Burlingtons Magazine | Issue 06 | Autumn 2021

EXCLUSIVE

The founder of Integra Private Wealth on a bright future with Burlingtons Group

KELLY HOPPEN Famed interior designer on her extraordinary career

COACHBUILDING The incredible history of bespoke automobiles

BEYOND SAVILE ROW Stylish staples for cooler weather

N O 06 | AU TU M N 2021

INFINITE with its unlimited, rich, constantly present youth and freshness in a constant cycle of flavours, each more precise and harmonious than the one before. While already a pleasure to drink, this vintage has now acquired an exceptional complexity and mineral character, punctuated

with

exotic

spices

notes

promise infinite longevity.

Régis Camus Cellar Master for Rare Champagne

rarechampagne_official www.rare-champagne.com

“

“

Rare Millésime 2008 embodies the infinite,

that

Please Drink Responsibly

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urlingtons Group is a multi-specialist group of professionals. We deliver highly personal integrated advice to our clients’ business and personal interests across the globe. Our solutions for your business and private interests bridge legal, tax, accounting, real estate, IT, fiduciary services and our own private office.

Our Burlingtons Club hosts an international private community of carefully selected professionals sharing the highest standards of excellence and client care. Drawn from lawyers, accountants, wealth managers, hedge funds, tax advisors and other experts across the globe, we come together to work and pool our collective skills, expertise and experience to provide added value to our client.

Our global reach, contact base and influence is not only headquartered in the heart of London, but we also have offices in Almaty, Moscow, St Petersburg, Geneva, Malta and Gibraltar with a wider international reach through Burlingtons Club.

Visit us at burlingtons.group

FROM THE

CEO

I

F THERE’S ONE THING we can say about the start-up revolution, it’s that new companies are big business! The first half of 2021 saw around 80 new businesses launch every hour in the UK alone, while Forbes reports that the Covid-19 pandemic has fuelled a global growth in start-ups – and there’s no sign that this trend is slowing down.

In this issue of Burlingtons Magazine, we are celebrating entrepreneurship in all its forms, starting with a look back at the successful 45-year career of design doyenne Kelly Hoppen (page 18), whose unshakeable philosophy of cool, calm interiors has been the guiding force whether she’s working on a hotel or a cruise ship.

If you’re looking to build your own company, look no further than our essential guide to start-up success (page 32), where Burlingtons Legal head of corporate Paramjit Sehmi shares his expertise.

At the heart of this very special issue is an announcement of our own. I am proud to introduce our cover star, Alistair Muscat – the founder of Integra Private Wealth – as his wealth management company joins the Burlingtons Group. As part of the Group, Integra Private Wealth will offer our clients and members even more opportunities to preserve their wealth and lifestyle management, with the same extraordinary and personalised service that we at Burlingtons place at the heart of all we do. Read more about this exciting new partnership – and our ambitious goals for the future – in our exclusive interview with Alistair on page 42.

Elsewhere in this issue, we dive deeper into the greatest superyacht premieres of the Monaco Yacht Show, discover the history of automotive coachbuilding and – for the fashionistas among us – take a look at the key menswear trends for luxurious layering as the weather cools. With more expert insights, luxury launches and new trends to discover in our Autumn Issue, we hope you enjoy the issue.

Deborah Mills Chief Executive Officer Burlingtons Group Limited

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BURLINGTONS GROUP Deborah Mills Chief Executive Officer deborah.mills@burlingtons.group Henry Mills Director – Burlingtons Private Office henry.mills@burlingtons.pro Nicholas Portelli Managing Director – Burlingtons Real Estate nicholas.portelli@burlingtons.realestate Jacob Kett Liaison – Burlingtons Private Office jacob.kett@burlingtons.pro CONTACT For advertising enquiries or to find out more about Burlingtons Club contact: info@burlingtons.club Burlingtons Group 5 Stratford Place London, W1C 1AX +44 (0)20 7529 5420 EDITORIAL TEAM Burlingtons Magazine is published by Vantage Media Limited Director of Editorial: Michelle Johnson Director of Art: Ross Forbes Contributors: Olivia Brotheridge (illustrator), Rikesh Chauhan, Lauren O’Neill, Gabriel Power, Rory FH Smith Responsibly printed Printed by Park Communications, UK on Edixion Offset (FSC® certified paper) using vegetable inks and sustainable printing methods. www.parkcom.co.uk

Cover credit: Alistair Muscat, Integra Private Wealth

Vantage Media Limited 35 South Street London, W1K 2XE info@vantagemediagroup.co.uk

© 2021 Burlingtons Group Articles and other contributions published in this journal may be reproduced only with special permission from Burlingtons Group. Burlingtons Group and the publishers (Vantage Media Limited) accept no responsibility for any views or statements made in the articles and other contributions reproduced from any other source. No responsibility is accepted for the claims in advertisements appearing in this journal and the publishers reserve the right to accept or refuse advertisements at their discretion.

Burlingtons Magazine is published by Vantage Media Limited. www.vantagemediagroup.co.uk 5

CONTENTS Looking Forward

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CEO Deborah Mills reflects on the year

Take 5

18

Pure Philosophy

14

Find out what Burlingtons Club Members are excited about this season

Pure Philosophy

18

Interior design icon Kelly Hoppen shares the secret to four decades of success

A City Like no Other

24

Savills Monaco shares why the Principality is still commanding attention

Setting Sail

26

Discover the most exciting superyacht premieres of the 2021 Monaco Yacht Show

A Flying Start

32

Burlingtons’ Paramjit Sehmi shares his essential tips to starting a new business

Postcards from St Petersburg

36

Explore the history of Russia’s cultural capital

Room to Roam

38

The remarkable history and scenery putting Russia on the tourism map

Money Talks

42

As Integra Private Wealth joins Burlingtons Group, we talk to founder Alistair Muscat

36 Postcards from St Petersburg 6

42 Money Talks

Driving Vision

48

The fascinating history of automotive coachbuilding

Live Long and Layer

52

Welcome winter fashion with our guide to contempoarary layering

The Rule of Balance

56

Magnusson reveals the new rules powering Swedish innovation

Out of the Spotlight Kobre & Kim explains how to protect your reputation

2021 IFTA Arbitration Award

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64

52 Live Long and Layer

Enforcement Guide The significant updates led by Burlingtons Group’s Brian Eagles

Back to the Future

66

Burlingtons Real Estate’s Nicholas Portelli sheds light on the UK’s residential trends

Rest & Revitalise

70

The finest London spas making your city stay truly indulgent

Ask Boris

76

Burlingtons’ resident bulldog on buying your first superyacht

70

76 Ask Boris

Rest & Revitalise

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BURLINGTONS GROUP

LOOKING FORWARD As 2021 draws to a close, Burlingtons Group CEO Deborah Mills reflects on a rollercoaster year

I

sat back recently and thought about this year, and the journey we have all navigated through. Like many of us, I started 2021 in London, in yet another lockdown through a chilly winter. I think a lot of people struggled with that one – I know I lacked my usual energy levels and dogged determination, and had to push hard to get the momentum going. Life and business seemed to lumber along for a while.

Then, in May, the sun came out when I received my second Covid-19 vaccination; the next day I boarded an aeroplane towards sea and sunshine – and life felt a whole lot better!

With this new burst of energy came fresh momentum in business. Some months on and I am pleased to say Burlingtons Group continues to grow and develop.

Burlingtons Legal – the mainstay of our business – continues to expand, and I am delighted to announce that we are having one of our biggest years on record, since our inception over a decade ago. We have streamlined how we work, to cope with the pandemic, and the legal team has reacted well to balancing work and home life in the ‘new normal’.

Within the law firm we will be making some exciting announcements in the new year on some strategic partners, with an entrepreneurial and talented new team member joining us to head up our international desk, along with a further property team. Despite the withdrawal of the SDLT break on property purchases in the domestic market, our real estate department is busier than ever. Our corporate team has just been instructed to sell a substantial waste management business with a price tag of over £70m, and our litigation team continue the fight against hacking and cyber crime in the UK courts.

In the next Winter Edition of our Burlingtons Magazine, we hope to showcase an exciting new client and its leisure ambitions in London, where we are representing the group in finding real estate opportunities – led by Nicholas Portelli, head of our Real Estate Advisory division – and then executing those transactions, having been given an exclusive arrangement by the client. » 9

The heart of the matter In reflecting on this year, I have been inspired to take time to look back at where it all started. I can’t say it’s always been a bed of roses running our own business.

I started my first law firm in 1994, when I was just 27.

Seeing the doom of the 2008 global financial crisis coming, we merged our law firm with Howard Kennedy in 2008, where I was a partner for some years. However, I always say that I am unemployable and can only work for myself.

This entrepreneurial spirit inspired us to set up Burlingtons Legal in 2011 with just four team members. We launched Burlingtons Group, the parent company of our 360-degree approach, at the beginning of 2020 – just as the pandemic hit.

Covid-19 slowed us but didn’t stop us.

We are now closing substantial multi-million-pound real estate deals with the support of our combined professional services offering; and in the new year will add insurance services and products, as well as the

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wealth management arm we have secured though our exciting investment in Integra Private Wealth (read more on page 42).

We have our eyes on launching our own real estate fund next year, too.

Of the hundreds of businesses across the world that we reviewed in the financial services sector, particularly in personal wealth management and preservation, the one that was a shining star was Integra Private Wealth.

Much like our own business origins, Integra was founder Alistair Muscat’s baby – a business he had nurtured from cradle to adulthood with its own momentum. Likewise, Alistair has a very interesting client portfolio based throughout Italy, Switzerland and Latin America. I knew it was a perfect fit for the Burlingtons Group.

Alistair and I have been talking about doing something together for years, and now we are business partners and shareholders. I think this is the best possible solution, as we are in this together and have personal service at the heart of everything we do for our clients.

The Group’s aim over the next three to five years is to continue to acquire complimentary businesses and expand organically across all of the Group divisions – but these partnerships only work if personalities work.

Burlingtons Group is now out there in the global market, and gets stronger and stronger each quarter, with huge thanks and appreciation needed to be given to our own Burlingtons Magazine and the incredible team that helps us deliver it.

We are proud to think that the Burlingtons brand, reflected through our magazine, is synonymous with elite service and the personal touch.

People power Our own client base is very much high net worth and international. We have grown substantially throughout 2021, despite the ongoing pandemic, with about a dozen new hires across the Group. We completed a share purchase in Nicholas Portelli’s real estate arm – forming Burlingtons Real Estate – as well as in Integra, with more deals in the pipeline, particularly in fiduciary services and strengthening our legal team further still.

We attract good people and great clients, who all share a deeply ingrained desire to offer a personal touch in all aspects of the Burlingtons Group professional services. As we are regulated in nearly every aspect – from the Law Society to the FSA in Malta – we are a dynamic and confident group of polished professionals.

Many of our clients and team members from all over the world have become lifelong friends. Our clients look to me not just as their lawyer, but also as an equal businessperson, because they know I’ve set up and run my own business with all the risks and rewards, laughter and heartache that brings.

Clients love our entrepreneurial spirit, and that’s why they come to us for personal, as well as professional, support.

I remember being told that I was “brave” when I first went out on my own, back in 1994 – over a quarter of a century ago. I think they really thought I was mad rather than brave; which was probably right, as I was also expecting my second child, Henry, at the time.

Henry now works in the business, as does my daughter, Lydia. In the beginning, sleepless nights and buckets of stress seemed to be the staple diet in the Mills household.

So, it wasn’t always without regret that we took this

journey, but would I do it differently if I had the chance again? Probably not.

I have made many mistakes over all these years – to err is human, after all – but we move forward year upon year and I couldn’t have done it with a better team, both domestic and business.

As Winston Churchill once said: “Success is not final; failure is not fatal. It is the courage to continue that counts.”

Find out more at: burlingtons.group

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TAKE 5 The incredible places, people and products that Burlingtons Club members are talking about this season…

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BURLINGTONS CLUB

1.

CENTRAL PERKS One of New York City’s most prestigious hotels, The Carlyle, A Rosewood Hotel has loomed large over the Manhattan skyline (left) for more than 90 years, hosting the highest-profile patrons the city has seen, from royalty to Hollywood stars. An icon of the Upper East Side, featuring panoramic views over Central Park, the Rosewood-owned hotel reopened late last year having been given a gargantuan overhaul during which 155 of its 189 rooms were redesigned by designer William Paley, long-time creative director of tonychi studio, as well as Alexandra Champalimaud and Thierry Despont. rosewoodhotels.com

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2.

LICENSE TO THRILL Never one to shy away from a challenge, the new Land Rover Defender V8 Bond Edition (above) was given a baptism of fire by being put through serious stress tests by the stunt team behind No Time To Die, the latest 007 outing, which gives a starring role to this exciting new model. Just 300 of these cars will be made, and all will feature a 5.0-ltr supercharged V8 engine capable of delivering 525bhp for a powerful – yet smooth – ride over any terrain. landrover.co.uk

3.

ABOUT TIME This year Bulgari went searching for a sleek, modern design for its newest limited edition watch and struck gold by landing the services of famed Japanese streetwear designer Hiroshi Fujiwara. The Bulgari Bulgari Fragment Fujiwara #2 (left), limited to just 600 pieces, is a stripped-back, hyper-minimalist model that allows the engraved branding on the bezel to jump out, and features Bulgari’s self-winding movement with a power reserve of 42 hours. bulgari.com

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4.

GET TWISTED Twisted Automotive’s first series of high-performance boats, Twisted Adventure RIBs, are styled as the “Defender of the sea” – and rightly so. These Britishmade boats (right) are based on the Cobra Nautique range and the first marine craft developed by the Defender modification specialist. The three custombuilt configurations come as a 6.2m six-seater RIB, 7.0m eight-seater and 8.7m 12-seater, with power outputs of 150bhp, 225bhp and 500bhp respectively.

Created for exhilarating adventure on water and in all weathers, this is the ultimate all-terrain vehicle for the sea to have you making waves in style. twistedautomotive.com

5.

WHAT’S IN A NAME? Reputational issues can seriously impact any business, organisation or individual and can have devastating consequences if not dealt with in a professional, timely and sensitive manner.

You may be suffering from adverse online reputational issues but, no matter how large or small, the issue will not go away and will probably only get worse. Within Burlingtons Private Office we have a sophisticated team to provide a protective approach to reputation management designed to minimise these issues and allow you peace of mind.

Find out how Burlingtons Private Office’s reputation management team can help you by contacting info@burlingtons.group

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©David Venni 16

DESIGN

PURE PHILOSOPHY Design legend Kelly Hoppen talks exclusively to Michelle Johnson about the power of teasing the senses

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HAT MAKES A HOUSE a home, or transforms a hotel into a true escape? According to iconic interior designer Kelly Hoppen, interior design brings a building to life – but great design starts with the senses.

With her penchant for neutral tones and robust East-meetsWest design ethos, Hoppen (left) has been revolutionising the industry since she burst onto the scene 45 years ago. Outlasting fads such as minimalism and maximalism, Hoppen’s focus is on clean design that works with a space, excites all the senses and then – only once the base has been established – adding personality through pops of colour, luxurious fabrics and statement lighting.

Known for designing luxury residences and hotels – her latest, Lux Grande Baie Resort & Residences in Mauritius, opens in December 2021 – Hoppen has also collaborated on cruise ships and residential yachts, paint and fabric design, and artworks including Leblon Delienne’s Mickey Mouse sculptures. Despite this variety, Hoppen’s process stays the same. She begins with the space and applies her philosophy. A major part of this is to stimulate her own senses in the studio, with bespoke scents and her favourite music.

“When I’m designing in the studio, I always listen to music – it’s my biggest inspiration,” she says. “My favourite music to design to is soul – especially Earth, Wind & Fire.”

With decades at the forefront of design, Hoppen is passionate about challenging herself to bigger and bolder projects – and encourages young designers to embrace a similar attitude.

“You have to hold on to your passion for design, as it will help you to push the boundaries of your craft,” she advises. “Nothing is too big, and nothing is big enough: that is my mantra.”

With this bold philosophy a her guide, Hoppen shares her favourite collaborations, style inspiration and the bold ventures to come. »

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Kelly, how would you define your design philosophy?

“My design philosophy has always been grounded by a delicate balance and merging of the East and West, however this has evolved over the years into a more purist ethos. I love the timeless marriage of the sleek and simple, yet luxurious, lines and shapes of the West, with the texture, depth and richness of the East to create a truly eclectic, balanced and pure look and feel.”

You’ve been redefining interior style for more than four decades; what keeps you excited about design?

“I can’t imagine I’ll ever stop being excited by design and by the opportunity to challenge myself. My experience gives me the confidence to take new briefs above and beyond, and being secure in my own philosophy and approach allows me to keep pushing the boundaries without compromising my trademark style.”

What has inspired your style evolution?

“My style has been consistent without being rigid; I’m always evolving my style to suit my client’s needs and changes to how we live. With each trip I’ve taken around the globe, I’ve discovered fresh ideas and elements that fuel my inspiration for design, but they always tie in with my fundamental Eastmeets-West philosophy, combining warm neutral tones and thoughtful use of form. Trends are something I prefer to create rather than follow.

“When sourcing products and furniture for a new project, it can be challenging to find new and unique pieces that align with my vision. This is why I decided to design my own collections. Visually my inspiration can come from anything – a kimono belt or even the shapes of the leaves on the ground – especially when it comes to product design. However, one of the most important things for me is to create a feeling.”

How do you begin to create a feeling with design?

“Starting with my signature neutral colour palette allows me to layer with textures and lighting, incorporating bold accents, shapes and pops of colour to add personality. I also use scents to set the mood. Less is often more when crafting memorable spaces; thoughtful details can really bring a space to life and tease all the senses. A neutral palette offers the opportunity to be creative, and I have a discerning eye for each brief. While there are certain aspects like stability and sustainability to consider when working with moving spaces like cruise ships, my style and approach to design evolves as mentioned, but I do not move away from it.”

How is the changing way we live and work impacting interior design?

“There’s no doubt that the Covid-19 pandemic has and will continue to impact key aspects of interior design, such as the multi-functionality of our home spaces. Our priorities are shifting, with many of us choosing to create a place of serenity over a space to entertain. Neutral tones and a more tranquil approach to home design provide a much-needed sanctuary to return to. People want increased flexibility to evolve and adapt the spaces they live in to suit a work-fromhome lifestyle. Many people are opting to include a study or workspace in their new home plans, knowing all too well that there’s an important work-life divide missing when you’re trying to be productive from your living room.” »

East-meets-West: Kelly Hoppen’s philosophy flows through this commercial property in Chengdu, China 18

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“A neutral palette offers the opportunity to be creative”

Design for life: On board M/Y NJORD yacht by Ocean Residences (left); Leblon Delienne Mickey Mouse sculpture collaboration (above); Kelly Hoppen (©David Venni)

What has been your most challenging project to date?

“Every project has its challenges but designing cruise ships is challenging simply for the scale of the project – however the reward is amazing. Completing the design of Lux Grande Baie Resort in Mauritius during the pandemic was also a challenge, but that will open in December 2021, which I’m so pleased about.”

Tell us about some of the most exciting collaborations you’ve led?

“Collaborations are all about having a shared ethos and creating something you love. I’ve really loved all my collaborations, and each has its own unique elements. The Disney and Mickey Mouse collab with [pop sculpture brand] Leblon Delienne was such an honour and I absolutely loved working on the designs. I also love my neutral leather collection with Pavoni, and ‘Timeless Neutrals’ paint collab with Lick – they are such a brilliant, innovative company to work with. My rug range with Loloey and wallpaper with de Gournay have been extraordinary to work with and I feel so grateful to work with all these amazing brands and to have even more coming soon.”

One of your most challenging collaborations is with Celebrity Cruises. Can you tell us about that?

“My first collaboration with Celebrity Cruises began when they approached me to design their new ship, Celebrity Edge [launched 2019], and it was the perfect introduction to the cruise industry. My vision complemented that of

the client flawlessly, with both of us wanting to push the boundaries of traditional cruise ship design and take luxury to a new level, and without me having to compromise on style.

“My latest design for Celebrity Cruises, Beyond, pushed the envelope even further, as we decided on so many other spaces of the ship – not just the accommodation – including the interior of the famous magic carpet [floating deck]. Beyond will launch next spring [2022] and I can’t wait for guests to experience the staterooms, which have been expanded right to the ship’s edge.”

How does designing residential yachts compare?

“I am very honoured to have been chosen to be one of the designers for the extraordinary residential 289m yacht M/Y NJORD by Ocean Residences. Being able to create homes in which people can travel the world gives me great pleasure, as I am passionate about designing unique interiors and spaces that reflect the resident’s needs and individuality. I look forward to bringing my vision to life and to continue pushing the boundaries in creating luxury.”

Do you have any favourite personal projects?

“I honestly love all the projects I’ve worked on, but a recent personal project was designing my barn in the country. It was a real labour of love. We spend some weekends there, and it was a great peaceful place to be during lockdown.” kellyhoppeninteriors.com 21

PARTNER FEATURE

A CITY LIKE NO OTHER Savills’ Irene Luke explains why the Principality of Monaco is still commanding attention

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STABLISHED FOR MORE than 10 years in the Principality of Monaco, Savills Monaco is part of the Savills international network of nearly 700 agencies present in more than 60 countries. Dealing with sales, purchases and rentals in Monaco, and along the French Riviera through its Savills Riviera counterpart, Savills Monaco takes an advisorial vis à vis its clients, endeavouring to provide professional advice on investing in Monaco, as well as acting commercially on any transaction.

The team at Savills Monaco (below) adopts a private office approach, acting with discretion and prioritising the creation of a relationship of trust with its clients around the world.

Spoken about in the same breath as premier world cities, despite having a population of only 38,400 inhabitants, Monaco is a small country with big city living on offer.

Nestled between the Alps and the Mediterranean, Monaco’s location commands attention. With Italy and France on its doorstep, ski resorts within a two-hour drive, convenient transport links, and a Grand Prix route racing through its streets every May, Monaco provides a thrilling lifestyle for its population.

Not only is the Principality home to world-class sporting and entertainment events, it is also a low-tax centre of commerce. With all this in mind it is not hard to see why Monaco is so appealing to high-net worth individuals as a place to live, work and play.

Monaco is an independent state that is both politically and fiscally stable. The Principality is a member of the international community but is not part of the EU and has its own democratic assembly. There is no income, wealth or capital gains tax and the residents within Monaco benefit from an excellent health service, an efficient education system, a good public transport network and comprehensive social services. Safety is a top priority in the Principality with more police per capita than anywhere else in the world.

Despite the upheavals of 2020, which rocked markets worldwide, Monaco remains a highly desirable location.

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At the time of writing, the Principality has managed the Covid-19 pandemic well and social distancing measures have kept infections at a manageable level.

In 2020, the Monégasque market remained the most expensive location in which to purchase residential property worldwide, with an average price per square metre of over €47,000, though that figure was down 1.1% from 2019 levels.

Hong Kong, the second most expensive location across the globe, saw average prices per square metre fall 3.9% to €39,600 in 2020. There was a slightly steeper decline in transaction numbers in 2020, down 11% compared to 2019, though this did vary by property size. Large properties, including four bedroom-plus apartments and villas, saw the steepest falls in transactions, down 38% and 53% respectively.

Travel restrictions worldwide made property purchases by foreigners more difficult, turning Monaco into a primarily domestic market in 2020, but we are now seeing foreign buyers returning as the world begins to open up. 2021 statistics are not yet available but the slight decline in price per square metre in 2020 is not enough to derail the upward trajectory of prices in Monaco, which have grown by over 50% in the last decade. And exciting new developments, such as the Mareterra land extension, ensure that new supply is available and underline Monaco’s ability constantly to reinvent itself.

Contact Irene Luke at: Savills Monaco Le Roqueville 20 Boulevard Princesse Charlotte 98000 MONACO Tel: +377 97 70 42 00 Mobile: +33 (0) 680 86 24 91 Email: iluke@savills.com Website: www.savills.mc

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YACHTING

SETTING SAIL Gabriel Power rounds up the most extraordinary superyacht premieres of 2021

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N EARLY AUTUMN 2020, when Monte-Carlo should have been overflowing with glitz, glamour, celebrities and – obviously – stunning vessels, the Yacht Club de Monaco was instead left hushed and forlorn in the wake of the cancellation of that year’s Monaco Yacht Show; another iconic annual event left in ruins by the Covid-19 pandemic.

But if there’s one thing that’s sure to guarantee that a party is more spectacular than ever, it’s a two-year gap. The Monaco Yacht Show was back with a vengeance in September 2021, hosting some of the most remarkable yacht premieres the club has seen in years. Here, Burlingtons takes a look at the most eye-catching launches at this year’s star-studded event.

GRANDE TRIDECK BY AZIMUT Azimut Yachts’ first ever Trideck superyacht “defies the accepted norms of boat design”, the manufacturer says, waxing lyrical about the vessel’s unique Sea View Terrace and patented “displacement-to-planing” hull design. Meanwhile at the back, a set of two 2,600 MTU engines help this remarkable yacht reach speeds of up to 24 knots. » azimutyachts.com

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ARTEFACT BY NOBISKRUG With beguiling irregular patchwork window patterns along its sides, German manufacturer Nobiskrug’s newest offering, Artefact, is one-of-a-kind both aesthetically and environmentally. It is one of the world’s first superyachts to meet IMO Tier III emissions regulations and hosts a large solar panel array for a sustainable cruise. nobiskrug.com

MOSKITO BY HEESEN Dutch manufacturer Heesen prides itself on its ability to meld efficiency with extreme comfort, and the new Moskito model is a perfect example. The vessel features an 82sqm master bedroom along with five staterooms complete with en-suite facilities, a sauna, steam room and jacuzzi. heesenyachts.com

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CLUB M BY BAGLIETTO Italian manufacturer Baglietto got off to a flying start with its new Club M model, picking up the award for ‘best semidisplacement or planning motor yacht 40m and above’ at the 2021 World Superyacht Awards in September, prior to its official debut at Monaco. Featuring the first ever vertical bow from builder Baglietto, the Club M features a gorgeous bow-to-stern rooftop deck, as well as a unique soundproofing system that keeps the vessel hushed at just 40 decibels – a remarkable feat considering its size. » baglietto.com

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WHY200 BY WALLY This breathtakingly unique vessel was the talk of the Ferretti Group’s private preview in Monaco in early September, and made a similar splash at the Monaco Yacht Show. The WHY200 from Wally is perhaps the most polarising project the Ferretti Group has overseen but there’s no doubt that its remarkable 180-degree wrap-around deck window and surprising height make it stand out from the pack. wally.com

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PERSHING 140 Known for high-performance luxury speed motor yachts, the Pershing140 is the brand’s newest flagship vessel. The first to be manufactured entirely from aluminium, the 140’s monochrome hull sits in striking contrast to its fellow pearly white debutants in the Monaco Yacht Club harbour. This remarkably sleek boat features three spacious decks and is powered by four powerful MTU engines, giving her a hairraising top speed of 38 knots. pershing-yacht.com

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A FLYING START Burlingtons Legal’s Paramjit Sehmi shares the essential requirements for starting a new business

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S BURLINGTONS LEGAL’S partner and head of corporate, Paramjit Sehmi is no stranger to the exciting entrepreneurial world of Britain’s buzzing start-up scene. He routinely advises businesses, business owners and investors on a broad range of corporate, commercial and company law matters, with particular experience relating to shareholder agreements, joint ventures, asset and share acquisitions and disposals and more.

With nearly 80 new businesses registered every hour in the UK in the first half of 2021, it’s clear that innovation is here to stay. But how can we ensure our fledgling businesses are set to thrive? According to Sehmi (below) – who represents companies across a variety of industries from fintech and retail to media and sports – it all begins from the foundations. Here, Sehmi shares his essential advice for ensuring your business is set to soar.

What have been the early consequences of Covid-19 in terms of start-up businesses?

“Aside from a well-documented impact on merger and acquisition activity, the pandemic seems to have created a surge in people wanting to create start-ups. In England and Wales, more new companies were formed each month from July to December 2020 compared to the same period in 2019, and there were similar trends in other major economies – including the US, France, Germany and Japan. We continue to see an eclectic mix of enquiries in that respect; some from people wanting to launch new business ideas created during the lockdowns, others from entrepreneurs spotting opportunities in the market as a result of changing behaviours and Covid-19 restrictions, and others from individuals wanting to deploy liquidity into new ventures rather than passive investments.”

How easy is it to create a start-up in England?

“In short, it is relatively quick and easy. An online application to incorporate a new private limited company is usually processed by Companies House within 24 to 48 hours.

However, there is almost always merit in carrying out an initial structuring review, with both legal and tax input, particularly where there are multiple founders of a company, or if the new venture will involve any regulation or international jurisdictions. Doing so helps to ensure the business starts and grows from a good footing and can avoid the time and expense of having to deal with issues that may subsequently arise.

Two important constitutional documents that often require careful thought are a company’s articles of association and the shareholders’ agreement among the founder members.”

What is the difference between a company’s articles of association and a shareholders’ agreement?

“All companies incorporated in England and Wales are legally required to have articles of association that prescribe the regulations of the company. There is no definitive list of what the articles need to cover but, as an example, model articles for private limited companies include rules in relation to directors, shares, dividends and distributions, shareholder decision-making, administrative arrangements, and directors’ indemnity insurance.

“A shareholders’ agreement is not a compulsory document but it is frequently used as a tool to regulate the relationship of a company’s shareholders. There is generally more flexibility over what can be included in a shareholders’ agreement compared to articles, including personal rights and obligations for individual shareholders. Other notable differences are that a shareholders’ agreement is a private contract (the articles of a company are publicly available at Companies House for anybody to inspect), and you can sue somebody for breaching a shareholders’ agreement (whereas you may not be able to sue for a breach of the articles).” »

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BUSINESS

What does a shareholders’ agreement cover?

“Again, there is no specific list of things that need to be covered and the agreement can be as simple or detailed as needed. Topics usually considered include: •

• •

•

•

•

•

•

•

•

•

Minority shareholder protection: Provisions that prohibit the company from carrying out certain actions (for example, in relation to giving or taking loans, arrangements with related parties, exit events and transactions outside the ordinary course of business) without the prior consent of a particular group or voting percentage of the shareholders Dividend policy: A policy that would require the company to distribute a certain percentage of its distributable profits as an annual dividend Financing the company: Shareholders sometimes wish to specify how the company should seek any additional financing it needs from time to time. This might be specified as needing to be as debt or equity and from existing shareholders or external sources Access to accounting and other information: Other than a company’s annual accounts, a person does not have any rights to a company’s accounting, management, or other information or records by virtue of being a shareholder.

If any rights in that regard are needed they need to be expressly given Share transfers: Rules to specify if and how a shareholder can sell or transfer their shares in the company.

Shareholders can be restricted from transferring their shares for a certain period or may be required to offer their shares to existing shareholders before being able to sell them to third parties Compulsory transfers: These are circumstances (such as bankruptcy or ceasing to be an employee of the company) that can force a shareholder to sell or transfer all their shares in the company to the other shareholders or back to the company Restrictions on the parties: Restrictive covenants can prevent shareholders from carrying out certain activities, usually in relation to competing with the company or poaching clients, suppliers or employees Board representation and activity: Terms to regulate if any individual shareholders should have the right to appoint a director, and when, how often, and where board meetings should take place Drag along: These provisions apply where an offer is received to buy all the shares in the company and a defined majority of the shareholders wish to accept that offer. The rights allow the majority to require the other shareholders to also accept the offer in order for the transaction to progress Tag along: These rights enable minority shareholders to “tag on” to a share sale situation by a majority of the shareholders, where the majority attempt to sell only their shares rather than seeking to find a buyer for all the shareholders Deadlock resolution: This is a mechanism to help resolve situations where a company becomes “stuck”, for example, if there is an equality of votes for and against a resolution and the shareholders cannot agree how to proceed.”

“The pandemic seems to have created a surge in people wanting to create start-ups” Are there any corporate law issues you would raise for somebody thinking about setting up a business?

“It always depends on the specific circumstances, and what may be important to one type of business may be less so for another. Other themes that are often relevant include considerations around raising finance, protecting intellectual property rights, documenting commercial relationships with suppliers, customers and other third parties, and attracting, retaining and motivating talent.

“It is also important to underline a commitment, at the earliest stages, to an environmentally conscious business – not least in light of the COP26 summit that took place in Glasgow in November. Directors of English companies have always had a legal duty to consider the impact of their company’s operations on the community and environment when taking decisions. However, the matter is gaining increasing importance in the political landscape and among consumers, as well as investors and banks, many of whom are adopting ESG (environmental, social and governance) criteria to screen potential investments.”

Find out more by contacting Paramjit Sehmi via email at paramjit.sehmi@burlingtons.legal

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C T S PO

F S D AR

The Lakhta Centre Standing at 462m, the Lakhta Centre is the second tallest building in Europe and one of the world’s most eco-friendly skyscrapers.

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Peter and Paul Fortress This 18th-century fortress was a political prison from 1720-1917. Revolutionary Leon Trotsky and Crime and Punishment author Fyodor Dostoevsky were among its famous prisoners.

Moyka River If the Neva is Piter’s most vital river, the Moyka is its most beautiful. Palatial buildings including the Mikhailovsky Palace and Church of the Savior on the Spilled Blood line its banks.

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HE CITY OF THE TSARS, Saint Petersburg is Russia’s second-largest city and most significant port.

Founded by Peter the Great in 1703, St Petersburg was Russia’s imperial capital until the October Revolution of 1917, whereupon the Bolsheviks moved the government to Moscow. Known as Petrograd from 1914, the city was renamed Leningrad after Vladimir Lenin’s death in 1924.

A 1991 referendum saw the city renamed St Petersburg – nicknamed ‘Piter’ by locals.

An important economic, scientific and cultural hub, St Petersburg is known as the ‘Venice of the North’ thanks to its

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grand baroque and neoclassical architecture, and impressive culture from art to ballet. The city centre enjoys a Unesco designation, protecting some 8,000 architectural monuments and buildings. Today, St Petersburg is now a major trade gateway, serving as the financial and industrial centre of Russia – from oil and gas trade, shipbuilding, heavy machinery and technology manufacture, to name just a few.

Visit in summer for the city’s legendary White Nights – where the sun barely sets – and enjoy arts festivals throughout June, or enjoy a winter escape when this enchanting city is covered with snow.

The Winter Palace 3.5m people a year visit the historic imperial palace. The storming of the palace in 1917 became a lasting symbol of the October Revolution.

Kazan Cathedral This stunning neoclassical building has been the city’s mother cathedral since 1811. It was turned into an “antireligious museum” between 1932-1992.

National Library of Russia Home to the 6,814-strong personal library of French writer Voltaire, the country’s oldest public and national library was founded in 1795.

The State Hermitage Museum The world’s largest museum was founded by Catherine the Great in 1764 and houses priceless collections across six buildings.

Mariinksy Theatre This historic theatre was founded in 1860 and is the original home of masterpieces including Sleeping Beauty (1890) and Swan Lake (1895).

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ROOM TO ROAM Burlingtons heads outside of Moscow and St Petersburg to discover the cultural heart of the world’s largest country

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OR THOSE OF US who know Russia best as a commercial and industrial capital, it’s hard to imagine venturing further than the country’s twin hearts of industry and politics – Moscow and St Petersburg.

And why would we, when Russia’s two major world cities have so much to offer vistors? Situated in the country’s western region, Moscow and St Petersburg both enjoy temperate climes, remarkable architecture, and plenty of entertainment with their myriad theatres and museums. As the expansive country’s most touristfriendly and accessible regions for international travellers, there is no shortage of enjoyment whether visiting for business or pleasure.

But, in a country that spans 17million sq km – more than one-eighth of Earth’s inhabited land area – and boasts a remarkable 23 Unesco World Heritage sites, there is

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much more to see and do in its vast landscape than visit these cities alone.

Like many aspects of Russian history, the country’s experience of modern tourism is predictably fascinating.

Global tourism has grown exponentially since the fall of the USSR in 1993 – in just 20 years, Russia had become the world’s ninth most popular destination, with 33m international visitors in 2013, and that has not wavered much despite its contemporary political leanings. Major areas of interest include Russia’s turbulent revolutionary history, impact on global art and culture and dramatic vistas.

Although Russia’s tourist industry has been slow to recover from the Covid-19 pandemic, there has been an increase in domestic travel – particularly to areas of wilderness, such as Siberia. Here, we take a look at just some of the interesting areas to explore outside of the big cities.

TRAVEL

Mother Volga: Volga cruises (above) visit medieval towns such as Yaroslavl (below)

VOLGA CRUISE Widely regarded as Russia’s national river – and often called Volga-Matushka (Mother Volga) in literature and folklore – Europe’s longest river flows throughs 2,000 miles of habitat including forests and steppes towards the Caspian Sea. During the Second World War, the Battle of Stalingrad saw a brutal conflict for control of the river. Today, luxury cruises along the Volga are an impressive way to take in the country’s history and scenery and explore changing landscapes, medieval cities, Orthodox churches, hidden islands, historical battles and more. »

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TRANS-SIBERIAN RAILWAY Standing alongside the Orient Express as the world’s most famous railway journey, the Tran-Siberian Railway stretches from Moscow, through lower Siberia, to Vladisvostok, on the Pacific Ocean. Built between 1891 and 1916, the railway is still growing – 2021 has seen expansions stretching into Asia – and the 5,772 miles of track spans eight time zones and takes eight days to travel. A truly epic journey for the adventurous traveller or train enthusiast, with luxury private trains offering unforgettable experiences across the length and breadth of Russia.

THE GOLDEN RING The famous Golden Ring of Russia refers to a popular tour of ancient cities across five oblasts. With each city helping to shape medieval and Imperial Russia, the picturesque architecture, monuments and churches that abound have led to the towns being called ‘open-air museums’. The major historical destinations to visit include Unesco-protected Yaroslavl, the unofficial capital of the ring; Vladimir, Russsia’s former medieval capital; and Ivanovo, known as the Russian Manchester for its textile making history as well as Suzdal, Kostroma, Sergiev Posad, Rostov Veliky and Pereslavl-Zalessky (pictured). Most are easily reached by train or road from Moscow.

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BACK TO NATURE With more than 50 national parks and diverse landscapes, Russia offers a wealth of places for active adventurers to explore, but none are more extraordinary than the vast, untouched province of Siberia. The country’s president, Vladimir Putin, is well known for his excursions into the Siberian wilderness, and tours of his preferred fishing, hiking and horse-riding spots have become popular with domestic tourists. Siberia’s terrain spans ancient forests, frozen tundra, and mountain ranges, while hikers in the south can take on the Great Baikal Trail encircling the world’s deepest lake. Bitterly cold in winter and excessively hot in the summer, visit in spring for the best conditions.

WINTER SPORTS International appetite for Russia’s winter sports has grown since the 2014 Sochi Winter Olympics, and the country’s diverse ski resorts have something for all levels of skill. Matching the European season, from December to April, Krasnaya Polyana (Sochi) is the most popular ski resort in Russia, and perfect for intermediate to advanced skiers seeking a thrilling getaway.

Although improvements have been made to the infrastructure, it may be a while until even Sochi is competing with the Alps for pure luxury, but the big draw is the powder, which is said to be comparable to conditions in Japan.

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MONEY TALKS As Integra Private Wealth joins Burlingtons Group, Michelle Johnson speaks to founder Alistair Muscat about wealth management, setting ambitious goals and what success means to him

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ELEBRATING THE SUCCESS of a new partnership with Burlingtons Group, Integra Private Wealth founder Alistair Muscat is setting his sights high when it comes to expanding his business. Founded in Malta in 2009, Integra Private Wealth began as an advisory company and quickly developed its services to provide holistic wealth management, thanks to Muscat’s loyal private clients. Today, Integra manages €650m in client assets, with ambitions to reach the €1bn assets under management (AUM) mark within the next three years.

But it is not just these impressive figures that caught the eye of Integra’s new UK-based partners. Burlingtons Group acquired an interest in Integra Private Wealth in October 2021, following a two-year collaboration spearheaded by Muscat (right) and Burlingtons founder Deborah Mills.

“Burlingtons and Integra both started in similar circumstances, and we share an entrepreneurial spirit that our clients appreciate,” says Mills. “When I first met Alistair, I really felt that what we offer – from the full range of professional services through to our own private office and

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real estate advisory division – and what Integra offers fits together perfectly for our mutual client base.

“What he’s done with his business is incredible, and we’re excited to have Integra as part of our Burlingtons service offering,” she says. “Alistair and I both have a similar bond with our clients and believe that their trust in us and our relationships are key.”

Muscat, who has worked in banking, finance and investment since the age of 17, spent many years at HSBC before breaking out to establish his boutique firm. At the time, with the financial world still rocked by the global financial crisis and his wife expecting the couple’s second child, Muscat’s decision to turn down a high-flying role with HSBC in London in favour of launching his own advisory service might have seemed like a risk, but in fact would be the start of a company built on strong client relationships, serving multiple generations of families and long-term investors alike.

Here, Muscat exclusively tells us about joining Burlingtons Group, why trust is the key to delivering their clients’ financial goals, and why the future looks bright… »

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Alistair, how does Integra differ from other financial services companies?

“We are very clear that we’re not trying to sell a product to our clients. I always say, ‘If you want unrealistic returns year-onyear, you’re knocking on the wrong door’. Over the years we have built strong collaborations with some of the big players in the industry, and offer a range of cautious, moderate and aggressive portfolios as well as some innovative alternative strategies. We offer services in multiple currencies to provide international solutions to our clients, with our main offerings in Euro, Sterling and US Dollars.

“Ultimately, what our clients want – and what we offer – is a lasting and personal relationship. For high-net-worth individuals, private wealth management and preservation isn’t just about returns, it’s about peace of mind for their future – and the future of their families.”

Would you say client relationships are the most important element of your business?

“That’s exactly what it’s all about. Affluent individuals do care about the performance of their investments but, first and foremost, they want to feel comfortable that you understand and can support their long-term plans. These plans are often extremely personal – sometimes we are provided with very personal information which we discuss in the strictest of confidence – and so mutual trust is very important. We have known many of our clients for over 25 years, and we are now dealing with the second or third generation of those families. We can help guide the children the same way we guided their parents and grandparents, while still offering new financial solutions.”

What are the trends when it comes to popular funds?

“When you have a certain level of wealth, your interest horizons expand beyond the typical financial assets. You’re not going to brag about the shares and stocks you own unless you happen to own a stock that doubled overnight. Nobody wants to talk about how the German Bunds interest rate is doing over a cognac. Instead, you want to talk about the new exciting and tangible investments, such as the new hype surrounding cryptocurrency investments or beautiful real estate projects. You want to talk about your investments in art or how you came to invest in a classic car fund, and that’s what we provide in addition to traditional wealth management.”

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How does this fit in with Burlingtons Group?

“When we mix these aspects of wealth management with the private client side of Burlingtons Group – such as the professional services, private office and real estate advisory divisions – there’s a whole new opportunity to create solutions for our clients and help them manage their wealth and aspirations even more seamlessly, while still ensuring that our 13-year track record is still honouring the safety of our clients’ investments – over all these years we’ve never had a situation where their money was put at risk because of a default of any of the counterparties in which we invest.”

What are your shared goals for the future?

“There is a lot of synergy between Integra and Burlingtons.

One big advantage is that Integra and Burlingtons are both mature platforms, with a lot of consolidated relationships with banks, fund managers and trustees in different countries.

Through this relationship we now have both a European wealth management arm and a UK platform. One thing I learnt from my past experiences with large multinational organisations, is that if you don’t have aggressive targets, you’ll never grow, and so our first objective is to manage over €1bn within three to five years.”

How did you come to found Integra?

“I’ve worked in the financial sector since I was 17 years old.

I worked in banking, finance and international investments at HSBC for 10 years, before joining a commodity trading advisory firm. This was great experience and expanded my knowledge and experience of the trading world. I also obtained my Series 3 and Series 30 in the US and registered with the National Futures Association. In 2004 I nearly joined Julius Baer in Dubai but, just before I finalised the agreement, HSBC International Bank opened a representative office in Malta for their European wealth management clients. I was appointed as International Wealth Manager for clients residing in many parts of Europe, including Greece, Italy, Spain, Sweden and some Eastern European countries. It was a great experience until the global financial crisis in 2008.

Then, HSBC closed the Malta office and offered me a new role in London. My wife was pregnant with our second child and didn’t fancy the idea of moving our young family again, and so I founded Integradvisory – rebranded to Integra Private Wealth in 2015.” »

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Measure of success: Alistair Muscat (pictured with his team) says good relationships are the key to long-term success

What were those early years like?

“Integra started as an advisory company in 2009. Through my previous experiences I established some very good contacts in the financial world. As with any start-up, the first few months were tough but, by the end of the first year, the company had already onboarded some 40 clients with an initial investment asset base of around €35million.

I remember thinking, ‘Woah, I must have done something right here. This is where it all starts’.

“From there, we developed into an asset management firm and started offering fund management, as well. In 2015 we signed a joint venture agreement with a regulated asset management company based in Uruguay. This expanded our global reach to countries like Uruguay and Argentina while doubling our assets under management from €300m to €600m overnight. Then, almost two years ago, I met Deborah [Mills, Burlingtons Group CEO], and we began discussing this exciting new partnership.”

What advice would you give to individuals looking to invest?

“First of all, you need to have a plan. It’s incredible how many new clients come to us with a mishmash of investments. We recommend our clients focus on their financial goals and long-term plans. The ultimate question we ask is: ‘what do you want your money to do for you?’ The best investment is not necessarily the one that gives you the highest return at the lowest risk, but the one that does what you want it to do, within the risk you are comfortable with, over the long term.

Focus on what you want to achieve and stick to your personal risk tolerance. The last thing you want is to be constantly anxious about your investments.”

How do you measure success?

“The biggest satisfaction that we have as a business comes in three ways. First is when we manage the money of the next generation, such as the children of our original clients, because we are then already planning for the third generation. You used to know the parent, and now the tech-savvy children still trust you, still want to meet with you and still want to move forward with their parents advisors and ultimately their new plans. The second is when a client decides to move elsewhere but, after a few years, comes back and says, ‘You know what, I want to bring my money and come back with you’. Ultimately, our client turnover is ridiculously low. Finally, when a client introduces another client, because it says a lot about their trust in our work. Clients cannot lose face with their close friends or relatives by introducing the wrong person in such a sensitive and important task of managing the family’s wealth, and we understand what an honour it is to be recommended.”

Visit integra-pw.com to find out more Alistair Muscat will host an upcoming webinar for Burlingtons Club Members in the new year. Contact info@burlingtons.group for more information

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INVESTMENT

“Private wealth management and preservation isn’t just about returns, it’s about peace of mind for your future”

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DRIVING VISION As we demand more personalisation from our transport than ever before, Rory FH Smith explores the fascinating history of automotive coachbuilding

46 Alfa Romeo BAT 5-7-9 by Bertone 1953-54-55

MOTORING

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ESPOKE IS AN OVERUSED term in the automotive world. Sift through the sales literature of any high-end carmaker and you’ll find the word peppered about like it’s going out of fashion.

In reality, truly bespoke vehicles prevailed in the 1920s and ’30s, a high time of style and substance and a golden age of automotive design, creativity and flair. Fuelling this was a small but specialist group known as coachbuilders – or carrozzieri in Italian – that designed and developed bespoke coachwork for cars of wealthy and well-heeled clients looking for something unique.

While the practice of coachbuilding predates the invention of the automobile, it wasn’t until the high times of the 1930s that coachbuilders started to experiment with new shapes and radical designs. Working on a chassis supplied by carmakers (which included the mechanicals, such as an engine, gearbox, brakes, wheels and controls), their craftwork was commissioned by wealthy owners looking for a unique exterior body style.

Often inspired by art deco style and streamlined movements, what resulted were some of the most beautiful, expensive and sought-after cars ever seen. While this

exuberant golden age of style had all but tailed off by the 1970s, a recent but seismic change in direction for the motoring industry could be the key to kickstarting a new dawn for coachbuilding.

As for the art’s origins in the UK, its roots can be traced all the way back to the establishment of The Worshipful Company of Coachmakers and Coach Harness Makers in 1630. Back then, the craft was focused on building horse-drawn carriages rather than combustion-engine cars, which wouldn’t be invented for another 250 years. While the method of transportation was different, the practice of designing and sculpting a body on wheels was the same, and the art form would eventually transition to motorcars in the early 1900s, spawning well-known names Thrupp & Maberly, Radford and Mulliner by the mid-century.

In Italy, it was a similar story – although some carrozzieri, such as Ugo Zagato, cut their teeth in a very different industry.

Starting as an aircraft designer during the First World War, Zagato translated his understanding of aluminium to cars, creating designs that referenced his aeronautical training – something that still shines through his company’s unique body styles to this day. »

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Behind the wheel: 937 Talbot-Lago T150-C SS Goutte d’Eau Coupe by Figoni (left); 1965 Aston Martin DB5 Shooting Brake

by Radford Scott Pattenden (top, courtesy of RM Sothebys); 1938 Alfa Romeo 8C 2900B Le Mans (above); 1962 Ferrari 400 Superamerica SWB Cabriolet by Pininfarina (right)

INGENUITY AND INFLUENCE While the most prominent names in the business tended to be based in the UK and Italy, the coachbuilding movement spread far and wide, with North America, France, Germany, Switzerland, Belgium, Austria, Sweden, Spain and The Netherlands all producing notable craftsmen. As most had established their origins well before cars were even invented, it didn’t take long for the most prestigious coachbuilders to make their mark on the global styling scene.

By the early 1930s, it was the Italian coachbuilders such as Touring, Pininfarina and Zagato that dominated the industry, with the world’s wealthiest knocking at the doors of the small family outfits to have their tastes and wishes brought to life in four-wheeled form.

“The founder of Pininfarina is my grandfather, who established the company in 1930 – his story is one of a company and one of a family,” says current Pininfarina chairman Paolo Pininfarina, surrounded by decades of his family-designed cars at the company headquarters outside Turin, 90 years after its foundation. “He started to work in 1906 and was 37 by the time he established the company – it was the first great achievement of his life.”

Paolo’s grandfather was best known as Battista “Pinin” Farina and was born in north-west Italy in 1893. Starting work in his early teens in his brother Giovanni’s body shop, it was there that his interest in cars and penchant for styling started. By 1930, he’d set up Carrozzeria Pinin Farina to design and construct new car bodies and, after making a name for himself, he started working on designs for none other than Enzo Ferrari in 1952. Pininfarina went on to design nearly every Ferrari up to the F12 Berlinetta in 2012.

Bending to the whims and wishes of their clients, coachbuilders dreamt up some of the most radical and stylistically advanced cars imaginable. From nickel-, gold- and silver-plated metalwork to illuminated mascots, intricate glasswork, reptile skin interiors and rare woods the specification and style of the car was only limited by the owner’s imagination and their means to pay for it. It wasn’t uncommon for a build to cost significantly more than the average family house in the 1920s and ’30s.

Details aside, the most striking feature of coachbuilt cars is their exterior shape and form. With no need to cater to massmarket tastes or engineering constraints, the cars became a canvas for the true creative power and perception of the coachbuilder and their demanding clients.

Swooping lines and streamlined shapes formed fenders, bonnets and wheel arches. Cars inspired by everything from fighter jets to flying saucers – and even sharks – took shape with fins, louvres and curves coming together to form unique works of automotive art.

Cars created by the now-long-gone Figoni et Falaschi coachbuilding concern, such as the 1939 Delahaye 165 or the Talbot Lago T150C SS ‘Teardrop’, are widely regarded as the most extravagant and beautiful coachbuilt cars in existence, with the latter now attracting values of over £3m at auction.

Later in the period, cars such as the Pininfarina-designed 1954 Ferrari 375 MM Coupe Speciale, created for actress Ingrid Bergman; the 1952 Alfa Romeo Disco Volante by Touring; and the series of Berton-designed Alfa Romeo B.A.T cars between 1953 and 1957 saw coachbuilding reach its peak in terms of eccentricity, craftsmanship and character towards the 1960s.

“In 1959, my grandfather went to the White House with the Italian ambassador and met President Eisenhower,” says Pininfarina. “They had a short discussion and President Eisenhower said that he thought Italian design was the very best. He went on to explain how he thought Italian cars were fantastic because they are elegant, light, simple, sensual, durable and classic.” »

A NEW DAWN But the golden age of coachbuilding didn’t last long. In the 1960s and ’70s, car companies embraced new production methods, making cars more affordable and accessible.

Coupled with more companies choosing to bring the design process in-house, and fewer opportunities for big spenders to sink a small fortune into a bespoke motor, meant the demand for coachbuilding dwindled. While Pininfarina and Zagato stayed buoyant, largely due to their longstanding relationships with Ferrari and Aston Martin respectively, others fell by the wayside.

From then onwards, coachbuilding was largely confined to occasional concept cars and one-off special edition supercars for wealthy owners. Once the pinnacle of automotive progress, many companies within the beleaguered coachbuilding industry turned their hand to design, offering their specialist services to automotive companies and beyond. Few retained their workshops; others, like Bertone, disappeared entirely.

But, after a challenging past 50 years, there is light for this almost lost craft. New coachbuilding companies like ARES Design (by former Lotus Boss Dany Bahar), Niels Van Roij Design and now UK coachbuilder Radford – which is being brought back to life by none other than Formula 1 world champion Jenson Button – have sprung up to revive the coachbuilding community. Even luxury car giant Rolls-Royce has relaunched its coachbuilding division with the £20m Boat Tail commission, rumoured to have been made for music magnates Jay Z and Beyoncé.

While those companies largely specialise in creating bespoke combustion-engine cars, the growth in electric vehicles – which feature fewer mechanical parts to get in the way of the bodywork – could give coachbuilding a much-needed boost. With many EVs destined to share the same automotive underpinnings in the future, coachbuilding could return as a way for car companies and clients alike to set themselves apart from the masses.

“My grandfather always said that, as long as the internal combustion engine is there, there will only be a gradual evolution in the architecture of the car,” says Pininfarina.

“But when the powertrain will change, then it will be a great challenge for innovation.”

While a century has passed since the golden age of coachbuilt creations, the future looks bright for the industry, as automotive art proves to be an increasingly popular solution for those seeking exclusivity.

“If you ask me what the best project for Pininfarina is, I would say it’s the next project,” says the car design maven.

“The past is important but now we are focused on the future.”

With many wealthy car collectors searching for the most unique four-wheeled creations and an industry speeding towards mass electrification, it seems coachbuilding’s longoverdue new dawn could be just around the corner.

This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk

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LIVE LONG LAYER Menswear expert Rikesh Chauhan updates Burlingtons on the art of contemporary layering for looking cool in colder weather

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Great outdoors: Patrick Dempsey models Inis Meáin (©Matthew Thompson) 50

’VE NEVER PARTICULARLY enjoyed dressing for hot weather. There’s not much else you can do beyond the obvious linens, Panamas and sandals. Autumn is when men’s clothing – and, in particular, tailoring – really comes to life. That being said, it’s often quite difficult to know where to start as a new season begins.

As rules of dress no longer apply to the same extent as they did pre-pandemic, it’s easy to feel a little out of sorts, but I always say you’re at your best in what you feel confident and comfortable in. For some that’s casual attire and, for others, it’s a suit and tie. And you can’t really wear the latter without a quality shirt.

There are several facets of the shirt that can invigorate your wardrobe: fabric, style, fit, collar and more. This time of year, my go-to is an Oxford cotton button-down. It is relaxed by nature due to its informal collar and generous fit in the body, working perfectly with jeans and boots, or with a lightweight wool suit – especially if you opt for a classic pale blue stripe by Eton Shirts. As the basket weave is fairly weighty, it’s a perfect option come October time when you find yourself going from the cold outdoors to heated indoor spaces frequently throughout the day. Brushed cotton and wool blend shirts are also a great option, particularly the military-inspired design options by heritage shirtmaker Turnbull & Asser. »

STYLE

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“The rules of dress no longer apply to the same extent as they did pre-pandemic” When you think about clothing for winter, your mind will almost certainly wander towards knitwear – and rightly so.

Starting with transitional pieces, a lightweight merino wool or soft pure cashmere jumper are ideal options that can be worn both smart and casually: a crew neck with dark jeans and trainers works just as elegantly as a ribbed V-neck over a shirt and tie. A sleeveless cardigan can sub in as an alternative to a waistcoat, thereby breaking up a three-piece suit.

When the weather really begins to turn, take it up a notch with Fair Isle pieces by the likes of Anderson & Sheppard. Fair Isle jumpers feature stunning weaves using a set of distinctive colours, and originate from the namesake island situated in Scotland’s Shetland archipelago. In the depths of winter, however, an Aran knit will be your best friend, with Peregrine and Inis Meáin offering fantastic options. Originally made for fishermen who would spend days tackling harsh conditions on temperamental seas, these jumpers are a failsafe when it comes to keeping warm in winter.

It’s no surprise that, throughout the Covid-19 lockdowns, the tailoring industry (and our collective wardrobes) took a bit of a hit. People were putting their suits away and opting for more comfortable clothing. Once we finally returned to the city there was a demand for tailoring to be less restrictive and more comfortable, with brands shifting to offer more unstructured suiting, such as Saharianas and trousers with drawstring waistbands.

These new hybrid pieces have asserted themselves into the menswear stratosphere, ushering in a new mode of dress.

Casual tailoring pieces look just as at home in a pub as they do in an office, and brands that champion comfort and quality have finally found their sweet spot. The Lazyman from The Anthology is a perfect example, although it’s worth stating that they were pioneering this movement even prior to the pandemic. Their iteration in navy bouclé is a fantastic piece that can be worn throughout October and into the New Year.

Finally, whether you’re channeling Richard Gere in American Gigolo or Idris Elba in Luther, there’s a coat out there with your name on it. I’d argue that it’s worth investing in a few styles and looking after them, because you never know what the day may have in store. The caveat is that this plan might require additional storage space, to which my wife can attest. While I could write several articles dedicated to outerwear, I have instead highlighted the essentials that everyone should have: the Mac, Overcoat and Peacoat.

Private White VC produce everything in their Manchester factory and have a penchant for creating hardwearing, tough, and stunning macs. Using a waterproof cotton Ventile, a fabric developed at the direct request of Winston Churchill during the Second World War. It’s serious stuff. Their peacoat – another garment with military heritage – is the epitome of double-breasted goodness and is shorter in length, made using pure Melton wool. Finally, Drake’s new season Italian tweed overcoat features a stunning gun club check, raglan sleeves and is made using — you guessed it — Italian tweed. It’s the perfect balance between casual and smart and can be worn over the top of whatever outfit you’ve set aside for the day.

Effortless outerwear: Private White VC wool peacoat in navy or black (opposite and top);Turnbull & Asser brown military weekend fit shirt (above)

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The rule of BALANCE

Magnusson partner Johan Molin takes us through Sweden’s FDI rules, and how the country is promoting innovation through stability and flexibility

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N BURLINGTON’S AUTUMN 2020 edition, we noted that a UK visitor might be surprised to observe that it was (almost) business as usual in the Nordics despite a certain pandemic. Indeed, M&A activity in Sweden actually increased following the initial impact of Covid-19.

The IMF even gave the Swedish economy top marks and described its crisis policy as “clever”. One year on, and much the same can still be said of daily life in Sweden, which is in part thanks to its innovative, highly digitalised economy and infrastructure as well as its enduring stability.

For example, on digitalisation, Sweden is predicted to be the world’s first cashless society. It has been estimated that from 24 March 2023, cash will no longer be used as a means of payment in Sweden. Following ongoing testing, the world’s oldest central bank, the Riksbank, is planning to roll out the e-Krona, Sweden’s digital e-currency, later this year.

On stability, Sweden’s longstanding political and economic stability alongside an emphasis on transparency in the financial markets matter. Indeed, the non-profit organisation Norrsken recently launched the Norrsken Impact List in collaboration with Harvard Business School, which ranks the 99 biggest Swedish listed companies based on their dollar-cost to the environment.

Moreover, despite the lack of a majority, Sweden’s governing coalition has managed to maintain a more stable and predictable way of living with the pandemic. This environment has made Sweden the “land of unicorns”, featuring the second largest concentration of billion-dollar companies per capita in the world, including household names such as Spotify, Skype and Klarna, and attracted significant foreign direct investment or “FDI”. However, there are some changes afoot on this side of the Öresund bridge. »

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INVESTMENT

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“Sweden has long been a beacon of commercial and political openness in the world”

New rules: Magnusson’s Johan Molin (opposite) celebrates Sweden’s innovation; Swedish capital city Stockholm (above and previous)

New FDI rules Sweden has long been a beacon of commercial and political openness in the world, with its rich trading history dating back to the Hanseatic League and the Vikings before it. However, there is a little more caution in the wind. Following a record high for FDI in 2016, the EU passed a new Regulation establishing a framework for the screening of FDI, amid a general climate of growing concern. Sweden has been forced to change tack and recently followed the UK’s example by blocking Chinese telco firm Huawei from participating in the rollout of 5G in Sweden on security grounds. Now, Sweden is also toughening its FDI regime.

There are currently two parallel legislative processes aimed at regulating FDI in Sweden and the transfers of certain Swedish companies or operations to foreign investors. These processes will increase the scrutiny and give Sweden the authority to prohibit certain transactions on grounds of “protective security”, which refers to the protection of information and activities of importance to Sweden’s security against inter alia espionage, sabotage, and terrorism.

According to the Swedish Protective Security Act which entered into force on 1 January 2021, a seller of a “securitysensitive business”, which may include airports, powerplants, information systems for electronic communication and health care services, will be legally obligated to consult and coordinate with the Swedish Armed Forces and the Swedish Security Service. Although Sweden’s FDI regime is still taking shape, UK investors contemplating an acquisition in Sweden should bear in mind that a business may still be considered as “securitysensitive” as there is no exhaustive definition in the legislation to ensure flexibility for the state as well as the investor. This may therefore include a range of the business opportunities “to watch”, including in green finance, energy and resources (including battery power), IT and start-ups, and life sciences.

It should be stressed that Sweden remains a comparatively free market for FDI with limited restrictions. Although it is still too early to accurately predict the final design of Sweden’s future FDI screening regime, it is likely that a national system for screening will have a wider scope of application and cover activities in more sectors and will most likely draw inspiration from the systems employed in other Nordic countries.

Who are we?

Magnusson is a one-stop-shop law firm offering seamless legal services across the Nordics, the Baltics and beyond. Our team includes some 200 lawyers focused on creating commercial value to clients both locally and across the entire region.

We work across banking and finance, corporate and M&A, dispute resolution, construction and real estate, insurance, IP and technology, data protection and public procurement, among others, with a focus on delivering top quality legal services to clients from a range of industries.

Our cross-jurisdictional coverage and extensive experience in cross border transactions, projects and disputes makes us the perfect firm for international companies with presences across the region. We have the know-how to advise companies on how they can establish, expand and safeguard their business, not just in our region but also globally.

Magnusson is consistently ranked as one of Sweden’s top business law firms according to the leading industry survey, “Law firm of the Year in Sweden” and is ranked by Chambers and Legal 500.

To find out more about international investment or working with Magnusson, contact: johan.molin@magnussonlaw.com Magnusson is a member of Burlingtons Club. Find out more at info@burlingtons.club 57

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LAW

OUT OF THE

SPOTLIGHT

Kobre & Kim’s Polly Wilkins gives her expert perspective on how to stay out of the spotlight – and protect your reputation

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OU HEAR A FAMILIAR ping, glance at yet another email, and behold an unwelcomed sight: a reporter has tied you to damaging allegations and requested comment by the close of business. In a world of constant information, suddenly, you are the headline.

It is an experience many of our clients, and their teams of advisors, hope to avoid. Yet, for those operating at the highest levels of commerce, finance, and public affairs, such scrutiny is a fact of life. As a solicitor working on reputational issues and crisis management for ultra-high net worth individuals and their families, I am quick to assure my clients that they have options. However, I also make clear that further risks often await and the best time to take action to protect reputation, assets and liberty is then and there. »

Left: Polly Wilkins, Partner, Kobre & Kim

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ACT FAST, ACT SMART In many situations, a client’s first instinct is to tell their side of the story in detail. At Kobre & Kim, we frequently deal with individuals whose reputational concerns arise from adversaries who have taken to the media to intentionally spread narratives that paint them in a negative light, often with only a deliberately cursory explanation of what really happened. In these cases, setting the record straight in an effective and timely manner can prevent the worst of the allegations’ impact.

Clients must take care, however, to do this in a way that does not depart from that which is true and verifiable and does not simply pique curiosity elsewhere, directing detractors to other facets of one’s professional or personal life. This can suddenly make them the central character in a story in which they should not feature, one that is then re-published by compliance reports and accessible by financial institutions and stakeholders globally.

That is where my colleagues and I come in – we guide strategic decision making from the outset to ensure that our clients avoid key pitfalls and present their narratives in a way that considers not only a client’s immediate needs but also their interests three, four and five steps down the road. Consultation that is early and frequent can mean that a negative news story, whilst painful, remains only that and does not spiral into an issue which also impacts a client’s assets and liberty.

“If reputation is everything (and it is) then those who manage reputations must prepare for everything”

MITIGATE RUNAWAY RISK For certain individuals, however, a rumour in the press, a ‘run of the mill’ commercial dispute, or even a contentious divorce proceeding may be only the beginning. Events like these risk bringing unwanted visibility into private affairs by prompting intrusive disclosure requests, exposure of international asset structures or, in the most serious cases, investigation by government authorities. They can allow those with something to gain from the client’s loss to deploy increasingly aggressive legal tactics, often resulting in real financial harm and, at worst, threatening personal liberty.

At Kobre & Kim, the lawyers in our International Private Client team specialise in foreseeing and defending against these highest-risk scenarios, with a focus on assisting those clients whose commercial footprints and personal interests span multiple jurisdictions. While we regularly advocate on behalf of our clients in US and UK courts, our unique network of global offices allows us to also evaluate the risk of, for example, a Brazilian bankruptcy proceeding in Hong Kong, or a Russian criminal proceeding in Israel.

My own experience expands even beyond our brick-andmortar offerings and, in the past year, I have coordinated complex reputational campaigns for clients with interests in India, Cyprus, Afghanistan and beyond. My colleagues and I can take advantage of our tightly connected global web of expertise to seamlessly track how a client’s unfolding legal and commercial issues impact their personal and reputational interests, wherever in the world they appear.

In the direst matters, some arising from historic negative reporting, a client’s ability to move freely across borders and conduct business may be hampered by the publication of an Interpol Red Notice or designation under an international sanctions regime. These situations can have incredibly disruptive consequences for clients and their families.

Working closely with Kobre & Kim’s Interpol, Sanctions and Asset Forfeiture specialists, I am able to draw upon the same set of skills I employ when a client calls me after receiving that fateful reporter’s request for comment: I listen, I learn the facts and I devise a strategy to articulate those facts in the way that best and most impactfully defends my client’s interests.

If reputation is everything (and it is), then those who manage reputations must prepare for everything.

Find out more at kobrekim.com, or contact Polly Wilkins, Partner, at polly.wilkins@kobrekim.co.uk, or Sam Franklin, Group Product Manager for International Private Clients, at sam.franklin@kobrekim.co.uk.

Kobre & Kim is a member of Burlingtons Club. Find out more at info@burlingtons.club

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2021 IFTA Arbitration Award Enforcement Guide Significant review and update for the UK led by Burlingtons Group’s Brian Eagles

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URLINGTONS GROUP head of media and entertainment Brian Eagles has led a significant update of the UK section of the 2021 IFTA Arbitration Award Enforcement Guide, Fourth Edition. The Guide, published by trade association The Independent Film and Television Alliance (IFTA) since 2004, is of considerable importance in understanding the effect of Arbitral Awards in international arbitration.

The Independent Film and Television Alliance (IFTA) represents companies that finance, produce and licence independent film and TV programming. Based in Los Angeles, US, the organisation has a global membership of more than 150 companies from 23 countries, whose work generates an annual revenue of some $4bn.

The Award Enforcement Guide’s fourth edition has been updated to include Hong Kong and Japan, as well as significant reviews of sections covering North America, France, Canada and the UK. “As one of the longest serving IFTA arbitrators in the UK, I was asked to update the UK section on the Enforcement of Arbitration Awards for the new edition,” says Eagles, who also wrote the UK entry for the previous two editions. “For the fourth edition, I collaborated with my colleagues in Burlingtons litigation department to do a full and complete review and significant update.”

Eagles’ expertise spans six decades in entertainment law, during which time he has represented a wide spectrum of stars, in the film and television industries and beyond. His clients have included Dame Elizabeth Taylor and Sir Richard Burton, Sir Rex Harrison, Sir Georg Solti, The Stranglers, Sir Bruce Forsyth and Dick Emery, as well as banks, film financiers, production and distribution companies, bestselling authors, screenwriters and musicians. He has also represented a leading F1 driver, a title-winning boxer and corporate entities including The Old Vic and Rugby World Cup. “Although IFTA is based in Los Angeles it is accepted throughout the international film and television industry as the leading organisation in the work that it does, and its members use the many standard International Agreements drafted and honed over the years by its lawyers,” says Eagles. “Because of this, the Agreements are used by the most important and influential media companies and, because they are so often used, most clauses do not require to be pored over by the member’s lawyers as they have seen and used them many times before.

“Where the parties to a film or television dispute have chosen me from a choice of three arbitrators suggested by the IFTA Arbitral Agent, I then handle the dispute in accordance 62

with the IFTA Rules for International Arbitration.”

Eagles says IFTA’s well-established and comprehensive Rules are vital for entertainment companies who find themselves in a dispute. “They are very comprehensive and easily understood by those who have disputes which need speedy resolution. As arbitrator, I am given wide powers under the Rules, including the power of barring a party for failing to prosecute or defend the claims within the strict time limits set down” he explains.

“For the arbitration to be dealt with in England by an English arbitrator, the Agreement under which a dispute has arisen must stipulate England as the country in which the arbitration is to be held. English law is then applied by me – unless the law of another jurisdiction has been agreed by the parties. In such an event, which does not often occur, the parties have to provide evidence from a lawyer from that other jurisdiction to address me on that law and how it is to be applied to the facts I find from the evidence before me. If they do not provide such expert evidence as to the foreign law, I am entitled to assume that it is the same as English law.”

To date, IFTA Arbitration has managed the dispute resolution of more than 3,050 cases involving over $970m in claims. Working internationally, IFTA uses a panel of arbitrators practising across 19 countries, all of whom have a wealth of experience as entertainment lawyers. The organisation introduced a Fast Track process in 2020 that can expedite certain claims, such as default arbitrations, by up to 70 days.

In addition to its work in arbitration, IFTA is an advocate for the independent entertainment industry, raising public awareness of major issues facing independents, such as the threat of media consolidation, elimination of trade barriers, anti-piracy, improvement of copyright protection and more.

Since 2018, the association has seen milestone growth in membership, and welcomed a significant increase in Asiabased member companies.

To find out more about arbitration law or to contact Brian Eagles, email info@burlingtons.group

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BACK

TO

THE FUTURE Burlingtons Real Estate managing director Nicholas Portelli takes us on a tour of the past, present and future of London’s residential property

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VER THE PAST 26 YEARS or so, since the Land Registry began documenting all the price movements across the UK, we have seen the country’s property market perform consistently well.

On average over this period property prices in the UK have increased by 14% per annum and London averaged around 22% increase per annum – with some parts of the capital increasing in excess of 30% per annum. The growth patterns across the market are similar, with most of this growth having been registered between the late 1990s and early 2000s, following the Global Financial Crisis of 2008 and 2016 recession.

In comparison, the FTSE 100 registered an average annual return over the same period of around 5.4%. Of course, these are different asset classes, with shares on the FTSE 100 offering more liquidity but, on the other hand, being more volatile than property.

However, the comparison of returns of these two investments over a period of time can, potentially, indicate why property investments are a favoured asset class among investors.

Today, average property prices across the UK differ. The average property price in the UK is £260,000, whereas if we look at London alone, an identical property would cost £510,000, or £1.2m in Prime Central London.

It is interesting to also note the resilience of the market, particularly when reacting to domestic or international events like the 2008-2010 recession. At that time, Prime Central London was the first to be affected, experiencing a drop in prices of around 20%. The rest of the market followed with a price-drop that was less severe but more prolonged.

Whereas Prime Central London recovered in a matter of 1824 months, it took the rest of London 36 months – and outer London five years – to regain pre-crisis prices.

This is mainly because Prime Central London is less needdriven, so investors in this part of the market are quick to react. They can stop buying immediately but are also the first to jump back in when they start sensing a recovery.

The broader market takes much longer to react because it is driven by other factors, such as the need to buy a home in which to live. » 64

REAL ESTATE

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REAL ESTATE

Refreshed residences: Battersea Power Station’s regeneration (previous page) and Kensington in winter (left)

MONEY MATTERS Currency movements are another indicator of investor sentiment. This is because the currency markets are extremely liquid – with practically 24/7 trading – and, therefore, can react immediately to events.

This can be seen perfectly in the performance of Sterling against the Euro during the Brexit referendum and ensuing political debacles. Key moments in those years included the referendum itself, which saw the value of Sterling drop by almost 10% after the results were announced, to the Covid-19 announcements of 18 March in the UK, which, again, saw Sterling’s value plunge by 10% within minutes.

These changes give an immediate indication of what investors are thinking – and provide buying opportunities for investors who can act quickly to expected good news.

More recently, thanks to a combination of government intervention and improved investor sentiment, property prices in London increased by an average of 6.6% between January 2020 to September 2021.

Future inflation will be a key factor that will influence monetary policy and the movement of interest rates. Inflation is expected to reach 4% in 2022 – considered a high level – and, if maintained, it may prompt interest rate hikes and a possible dampening of economic growth and property prices, due to higher costs of borrowing.

Other indicators of the recovery are usage of public transport and international travel. During the pandemic, the use of public transport in London and international travel from the capital both dropped by 90%. Since July 2020, transport usage had been on the increase then dropped again in January 2021, resuming towards the end of February. Today, flights from Heathrow are at 60% of pre-Covid-19 levels, and usage of public transport at 70%.

We expect pre-Covid levels to be reached in Q2 2022, unless there is another lockdown.

Buyers’ habits have also changed, with demand for open spaces and proximity to family increasing in priority, while proximity to tube stations and place of work – although still important – are considered to be less relevant. We expect these trends to continue post-pandemic, however we also expect city centres to regain attractiveness due to the convenience they offer.

With London property prices expected to close at +6.6% this year, the outlook for the property market looks positive.

The research arms of Savills and Knight Frank both indicate price growth of between 20% and 25% for the period 20212025, so we remain cautiously optimistic about the outlook for the London property market.

Nicholas Portelli is a shareholder and Managing Director of Burlingtons Real Estate Advisory Limited. Burlingtons Real Estate was recently included in the top 50 buying agencies in the UK in 2020 by property research journal PrimeResi. Contact nicholas.portelli@burlingtons.realestate 67

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WELLNESS

REST REVITALISE Lauren O’Neill shows us how to take advantage of London’s best five-star spa hotels with this pick of luxurious and indulgent city stays

BULGARI SPA AT THE BULGARI HOTEL Undoubtedly one of the chicest spas in London, the awardwinning 2,000sqm Bulgari Spa (left) is the crowning glory of Knightsbridge’s Bulgari Hotel. The tranquil, expansive space, created by Antonio Citterio Patricia Viel and Partners, is set over two floors and features a 25m swimming pool, surrounded by loungers and cabanas, vitality pool, 11 treatment rooms, a double spa suite complete with private steam room, and a 150 sqm fitness area.

Advanced beauty, grooming and wellness treatments come courtesy of the likes 111SKIN, iS Clinical and British CBD brand, Kloris. The Kloris Stress Melting Ritual, exclusive to Bulgari Spa London, is the perfect tonic – 90 minutes of pure bliss, it begins with the application of 100% organic CBD balm and warm aromatherapy oils, followed by a relaxing hot stone massage. For those who would like to make use of the facilities more regularly, there are a limited number of private memberships available. Kloris Stress Busting Ritual, 90 mins, £270 » bulgarihotels.com

AKASHA AT HOTEL CAFE ROYAL In the heart of busy Piccadilly Circus, Akasha Holistic Wellbeing Centre at Hotel Cafe Royal is a haven amid the hustle and bustle of the city centre. The calming, minimalist space by David Chipperfield Architects is clean and modern, yet grounded by ample use of Carrara marble. As well as offering relaxing massages and skilled facial treatments, Akasha allows you to take your wellness journey a step further, offering additional wellbeing therapies such as Reiki and meditation.

Also available is Watsu – a form of hydrotherapy that combines stretching, joint mobilisation, massage and traditional Japanese shiatsu – and it houses London’s first dedicated Watsu pool. Other hydro-treatments at the spa include a Vichy shower treatment room and private hammam dedicated to purifying scrubs and massages. To complete your hydro journey, take a dip in the 18m pool and jacuzzi, and leave feeling refreshed and re-energised.The Four Elements Signature Treatment, 120 mins, £240 hotelcaferoyal.com

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THE SPA AT 45 PARK LANE A new spa has hit Mayfair and it does not disappoint.

Coinciding with the 10th anniversary of Dorchester Collection’s 45 Park Lane, this stunning, 10,000sq ft wellness space is home to the longest pool on Park Lane – measuring a cool 20m – as well as a sauna, steam room, hydrotherapy pool, gym and personal training room. Designed by Jouin Manku, its standout feature is the strikingly serene Romanstyle, floral mosaic wall that adorns the length of the pool.

Adjoining is the relaxation lounge, with open fireplace, where guests can unwind and enjoy healthy snacks courtesy of executive chef, Jamie Shears. Guests of the hotel will have full complimentary access to the facilities as part of their stay experience. The Spa at 45 Park Lane is available exclusively for the use of hotel guests and residents of neighbouring Mayfair Park Residences. » dorchestercollection.com

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BAMFORD SPA AT THE BERKELEY Bringing a taste of The Cotswolds to central London, The Berkeley’s Bamford Wellness Spa offers city dwellers a rustic countryside retreat. Set on the hotel’s seventh floor, its serene, natural decor is a breath of fresh air and, while its outdoor rooftop pool might currently be undergoing refurbishment, there is still plenty on offer for relaxation at the Knightsbridge spa. Using only British skincare brands, treatments by Bamford and Oskia London harness the healing power of nature.

For a blissful night’s sleep, guests can book in for the Bamford B Silent Massage Treatment before drifting back to their suites. This full body treatment starts with a footbath and shiatsu, while a combination of the B Silent nighttime concentrate, B Silent body oil and neck and chest massage maximise serotonin levels to induce sleep. Bamford B Silent Massage Treatment, 90 mins, £190 the-berkeley.co.uk

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ESPA AT THE CORINTHIA Described as the ‘next generation of spa’, Espa Life at Corinthia London takes wellness to the next level. With ample space and facilities, you could easily spend an entire day here. Set over four floors, the spa has 17 treatment rooms, a private spa suite and a 24 hour gym, as well as a dedicated thermal floor with indoor swimming pool, vitality pool, amphitheatre sauna, ice fountain, marble-heated loungers and private sleep pods.

There is a hair salon on site courtesy of Daniel Galvin, and the extensive offerings also include facials by Dr. Barbara Sturm, osteopathy, acupuncture, traditional Chinese medicine, and intravenous nutrient therapy. To calm the body and mind, try the Vital Energy Restore wellness therapy, which includes a full body massage, breathwork, singing bowl-tingsha and scalp massage. Vital Energy Restore, 90 mins, £250 espalifeatcorinthia.com This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk

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ASK BORIS Burlingtons’ resident bulldog is here to answer your investment questions...

Question: What do I need to know before buying my first superyacht?

This year has seen a boom in superyacht ownership, with post-pandemic sales at a 13-year high. But, for first time superyacht owners, shopping for your perfect ocean vessel can be a daunting task.

Yachting is a luxurious pastime that comes with a significant price tag and requires plenty of patience. As a guide, new semi-custom yachts average at about $25m, while a fully custom superyacht can exceed $100m, and production itself can take around three years to complete. Once you receive your superyacht, you can expect to pay roughly 10% of the purchase price every year thereafter to cover the costs of maintenance, crew and any adjustments – not including fuel.

So, it’s important to test the waters before taking the plunge. A good sales broker is vital to buying a superyacht, but the first step in owning your dream boat is to understand what you need and what you like.

Visit boat shows – such as Monaco, Singapore and Dubai – to look around, and then charter a variety of yachts to get first-hand experience of the styles that take your fancy. For instance, you may find bigger, smoother vessels don’t provide the visceral feeling of ocean sailing that you desire, while smaller boats might not be capable of housing the amenities and toys that you want. There’s also entertaining to consider – how big is your family or group of friends, and how many people do you envision catering for at one time?

The second question is what kind of trips do you want to take? Expedition yachts are all the rage, but if you plan to spend most of your time meandering around the Caribbean or nipping around the Mediterranean coasts, an icebreaker is going to hinder your enjoyment.

Different types of hull design and gross tonnage, not to mention interior and exterior features, are required for longer journeys and adventures into icy destinations.

Equally, many older ports along the Riviera or Italy are far more accessible with a smaller yacht – under 50m is ideal. But, if you want to incorporate luxuries like home cinemas, exterior bars and larger pool areas then your sweet spot is more likely around a 50m-60m length.

Finally, consider future-proofing your superyacht by investing in new more-sustainable propulsion technology. It’s impossible to ignore the need to protect our oceans when talking about the yachting industry, and shipbuilders are leading the way with their efforts to create more eco-friendly fuel and propulsion, and invest into ocean conservation.

The Water Revolution Foundation, founded by major yacht companies, is a great place to start your research, so you can enjoy your superyacht and the beauty of the ocean for years to come.

For expert investment tips or advice about the questions that have been hounding you, contact Boris by emailing: info@burlingtons.club

AK IR A BY

5 7M

A LU M I N I U M

22 KNOTS

S P R I N G 2 024

For information please send your request to sales@heesenyachts.com

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