Mary McKenna, join us for one of these events and share her experiences of delivering this kind of investment. Her first-hand knowledge and passion for supporting women provided great insight into the angel-investing ecosystem and regrettably, shone a light on the fact that Northern Ireland is significantly underperforming in this area compared to other parts of the UK. A recent report into the impact of female angels on the UK economy, which was backed by the NatWest Group, found that just 38 companies here were backed by female angels. This is compared with 266 in Scotland, 219 in the north west of England and 2,015 in London. This same lag isn’t there when it comes to comparing other kinds of entrepreneurial activity so it is clear that action needs to be taken. There is genuine commitment across the board to enable female entrepreneurs to increase their access to funding and it is welcome to see this level of collaboration and support for our initiative. What we need to see now is continued action and better support for female founders.

else is… this is an asset class which is being denied to women.”

investors supporting women-led start-ups across Ireland.

And with the recent event, aimed at informing and busting many of the myths around investing, Mary says the strength Northern Ireland has in particular is the sheer number of female founded companies in the pipeline here.

And amid the current economic landscape, Mary says: “I think people are taking a closer look at their investment portfolios and making sure they have enough money to follow-on with the companies which they have invested in.” ■

She’s also gone on to form a new angel syndicate called AwakenAngels – a femaleled community with predominantly women

You can find out more about AwakenAngels at www.awakenangelsfund.com

ACCOUNTANCY

Muldoon & Company unveils new office expansion

s Belfast-based accountancy practice Muldoon & Company approaches its 30th anniversary it has officially opened its newly expanded offices in the Queen’s Quarter in Belfast.

Led by partners Sean Muldoon, Robbie Barr and Raymond Tiffney, the practice has grown to a team of over 40 accounting, tax, audit and advisory professionals. To accommodate the growth of the business, Muldoon & Company has increased its office space by another 2,500 sq ft, adding 20 Mount Charles to its existing offices at number 16 and number 18. They welcomed a host of guests to their new office space last month for the official opening.

Muldoon & Company’s new office

Robbie Barr, Raymond Tiffney and Sean Muldoon

David Rice, Linda Brown and Emma-Lee Flack

Theresa Nixon and Robbie Barr

Denise Rooney and Terry Lappin

Brian Conway, Sarah Andrews and Conor Walsh

Sam Baird and Paul McGuire

David McCurley, Sarah Orange and Raymond Tiffney

Danielle Calow, Daniel Haslett and Andrew Dougan

Lisa Walsh, Danielle Smyth, Holly McClenaghan and Alan Robinson

HUMAN RESOURCES

HR Docs software delivers ‘compliance at a click’

mployers can now ensure employment law compliance more efficiently and cost-effectively than ever before thanks to new software.

explainer guides, and more to handle any given workplace scenario.

HR Docs is a full library of template documents created by experts at leading UK and Ireland human resources and employment law consultancy, HR Team.

Once the templates are downloaded, staff and organisational details can be easily added so that employers are assured they are creating professional and fully compliant documents without the need for immediate HR consultancy or additional expert advice.

It makes human resources best practice easy and affordable by providing instant access for employers to all the professional HR template documentation they’ll ever need to achieve employment law compliance in Northern Ireland, GB or the Republic of Ireland.

Martina McAuley, HR team director, says hrdocsonline.com is designed to drive efficiency in HR management for employers and managers in organisations of all sizes by allowing them “to act quickly and compliantly” when dealing with employee issues.

Users of the software can quickly download template letters, policies, scripts, expert

“HR Docs software has automated the process of day-to-day HR management by allowing

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Martina McAuley

employers and managers to simply login, and instantly locate and download template letters, policies, scripts, and much more, when they need them.” You can find out more information by visiting www.hrdocsonline.com

TRANSPORT

Translink: The climate action journey Chris Conway, group chief executive of Translink, looks at the climate change journey ahead for the organisation and why public transport plays a key part in all our futures as we go green

n Northern Ireland today, all forms of transport account for 35% of energy used and over 20% of all greenhouse gas emissions. Transport emissions are on the increase in Northern Ireland, mainly due to the increase in car usage, despite technological improvements. A recent NISRA report highlighted that while Northern Ireland’s overall emissions have decreased by 18% since 1990, transport-based emissions have actually increased by 22%.

positive status by 2050; this will include action on our bus and rail fleet and across our large estate of buildings, facilities and infrastructure. This will make an important contribution to overall emission targets and look after the safety and wellbeing of passengers, neighbours and staff.

This shows that not only are transport emissions not being addressed, but they are negatively impacting on the good work being done elsewhere. Chris Conway

This must be dealt with as a matter of priority and will involve a much bigger modal shift towards public transport and active travel, along with the transition to a zero emission bus and rail fleet.

We recently published our new ‘Better. Connected’ strategy, and Climate Action forms a key pillar of our plans for the coming years.

Translink is leading the transformation of transport in Northern Ireland, delivering an essential modal shift and taking actions that will give leadership to the rest of the transport industry. We think it’s important, as a public transport provider, that we take this leadership position.

Transport has a major role to play in the NI Executive Climate Change Act and Translink is leading the way towards net zero solutions in Northern Ireland, forging a path for a healthier, greener and more sustainable future. We have a plan to deliver a 50% reduction in emissions by 2030 and into the future to deliver climate

We currently operate one of the largest zero emission bus fleets in the UK and Ireland, over one third of the Metro fleet in Belfast is already operating on zero emission technologies and we are on course to deliver a 100% zero emission battery electric fleet for Foyle Metro services in Derry~Londonderry, the first city in the UK and Ireland to operate a wholly zero emission urban bus fleet. We are currently building the largest battery electric charging facility and the largest hydrogen refuelling station in the UK and Ireland at our service centre in Belfast.

TRANSPORT

Continued progress will require ongoing political and stakeholder support with a need for multi-year budgets to help plan investment and technological advances so that our ambitious targets can be achieved.

in stations and passenger facilities, our infrastructure and through connecting with other travel modes, notably walking and cycling, although Park and Ride also has a major part to play in respect of this.

Vital though the technological enhancements are, they will not deliver a modal shift alone; this will require a focus on the whole customer experience, from the moment someone decides to use our services, from using our website or Journey Planner app, the ticketing experience (we are currently transitioning our whole network towards a contactless, accountbased ticketing system, which is already operational on Metro services in Belfast), the condition of the station, halt or bus stop/ shelter, the courtesy and attitude of our staff, the frequency, reliability and punctuality of services and making sure all our services are accessible to all.

We have carried out a review of how we can better integrate with active travel and this will see us invest in more cycle parking infrastructure at our stations, work with partners on cycle hire schemes and with local councils to better integrate cycle ways in to stations. We are also actively providing additional Park and Ride capacity on key road and rail routes.

This can be achieved through investment

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Work on Belfast Grand Central Station, which will replace existing facilities at Europa Bus Centre and Great Victoria Street Train Station, is on schedule to complete in 2025.

lanes, car parking policy in urban areas and low emission/clean air zones. Translink is fully committed to addressing these, in co-operation with others, and we will work to shape policies and promote measures to encourage modal shift towards greener, active and healthier travel modes. Climate action is still the biggest issue facing society in the years ahead, and every effort must be made to deliver the modal shift our society needs, so that more than 50% of journeys in Northern Ireland are made by sustainable modes, driving public transport passenger numbers to 100 million and beyond a year and delivering a healthier, cleaner, greener, more vibrant society. ■

There are still challenges ahead, including bus priority schemes, Park and Rides, cycle

One of the Shepherd’s Huts at Galgorm

TRAVEL

Review: Drams and personal hot tubs on a summer evening Galgorm Resort & Spa has already forged a place in many minds as the place to go for relaxation in north Antrim. But John Mulgrew takes in both a whiskey experience and one of the spot’s new luxury huts to find out what the venue has been up to recently

t some stage Galgorm Resort & Spa will be finished expanding its grand and palatial hospitality offering and estate, but today is not that day.

While the main building offers much of the same relaxing luxury, the Co Antrim resort, located between Ballymena and Cullybackey, has been investing millions in a host of cottage and hut developments as part of the wider development and continues to do so, as demand and interest surges. And it’s the newest Shepherd’s Hut which I can call home for the evening on what turns out to be one of the warmest and mildest for some time. Sitting perched at the end of a winding path, passing by a series of other similar huts, the larger two-bedroom offering is a clever piece of design. A wooden deck or porch leads you into a spacious kitchen, dining and living area. The clever design here is with the use of space. Essentially this whole ‘hut’ is a rectangle, so the mirror image double bedrooms sit to the left and right of the living space, both complete with an en suite. It’s a well turned out, cosy and

charming place to spend an evening. There’s a small selection of beer and wine in the fridge, along with soft drinks and a suitable array of sweet and savoury snacks. The kitchen is also fully kitted out, so you’d easily be able to cook for a group if you’re here for a couple of days. While many of the other smaller Shepherd’s Huts, designed to sleep two, have personal outdoor copper baths, the larger two-bedroom option comes with its own secluded hot tub – nestled in the corner of the building. It’s already pre-heated and serves up a time to relax before heading for food in the main building. The hut itself is a bit of a distance from the Galgorm building itself, but the service here is as impressive as it is friendly and genial. That means a quick call to reception and a short while later a member of staff will collect you in a golf buggy or car and transport you where you need to be. While I was well aware a whiskey and food pairing was on the cards, having failed to eat almost anything all day, a trip to Gillies Grill was in order to ensure that I lasted into the evening. The menu is varied with a host of the usual

bistro fare and a couple of interesting things to start, but it’s just mains on this occasion and a pint of something cold to wash it down. We opt for mussels in a white wine and cream sauce with fries, while I turn my attention to a beef blade dish. The former is all things creamy and of the sea. The beef itself is chunky and perfectly cooked. It’s a very sizeable piece of protein but all that soft collagen has been rendered down and it pulls away, with small pieces of bacon, tiny onions and smooth, buttery mash playing well with it. It’s better than I’ve had in pricier spots in the city – recommended. Now, Joe Magowan knows his pot from his column still. He’s been an ambassador for Dillon Bass for several years and on this evening is tasked with showcasing some of the best drams from its Redbreast line.

TRAVEL

This is a three whiskey event, but each is paired with a food course. We start of with a cured salmon dish. It’s soft, clean and unctuous with fresh, crisp lettuce and thin toasted bread providing some textural contrast. The classic 12-year-old Redbreast is as dependable as ever and works well as a companion. A main course of ham hock, rich, cream-heavy spuds and a black pudding bon bon is a lesson in all that’s savoury. It’s rich, hearty and filling. The 15-year-old Redbreast is a smoother dram to the core offering and packed with dried fruit and almond while maintaining some of that zest and punch. I’m now well aware that the flagship 21-year-old is next and is the only whiskey in the main line I haven’t had pockets deep enough to try. It’s rich, buttery and full of Christmas cake character and plays well with a pineapple tarte tatin. While a couple of pints of Guinness after the

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event was a perfectly acceptable way to start winding things down, the advantage of having such a welcoming and warming place to call home for the evening means heading back there to get the fire pit on and bask in the (relatively) warm late summer night. Of course Galgorm’s expansive and lavish Thermal Spa remains the jewel in its crown from a tourism perspective. It’s an impressive offering. A grand collection of buildings, treatments, spa experiences, grand riverside garden and a multitude of places to spend some general down time. Another treatment offering is the Celtic Sauna which comprises aromatherapy, a traditional Aufguss and a potential dip in a plunge pool. Galgorm’s breakfast offering, served in the casual Gillies Grill, is certainly enough for most in the morning. There’s an entire hot food

Galgorm offers Superior rooms from £180 a night, while the smaller one bedroom Shepherd’s Hut can be booked from £220. The larger two bedroom Shepherd’s Hut starts at £370 a night and can sleep four. Galgorm’s Whiskey Evenings are priced at £60 a head.

buffet, providing you with your Ulster Fry and similar staples, along with an expansive cold offering. I opt for the latter on this occasion. The stand outs are a decent selection of cured meats and some fresh and punchy little goat cheese pearls from Fivemiletown Creamery. The development of Galgorm continues and by the time you’re reading this it’s likely the cabins and huts on offer will have grown further still. The resort ticks a lot of boxes and while it’s obviously an impressive place to spend a day or two, it’s held together with impressive service – whether that’s a friendly doorman, check-in or being chauffeured to the station to catch the train home. ■

ANALYSIS

Making sense of the Census Mark Magill, senior economist at Ulster University Economic Policy Centre, takes a look at the latest UK-wide census and breaks down what it means for us here in Northern Ireland

ensus-taking in the UK goes back almost a millennium, as William the Conqueror’s Doomsday Book took stock of his new kingdom. However, the first official census was undertaken in 1801, partly in response to concerns regarding a rapidly growing population. More than 200 years on, the primary focus remains the same. The exercise groups people into different socio-economic categories, helping government analysts plan for the number of school places required, future healthcare demand and other public services.

The first phase of results from the 2021 Northern Ireland (NI) Census was published last week. In most countries there is little excitement surrounding the Census. However, in NI the Census represents a decennial event which captures public attention more than any other statistical release. While newspaper column inches and television segments are mostly devoted to the local religious headcount, the first phase of results provided invaluable intelligence for public policy and business planning. One of the key insights is the extent to which

ANALYSIS

Between now and the 2031 census, virtually no growth is expected in the working age population. This provides important economic considerations regarding the UK Government’s recently published ‘Growth Plan’.

the British Isles, and this group accounted for nearly half of NI’s overall population growth between 2011-21. However, NI’s foreign born population remains low compared to other parts of the UK and Ireland.

The plan has set a UK trend growth rate of 2.5% as its primary economic objective, NI has not achieved a growth rate above 2% in any year since before the 2008 global financial crisis. With an older population structure and a plateauing of the working-age population over the coming decade, it becomes more challenging to achieve higher growth rates.

The relatively small number of people living in NI who were born in other parts of the UK and Ireland is perhaps more striking.

In the absence of being able to generate growth by virtue of a growing number of available workers, boosting growth will require a more efficient use of labour by reducing economic inactivity and boosting the productivity of those in work. Both issues have been front and centre in every economic strategy of the past 20 years, yet NI remains the poorest performing region on both measures. Generating growth in a mature service-based economy is difficult, an ageing population increases the scale of the challenge. NI’s over 65 population increased by 24% over the past decade, and by the time of the 2031 Census there will be more over-65s than children. Sub-regionally, Ards and North Down, Mid and East Antrim and Causeway Coast and Glens have already surpassed this milestone. The old age dependency ratio (the population aged 65+, compared with the population aged 15-64) increased to 27%, meaning that there are relatively fewer prime age workers to support a growing population of older persons.

the population is getting older. The 50 plus population increased by 126,000 between the 2011-22 Census years, whereas the 15-49 population fell by 44,000. This is one of the trends contributing to shortages in the labour market, with almost nine in 20 businesses in the NI Chamber of Commerce and Industry economic survey reporting recruitment difficulties.

This trend will continue and inevitably means a higher demand for public services, and a greater financial burden on the working population. The need for additional tax receipts resulting from increasing old-age dependency is a certainty. The only question is: who pays?

The results illuminate the end of NI’s demographic dividend. Although the working age population grew by 19,000 between 2011-22, this is dwarfed by the 101, increase recorded in the previous decade.

One method to mitigate against the consequences of an ageing population is to import labour of working age by allowing greater immigration. The Census tells us that 6.5% of the NI population were born outside

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There are more people living in NI who were born in East Timor than born in Wales. The number of people living in NI who were born in the Republic of Ireland is low at 40,000 and has changed only marginally when compared against the previous two census. These trends are mirrored in higher education data, which highlights NI as an outlier, in that the region attracts fewer young people to live, study and work. The inability to attract people from our nearest neighbours is to the detriment of the NI talent pool and undermines competitiveness. The policy considerations arising from the phase one release of the Census results are much wider than I have discussed in this article. Just a few of them area, how long should one expect to work to be entitled to a pension? What does an ageing population mean for inflation and interest rates? How can care of the elderly be organised in a manner that is both humane and financially sustainable? Does an ageing population result in an inefficient use of housing stock? The list of policy areas which the census results provides insight is almost endless. Most policy challenges resulting from demographic change emerge slowly over time, and the response requires long-term planning. Although NI’s demographics appear favourable when benchmarked against advanced Asian economies and parts of Europe, that is no reason to avoid planning to meet the economic and social challenges of an older population ahead of the curve. ■

NEWS

CDE Global sees 51% turnover jump to £97.3m CDE Global has reported a strong 2021 despite pricing pressures on the Co Tyrone business, writes Margaret Canning

major Northern Ireland manufacturer has reported a 51% jump in turnover to £97.3m for 2021, despite acknowledged pricing pressures facing the business. CDE Global, which is based on Sandholes Road in Cookstown, designs, develops, manufactures and sells recycling and aggregate processing systems sold all over the world. The company, whose mission is to enable companies to transform waste streams into valuable resources, has operations in Texas, Brazil, Australia, Dubai and Austria. It has carried out over 2,000 projects for sectors including aggregates, mining and construction. As well as strong growth in turnover, the business also reported a 24% increase in pre-tax profits to £7.2m, according to its most recent accounts filed at Companies House. Colin Trainor, chief financial officer at CDE, said: “In 2021, CDE’s focus was on continuing to look after our customers across the world. “We have also had a renewed vigour on ensuring our regional offices work seamlessly with our headquarters and have further invested in our manufacturing capacity for instance with an investment in new cutting and automation equipment in our Monkstown centre of excellence.

“This has all helped us reinforce our position as a leading manufacturer of wet processing solutions globally. “We further increased revenues by 50% as we saw a continued increase in the volume of waste recycling demand across our strategic markets. This growth has continued into 2022. “Looking after our employees remains a key priority and to that end, we have reignited our global mobility initiative where we welcome the desire for employees to work in some of our overseas offices for various durations. That’s something we’re very excited about, in our 30th year in business.” In a strategic report accompanying the results, the company’s six directors said: “Both the level of business and the year-end financial position were considered satisfactory. “The directors remain confident that the current level of performance will continue to improve in the future, and it is the directors’ intention to develop the present activities of the company. “The strong sales performance of the year, along with measures taken to safeguard profitability and cash flow, have enable the company to continue to deliver a positive result and establish a solid foundation for future growth “

But the year had not been without challenges, the report said. “Risks facing the company were supply chain pressures particularly pricing and economic conditions impacting sales growth. “The company saw significant pricing pressure during the year due to wider economic factors, and this has continued into 2022. “The company aims to offset any such risks through product pricing strategies, cost reduction initiatives and efficiency improvements.” The business had prepared itself for Brexit by

NEWS

Colin Trainor

making changes to its invoices and supplier arrangements. But it had not experienced problems or challenges to its business model as a result of Brexit although there were “broader economic uncertainties”. The report added: “The group has adapted to the new post-Brexit trading environment and has not been adversely impacted either in terms of movement of goods with suppliers or customers, or new business opportunities.” It also records that, since the end of 2021, it had completed a sale of land at Kilcronagh Industrial Estate in Cookstown resulting in a profit on disposal of £332,000 which will be

NOVEMBER 2022

recognised in 2022’s financial statements.

last year to £931,416 in 2021.

The directors declared a final dividend of £2m for 2021, compared to no dividend a year earlier. While it had received around £632,500 in furlough income in 2020, there was no such income in 2021.

The highest-paid director received a 90% increase in remuneration, from £267,636 to £505,481.

The company had net assets of £40.1m, which was up 21% from £33.2m. And staff numbers also grew by 23% over the year, from 257 to 315, leading to a 29% rise in the company’s pay bill from £11.4m to £14.7m. Directors’ remuneration also increased during the year and was up 18.5% from £786,145

Company founder Anthony Convery and his wife Rosemary remain on the board of directors, along with Marc Jennings, Matthew Bunting, Darren Eastwood and Mr Trainor. Four years ago, the group bought over the 300,000 sq ft former Caterpillar manufacturing site in Monkstown, Co Antrim, making a significant addition to its capability in Northern Ireland. ■

private space and will be also running a crossborder initiative to give patients rapid access to surgery in their surgical facilities if required. The company provides a nurse-led clinic service, with consultant dermatologists doing all the diagnosis. The service has been designed for rapid deployment. Hospitals across the Republic of Ireland using the service are seeing a reduction of almost 50% each year in waiting lists.

Consultant dermatologist Dr Rupert Barry and DermView chief executive Eoin O’Reilly

Top dermatology service DermView gearing up to enter NI

a modern dermatology solution that ensured rapid patient triaging and diagnosis, is now gearing up to enter the Northern Ireland market in 2023.

DermView Dermatology, a company providing

DermView was one of the main sponsors this year for NICON 2022 in Belfast where its chief executive Eoin O’Reilly announced it intended to work in both the public and

ermatology waiting lists were the fourth largest in the Republic Ireland with over 50,000 adult patients awaiting an appointment, while across Northern Ireland over 30,000 adult patients are awaiting their ﬁrst appointment.

One in ﬁve patients last year were diagnosed with a form of skin cancer across their service, patient outcomes were greatly improved as early diagnosis is key in dermatology. Visit www.dermviewclinics.com for more information

Clanmil Housing lands £100m investment

lanmil Housing has secured fresh investment of £100m which will see it build 5,000 new homes. The housing association secured the private deal from UK and US investors. The investment, by Aviva Investors, iA Financial Group and Pension Insurance Corporation plc, will support the delivery of Clanmil’s five-year strategy. By 2026, Clanmil plans to have provided a further 1,400 much needed high-quality homes, as well as investing in maintaining and upgrading existing homes to ensure they are energy efficient and remain good places to live. The latest investment and home building is expected to generate up to 950 construction jobs and support more than 1,450 associated jobs in the supply chain and wider economy over the next four years. “We are delighted to have secured this funding. Investment of this scale by three investors is a major vote of confidence in Clanmil and our ability to deliver our strategic ambitions,” Carol McTaggart, group chief executive at Clanmil, said.

Joanna McArdle, Barclays, Greg Bell, Clanmil, and Carol McTaggart, Clanmil Group

“This money will allow us to deliver more great homes for people who need them, helping address the growing housing waiting list and strengthening communities by creating great places to live. “This investment will bring a range of positive outcomes, including jobs and homes, and represents good business not

only for Clanmil, but also for the public purse, making the public money available for new homes go much further. “It also demonstrates that in addition to our social contribution, the social housing sector in Northern Ireland is playing an important role in bolstering and growing our economy.”

Exports & international business

EXPORTS & INTERNATIONAL BUSINESS

The American dream: deal or no deal? Without settlement over the NI Protocol and the UK Government’s Bill threatening to make amends unilaterally without EU involvement, there is unlikely to be a UK-US trade deal in the near future. Yet business between NI and the US continues to prosper, deal or no deal, writes Pavel Barter

hen, in March 2018, President Donald Trump announced his decision to stamp a 25% tariff on steel, some exporters from Northern Ireland were concerned.

Edge Innovate, a Dungannon-based manufacturer of quarrying, mining, material handling and recycling equipment, had exported products to the US since 2009. “America needs these products,” Darragh

EXPORTS & INTERNATIONAL BUSINESS

Cullen, Edge Innovate’s managing director says. “But that’s not to say you can’t have someone making changes, irrespective of the end users.” In March 2022, the US finally removed tariffs on steel exports from the UK. However, the hope for a UK-US post-Brexit trade deal still feels a long way off. Former Prime Minister Liz Truss recently announced that no negotiations are currently taking place with the US – and she did not expect any to start “in the short to medium term”. The Biden administration has been vocal about its concerns for the Good Friday Agreement due to uncertainty over the protocol. Recently, an adviser for the US Department of State urged the UK to resolve the protocol issue: “The last thing we need is flare-ups right at a moment where transatlantic unity, European unity, is more important than ever. That is our north star,” he said. A US-UK trade deal is an aspiration for Gordon Lyons, the Northern Ireland Economy Minister. “If we are able to have fewer tariffs on goods and products – that would be of huge benefit to Northern Ireland,” he tells Ulster Business. Stephen Kelly, chief executive of Manufacturing NI, contends the value of a

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trade deal might be found in the removal of “custom frictions, paperwork, and non-tariff barriers”. But, he adds, ask any “GB-based manufacturer at the moment whether any of these deals, US, or otherwise, would improve their trading environment now they are out of the EU. They would all say probably not.” Ulster Carpets is a case in point. The company supplies carpet for hotels and casinos across the US, ranging from casinos in Las Vegas to five-star hotels in New York. The US is the company’s most significant export market, according to Nick Coburn, group managing director, and has a North American headquarters in Marietta, Georgia, and design and sales offices across the US. In spite of Liz Truss’s comments, it’s business as usual at Ulster Carpets.

“Northern Ireland is a good place to springboard into Europe and the UK. There’s warmth towards Northern Ireland that has partly grown from the diaspora and that we largely share a culture”, he says. Sector participants include food and drink and IT services, cyber-security, FinTech (financial technology), RegTech (regulatory technology), AI and data, and agri-tech. Invest NI is currently supporting the expansion of Origin Digital, “a Holywood-based digital marketing and branding agency, which recently announced the opening of its NYC office in response to increasing US demand,” says Steve Harper, Invest NI’s executive director of international business.

“Having traded in the US for 30 years we have extensive experience of their requirements and, while welcome, a trade deal would not create any significant change to our operations,” Nick Coburn tells Ulster Business.

The agency has also assisted Datactics, a fintech company, in expanding its US presence and is “currently working with two new whiskey distilleries, Belfast Distillery Company and Titanic Distillers” which are in demand in the US, “resulting in significant investments in their sites in Northern Ireland”.

The US remains Northern Ireland’s second largest export market, deal or no deal. According to HMRC, exports to the US in the year to March 2022 were £942.2m. Industries benefit from what Stephen Kelly describes as a “special relationship”.

Minister Lyons recently visited the North Carolina offices of Almac, a Craigavon-based provider of pharmaceutical support services. “We often hear about the special relationship with the US and I think that’s more evident > in Northern Ireland than anywhere else in

EXPORTS & INTERNATIONAL BUSINESS

Economy Minister Gordon Lyons pictured in New York earlier this year

the UK,” he said. “We have a long history of close cooperation on a political level. That has created opportunities for us at an economic level.” Machinery and transport equipment accounts for 46% of all export sales. Edge Innovate, for example, has a distribution network across the US and works closely with its partners in identifying opportunities, customers and applications. There’s a good reason why their partners source from Northern Ireland, according to Darragh Cullen. “There’s a big engineering hub in the midUlster area. Companies in this part of the world seem to be more innovative and flexible with the customer, creating more modern designs and implementing more technology in our products, than you would have in products manufactured within America. Then there’s the sheer size of America. It’s as cheap for us to get one of our products [from NI] to California, as it is from the east coast of America.” Foreign direct investment (FDI) from the US to NI, assisted by Invest NI’s sales team in the US, remains a significant contributor the economy. Northern Ireland’s American multinational landscape includes Seagate and Allstate. In

2022, Wolfspeed, a semiconductor company from North Carolina, invested in NI. Insider Inc – a US news website and app publisher – plans to create 50 jobs in its Belfast office by June 2024. Globalization Partners, a Boston-based recruitment firm, is creating a 75-person team in Northern Ireland. A trade deal could make this business simpler, though. Darragh Cullen would like to see Edge Innovate employees, from NI, work for the company in America and those from the US become resident here. Visas and the movement of people is an issue some businesses “struggled with in the past,” says Gordon Lyons. “I’m hoping that could be encompassed within a deal. Of course, it doesn’t necessarily require a trade agreement to do that.” Darragh says he’s “confident there will be a free trade agreement between the US and the UK. Everyone is using negotiation tactics at the minute to further their own agendas. But it will be sorted out”. Until then, UK business representatives are promoting NI as a trade partner on a regional basis in the US. The UK has struck agreements with Indiana and North Carolina to build cooperation and partnership. Last March, Gordon Lyons visited Maryland,

a state known for its cyber-security sector, where he met representatives from the state’s Department of Commerce in order to nurture potential investment in NI. In reality, only the US federal government can make formal trade deals, but the 25th anniversary of the Good Friday Agreement in 2023 and President Biden’s planned visit to Ireland may shine a spotlight on the region. Gordon Lyons contends that “political progress isn’t why people invest any more. We are passed that period of people wanting to do us favours. People are coming here now because it benefits them.” Nevertheless, the lack of political progress over the protocol has introduced uncertainty. “I don’t think a trade deal would ease our business with the US anymore, because it is fairly frictionless,” Darragh from Edge Innovate says. “As a company that sells 60% of its revenue into the US, though, we would be worried that if there is no trade agreement in place it could one day lead to higher tariffs and more paperwork. When it comes to trade between us and America, I think common sense will eventually prevail.” ■

What the new zero emission ferry could look like when completed

NEWS

Electric ferry to link Belfast and Bangor by 2024 unveiled

new high-speed electric ferry – capable of carrying 150 passengers – linking Belfast to Bangor has been unveiled. Artemis Technologies has unveiled the world’s most advanced 100% electric foiling fast ferry, which aims to target the global high-speed passenger ferry market. It’s thought around 125 new jobs could also be created. And it will also link Belfast to Bangor in just 25 minutes as part of a pilot scheme, due to be in place by 2024. The vessel will be operated by Condor Ferries. The launch of the 24-metre vessel to the global ferry market signals the latest stage in the £60m programme to decarbonise maritime. It could dock close to Donegall Quay, bringing visitors as close to the city centre as possible. “The zero-emission ferry that will be seen departing Belfast in 2024, aptly named Zero, will be the first we build at our manufacturing hub in the city, but it is only the start,” Artemis Technologies’ chief executive, Dr Iain Percy OBE, said. “Many water-based cities around the world are grappling with the challenge of growing populations, congestion, and pollution.

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“The EF-24 Passenger can provide an immediate green transport solution that competes economically with road and rail in places like San Francisco, New York, Venice, Istanbul, Dubai and Singapore – anywhere around the globe that is seeking sustainable transport alternatives that balance the requirement for people to continue to move around with the need to reduce carbon emissions.” “Especially where new infrastructure is required like a new road or rail line, this ferry will not only be the cheapest, but also the fastest and least disruptive way to decarbonise transport networks in waterbased cities”. Building on the launch of the company’s 100% electric foiling workboat earlier this year, the ferry will be powered by the patented Artemis eFoiler electric propulsion system enabling it to fly above the water, reducing fuel costs by up to 85% compared with conventional high-speed diesel ferries. By foiling over the waves at up to 38 knots, the ferry will produce minimal wake, allowing it to operate at high-speed close-to-shore or within busy waterways, significantly reducing journey time on traditionally speedrestricted routes and minimising disruption to shorelines.

The benefits of a foiling vessel also stretch to those onboard, with passengers and crew enjoying a far more comfortable ride, mitigating the effects of sea sickness often associated with offshore ferry routes. John Napton, chief executive of Condor Ferries, which will operate the first ferry on the Belfast to Bangor route, said: “It is incredibly exciting to unveil the designs for Zero, the next generation in ferry transport. “The addition of a Northern Ireland service expands our network while the service aligns perfectly with our sustainability drive. “We look forward to continuing to develop the vessel alongside Artemis Technologies and the wider Belfast Maritime Consortium over the coming months. The Belfast Maritime Consortium is a 14-member syndicate which has brought together a range of industry, academia and public bodies, including, Artemis Technologies, Ards and North Down Borough Council, Belfast City Council, Belfast Harbour, Belfast Met, Catalyst, Condor Ferries, Creative Composites, Invest NI, Northern Ireland Advanced Composites Engineering (NIACE), Power NI, Spirit AeroSystems, Ulster University and Queen’s University. ■

AWARDS

PR ﬁrms walk away with top gongs

orthern Ireland’s leading public relations ﬁrms have walked away with almost two dozen gongs at this year’s CIPR Northern Ireland PRide Awards 2022.

Among the awards, Best Consumer Relations Campaign gold was given to Holywood-based LK Communications for its Lidl NI Big on Quality, Lidl on Price drive, while RNN took the Corporate and Business Communications Campaign for its work for the IFEX exhibition.

PR Consultancy of the Year went to LK Communications while RNN Communications picked up the gold for Small PR Consultancy of the Year. Best Publication gold was awarded to Belfast City Council for its City Matters Residents Magazine, while the Best Use of Content Gold winner was Smarts for its House of Dagmar Collection Launch. ■

The Consumer Council for Northern Ireland and Anderson Spratt Group took the Public Sector Campaign category for the True Cost drive. Brown O’Connor Communications’ work with Hospitality Ulster — ‘Modernising Northern Ireland’s Outdated Liquor Licensing Legislation’ — won the Public Affairs Campaign. RSPB’s ‘Rallying to Revive our World’ was awarded the Not-for-Proﬁt and Low Budget Campaigns while the Healthcare gong was given to LK Communications for its Lidl: Sport for Good Schools Mental Health Mentorship drive. ASG and Partners Good Relations Week 2021 was the gold winner for the Arts, Culture, Sport or Entertainment Campaign while Fiona Brown Communications accepted the gold award for Travel, Leisure or Tourism Campaign for her ‘We’re Sucking’ Diesel’ with Line of Duty Experience.

Nicola Abernethy, Charlotte Cautley, Lindsay Millar, Niamh Donnelly and Lorna Cowan from MCE

Lisburn-based Rumour Mill Creative Communications won the Regional Campaign category while its team member, Ciaran Mullan MCIPR won the title of Outstanding Young Communicator of the Year. Meanwhile the Independent PR Practitioner of the Year award was claimed by Maurica Mackle, Mackle Communications. Top Education Campaign went to JComms for NI Science Festival: Putting the ‘A’ in STEM while the ﬁrm also won gold for Best Use of Media Relations Campaign for the same campaign. Best Event gold went to MCE Public Relations for The Daily Mile.

Claire O’Boyle, Gráinne Molloy, Dave Cullen, Nikki Larkin, Geri Wright, Kayleigh Tinney and Amy Millar from LK Communications

Niall Fields, Niall Polland, Arlene O’Connor, Tony Drennan, Chris Brown, Jack Ford, Jenna Gardiner and Sarah Montgomery from Brown O’Connor Communications

Sean McKeown, Lauren Irwin, Aimee Moore, Jane Williams, Chris Harrison, Claire McKee, Jane Wells, Alana McPhillips, Jonny Graham and Joris Minne from JComms

ECONOMY

his isn’t the first analysis of the Chancellor’s mini budget, financial update or (probably) ongoing political chaos which I’ve drafted. In the days following the appointment of new Chancellor Jeremy Hunt (at the time of writing), the now former Prime Minister Liz Truss was forced to resign just 45 days in office, leaving her with the unfortunate crown as the shortest serving premier. But in terms of the economic turmoil, let’s start at the beginning with the short reign of former Chancellor Kwasi Kwarteng. It was a case of fiscal policy giving with one hand and monetary policy taking away. And in the days following Kwasi Kwarteng’s big ‘mini budget’ the UK’s finances took a nosedive, leading to a drop in the value of the pound, markets, a further surge in the cost of borrowing and the Bank of England triggering an emergency £65bn bond-buying programme in order to try and ease the crisis.

A Government in turmoil: You wait for a new Chancellor and then two (or maybe three) show up... Former Chancellor Kwasi Kwarteng’s controversial financial statement to a packed House of Commons caused such uproar that he got the boot followed days later by now former Prime Minister Liz Truss, writes John Mulgrew

The then recently appointed Chancellor had unveiled a host of what he believes are business boosting initiatives aimed at driving a private sector.

On planning he said there will be announcements in the coming weeks to simplify and speed up the process for businesses and developers here.

An energy package aimed at mitigating at least some of the recent power surges will come out of the public purse to the tune of £60bn for the first six months.

He also unveiled low-tax “investment zones”, that will allow planning rules to be relaxed and will reduce business taxes to encourage investment.

But it was the top rate of income tax, the 45% rate for earnings over £150,000, being abolished altogether, which helped fuel a strong backlash among many.

However, in the days that followed it became acutely clear that this was not the budget to instil confidence in a UK economy under stresses and strains, soaring inflation and interest rates and a cost of living crisis.

The government had already announced controversial plans to scrap the 45p rate of income tax for top earners and had flipped on a promise not to increase corporation tax.

Pressure soon followed. It appeared to be either the Prime Minister’s head, or her

Now, the plan to cap the cost of energy for all households for two years will now end in April,

Mr Kwarteng also said he would cut the basic rate of income tax to 19p in April 2023 – a year early.

Chancellor’s. It turned out it was both. Following Kwasi Kwarteng’s sacking, Jeremy Hunt was slipped into post and then unveiled a significantly revised selection of proposals. In the days that followed, Liz Truss announced she was stepping down as Prime Minister. It’s been referred to widely as a U-turn of epic proportions, arguably the likes no one has seen in decades of UK politics.

ECONOMY

Prime Minister Liz Truss announces her resignation as she addresses the media outside Downing Street

with targeted help beyond that for those most in need. April’s planned 1p cut to the basic rate of income tax has been scrapped and the rate will now stay at 20p indefinitely, while the 1.25% cut in dividend tax planned for April has been ditched. Meanwhile, plans to ease IR35 rules for the self-employed have been dropped, a new VATfree shopping scheme for overseas tourists has been axed and the decision to freeze alcohol duty rates from February 2023 has been reversed. One of the biggest shocks from Jeremy Hunt’s announcement was that the generous Energy

NOVEMBER 2022

Price Guarantee will only remain a blanket measure which everyone can benefit from until April, and entitlement to it will be assessed thereafter. And while the pound rebounded somewhat following his announcement and subsequent statement to the House of Commons, followed by Liz Truss’s resignation, the Government and Tory party are both in uncharted territory. There remains dissent within the party, with a new Prime Minister days from being appointed at the time of going to print. Reacting to Jeremy Hunt’s statement and scrapping of most of what his predecessor has

previously announced, Ann McGregor, chief executive of Northern Ireland Chamber, said: “Following the economic turmoil of the last few weeks, the emergency fiscal statement was a necessary intervention by the new Chancellor. “Keeping support for the NICs reversal in place will be some relief for businesses, but on its own will not be enough. “While we acknowledge that the Chancellor has a delicate balancing act to carry out, he must go further to prove he is serious about helping businesses through the difficult months ahead as rising inflation, interest rates and energy costs continue to dominate the cost of doing business crisis.” ■

James Scullion RAPID AGENCY

How much free time do you have outside of work? I try to be as disciplined as possible with my work/life balance. My wife Zoe and I have two young children, so it’s really important for me to carve out as much time as possible to dedicate to them. When I leave work around 5.30pm I am usually pretty good at switching off and picking work back up again the following day. The past few years have seen us grow massively in terms of clients, staff and projects, it has been a hugely exciting, and the entire team has enjoyed the fantastic breadth and variety of our clients. The team are really talented, and hardworking, and fantastic at sharing the workload – nothing is ever too much trouble. It allows me to actually get a holiday when I am away. A rare thing. My wife and I enjoyed a work-free holiday to Tenerife earlier in the year for two weeks, I left the laptop at home and it was great to have that freedom and time away without checking in on work. Is it difficult separating your work and home life? At times it can be hard to separate the two

out from one another, especially during busy times like quarter four. Now that Zoe is heavily involved in the day-to-day operations of the business, we find ourselves bringing work home a lot more and discussing the business more and more in the evenings. This isn’t always a negative, we love what we do and the clients we work with so a lot of time its discussions about what worked well, what successes we have had and how the business has grown through the years. What do you do in your spare time? I am a big football fan, I would try to get over to see Manchester United three times a year. As well as that it’s all about good food, good drink and plenty of travelling. I am a keen whiskey collector and really enjoy a dram after work.

Is there something you’d like to start doing or take up? I’ve always loved the thought of golf, but I am aware that it is the type of sport that requires a lot of time commitment and that isn’t something I have a lot of at present, but hopefully in the years to come I can carve out more time for it. It’s holiday time – where are you travelling to? Zoe and I honeymooned in Singapore and Sri Lanka, a year later we toured the East Coast of the US. We have both been to Africa and spent a large amount of time in Europe. Next on the bucket list would be Canada or New Zealand. I love seeing new cultures, trying new things, new food, people and getting new ideas from around the world.

Corporate law

CORPORATE LAW

Insolvency: numbers set to rise but no tsunami on the horizon? As the volume of late bills and payments is on the increase in Northern Ireland, John Mulgrew speaks to the experts about what that will mean for the number of firms facing going under as pressure intensifies and positive sentiment eases, what can be done to mitigate but why we aren’t facing a tidal wave of closures

ust when we thought we were pulling ourselves up by the bootstraps and out of an unprecedented global pandemic, a series of events is thrusting yet more challenges on many sectors here. And while insolvencies here have been relatively low, research is now showing that late payments and bills are on the rise, while the mechanisms there to support firms and avoiding enforcement are coming to an end.

The latest stats show the number of overdue invoices in Northern Ireland is growing – for the fourth month in a row, according to R3 – up 7% between quarter two and three. Meanwhile, figures show the number of insolvencies in England and Wales hit its highest level for 13 years in the second quarter, according to The Office for National Statistics. But James says there remain many options for companies, big and small.

James Neill is Northern Ireland chair for insolvency and restructuring trade body R3.

“There lots more options of recovery available,” he says.

“Recent research showed that late payments and bills are both on the increase,” he says.

“This is a market where there will be lots of options (for business) – it’s not necessarily insolvency, but pre-insolvency there are options and we can only advise if it’s now.

“Northern Ireland was the second fastest region after Scotland in terms of the increase in bills. “In context, look at the market and where we are. We are coming in to a period of potential downturn and a very different market to what we had in 2008 in terms of a recession. There is significant capital in the market and there are many more options than previously.

“The big take away is take advice early. Turnaround is not insolvency – they are two separate things. Turnaround is there to prevent insolvency.” In fact, corporate solvency is around a third lower than levels pre-pandemic, according to James.

“(In the last recession) there were little or no options and no capital. In reality while we are potentially coming into a difficult period there is significant capital deployed and appetite in the market.

However there are a number of reasons for that, including the Government support put in place during the Covid-19 pandemic as well as moratoriums on things such as commercial rent debt.

“Even if we see a downturn… there are lots of buyers and enquiries out there.”

“There are three factors driving that,” James says. “There was significant government support throughout the pandemic and that

was a lifeline for businesses. “Secondly, we have had a buoyant market… when there are lots of transactions, typically we can enact some form of sale, preinsolvency. “Thirdly, (chasing) owed money from companies has been heavily restricted by government with a moratorium in place… guidelines are still restricting enforcement. It’s still difficult for a creditor to enforce a debt. “That could see the stats artificially deflated at the moment. The changing factor at the moment is while the market was strong, inflationary pressure is now starting to take hold and the markets dropping a little with the impact of the ‘mini budget’ – it’s sentiment which drives the market.” And on the other side of the market, while capital remains, sentiment is not what it was. Consumer intentions and the latest business surveys point to a downwards trend in terms of confidence or spending habits. But if a business is struggling to make its way through the multitude of headwinds out there at the moment, what options are available? “It’s situationally specific,” James says. “The overriding (option) is to seek advice. There are a whole range of options, both solvent and insolvent.” In terms of the businesses which are folding, James says many are creditors’ voluntary >

CORPORATE LAW

NOVEMBER 2022

CORPORATE LAW

liquidations. “That’s where a director has reached the end of the road and then voluntarily moved to wind the company up,” he says.

busier. I don’t think that a tsunami is coming in one sharp hit.”

thousands from going under.

And it’s no surprise that energy costs continue to be the number one concern for firms – playing the biggest part in squeezing margins.

“During the global pandemic there were various support measures put in place to assist businesses resulting in a significant decrease of activity in the restructuring and insolvency market,” he says.

“Most are feeling that squeeze, typically through increasing material, energy and overhead costs,” James says. “They are struggling to pass that onto the consumer… some are.”

“Regrettably, the economic challenges now extend beyond the effects of the pandemic with businesses facing soaring costs (energy, labour and rising interest rates) supply chain disruption and weakening demand.

And is Northern Ireland going to continue to be one of the areas struggling most across the UK as a whole?

“The economy is now in recession and is expected to remain here for at least the next 12 months.

“A lot were thinking ‘how do I be really forceful on a debt when it’s not really there fault?’. That sentiment is coming out of the market as firms are focused on their own cashflow. Second, when every company is facing a (tougher) market they start enforcing their debts as best they can. It’s human nature and self-preservation.”

“The stats can sometimes blur,” James says. “It is interesting that it is just behind Scotland but we don’t really know what is driving that. The UK is probably slightly further along than us, biting quicker. That happens every time. We are maybe six to nine months behind London, for example.”

“Company directors need to be aware of their duties, in particular the duty not to continue to trade while insolvent. There are several restructuring tools available to businesses to address the economic challenges including CVAs and restructuring plans (as introduced by the Corporate Insolvency and Governance Act 2020).

But while it’s likely we will see an increasing number of companies struggling to survive and being forced into insolvency, James says he doesn’t necessarily see it as a “cliff edge”. “I think we will undoubtedly be busier next year,” he says. “The market expects to be

Richard Craig is head of restructuring and insolvency at law firm Mills Selig. He reiterates that the lull in administration and general insolvencies has been tempered due to the Government support put in place during the pandemic in order to save

And while we are seeing companies being forced to shutter, James says the majority would have already been in difficulties, prepandemic. In terms of dealing with the other side, companies seeking enforcement action against others, James says there has been a positive sentiment in the market, especially with the pandemic. But that could soon change amid the current ongoing difficulties.

“These tools can be used by businesses to stave off the threat of insolvency and begin the process of turnaround and recovery in the next financial year. Specialist advice is therefore of paramount importance at this time.” ■

CORPORATE LAW

Harbinson Mulholland: Leading the way in forensic accounting Barry O’Donnell FCA MABRP has been appointed as director of Harbinson Mulholland’s forensic accounting team, developing a team of experts working across corporate and criminal cases. Harbinson Mulholland is a top tier forensic accountancy firm and recognised within the courts in Northern Ireland across its specialist divisions and often the first port of call for many of NI’s leading law firms

hat helps set Barry apart from many others working across his field, aside from his skills and experience, is his rare dual role. He’s been a stalwart within the Harbinson Mulholland team for almost 20 years, working as a licensed insolvency practitioner but with a degree of commercial overlap as both forensic and insolvency work involves a critical eye and a sense of professional scepticism. “My primary area was within insolvency, but I have always also been involved in forensic accounting and the opportunity arose within the firm to join those two roles together,” Barry says.

The forensic work Harbinson Mulholland is involved with is varied and requires a multitude of different skills and disciplines across the team. “It can be very wide ranging – working on cases with quantums as low as £5,000 right up to cases in the tens of millions across areas such as contracts and procurement, for example. “In terms of industry, it can be anything – haulage, transport or professional services for example.

The criminal and commercial forensic team: Courteney Jamison, Callum Coulter, Barry O’Donnell and James McCullough

“The biggest part of what we do involves a very wide selection of corporate and commercial cases. We can work for the plaintiff or defendant. It could be anything from a breach of contract to professional negligence or a loss of profits. “The role of a forensic accountant is always to assist the court and present their opinion in a clear and concise manner.” Barry says he and his team also often work

across complex criminal cases. “That could include benefit fraud, proceeds of crime or theft,” he says. “The role would be to calculate the financial loss that has resulted from the alleged crime.” The team also works across high net value matrimonial cases whereby shares, in a private company for example, may have to be divided. And Harbinson Mulholland’s forensic accounting team can help and assist a host of businesses from across the sectors, proactively.

CORPORATE LAW

“Good forward financial planning should highlight issues. There is the need to identify and be aware of what’s going on before then forming a plan to see whether something like restructuring is required.” Since the establishment of the commercial hub in the High Court of Northern Ireland, a particular area of growth is that of alternative dispute resolution (ADR) Another element of what Barry does is trying to sort matters through discussion or alternative dispute resolution in order to avoid full court proceedings. However, commercial litigation can include shareholder disputes, business interruption, contract disputes, and any litigation which involves a degree of financial analysis. Barry has been involved in several ADR cases, acting in expert determination and mediation where there is a high degree of financial complexity.

Barry O’Donnell

“Companies normally come through referral from a solicitor,” he says. “For example, they may be worried they are a victim of fraud or there could be an insurance claim. We can investigate the claim, analyse, and quantify the value, examining what is key and what documentary evidence is there to support our opinion “For accounting work, your duty is to the court rather than the client. You have to remain independent. “From a business perspective we can apply our skills and expertise in areas such as data analysis and assess what has gone wrong and quantify the effect – that could be overpayment, fraud or financial instrument overcharging, for example.” He also says the team and the firm as a whole is doing increasing levels of work in both fraud prevention and education. “Through our work with large criminal cases we have expertise in fraud and fraud prevention and awareness. It’s become a bigger

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part of our work and it has many facets to it. It’s something we are all dealing with day-today. “It’s about keeping those fraudsters at bay. They have moved on from being fairly unsophisticated to being an organised crime game, financed and with resources which can be rolled out globally. “Covid was manna from heaven for fraudsters. With people working from home, more electronic communication and moving to electronic banking platforms, cyber fraud meant a great deal of exposure for people and businesses.” Barry is one of two licensed insolvency practitioners at Harbinson Mulholland – something he’s been specialised in and working within for many years. “In terms of advice for business, the message we trot out is early intervention is the key. I was taught many years ago that with enough time and money, you can solve most problems.

In terms of what helps set Harbinson Mulholland apart from other firms, Barry says along with its experience, is having dedicated specialist teams. As well as the commercial and criminal division, the firm has a leading personal injury division, led by Dearbhail Beatty whose knowledge and experience are highly sought after in this complex area which can include everything from road traffic accidents, accidents arising from health and safety breaches, or medical negligence cases. As well as lots of in-house experience, Barry and his team as draw on connections with law enforcement and other experts from across the globe. Working alongside Callum Coulter, Courteney Jamison and James McCullough, he says: “We are also able to deal with very large cases which include the processing and analysis of high volumes of data. “We have experience across the UK and a wellconnected, multi-judiciary network for areas like fraud and money laundering cases.” ■ Barry can be contacted on 02890445100 or at bodonnell@harbinson-mulholland.com

CORPORATE LAW

School of Law meeting changing demands within legal profession Dr Esther McGuinness

As Ulster University’s School of Law marks 30 years, it’s continuing to add and develop its offering to help educate and train both students and legal professionals across emerging areas such as Alternative Dispute Resolution and Computing and Innovation

lster University’s School of Law is marking its 30th anniversary this year.

And in those three decades it’s grown into a multi-campus school welcoming more than 250 students each year, and evolving and developing to meet the ever-changing demands for students and professional alike, across the legal profession. That’s clear in its recent focus on burgeoning areas of specialism within law here – including being the ﬁrst university in the UK to offer an LLM in International Commercial Law and Alternative Dispute Resolution (ADR) – ADR now being the go to avenue in which to solve disputes – and Corporate Law, Computing and Innovation, focusing on data-driven legal services.

Dr Esther McGuinness is now head of the School of Law at Ulster University and has more than 25 years’ experience working in the employment law ﬁeld. The Law School is based across two campuses – the newly-opened Belfast campus and Magee in Derry – and has around 1,000 students. “One of the beauties of studying law at Ulster University is that it’s small and personal enough that you get to know the staff,” Esther says. “We’ve consistently punched above our weight and in 30 years have achieved a huge amount, which is reﬂected in the vibrant alumni body which we have. What we do, we do well. “All of our programmes are academically

underpinned. We are providing people with practical experience. We have a huge buy-in from many practitioners – employment law partners – engaged in programmes to make sure that the students have the practical experience which is invaluable to them in reaching their professional career ambitions with conﬁdence.” That also gives students exposure to some of the major law practices working here in Northern Ireland, and thus securing full-time post-graduate employment. Ulster University has had a long history of helping businesses in a range of legal areas, through its own Law Clinic – which is marking its 10th anniversary. Part of the award-winning LLM in Access to Justice, the Ulster University Law Clinic sees postgraduate Law students offer free legal advice and, where appropriate, representation to the public on social security and employment law, as well as more recently working with new startups. With no comparable postgraduate

CASE STUDY

CORPORATE LAW

Aaron Moore, director with law firm Cleaver Fulton Rankin, shares his perspective on Ulster University’s relationships with industry and commitment to preparing graduates for professional practice

or several years we have been working alongside Ulster University, embedding practical input into its taught programmes in law. It’s a partnership that reflects our shared commitment to collaboration and innovation, addressing the requisite skills and attributes for graduates entering the profession – whether they go on to follow a career in-house or join a law firm.

In delivering some of the modules on the International Commercial Law and Alternative Dispute Resolution (ADR) postgraduate programme I work with academic colleagues to create a practical, industry focus. Since not all law students ultimately opt to practice law, the invaluable commercial insight this programme provides also equips them with the transferable skills for careers in diverse industry settings, across regulated sectors such as banking, compliance, construction and data protection.

“Partners at law firms were telling us that ADR was being used increasingly in commercial disputes,” John says. “We felt as a law school that we needed to focus on that.”

ADR is increasingly at the forefront of all commercial disputes as companies seek a quicker and cheaper resolution that will also better maintain the commercial relationships essential to future business. By its nature, the court process can often leave one party in the dispute aggrieved and so it’s no surprise that the courts will seek assurance that parties have fully considered alternative means to resolve the dispute. This programme provides students with the insight and practical focus to fully explore those alternative solutions with confidence. At Cleaver Fulton Rankin we are also actively responding to the legal technological alternatives that may best serve the needs of clients. In business for over 125 years, we have a keen focus on future innovation and the application of technology in the best interests of our clients and Ulster University’s progressive School of Law is a natural partner for the legal profession’s emerging specialisms.

programme in the UK or Ireland, this is a unique platform benefitting both students and clients.

commercial law firms from across NI and had a Masters programme which we wanted to bring more up-to-date,” he says.

“It was set up to provide representation in areas of employment law and social security as there is no legal aid available in those areas, and there was also a huge demand for those services,” Esther says.

“It was about encouraging younger lawyers in law firms to scale up their skillsets in relation to commercial law.

“There was also demand for information for new start-ups, particularly around areas such as employment law. We have worked to incorporate that strand into the Law Clinic.” John Keers is a qualified barrister, law lecturer and course director of the LLM in International Commercial Law and Alternative Dispute Resolution (ADR). “We took soundings from industry, from

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“It was about reaching out to those firms and getting feedback as to where there were gaps within undergraduate students coming to them.” John says the course offers a diverse mixture of modules, including banking and financial law – the first time it has been offered here. And the introduction of the ADR element is also a unique element of the qualification – with students also gaining a professional qualification as a mediator.

The course attracts a wide mixture of students and legal professionals at different stages of their careers, along with a diverse intake from across the globe. “There’s also a focus on practitioners who are specialised in their areas, such as arbitration, mediation, adjudication, and banking and derivatives law.” Professor Eugene McNamee is course director for Corporate Law, Computing and Innovation. It’s a new course which is fulfilling increasing demands for lawyers to become ‘legal engineers’ – able to work within a data-driven landscape. “The LLM in Corporate Law, Computing and Innovation course is looking at a data-driven legal world which substitutes a rule-based legal world – the predictability of outcome on the basis of data considerations,” he says. “The new programme is trying to produce a ‘legal engineer’, someone who is comfortable in both the worlds of data analysis and legal provision. “We are trying to produce a cadre of legal professionals which can serve that specialist function. It’s an emergent field.” The course is designed to attract people from a legal background, or from a computer science background, who may work within Northern Ireland’s expanding legal services sector here. “These courses have arisen because of demand and research interests and as a direct result of an emerging corporate law sector in NI and a demand for graduates with particular skills, in corporate law and legal technology,” Esther says. ■ To discuss how your firm could work with Ulster University School of Law contact the team at law@ulster.ac.uk For details of Ulster University’s post graduate law programmes visit www.ulster.ac.uk/pglaw

NEWS

Darragh McCarthy

FinTrU creating 500 jobs with new Portugal base

Northern Ireland fintech giant is creating 500 jobs with a new office in Portugal.

Darragh McCarthy’s FinTrU is growing its international reach and opening a base in Porto. It’s been approved as a project of national strategic interest by Portugal’s Institute for Employment and Vocational Training (IEFP). The company broke the 1,000 employee mark earlier this year and also announced it would be setting up another new base, this time in Letterkenny, creating around 300 jobs.

The company works with tier one investment banks across the globe, offering services such as regulation, legal, compliance and know your customer (KYC). It’s understood the 500 new roles are to be created in the next five years. “As FinTrU continues to grow its international investment bank client portfolio, we see this expansion of our global footprint as a very important step in our company journey,” company founder Darragh McCarthy said. “Having reviewed a number of European locations, we were under no illusions that Porto represented the best choice for FinTrU as our next client delivery base.” Telmo Fernandes, FinTrU Porto site lead, said: “I am very excited to begin my role as site lead for FinTrU Porto. The company’s culture for investing in the development of its people, and tier one client portfolio, were major factors for me in joining the company as we embark on this

exciting project. We will invest to build an eco-system in Porto while developing graduate programmes to support with this expansion. “We have been recognised for this practice by winning several accolades and look forward to leveraging that award-winning knowledge to progress and build FinTrU Porto. Our mission is to empower our people to drive industry-disrupting and innovative solutions, and we cannot wait to have Porto as part of that goal.” FinTrU has also launched an opportunity for graduates with its latest Financial Services Academy now open for applications, where candidates will be considered from several degree disciplines. The company employs more than 1,100 people worldwide with offices in Belfast and Derry, as well as in England, Republic of Ireland, the Netherlands and the US. Speaking about the new Porto office, Luís Castro Henriques, chief executive at AICEP – Portugal’s Trade and Investment Agency, said: “We are extremely pleased to welcome FinTrU’s new delivery centre in Porto, yet again highlighting the stellar quality of the talent available in Portugal. The unique combination of competitive advantages the country has to offer, and the increasingly successful innovative ecosystem Porto has been recently developing, have been key throughout the company’s decision process. “FinTrU’s focus on technology, innovation and above all on the development and fostering of talent through its academies will be a major contribution to the growth of the local business environment, the increase of the set of skills available and to further strengthen the positioning of Portugal as a preferred location for tech enabled operations.”

Human resources

HUMAN RESOURCES

IT and software: the big money in-demand jobs outstripping supply Demand for a host of burgeoning IT and software roles is far outstripping supply, and that means big salaries for the best people, many outstripping typically higherpaid jobs such as law and medicine. John Mulgrew looks at the roles commanding the biggest paychecks and what firms are having to do to attract top talent

‘T

here’ll be no jobs in IT’, a teacher once told me not long after the dot com bubble burst back in the early 2000s. I don’t think they’d quite grasped that, while perhaps using extremely short-term vision, it could once be viewed that a prevalence of IT, tech, the web was a niche like any other.

Personal career trajectory aside it’s fair to say that is far, far from the case. Despite tech, coding and other IT roles becoming ever more part and parcel of our day-to-day lives back then, little did we think some two decades later we’d be where we are today. In fact, the tech sector here remains one of the fastest growing in Northern Ireland. And demand for talent here has consistently outstripped supply. That’s meant certain in-demand technology roles being able to command salaries not once

thought possible for most in Northern Ireland. Generally speaking, Northern Ireland has almost never been in a better position in terms of employment levels, with the number of people on company payrolls rising. And while the current cost of living crisis, potential increase in the number of firms facing insolvency or at least a tough time, and spiralling energy prices means that may be on the slide, salaries among IT jobs in Northern Ireland continue to rise to meet demand. It was a cloud engineering job offering the lucky candidate £85,000 to £90,000 a year for a remote and Belfast-based role that certainly piqued my own interest in where this recruitment market is heading. “Globally, demand for talent within the tech sector has consistently outstripped supply,” Phil Vernon, managing director at Enso Recruitment, says.

“Within the NI region, although salaries have increased in lockstep with this demand, NI remains a competitive region for investment both in terms of quality and cost and continues to outperform bigger tech clusters in attracting new foreign direct investment (FDI). “In terms of demand drivers within NI, the appetite for FDI investment in the NI region has been a constant for many years and this demand shows no sign of abating. Added to this, investment within local tech start-ups has never been higher, further driving up demand for tech talent. A final trend we are seeing

HUMAN RESOURCES

within our post-Covid economy is an increasing number of global companies which are offering remote working opportunities to tech professionals without setting up in the region.” That is having its own impact on employee choice, flexibility and salary – in many cases software developers being hired from outside these shores on salaries above £100,000.

the tech sector are dependent on which skill set we are assessing but if we look at software development as one of the largest demand areas, we are seeing graduate software developers typically achieving salaries between £28,000-£32,000, right through to principal level software developers achieving typical salaries between £75,000-£90,000, and higher is often possible.

“When we consider the impact this is having on salaries, naturally the consistently increasing demand has led to a consistent rise in salaries,” Phil says. “Typical salaries within

“These salary ranges reflect salaries offered by organisations which are operating within the region. However, many software developers are being hired remotely from outside the

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region and compete on a global salary scale where experienced software developers can expect to achieve north of £100,000.” Some of those programming roles, for example, commanding the highest salaries, include Java, .NET and JavaScript, according to recruitment firm MCS Group. “Over the past 14 years we have established ourselves as a market leader in IT recruitment working with thousands of organisations from scaling startups, local SMEs, multinationals and FDIs. Over this period we have placed >

HUMAN RESOURCES

thousands of technology professionals from graduates and entry level to chief technical officers and site leads across the UK and Ireland in permanent, contract and temporary positions. “The technology sector in Northern Ireland has continued to grow and flourish and in the last two years has remained strong with demand for talent remaining high,” Peter says. “In the past 12 months we have seen salaries rise by roughly 10% with experienced software engineers being most in demand. “In terms of programming languages, Java, .NET and JavaScript remain the most indemand with salaries starting around £37,000 for a software engineer with one year’s commercial experience, for more experienced software engineers salary would start at around £60,000 rising right up to £100,000 in some cases. “In the same period flexibility has become a priority for a number of candidates as the rise of remote working has given candidates the opportunity to connect with employers outside

of NI, this rise of remote working has also given NI employers access to new talent pools especially when hiring niche skillsets.” MCS says that has seen certain in-demand roles, such as those within cyber-security, commanding salaries of as much as £130,000 – not far off what the Prime Minister receives. “Currently, we are seeing increased demand for talent with experience in cloud technologies such as MS Azure and Amazon Web Services. We are also seeing an appetite for new, more niche subsets of skillsets within the likes of DevOps and cyber-security which up until a few years ago saw little to no demand from organisations hiring – with candidates in these spaces commanding salaries of up to £130,000.” But at the lower and entry end of things, companies are having to ensure they can attract graduates and also retain staff, according to recruitment firm Staffline. “Staffline is seeing some excellent entry level opportunities across multiple sectors in

Ireland,” a spokeswoman for the recruitment firm said. “Not only are we handling roles with solid starting salaries but we are also seeing employers adding a range of perks to entice new recruits, shaped in part by the demand for better holiday allowance, sick pay and wellbeing provision. “As expected IT remains a lucrative first role for graduates who can command starting salaries of £40,000-£50,000 plus. Ireland continues to lead the field in aerospace technology, providing outstanding opportunities and rewards for engineering graduates, again with enviable packages. The aerospace industry in Ireland is expected to double by 2023 so lots of roles in the pipeline. “Sectors that will continue to see demand rise and carry generous salary terms in the coming years are likely to revolve around science, technology, engineering and maths, something for school children and aspiring graduates to keep in mind.” ■

NEWS

Felix O’Hare takes top gong at construction awards

ewry’s Felix O’Hare has walked away with the top gong at this year’s Northern Ireland construction awards. The company took the award for its work on the Merchant Square office in Belfast city centre – now home to PwC. It was one of the winners at this year’s Construction Excellence Awards, run by the Construction Employers Federation, held at the Crowne Plaza in Belfast. Returning to an in-person event for the first time in three years, over 550 people from across the construction industry gathered to celebrate the achievements of the sector, and its people, in Northern Ireland. The awards panel of judges deemed the project – the complete transformation of three existing buildings formerly known as Ferguson, Roysten and Oyster Houses, to create 210,000 sq ft of grade A office space right in the centre of Belfast – worthy of the Overall Award after extensive deliberation over it and the many other category winners.

Meanwhile, other winners included Alskea, which won the award for Private Housing Project of the Year for Foxleigh Wood, Lurgan, Co Down’s Graham won the Excellence in Sustainability Award and Gilbert Ash won Fit-Out Project of the Year for its work on PwC’s headquarters at Merchant Square. This year a number of individual winners were also celebrated for their achievements. Shannon O’Doherty of Mascott Construction was named Apprentice of the Year, the Rising Star Award went to Fergal McAliskey of Lotus Homes, Donal McGloin of Tracey Brothers was named Outstanding Contributor and the Lifetime Achievement Award went to Desmond Scott of Woodvale Construction.

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Felix O’Hare was the overall winner of the 2022 CEF Excellence Awards

“As the panel of judges themselves commented, given the extremely tight city centre location, retention of existing buildings while constructing additional new floor space, their approach to sustainable construction and positive working relationship with their end tenant, Felix O’Hare is a very worthy winner of this year’s Overall Award for Merchant Square,” Mark Spence, managing director of the Construction Employers Federation, said.

“We have also, for the first time, introduced a Lifetime Achievement Award. This has been established to recognise the individual that best exemplifies dedication to the pursuit of excellence and leadership in construction throughout their career. In that vein, we are delighted to recognise the career of Desmond Scott, founder of Woodvale Construction, at this year’s awards.

“The judges also commented on the excellent relationships that Felix O’Hare had with their entire supply chain and how this, through their skills, expertise and teamworking, led to the delivery of a landmark project in the heart of the city centre”.

“Desmond’s outstanding commitment and longevity in the construction industry is testament to his core values, which are rooted in family and community. He also has a keen sense of corporate social responsibility providing a lifetime of support to local charity and community groups. Above all else, Desmond has provided leadership that has carried his team through the many challenges faced by the construction industry over the last 42 years, and it is this strength, drive and ability to inspire that makes him a worthy recipient for the Lifetime Achievement Award”. ■

Mr Spence also commended each of the 23 category award winners for their success – particularly those in the Construction Person of the Year categories which focus on the individuals who have either given substantial years of commitment to the industry or are just starting out on their journey as an apprentice.

Kieran Sloan owner of Sawers in Belfast

FOOD & DRINK

Belfast focus:

the food firms calling the city home Belfast is a city with food and drink heritage which still continues to this day. John Mulgrew takes a look at some of the those businesses, new and old, which still call the capital home

hen a Belfast food manufacturing stalwart marks three centuries in business, it’s clear it’s a city with pedigree when it comes to feeding us. And while Andrews Flour may be one of Belfast’s longest-running food firms, it’s far from the only with heritage and a legacy which goes right through the generations, while many young businesses also continue to set up shop here.

Belfast itself, as a place to eat and drink, has grown significantly throughout the years, following the end of the Troubles and a gradual move towards it becoming a modern

metropolis, attracting both a burgeoning number of tourists and inward investors. Some of food-related history dates back to the 1600s, when Belfast was producing a significant portion of Ireland’s butter, which was also exported. While many manufacturers have taken to setting up their bases in more rural areas – whether due to being a small firm spun out from a family farm or the general cost of manufacturing and property – others continue to call Belfast home. Tea was, and remains, a part of the city’s story. Thompson’s is now a fourth-generation

business, producing a range of products under both the Thompson’s moniker and Punjana brands. Similarly, younger firms within that sector have called the city home in recent years. That includes Suki Tea, the Belfast Coffee Company, and Craft Tea Brew Company – the latter producing in-demand drinks like kombucha. It’s also the big with the small, however. Dale Farm operates its main base here. The dairy co-operative is our biggest dairy business, and responsible for a host of brands and products – such as Dromona cheese, Spelga yoghurt and Mullin’s Ice Cream – although most are produced elsewhere in Northern Ireland.

FOOD & DRINK

Laura Bradley of Indie Fude

Another family firm continuing its Belfast journey is Keenan Seafood. The firm has been in the fish game for three generations, was founded in 1942, and is now based in the west of the city. The aforementioned Andrews Flour started life 300 years ago when the Andrews family first built a flour mill in Comber. Today, it continues to produce a wide range of home and industry products from its base in north Belfast. Breweries have also garnered significant uplift here in recent years. Boundary, Bullhouse, Hercules and Knockout are to name just a few, while the majority of the world’s supply of Irish whiskey cream liqueur Baileys is produced at Diageo’s expanding plant in the east of the city.

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Belfast also has a strong selection of catering businesses which continue to help service the cuisine requirements of businesses and organisations across the city. That includes Loaf Catering, based on the Grosvenor Road. It’s a social enterprise which is part of the NOW Group, working with people with learning difficulties and autism. Meanwhile, places stocking and showcasing some of our best local food and ingredients have also continued to prosper in recent years. Sawers (above), based in the city centre, has been a stalwart here since the late 19th century and continues to stock some of our

best cheese, jarred, tinned and fresh goods, along with a plethora of interesting things from the four corners of the globe. It also supplied cheese, olives and game, among other items, for the Titanic. Similarly, the Lisburn Road’s Arcadia is a familyrun firm also showcasing the best produce from the city and beyond – something it’s been doing for almost 90 years. More recently, Ormeau Road deli Indie Füde has been flexing its credentials. The shop focuses on a host of Irish food, including cheese, meat, fresh bread, jarred goods, sauces and food to be eaten on the go, such as locally-made pies, coffee and sweet things. ■

PAUL CARSON SIMPLE POWER How is business? Strategic Power Projects and Strategic Power Connect are going very well. They exist at a time when demand for renewable energy and energy security has never been more critical. While the focus for both is very much on renewable energy solutions. Strategic Power Projects will deliver energy to the national grid through large utility scale solar and battery storage development and currently has 900 MW of solar and 800 MW of battery storage in the pipeline. Strategic Power Connect will focus its support towards large energy users by providing energy through private wire (behind the meter) solutions. We recently achieved planning permission for the largest battery storage facility in Ireland. The €140m (£122m) facility at Dunnstown in Co Kildare was a considerably progressive step forward. Meanwhile, Strategic Power Connect, which we launched over the summer is also going from strength to strength. The demand for energy provenance, energy independence and energy security from businesses has never been greater. We tick all those boxes. By designing and installing onsite renewable energy systems, we help businesses make long term commitments in reaching their sustainability goals while securing energy supplies at a reduced price.

Entrepreneur of the Month

How did you get started in the industry? I have a background in planning and development having started Strategic Planning, a consultancy firm in Holywood back in 2003. I then noticed a number of applications for single wind turbines coming through the system and after doing some research, started Simple Power in 2010. The business went on to be the largest developer of single wind turbines in NI with 52 sites developed before being sold to a London fund in 2018. We were also involved in the development of a largescale solar farm in 2015 but the closure of the NIROCs scheme ended any prospects of further projects at that time.

Typically, who are your clients or customers? Any large energy user is a potential customer for Strategic Power Connect. We are working with customers across a range of industries including manufacturing, pharmaceutical, agri-food, cold storage and hospitality. At Strategic Power Projects, we work closely with landowners to help us secure optimised sites for large scale solar generation. Do you enjoy what you do, and what in particular? I love making things happen. Taking a new business or project from conception through to maturity is what makes me tick. To see success at the end of a process is a tremendous buzz. Renewable Energy is a great business to be involved in even though it also has its challenges! It really does mean something to know that we are playing a part in what is the most important issue for generations – climate change.

What is the most difficult part of your job? Navigating a way through the issues – mostly planning and grid connection. But then, that is what development is all about – making things happen within the regulatory frameworks that exist. What are the challenges facing your sector and the economy in general? In our sector there are major problems which are, in turn causing problems for the whole of society. From Strategic Power Projects’ point of view planning permission still takes too long to come through, while grid connection remains a major problem. I have several renewable energy sites which are ready to make a major contribution to the energy shortfall and help mitigate the risk of blackouts, but we can’t get access to the grid. Until we do, those hi tech and very expensive renewable energy facilities are making no impact on the need for renewable energy. This is obviously something which needs to change, both north and south of the border. ■

Christmas planner

CHRISTMAS PLANNER

Hotels, restaurants and other venues are already gearing up for the festive season with a host of Christmas-themed events, from office gatherings to tasting menus and spa breaks. Ulster Business takes a look at some of the highlights for Christmas 2022

t’s that time of the year again when the nights get increasingly shorter and we soon realise Christmas is around the corner. And a host of Northern Ireland’s hotels, venues and restaurants are preparing to welcome guests through their doors for a selection of pre-Christmas festive fun along with top-end Christmas Day offerings. Allyson McKimm is events director of Hastings Hotels, which owns several hotels here including the Europa and Grand Central in Belfast. “We are delighted to be hosting our famous Christmas Party Nights in the Europa Hotel and Stormont Hotel in Belfast and the Everglades Hotel in Derry throughout December with fabulously festive dining and live entertainment,” she says. “We are seeing that guests are looking for more than just a night out in the lead-up to Christmas and there has been an increase in demand for experiential events so we have listened to our customers and launched a host of exciting new experiences. “This includes a series of wreath making

Christmas: how you can celebrate the festive season in style

classes in the Culloden Estate & Spa in partnership with David McConkey where guests can make their own festive wreath to take home followed by a festive finger buffet. The Stormont Hotel is also offering this lovely experience with a Festive Afternoon Tea. “We have also teamed up with local artist, Dawn Crothers, for a new ‘Festive Stag Painting Party’ at the Stormont Hotel on Wednesday, December 21 – giving guests the opportunity to paint their very own Festive

Stag to take home followed by dinner and DJ entertainment. “Our Christmas events and experiences are proving to be very popular and we have limited availability remaining for most, so I would advise people to make sure they plan their Christmas nights out early to avoid disappointment.” Elsewhere, Titanic Hotel Belfast also has a wide selection of festive-themed offerings for 2022.

CHRISTMAS PLANNER

“The Drawing Offices, renowned for their beauty and the designing of RMS Titanic, will be dressed from floor to ceiling in Christmas décor which will certainly get you into the festive spirit,” a spokeswoman for the hotel said. “Located just a short walk away in Belfast’s bustling city centre, Belfast Christmas Market is the perfect pairing for their super seasonal offer returning this year from November 20 until December 22.

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“Festive Day Delegate Package, and space can be reserved for those who wish to stay on for drinks afterwards. Entertainment and bespoke packages can be arranged on request, minimum numbers range from eight people in Thomas Andrew’s former office, right up to 220 persons in the iconic Drawing Office One space.” Titanic Hotel Belfast is also offering customers a festive take on its Afternoon Tea.

“The Afternoon Tea will be served in the elegant surrounds of the Harland Bar or the upper Presentation Room, combining classic dishes with a festive twist,” it says. “Take a seat and enjoy an hour or two of loveliness, complete with dainty finger sandwiches, freshly baked scones and an array of delectable pastries made with the best of seasonal ingredients. Enjoy this Christmas treat with a steaming cup of the finest tea or coffee for £29 per person, and a glass >

Launching the Belfast City Centre Gift Card corporate Christmas gift campaign are Chris McCracken from Linen Quarter BID, Damien Corr from Destination CQ, and Kathleen McBride from Belfast One

CHRISTMAS PLANNER

of refreshing bubbly served on arrival to your table.” If you’re looking for some festive fun and a bit of tranquillity outside the city, Galgorm Resort & Spa has a selection of Christmas-related packages available. That includes one and two night festive stays, or a ‘Winter Wonderland’ package. The latter sees guests arriving on Christmas Eve with cocktails, afternoon tea, access to the Thermal Village, meeting Father Christmas the following day and enjoying a lavish five course meal, among other perks. Aside from other festive offers Galgorm also has a ‘Spa-rty at Christmas’ package, for the run-up to Christmas. That includes a hot buffet, glass of bubbly, cocktail, gift and access to the Thermal Spa. Ten Square in Belfast city centre also has a wide variety of festive things on offer during the run-up to the season.

That includes a festive menu package at its Jospers restaurant, which is available for parties of up to 20 people, and is served from December 1 to December 23. Meanwhile, the hotel is also offering Christmas party lunch packages, which will be hosted in its Linenhall Suite. The lunches include a sparkling wine reception, four course meal along with festive music from the venue’s DJ, with packages starting at £40 a head. The hotel also has a range of live music and entertainment packages, which include a four course meal. And aside from lunches, dinners and parties, in terms of gifting the Belfast City Centre Gift Card gives the cardholder the choice to spend in over 200 businesses across Belfast. For a limited time every £1,000 purchased will receive a free £100 gift card. Cards are valid

for a year and can be used at participating businesses. The Belfast City Centre Gift Card initiative is a partnership funded by the Belfast Business Improvement Districts (BIDs) Belfast One, Linen Quarter BID and Destination CQ and features participating businesses from across the BIDs locations. Kathleen McBride from Belfast One said: “ The BIDs continue to work together on this joint initiative with a focus on supporting Belfast city centre businesses, especially in the run up to Christmas. The Belfast City Centre Gift Card has strengthened its offering over the past few years now with 200 shops, restaurants and businesses signed up to take part.” And Damien Corr from Destination CQ said: “The Belfast City Centre Gift Card is the perfect corporate Christmas gift solution. Give someone a great choice in a gift, while at the same time making sure your money is spent in the local economy.” ■

SURVEY

Johnny Hanna

Almost half of NI company chiefs ‘expect mild recession’

lmost half of company chiefs here expect Northern Ireland to enter a mild recession in the year ahead, according to a new survey. Some 44% of those questioned expect Northern Ireland to fall into recession over the next year. However, that’s more optimistic outlook than the global survey where 86% of leaders anticipate a recession, and somewhat less optimistic than the Republic where one third feel a recession is likely.

And if a recession was to occur, just over half of company bosses here expect it to be mild and short, according to the KPMG 2022 CEO Outlook. Just over one third (36%) of Northern Ireland leaders didn’t believe the region will fall into recession in the next 12 months when questioned. But some 96% of firms here say they are confident or very confident about growth

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prospects for Northern Ireland over the next three years. While digitisation has been ramped up by many firms here, especially in the wake of the pandemic, recessionary concerns mean more than half of Northern Ireland’s leaders have already paused their digital transformation strategy or plan to do so in the next six months. Overall, in the short term, while most chiefs say they are confident in the resilience of their company (80%) and in their industry (84%) in the next six months, this confidence doesn’t extend to their country or the global economy where just 52% and 48% respectively are confident. “At home and abroad chief executives have been tested by enormous challenges – a global pandemic, inflationary pressures and geopolitical tensions,” Johnny Hanna, partner in charge of KPMG in Northern Ireland, says. “Despite this NI leaders continue to show

their usual resilience in the face of strong headwinds and are poised to tackle the challenges head on”. The report says that “longer-term, the vast majority of Northern Ireland leaders (96%) are confident or very confident about the growth prospects for the province over the next three years with 88% confident of growth in their own business”. The report also says that the legacy of the Covid-19 pandemic has had a positive impact on hiring. That’s according to two thirds of company bosses here. The majority, some 72%, said it has helped with employee retention and 60% that is has boosted morale. When it comes to productivity, 44% said it has a positive impact and 36% a neutral impact. It also says the employee value proposition in order to retain and attract talent is the second most important operational priority to achieve growth for Northern Ireland’s bosses, over the next three years. ■

Brian Lee

INTERVIEW

Interview: Freshly Chopped’s Brian Lee

Brian Lee and his Freshly Chopped empire are expanding. He has a lot on his plate – but his appetite is big, writes Sean Pollock

rian Lee is a man on the move.

The founder and chief executive of healthy fast food brand Freshly Chopped, which has a location In Belfast, recently returned to Dublin after opening an outlet in the Dutch city of Rotterdam, his second in the Netherlands. The week before, he was between Texas and New York in the US. Racking up the air miles isn’t an issue for the 37-year-old Dubliner. “When anyone talks to me, they say that I come with a lot of energy,” he says of his busy schedule. “I don’t even call it energy – I call it passion.” Brian is certainly keeping the momentum up

at Chopped, which he took control of after buying out co-founder Andy Chen last year.

Germany, Denmark and Sweden over the next ﬁve years.

He says Chopped, which has a mix of directly-owned and franchised outlets known for salads, is close to ﬁnalising a deal with a big UK retail multiple about 120 potential locations. He said the discussions with the UK-based retailer were at the ﬁnal legal stages, with heads of terms agreed.

Following a challenging spell for the business during Covid – which Brian describes as one of the most difﬁcult periods of his life – things are looking up beyond just Chopped.

Chopped has over 50 stores across Ireland, the UK and Europe, employing an average of ﬁve staff each. It recently signed a master franchise agreement with Dutch partner FFF International that plans to open 120 outlets in the Netherlands, Belgium, France,

Last week, Brian was back in his home city’s Charlestown Shopping Centre, showing off a sizable new unit where a collection of brands under his latest business idea, Buzzard Group, will operate. Buzzard, which counts Kent Lim (founder of Kent Capital) as a shareholder, includes brands, Chopped, Neat Pizzas, Roar Poké Bowls, and chicken brand joint venture Cluck. It will also have coffee brand The Buddy Cup.

INTERVIEW

Four of the group’s food brands will operate out of the new Charlestown unit, which will be called District 11.

idea for Chopped. Not one to sit still, he managed to secure a lease for a unit on Baggot Street.

Brian is also developing a retail food offering, mainly through healthy, protein-rich readymade meals. He hopes to offer this through his current outlets and at major retailers.

In 2012, Freshly Chopped was born. The secret sauce? Think big.

Buzzard Group has now embarked on the funding journey, with Brian looking to raise €2m for a minority stake. “We are looking to raise that potentially from one party who can see our vision and work alongside myself,” he says. ”There won’t be an issue raising the funds; it is the right person I am looking for. There has been plenty of interest. As if Brian wasn’t busy enough, he has a new partnership with Empowered Brands to bring Australian brand UBX, among the world’s fastest-growing franchised boxing communities, to Ireland. UBX delivers a mix of boxing and strength training across a 12-round circuit in under 45 minutes and was co-founded by fourtime world boxing champion Danny Green alongside Australian fitness and tech entrepreneur Tim West in 2016. Brian will oversee the rollout and growth of UBX in Ireland alongside his partner Sinead Beasley, a former world and European kickboxing champion. Two UBX locations are set to open in south Dublin this year, with 20 territories across Ireland identified for UBX expansion in 2023. Each outlet will employ five trainers, leading to over 100 new jobs. For Kilbarrack-born Brian, being an entrepreneur has been the dream for a very long time. He says his love for business developed from the age of four when he used to go around sites with his dad’s building company. Inspired by a trip to health-conscious Australia, his entrepreneurial spirit brought about the

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“My idea was to make people feel like this was a brand that had just landed here from the US – one of those big chains. “I wanted something I could scale from day one. There was a fascination around the product.” A few more stores soon followed, but he hit the point where he was wondering how he could scale further. That’s when inspiration came in the form of competition. In late 2015, Canadian healthy fast-casual restaurant Freshii entered the Irish market. Brian did not want to lose sales to the new kid on the block. So he took action and decided to develop a franchise business with Chopped. “We went hard and fast,” he says. “Sixteen stores one year, 27 the next. If you look back now, it has worked.” Chopped continued to grow, becoming an international brand with stores opening in Europe and the UK. Early 2020 brought a significant speed bump for all retail food companies – the Covid-19 pandemic. “We had decisions to make; what are we going to do?,” he recalls of those early, uncertain times as Covid hit the island. “The decision I made was to close our stores immediately.” As Covid wore on, Brian bought out Chen. Being on his own at first was a lonely place, he admits. So he rebuilt his team and decided it was time for something different. The idea for Buzzard Group and the FFF deal soon followed. Reflecting on Covid, he shares that the

support from the Government helped Chopped and many businesses through. “If the Government supports weren’t there, there would be a lot of unemployed people,” he says. “It was the best thing the Government ever did. Unless you walked in the shoes of a business owner during Covid, you don’t know how hard it was.” With Covid now in the rearview mirror, Brian is hopeful Freshly Chopped, which is launching a new menu, can recover to its prepandemic levels. “We are on the right track,” he says. “But, there are some city centre locations where the numbers aren’t back to where they were, and that is purely down to offices. The majority are close to full recovery.” There are concerns on the horizon. With the whole economy entering choppy economic waters and inflation high, Brian says that Chopped is not immune to difficulties many face. He says input costs are rising across the board, and the Government upping VAT for hospitality back to 13.5% next year won’t help. So Brian will have to consider increasing prices. Even with so much on his plate, Brian’s appetite for business is still growing. His ultimate goal is to build something that he can scale to the US. With Buzzard Group now building a portfolio of franchises and other opportunities bubbling away at Chopped and beyond, would he ever consider selling? “You never say never on anything,” he says. “Covid has taught me that. I said I’d never franchise – I franchised. “Me and Andy said we’d be in business together forever, but that changed. So you can never say never. “I have such a belief and passion. I would always like to be part of the journey and story, whatever that may bring.” ■

INTERVIEW

‘Setting up in Northern Ireland was a big milestone’ Northern Ireland’s talent pool and our time zone have powered the growth of CME Group in Belfast, writes Margaret Canning

ive cattle and frozen pork bellies don’t sound like they would have much in common with the world of software engineering in Belfast. But CME (Chicago Mercantile Exchange) Group, which started out as an exchange for trading agricultural commodities before branching out into futures and derivatives, has had a significant operation in Belfast for a decade. The group, which still trades in futures on farm-related products like our pork bellies and cattle, now employs 320 people here.

of its first 20 staff here, is now running the operation.

for changes and we have to open when the Tokyo market opens.

While it started out as a technology centre, it has grown to include accounting, finance, online marketing, human resources and legal functions.

“If you go back in history, most of that was done out of North America. We had offices in other financial centres but they were mostly front offices for sales and business.

Sunil regards the opening of the office as a big moment in CME Group’s history. “It’s a very important milestone for us from many perspectives.

“But we realised that we need to serve our global customers well, and we need to be responsive. From a risk management perspective, we knew that risk markets typically starts to manifest itself in the Asian time zone, then it rolls over to GMT in the UK and then to North America.

Sunil Cutinho is the company’s chief information officer, and has worked for the business for nearly 20 years.

“It was our first attempt at creating a global team from a technology perspective and we were seeking multiple things. We wanted to create an operational team that could serve our global clients on a 24 hour cycle six days a week.

The Belfast office was set up in 2012 with 50 employees, and Andrew Connolly, one

“We are a market that’s open 23 hours, six days a week. We are down over the weekend

“So we have seen that in our experience over 180 years, how risk plays itself in markets, This is why this office means a lot for us. Since 2012, we have come a long way.” The company quickly realised there was a pool

INTERVIEW

company in not just this time zone but the Asian time zone. Competition for software engineers has been intense, with the profession experiencing the worst – and best – of the war on talent, depending on your perspective as an employee or a company. Andrew says: “For all companies, the market for talent is very buoyant, which from a Belfast perspective is absolutely fantastic. “Our own focus at the minute is around our early careers opportunities like internships and graduate programmes. In September last year we started our first higher level apprenticeship programme.” Sunil says working for the company is about “community”. We don’t want to make working at CME a merely transactional experience. You’re joining a community, a team. This office brings that unique community and cultural experience. “Starting that earlier gives these students an amazing experience, it’s almost like an education outside a university. You get to see all the services that we are developing but we are not a static firm, we are also growing and evolving and travelling through that evolution.” of “extremely talented engineers” here in Belfast. “So we started building products here, so that it’s an innovation centre. The teams here have done some wonderful things for us. As an example, our first foray into cloud and cloud-based applications was driven out of Belfast.”

The company now has a flexible working model, Andrew says, with two or three days in the office and the other days at home. The company is based at Millennium House on Great Victoria Street, where it had expanded from two to three floors just before the pandemic.

According to Sunil, “a significant level of engineering” is now done out of the Belfast office.

“Some teams have specified days that work for them and they have discussed and agreed it at team level, and for others it’s more fluid.”

Andrew, senior director, infrastructure and operations, head of CME Group offices, said the finance team has built up rapidly in the last two years.

But Sunil isn’t prepared to say whether the new ways of working we’ve adapted since the pandemic are better or worse.

Talent and time zone continue to be the big advantages, Sunil says. “Globally this is one of the best time zones because it straddles both Asia and North America. So, it helps us in a very big way by supporting the broader

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“I think all businesses are just learning and adapting and evolving as time goes on. This is new to every one of us. it’s hard to say if it’s better or not better. What we see with our teams is we’ve come to a good equilibrium, we are balancing this onsite/offsite environment to

get the best not only for firm but our teams.” But he doesn’t agree that the pandemic and the individual-focused practice of working from home have left people feeling less tethered to their employer. Staff in Belfast “are still highly engaged and extremely focused”. Looking ahead, there are no particular targets for growth in the workforce in Belfast. Andrew says: “Over the last 10 years the office has grown very organically. I joined in 2012 as hire 19 and here I am 10 years nearly to the day, I actually joined on October 1. “Now we’re sitting at 320 and I foresee that the growth will continue to be organic. What I have noticed is the growth and the maturity in terms of what we are delivering out of Belfast… and that will continue to be the focus. “We have space for more staff but we’re looking at the minute at the pipelines of talent we have and working with universities and education authorities locally to ensure the talent pipelines that are coming out continue to offer us the very best talent available. We work very closely with them and other fintech companies on how the education system is delivering that talent.” Sunil won’t say to what degree the war for talent has impacted on salaries. “We always try to make sure that our compensation is competitive and we continue to evolve, this is no different than any other period… we have the tools of pay increases, bonus and stock, and we use those three tools to make sure our compensation is attractive for our talent in all our locations, including Belfast.” Looking to the next 10 years, Andrew says he expects them to be “even more innovative than the first 10”. The growth in different products which are being worked on in Belfast “bring greater ownership and autonomy for engineers”. “All of these things coming together give a very exciting time for us here at CME,” Andrew says. ■

HOUSING

How architects can improve social housing design standards Barry Gray, co-founder of Gray Design looks at the role architects can play in developing homes across Northern Ireland and beyond in the years ahead

ith the amount of available social housing declining, average house prices increasing, the growing rates of energy bills, and the rise of inflation, social housing standards continue to fall but not due to a lack of effort.

architects will face greater regulation as the Building Safety Act introduces a power for the Architect’s Registration Board (ARB) to monitor the competence of architects. Architects will need to register with the ARB and the ARB will have the power to remove them from the register for misconduct or serious professional incompetence.

One example to support this claim is the current Social Housing Regulation Bill that is making its way through the UK parliament. This bill, prepared by the Department for Levelling Up Housing and Communities, was formed to drive up social housing standards and give the Regulator of Social Housing more power to act.

Keeping all of the above in mind, it’s clear housing associations and local governments are making efforts to improve social housing standards, and now that architects are being held to higher regulations we can look at how they can make a difference in social housing.

Another example comes from the Local Government Association (LGA) which recently called on the Government to provide councils with the powers and tools to reverse the chronic shortage of social housing, including giving councils powers to build 100,000 highquality, climate-friendly social homes a year.

One way architects can do this is by designing adequate open play areas for children. An article posted by The Guardian would support this. It states that families in a London social housing development were told children playing in the hall of the building breached tenancy agreements.

The LGA recently welcomed the Building Safety Act 2022 which was passed on June 28, 2022 and seeks to strengthen the building safety systems in the UK, especially in relation to new buildings.

The Irish Government introduced legislation that would solve the lack of play areas for children in social housing within the UK. Published within its Ready, Steady, Play – A National Play Policy regarding social housing it stipulates that play spaces for small children should be provided within one minute’s walk

As a result of the Building Safety Act 2022,

of each front door and should be overlooked from the dwellings. Sustainability within social housing is a hot topic in architecture and construction and has become an essential inclusion in the design process. One method to achieving a more energy efficient building could be by adopting Passivhaus standards. Passivhaus is a tried and tested solution that provides a range of proven approaches to delivering net zero ready buildings optimised for a decarbonised grid and augmented for occupant health and wellbeing. Passivhaus buildings provide a high level of occupant comfort using very little energy for heating and cooling.

HOUSING

Proof that these standards work came in 2019 when it was used on the Goldsmith Street social housing project in Norwich. Made up of 105 units for social rent, the architects entered the project to create a sustainable community and they did just that, as Goldsmith Street became the first social housing project to win the Stirling Prize, the UK’s top prize for architecture. While the public sector may have the right intentions, this is not always reflected in practice through the procurement process for social housing developments. In the drive to minimise cost, many public sector procurers have been giving the responsibility of development projects to

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contractors and the rise in the use of design and build contracts in procurement personifies this. In many cases, the design and build route led to the design architect being replaced by the contractor once a building has received planning permission, removing the essential design oversite that ensures the quality detailed in the design process is retained through to the finished development. This issue could be resolved by ensuring that design quality is protected through the procurement process by requiring commitments to be made by applicants on the retention of project teams throughout the construction process. This is also supported by the recommendations outlined

in The London Plan. It’s specific in recognising the important value of design continuity and offers several ways this can be achieved, such as through a condition of planning permission, as a design reviewer, or through an architect retention clause in a legal agreement. Ultimately, an area’s character comes from how buildings, streets, spaces, landscape, and infrastructure combine and how people experience them. It’s not just about the buildings or their aesthetics, but how it engages with everything surrounding it. If social housing developments are welldesigned and sustainable they will give their tenants a sense of pride, helping to create and sustain communities and neighbourhoods. ■

The column with an ear for experience... How did you start out in your business? Horses for People came about after selling the Fitzwilliam Hotel, which I developed with my late husband Jim. At that point I decided to focus on business coaching and leadership training, largely as a result of the challenges I’d faced and overcome while developing the Fitzwilliam during the last recession. I learned a lot of valuable lessons during that time, many of which I thought would be worth sharing with other people in business. Running in parallel with my career over 30 years was my involvement in equestrian sport – I represented Ireland more than 60 times in three-day eventing – so training horses has always been part of my life. When I discovered people around the world were training people with horses, it sparked my imagination and inspired me to work out a way to be able to work with horses within the world of business. It’s the perfect combination for me. What have you found the most challenging during your years of business, so far? Like everyone who has been in business as long as I have, there have been several challenging moments to say the least. But for me, the important thing is overcoming those hurdles and learning lessons as you go along, and that’s a core aspect of what I try to impart through the corporate workshops at Horses for People. One of the most challenging periods had to be during the development of the Fitzwilliam, with all the problems a recession in the background naturally threw our way. How would you describe your management style? I’m not the first person to say this I’m sure, but I think it’s important to lead by example. I wouldn’t ask anyone to do something that I wouldn’t do myself. I appreciate a collaborative approach, but I’m happy to maintain the capacity to step into a more dominant role

Name: June Burgess Position: Founder, Horses for People if required. I like to encourage resilience and confidence in people I work with – of course that can occasionally have a down side when the excellent people in your team end up flying the nest. But it’s always nice when they come back and say the time we worked together played a formative part in their progress. What would you change if you could go back and do it all again? I wouldn’t change a lot, if I’m honest. Business is a process, one where you’re constantly learning. Even things that were tough at the time or moments where perhaps I didn’t respond in the best way I could under pressure, helped me develop in one way or another. Have you done it all on your own? Definitely not. I’ve been lucky enough to have worked with lots of very inspiring individuals over the years. The most inspiring though, without doubt, was Jim, both personally and professionally. He was a genius when it came

to property and he taught me everything I know. How would you like your business to be remembered? The most effective training in developing strong leaders, the type of leaders that others choose to follow. I’d like people who complete a workshop at Horses for People to feel capable of achieving a great deal more than they initially thought was possible and to transfer those insights directly back to everyday life, professionally and personally. What piece of advice would you give to a 20-year-old you? I’d probably tell her to think bigger. I’d say be more ambitious, aim for the stars and don’t be informed by the path trodden by people who have gone before you. I’d tell her to follow her heart, that the possibilities are endless. And to myself now? Exactly the same – there’s still time yet. ■

Motoring By Pat Burns