Business THE · building will be re-branded as Oxford Centre for Innovation and provide offices and business support for up to 30 small and growing companies. Science Oxford has appointed

AN ELCOT PUBLICATIONS TITLE£2.50

www.businessmag.co.ukTHAMES VALLEY MARCH 2011 #185

Fair commentWomen in business

North Hants forumChineham breakfast roundtable

Practice makes perfectLaw South East

BusinessTMT H E

M A G A Z I N E

£44 MILLION

Funding Package

£4.2 MILLION

Funding Package

£15 MILLION

Funding Package

“Once again the Bank has proved to be a strong and reliable financial partner”

“We were very pleased to find that Lloyds Bank offered a sound funding base at market-competitive rates”

“The whole funding process was handled quickly, efficiently and with minimum diversion for our internal deal team”

A RELATIONSHIP THAT HELPS YOU REALISE YOUR AMBITIONS

Our business is built on relationships and we are committed to supporting our customers through the economic cycle.

With a team of relationship directors dedicated to the local corporate community and experienced in working with a range of industry sectors, we are ideally positioned to support you.

To find out how we can help you, please contact:

PAUL BATEBusiness Development Director07795 [email protected]

Please remember we cannot guarantee security of messages sent by e-mail. Lloyds Bank Corporate Markets, Lloyds TSB Corporate Markets and Lloyds TSB are trading names of Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc. Lloyds TSB Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Lloyds TSB Scotland plc. Registered Office: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland no. 95237. Bank of Scotland plc: Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC32700. Authorised and regulated by the Financial Services Authority under registration numbers 119278, 191240 and 169628 respectively. Bank of the Year 2005-2010. FDs’ Excellence Awards in association with the ICAEW and supported by the CBI & Real Business. This award was won by Lloyds TSB Bank plc and Lloyds TSB Scotland plc LS78-LS887TO-0211

WINNER 2005-2010

THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2011 www.businessmag.co.uk

regular features

special featuresWomen in Business 17 Are business angels the answer to lending? 18 A Bucks New University first 19 Gender up the agenda 20 A recipe for success

Law South East 21 Winning ‘confirms success of law firm’s strategy’ 22 Blandy & Blandy announces property partner promotion 23 ‘Highly responsive and exceeds expectations’ 24 Employers protection against a Wikileaks nightmare

Business Turnaround 32 Don’t wait for help in the Budget 33 Turnaround or fall over?

News 4 Opinion – There are two economies at present ... 4 Entrepreneurs supported by new innovation centre5 Inventor’s flap is backed6 Construction ‘challenges lie ahead’7 Spectrum leads Alcumus refinance deal8 Companies on the Buyout Track9 Shareleague9 The hand that rocks the cradle10 University joins global telecommunications union11 Enterprise M3 bid win – ‘boost for the local economy’12 A full calender of Business Magazine events13 Calling all young entrepreneurs14 Lloyds Bank provides re-development funding15 Awards night glory awaits south east’s best directors

Buisness Breakfast26 Funding frustration vented at breakfast forum

Deals27 HSBC supports Nordic acquisition29 Pitmans advises on sale of British Salt

Deals Update 28 Latest deals data from across the region

Business Focus29 Tweet of the month

Thames Valley 250

30 Grants Thornton’s TV 250 sector watch

Finance 34 Exciting road ahead for Whitley Stimpson

Business Travel/Hospitality 35 Stoke Park – the perfect location for your corporate golf day

Southern Tech 10036 James Cowper – at the heart of the technology sector37 A focus on top biotech companies38 Pitmans co-sponsors the ST 100

Roundtable39 North Hampshire: land of opportunity?

Motoring44 Electric ActiveE now trialled45 Company cars: tax-efficient options available

International Trade 46 Japan: technology and tradition mean opportunity46 Britain’s world leading industry

Property 47 New warehouse to be developed

Employment 48 Employing from outside Europe

People 48 Movers and risers

Diary 50 Dates for your diary

Not all law firms are the same

Regional law firm of the year

Banner 2010 Jan.indd 1 09/12/2010 16:11:34

p26

p 35

news4


In the April issue of The Business Magazine

The International Edition•Commercial Property•Focus on Slough•

For more details call: 0118-9745308 or email: [email protected]

opinion

Science Oxford has created a new innovation centre to support entrepreneurs and start-up companies. Opening this month, the 25,000 sq ft innovation centre is part of a site in the heart of the city of Oxford that will incorporate a £30 million science centre to be designed by internationally renowned architects, Foster & Partners.

Science Oxford has recently purchased Macclesfield House, a former county council building on a site in central Oxford adjacent to the Oxford Castle development, where it plans to construct a world-class cultural centre for science and enterprise that will attract over 100,000 visitors per year. The aim is to open the state-of-the-art facility by 2015 and a pledge of £10m has already been made to the fundraising campaign.

Pending development of the science centre, the Macclesfield House building will be re-branded as Oxford Centre for Innovation and provide offices and business support for up to 30 small and growing companies.

Science Oxford has appointed Oxford Innovation, a leading operator of business and innovation centres, to manage the new innovation centre. Oxford Innovation has a track record in supporting the growth of technology companies. The company already manages 14 other centres from Portsmouth to Yorkshire used by over 400 companies and its business support services include access to its business angel

Entrepreneurs supported by new innovation centre

investment networks as well as mentoring and business planning advice.

Oxford Innovation’s portfolio will expand further in the next month with the addition of three more centres in another region, meaning that the company will have realised a 41% growth rate from property management activity in the past 12 months.

Science Oxford is the public face of The Oxford Trust, a charity established by Sir Martin and Lady (Audrey) Wood, co-founders of global engineering firm Oxford Instruments plc, the first spinout company from Oxford University.

Envisaged as a unique world-class facility to showcase cutting-edge science and technology, particularly from the thriving Oxfordshire ecosystem, the science centre will host a suite of interactive galleries and include a digital planetarium together with a public plaza, café and shop.

Dr Ian Griffin, chief executive of Science Oxford, said: “Our plan is to give Oxford a public face for science and enterprise and to create a major tourist destination. The science centre will showcase inspiring discoveries and inventions that will bring the excitement of science to young and old alike.

“Innovative, early stage companies are more crucial than ever to our economy and at Oxford Centre for

Innovation, they will benefit from a supportive environment with access to the funding and advice they need to help them to grow.”

Chris Allington, managing director of Oxford Innovation’s business and innovation centres division, said: “Our aim is for this prestigious innovation centre to become a focal point for innovation and enterprise in the city and a generator of local employment. There has been strong interest in the range of offices and workspace we can offer and several companies are scheduled to move in during March and April.”

With the addition of Oxford Centre for Innovation, Oxford Innovation manages 15 business and innovation centres in Berkshire, Oxfordshire, Greater London, Hampshire, Northamptonshire and Yorkshire. That total will increase to 18 centres by April as three more centres in another region are opened. The company will have nearly 340,000 sq ft of prime office premises with over 500 occupier companies under management.

4

Location for the new £30 million science centre

There are two economies at present ...

... the real one on the ground, and the one that the national press and many economic commentators are focusing on.

In the 10 days before going to press, The Business Magazine hosted two Roundtable discussions and a Business Breakfast, engaging with up to 100 businessmen and women from across the Thames Valley.

Feedback from the business community was illuminating - namely that the recovery is very much on the way, that many companies are seeing strengthening order books, and that there is a general air of optimism about 2011.

Everyone knows that there won’t be a steep bounce-back following the dip, but an increase in sales, however marginal, signifies a recovery, and, since many companies have significantly trimmed their sails during the recession, should lead to a return of profits.

Contrast this with some of the negativity on display in national newspapers, and the warnings that some economists have been parading whenever they find a platform.

There are concerns, of course. How will growing inflation and higher interest rates, expected soon, affect margins? Will the squeeze in living standards harm businesses in the months ahead? Will there be pressure on wages? Are we wasting the talents of a large pool of under-utilised graduates?

But, overall, the sentiment is positive, the 'green shoots' can be seen in abundance as we move into spring. Of course, this is a regional perspective – north of Banbury, the picture might look a little different.

But, after a couple of years of poor economic health, let’s enjoy the fact that the south is out of intensive care at last.

David Murray, Publisher

THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2011

news 5

www.businessmag.co.uk

Read these stories in full in this month’s issue of The Business Magazine:Digital

at www.businessmag.co.uk

MAGA ZINE:DIGITAL

T H EBusinessTM

Oxford Brookes helped Architype develop industry-leading ways to evaluate and improve the performance of their award-winning sustainable buildings.

So what can we do for you?

Knowledge Transfer Partnerships with Oxford Brookes: developing your business with university knowledge and government funding.

01865 484204 [email protected] www.brookes.ac.uk/business_employers

Lisa Pasquale, Brookes KTP Associate with Architype

Part-funded by Government, KTP is a Technology Strategy Board programme

Vorsprung Durch Manufacturing

What can the UK learn from Germany? asks Robin Lloyd, audit director, BDO LLP Southampton.

How smart is that ...?

Smartphones are making our work less smart, argues author and Oxford graduate Ian Price in his new book.

The flexible worker

We are in the throes of a working revolution that is changing the way organisations function, the way people live, and the way we relate to our environment, writes Celia Donne, regional director, Regus.

Growth on the virtual high street

Retailers and wholesalers face a challenging year ahead after Christmas sales were hit by a combination of harsh economic and climate conditions, writes Gavin Isle, Barclays Corporate managing director, southern region.

Reading-based cloud and managed hosting experts, DediPower, is joining forces with Microsoft and Micropoint to host a free, local, one off event, to help companies understand how IT outsourcing can benefit them in today’s increasingly digitised world.

Giving access to first-hand advice from experts in their field, the event will outline how working with local partners can lead to substantial cost reductions and greater business continuity while reducing risk and ensuring 100% service delivery.

Chris Miller, CEO of DediPower explains: “As the UK”s fastest growing managed hosting company, DediPower already supplies many Thames Valley businesses with dedicated infrastructure and technical support to manage, deploy and access their content for audiences around the world. We are aware that many local companies, however, still operate legacy in-house systems which are inflexible and costly to run and which may be

‘Building your Business for the Future’ event

holding them back commercially. Our event aims to help them identify new ways to improve their IT operations and build better more profitable and agile businesses for the future.”

Designed to appeal to commercial and financial managers as well as IT professionals, the April 5 event will kick off at 13.45pm at Microsoft Reading, Microsoft Campus, Thames Valley Park, Reading.

Refreshments are provided, and the afternoon is rounded off with canapés and wine tasting to provide ample networking opportunities for everyone involved. If you want to come along and find out how outsourcing software, and infrastructure can help you thrive and survive, then register now , details below.

Details:www.dedipower.com/outsourcing

news6


SOLICITORS IN READING AND WOKINGHAM

For expert legal advice in all areas of company and commercial law

mergers and acquisitions• sale and purchase of businesses• private equity and finance• corporate structure and • partnershipsshareholder agreements• commercial contracts• corporate recovery and insolvency• sports law• employment• intellectual property and IT• tax• commercial property• commercial litigation•

contact the business law experts 0118 978 0099www.cliftoningram.co.uk

The south east construction industry will continue to face tough conditions for the next two years, according to the latest figures published by the Construction Skills Network (CSN) – despite the industry performing better than expected in 2010. However, the longer term outlook is much more positive, with the south east enjoying a higher rate of growth (2.2% per annum) than the UK average (1.0% per annum) over the next five years.

The annual CSN report, produced by ConstructionSkills, the Sector Skills Council for the construction industry, shows the re-emergence of a north/south divide. This is largely linked to the north’s reliance on dwindling public sector work and the south’s growing private housing and commercial sector activity (forecast to grow in the south east – at an annual average rate over the next five years – by 6.0% and 6.7% respectively).

Across the south east, total construction employment is predicted to reach 395,740 by 2015, which is 8.9% higher than this year’s projected level. This means that the region will need 5,440 new construction recruits every year – with civil engineering operatives, construction managers, wood joiners, carpenters, architects and those in logistics most in demand.

Roger Stone, sector strategy manager for ConstructionSkills in the south, said: “The results of this year’s CSN report speak for themselves; the next couple of years will be tough for the industry, but in the medium and long term we will see steady growth. In fact, the south east is set to be the second biggest growth region in the UK, with projects such as the £100 million Watermark WestQuay scheme in Southampton, the £900m Hastings wind farm development in the pipeline and the £250m Woking Gateway redevelopment.

“In the short term, local businesses need to develop a competitive

Construction ‘challenges lie ahead’

edge to put them in the strongest position possible. Identifying emerging markets is one way of doing this, for example the demand for low carbon solutions with homeowners. Also businesses should continue to invest in training and apprenticeships, to ensure they have the skilled workers in place for when demand increases.”

In response to the findings of the report, ConstructionSkills has developed a ‘Five-point skills focus’ which identifies the following as key areas for government and industry to address to help ensure that construction and the built environment in the south east is in the best position possible in the short, medium and long term:

Prepare for growth through •increased productivity which requires a focus on maintaining existing skills and developing new ones;

Lead the low carbon agenda •by ensuring that companies in the sector have the knowledge and skills in place to maximise opportunities;

Engage with employers to meet •the demands for skills today and in the future;

Tackle the recruitment •challenge by ensuring that there is a pipeline of talented new entrants coming into the industry;

Develop education and training •provision for new entrants as well as the existing workforce.

The Construction Skills Network (CSN) has been in operation since 2005 and is the most robust of all industry forecasts in establishing the future skills and training requirements of the UK’s construction sector. The CSN figures are used by ConstructionSkills to develop and deliver a range of products and services to construction employers – these ensure that the industry has the right skills, in the right place, at the right time.

Details: www.cskills.org/csn


news 7


w w w.w i l k i n s k e n n e d y . c o m

We aim to make our client partnership the perfect pairingTo contact your local Wilkins Kennedy office please log on to our website

Oxford Brookes is helping Stannah Stairlifts make their products more sustainable and reduce their carbon footprint.

So what can we do for you?

Knowledge Transfer Partnerships with Oxford Brookes: developing your business with university knowledge and government funding.

Charlie Symonds, Brookes KTP Associate at Stannah Stairlifts

Part-funded by Government, KTP is a Technology Strategy Board programme

01865 484204 [email protected] www.brookes.ac.uk/business_employers

Spectrum Corporate Finance has successfully led the re-capitalisation of the Alcumus Group on behalf of Sovereign Capital Partners in a deal involving the arranging and structuring of new debt facilities of £9 million.

Based in Aylesbury, the Alcumus Group is an investment vehicle backed by Sovereign Capital that operates in the risk management, compliance and certification sectors and consists of three companies all of which have been acquired by Alcumus since 2009. Alcumus is the UK market leader in the provision of occupational hygiene consultancy and one of a limited number

Spectrum leads Alcumus refinance dealof UKAS accredited audit and certification businesses. In addition to providing web-based information management solutions for health and safety, compliance, audit and inspection. Alcumus provides its broad and multi-disciplinary range of services to more than 4,500 customers.

Having been approached by Sovereign Capital to provide debt advisory services for the re-capitalisation, working closely with the Alcumus management team Spectrum conducted an extensive business analysis, planning and presentation exercise generating considerable interest from a number

of leading debt providers in a competitive process.

Strong project management, allied to a detailed and intimate understanding of debt markets and credit appetite enabled Spectrum to move at speed and conclude the deal in less than three months.

Anthony Livingstone, group finance director of the Alcumus Group, commented: “We intentionally set a very tight time-line to re-finance the business and introduce some bank debt in to our balance sheet.

“Spectrum reacted with great speed and agility, and played a crucial role in guiding and assisting the

management team through all of the key project milestones. Our re-capitalisation was delivered on time, despite the Christmas period, and the terms achieved more than met our expectations. All in all, a great job.”

Ian Milne, partner at Spectrum Corporate Finance, said: “We were delighted to work with both Sovereign and the team at Alcumus and to demonstrate our credentials not only in our ability to navigate the debt markets and deliver under pressure, but in quickly understanding the business model and in building a strong relationship with the management team.”

news8


www.solo-uk.com0118 941 0101

There’s nothing that says you have to use envelopes to send offers or newsletters to your customers. At SOLO we’ve packed letters into boxes, bags, tubs, tubes, filmcans and bottles. We’ve enclosed brussels sprouts, pennies, sand and slippers, tickets, letters, brochures, shower heads, stickers and stress-balls!

If it needs to be sourced, assembled, packed or prepared... Talk to the packaging and

enclosing professionals at SOLO. Unit 3 Marcus Close, Reading RG30 4EB

Celerant Consulting, the Surrey group that other companies turn to for help with managing change, was the star act from the Thames Valley in the latest Sunday Times Deloitte Buyout Track 100 league table. The Richmond-based group was named fifth in the list of private equity-backed companies with the fastest-growing profits over £50 million, based over the past two years of available accounts.

From offices in Europe, the Middle East and America, Celerant helps clients to improve their operations by refining organisational effectiveness, improving processes, and streamlining supply chains.

Companies on the Buyout TrackThe firm specialises in the energy, chemicals and manufacturing sectors, and is moving into private-equity consulting. Chief executive Ian Clarkson led a £42m buyout from Novell in 2006, backed by Caledonia Investments. Profits rose by 100% a year, from £1.9m in 2007 to £7.5m in 2009.

Abingdon-based Achilles Group was the highest mid-market Thames Valley company in the Buyout 100 table at number 13. The company identifies, assesses and monitors suppliers for big organisations worldwide that are looking for high-quality, ethically sourced products. Procurement specialists

from more than 700 companies use its systems to get information about the financial, environmental, health and safety, and social-responsibility credentials of their key suppliers. HgCapital backed a £75m primary buyout in 2008, and profits grew 74% a year, from £3.5m in 2008 to £10.6m in 2010 under chief executive Colin Maund.

Two Newbury-based groups made the top 30. Quantel, founded in 1973, supplies content-management software and hardware to television companies and film studios around the world. Its products have been used on movies such as Avatar and Made in Dagenham, and the company claims that more than 100 broadcasters rely on its technology. In 2000, the private-equity house LDC backed a management buyout from Carlton Communications for an undisclosed amount and Quantel is now negotiating a restructuring deal. Under chief executive Ray Cross, profits grew 55% a year, from £1.9m in 2007 to £4.5m in 2009.

Gamma Telecom provides a variety of fixed-line telephone and internet services to businesses both large and small. This year the company announced that it had achieved more than 30,000 connections with its mobile and data services. In 2002 Kerry Group, Sofaer Capital and Marconi made a £7m investment in Gamma Telecom, obtaining a majority stake. Under chief executive Bob Falconer profits grew 54% a year, from £2.7m in 2007 to £6.5m in 2009.

Britax Childcare at Chertsey was at 41. This firm makes child-safety products including car seats, bicycle seats and pushchairs. The business distributes its products to more than 40 countries, and is a leading brand in many of these. It was divested from Britax International and bought by Carlyle Group for £230m in 2005, before Nordic Capital backed a £450m secondary buyout in November 2010. Under chief

executive Karl Kahofer, profits grew 44% a year, from £17.4m in 2007 to £36.2m in 2009.

At 58 was Bagshot-based DC Leisure Management, a company that manages and develops leisure facilities such as swimming pools and gyms for local authorities. Founded in 1991, it has grown into one of the country’s largest operators, working for 31 councils, managing 110 leisure centres and employing 6,500 people. It also builds new facilities and has just completed a £35m private finance initiative contract with Rotherham Council for four new sites. Sovereign Capital backed a £14m primary buyout from OCS Group in 2003. Under chief executive Steve Philpott, profits grew 34% a year, from £7.6m in 2008 to £13.6m in 2010.

Dreams of High Wycombe, which aims to provide customers with a great night’s sleep through its beds, mattresses and bedroom furniture, made the list at 83. Celebrating 25 years in business, the company now sells a range of more than 150 beds and mattresses from 260 superstores nationwide. In 2008 Exponent Private Equity backed a management buyout thought to be in the region of £200m. Under chief executive Nick Worthington profits have grown 25% a year, from £16m in 2007 to £25.1m in 2009.

Kerr Mitchell, head of the south region at league table sponsor Deloitte, commented: “Many private equity-backed businesses in the south east have weathered the storm once again and shown that sustained growth is possible. As the economy continues to strengthen and transaction confidence returns, deal volumes and corporate appetite for expansion through acquisitions will increase and I believe that many private equity-backed businesses will remain at the centre of M&A activity.”

The table is compiled by Oxford-based Fast Track.


news 9


iPeople in focus

Large (over £1 billion)

Medium (£250 million to £1 billion)

Small (£50 million to £250 million)

Sub £50 million

Closing price Closing price Change in 31/12/10 31/01/11 share price

BG GROUP 1296 1401 8%SHIRE 1543 1647 7%WOLSELEY 2046 2177 6%ICTL.HTLS.GP. 1243 1315 6%VODAFONE GROUP 165.8 175.35 6%CENTRICA 331.6 319.9 -4%RECKITT BENCKISER GROUP 3525 3395 -4%HALMA 359 337.9 -6%INTL.CONS.AIRL.GP.(CDI) 272.5 256.4 -6%GLAXOSMITHKLINE 1240 1128.5 -9%


XP POWER (DI) 1042 1385 33%INTERSERVE 231 271.25 17%KOFAX 298 340.5 14%MORGAN CRUCIBLE 243.6 271.8 12%MICRO FOCUS INTL. 388.7 410.2 6%RPS GROUP 230.4 208.2 -10%DIXONS RETAIL 22.92 20.43 -11%MCBRIDE 188 155.1 -18%DE LA RUE 819.5 667 -19%YELL GROUP 14.5 11 -24%


MICROGEN 107 130.5 22%FUTURA MEDICAL 71.5 81.75 14%ANITE 60.5 64.5 7%ACAL 275 292.5 6%COSTAIN GROUP 212 220 4%RWS HOLDINGS 367.5 342 -7%ALBEMARLE & BOND HDG. 315.5 280 -11%NANOCO GROUP 103 89.5 -13%AEA TECHNOLOGY GROUP 6.08 5.13 -16%HMV GROUP 32 23.5 -27%


LO-Q 97.5 125 28%VERNALIS 40.25 50 24%SOPHEON 8 9.75 22%KBC ADVANCED TECHS. 59.5 72.5 22%NOBLE INVESTMENTS (UK) 126 149.5 19%STARVEST 17 15 -12%JOHN LEWIS OF HUNGERFORD 1 0.85 -15%PARSEQ 9.88 7.75 -22%UNIQ 8.15 5.75 -29%MBL GROUP 90 56.5 -37%

EMPLOYMENT LAW UPDATES ShareleaguePresented by in association with

Thames Valley

BusinessT H E

M A G A Z I N E

The hand that rocks the cradle

Shire Pharmaceuticals, the Basingstoke-based group seeking to market a new drug for EDS (Excessive Daytime Sleepiness Model), was certainly no sleeper when it came to share price rises during January. In fact it returned one of the best results among larger companies.

Positive reports from an investigative study of the use of its Vyvanse capsules to treat EDS helped the shares rise 7%. “It is estimated that several million people in the US are affected by EDS. Research such as this may provide clinicians with new therapeutic options in the management of this clinically important symptom,” said Dr Thomas Roth.

The real star of the month, however, was XP Power, one of the world’s leading developers and manufacturers of critical

power control components to the electronics industry. A trading update showed revenues for the last quarter of 2010 grew 47%, and for the whole year were 36% higher than in 2009 – helping the share price of the Pangbourne-based group to a 33% hike.

“The group has entered the new financial year with its order books at record levels and remains well placed to deliver further revenue and earnings growth in 2011,” said a statement.

Best performance of the small companies was Microgen, the Fleet-based group which runs Aptitude Solutions and Financial Systems businesses. It ended the old year by being identified as a “strong performer” among 15 leading comprehensive integration solution vendors.

Amid the controversy that was the high-profile sacking of Andy Gray following leaks of sexist comments at Sky sports and further allegations of a general culture of bullying and sexism, it was disappointing to hear that male dominated industries, such as football, still hold outdated sexist views. This is especially disappointing as women struggle to close the gender pay gap and break the glass ceiling and despite increasing efforts by the Government, through anti-discrimination legislation, to redress gender inequality in the workplace.

One of the reasons argued as to why there are fewer women at the top is that traditionally it is women that take on the lion’s share of the caring responsibility for children when starting a family. This can often include periods of maternity leave, career breaks and the requirement to work fewer hours or more flexibly when they return to work. Inevitably and unfortunately it would appear that this can often have a detrimental effect on a woman’s career progression.

However, is the tide changing?

Yes, according to Nick Clegg and his vision of the future of “shared parenting”. Commenting on the current parental leave rules, he said: “These rules patronise women and marginalise men. They’re based on a view of life in which mothers stay at home and fathers are the only breadwinners... So it’s no surprise that many working women feel they can’t win.”

The government’s latest additions to its raft of family friendly legislation will allow fathers a greater level of involvement in the care of their children. As of April this year, fathers of a child expected on or after 3 April, will be entitled to additional paternity leave (APL). This will allow them the option to take up to six month’s paternity leave, in addition to their current two week entitlement. This right will only be available if the mother returns to work and has not used all of her statutory maternity leave.

The father may also be entitled to additional statutory paternity pay (ASPP), if the APL is taken when the mother would have still been entitled to statutory maternity pay (SMP).

These are intended to be interim measures and further changes are on the horizon. Further measures and proposals include:

The right for fathers to •take up to 10 months’ paid paternity leave, from a lot earlier in the child’s life (possibly after the first six weeks).

Parents being able to take •the leave in a number of chunks and split the time off they have into shorter segments, rather than consecutively.

Parents able to take time off •at the same time.

Fathers receiving a minimum •set period of paid leave to encourage more time with their children.

For more information please contact a member of our employment law team.

Details: Barry Stanton0118 [email protected] To request weekly employment law e-updates email: [email protected] to our employment law podcasts at: www.boyesturner.com/services-employment.html?pgid=349Follow us on Twitter: http://twitter.com/btemplaw

Barry Stanton

news10


University joins global telecommunications union

Prof Ruth Farwell with Dr Hamadoun Toure

Bucks New University has been invited to become a member of the Academia

Sector of the International Telecommunication Union (ITU),

joining members from Europe, Africa and the Far East.

Prof Ruth Farwell, vice chancellor of Bucks New University, formally received the membership certificate from Dr Hamadoun Toure, secretary-general of the ITU, at Missenden Abbey Conference Centre.

Dr Toure was guest of honour at a welcome reception and dinner hosted by the United Kingdom Telecommunications Academy (UKTA) to mark the launch of a second course it is running with the University, a master in laws in information and communications technology law (LLM).

The dinner also marked the start of the second cohort of students on the master’s in communication management (MCM).

Both programmes are aimed at people currently working in the telecommunications and information technology industries. The MCM and LLM courses will run side by side, enabling delegates from the two courses to network with each other.

The blended learning courses are run between Bucks New University and the UKTA and have already attracted students from the UK, Cameroon, The Gambia, Ghana, Nigeria, Rwanda, Tanzania, and Zambia.

Bucks is the first UK university to become a member of the ITU Academia programme, joining members including: the Kigali Institute of Science and Technology in Rwanda; Nanjing University of Posts and Telecommunications; The Open University of Tanzania; Waseda University in Tokyo; and other universities in Algeria, China, Denmark, India and Tunisia.

ITU is looking to eventually create a global network of around 100 universities to share expertise, knowledge, and research.

Prof Derek Godfrey, deputy vice chancellor at Bucks, said: “The blended learning approach used on these courses enables individuals from a wide range of countries to benefit from the business-focused courses and extremely high standards of content, as well as a flexible learning experience.”

Dr Toure spoke of his excitement in welcoming new participants from the academic sector, which, he said, would inject new energy into the work of ITU: “The involvement of academia brings a fresh new voice to the work of our three sectors.

“These institutions are the seed-beds that nurture the rising stars of tomorrow’s ICT industry, be they engineers or business leaders, and their unique perspective will help us remain at the forefront of the industry we serve.”

Prof David Mellor OBE, UKTA chairman, said: “We are pleased to support Bucks New University in the field of international blended learning and welcome the opportunity to extend the use of Missenden Abbey for this work.”

Details: www.bucks.ac.uk

Small and medium businesses (SMEs) in the south east should consider expanding overseas to bolster growth.

Research by professional accountancy body ICAEW concludes that 70% of UK businesses are looking overseas to further their recovery and that the downturn has increased the pace of globalisation in advanced and emerging economies.

With spending cuts and slow growth in the UK cutting domestic demand, access to new markets is cited as the primary benefit to expanding abroad. Small businesses however need to consider a number of factors before they start the globalisation process.

Fay Webster, ICAEW’s south east regional director, said: “The UK is an almost saturated marketplace. Economic growth will be delivered by SMEs and those that look beyond these shores to market their products and services. There are three key things to get right before exporting business though; the plan, the place and the process.”

The plan

Research is critical. This may be difficult •but it should not be neglected especially as many decisions to export are opportunistic. Investigate on a social, economic and political level.

‘Look overseas for sales’Assess the product range and identify •which products to export and the modifications that will be needed to enter different markets eg images and language on packaging etc.

Get the finances in order. Entering new •markets differs from increasing a share in the UK. Start-up costs, contingency funds and currency fluctuations should all be budgeted for.

SMEs should be clear about their strategic •objectives, have a clear strategy to achieve them and ensure it is stress tested.

The place

Consider all options as any number of •things can affect the success of a move like this. If you’re thinking globally, you have to look at the bigger picture.

Know your legal position in relation to •UK tax; export and import controls; and what documentation is required such as movement certificates or carnets.

Find out about the laws in the potential •marketplace too. What is the tax system like (including taxes on sales)? When exporting to the Gulf, for example, what impact will Islamic banking practices have on your business?

Talk to freight/transport agencies to •decide on the logistics of moving goods.

The process

How will you physically manage the •operation? Will you recruit a team on the ground or have UK staff travel abroad? In some countries companies are required to have a minimum of local directors in the board.

Will you operate through an incorporated •body or set up a joint venture with a local partner? This choice can have huge implications on the laws which govern the venture and the taxes that apply.

What impact will all this this have on your •UK operation? Consideration should also be given to the transfer of funds from and/or to the UK.”

In present day austerity Britain, with its slow and fragile recovery, international expansion has many benefits. The prime minister, David Cameron, speaking at the World Economic Forum in Davos, made it clear that growth will come from international trade. He said: “We need to rebalance our economy with greater emphasis on exports, manufacturing, high-tech and new green industries.”

Details: www.icaew.com/enterprise


news 11


© 2011 PricewaterhouseCoopers LLP. All rights reserved. “PwC” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member fi rm of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity.

For the purpose of these awards, private businesses are defi ned as UK organisations which are majority (51%+) owned by individuals or families, which have no publicly traded shares.

www.privatebusinessawards.co.uk

Celebrating the best. The Private Business Awards.

We want to celebrate private business, that’s why we’re launching the Private Business Awards.

business enter now for free at www.privatebusinessawards.co.uk by 29 April 2011.

26187.indd 1 08/02/2011 16:43:01

That’s how Basingstoke and Deane Borough Council has hailed the news that Enterprise M3 has won its bid to become a local enterprise partnership.

The approval of the Enterprise M3 bid was announced last month by minister for business Mark Prisk. The new style economic partnerships bring together local business and civic leaders, working to support their local economy. They operate in geographical areas that reflect natural economic areas to provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth and job creation in their area.

Covering the north Hampshire and north west Surrey area, the Enterprise M3 local economic partnership bid, co-ordinated by Basingstoke and Deane Borough Council, brought together major companies, other businesses and business representatives with the local councils, universities, colleges and other public services making

Enterprise M3 bid win – ‘a major boost for the local economy’

decisions that affect the area’s economy.

The bid covered the areas of Basingstoke and Deane, East Hants, Hart, New Forest, Rushmoor Test Valley and Winchester in Hampshire and Guildford, Surrey Heath, Waverley and Woking in Surrey. Key organisations including the Hampshire Economic Partnership, the Federation of Small Business, Farnborough Aerospace Consortium and the chambers of commerce all worked hard in support of the local enterprise partnership (LEP). Geoff French of the global design and engineering company URS Scott Wilson based in Basingstoke, drove the support from the local business community.

The bid received 216 pledges of support from businesses including Nokia UK, Leki Aviation, AXA Wealth, Surrey Satellite Technology and Motorola. The University of Surrey, Winchester University, Queen Mary’s College, Basingstoke College of Technology and Farnborough College

added the crucial link with education. Hampshire County Council and the district and borough councils across the area all backed the bid.

The new LEP will now be asked to appoint a board and start its work. A business conference is planned for April to identify key priorities to meet the needs of businesses, from large multi-national companies to sole traders and start-ups, in an environmentally sustainable way. Priorities are likely to include transport, skills, broadband and investment.

Enterprise M3 covers an area responsible for producing £25 billion worth of goods and services annually, with 57,000 registered businesses, 537,000 jobs and a population of over a million people. The success of the bid was based on the level of business buy-in and a history of partnerships across traditional boundaries to make a real difference to the people who live and work in the area.

news12


The 2011 Thames Valley Business Magazine Awards will take place on November 17 at the Royal Berkshire Conference Centre, Madejski Stadium, Reading.

Already confirmed as category sponsors for the 17th year of TVBMA are law firm Pitmans, business advisers Deloitte and James Cowper, property specialists Vail Williams, and The Royal Bank of Scotland. More sponsors will be announced later.

Entries will open on May 1 and close on September 30. Categories include Best Company to Work For, Business of the Year, Dynamic Business Award, SME of the Year, and Management Team of the Year.

A full calender of Business Magazine events in 2011

THAMES VALLEY& SOLENT

DEALSAWARDS

10/11

THAMES VALLEYBUSINESS MAGAZINE

AWARDS 2011

Meanwhile, the Thames Valley and Solent Deals Awards 2011 take place at Oakley Hall, Oakley, near Basingstoke on April 7.

Recent additions to our list of sponsors for this prestigious event are law firm Paris Smith and corporate finance specialist HMT.

A small number of tickets are still available to what is the leading event for the corporate finance community in the south.

For full information contact events manager Linda Morse, details below.

Details: Linda Morse0118-9745584

Other event news

The latest Business Breakfast staged by •The Business Magazine, and hosted by the Royal Berkshire Conference Centre, took place last month with Reading West MP Alok Sharma and Tim Smith head of Reading UK-CIC presenting to the 80-strong audience. See page 26 for details.

The Business Magazine • hosts a series of Roundtable discussions during the year on subjects ranging from the economy to the environment. Last month, with support from MEPC Chineham Park, near Basingstoke, we staged a debate on the north Hants economy and prospects for business (see pages 39-43), while an event for owner-managed businesses, sponsored by accountants Wilkins Kennedy and held in Reading, will be reported in our April issue.

The launch of the 2011 Thames Valley 250 •listing will be at Stoke Park, near Slough, in the summer. The listings will appear in the July/Aug issue of The Business Magazine.

Companies in the Southern Tech 100, •revealed last month, are being surveyed and a Roundtable discussion will be reported in a future issue. For more on the Tech 100, see pages 36-38.

The UK’s first MBA programme specifically designed for recruitment executives has been launched by APSCo, the recruitment trade association, Henley Business School and Barclays Corporate, which is providing financial sponsorship for the best performing student.

The idea for the MBA – An Executive Programme for International Management (International Recruitment Management) was devised by Ann Swain, chief executive of APSCo. Commenting on the launch, she said: “We are thrilled to finally launch this ground-breaking initiative. The recruitment profession in the UK has waited too long for a professional qualification of this calibre, which has already received huge levels of interest from around the world.

“The motivation behind the creation of APSCo is to professionalise the recruitment

First MBA for recruitment industrysector. This MBA programme is a major milestone on that journey. The qualification will be an excellent way for companies to retain valued senior managers, aid with succession planning and boost credentials of any recruitment company management team”.

Mike Daniels, head of business services and recruitment at Barclays Corporate, said: “This is an incredible opportunity to support a hugely worthwhile initiative and to contribute to the development of the business leaders of the future – something which is in all our interests”.

The three-year programme will be delivered by flexible learning at Henley’s Greenland’s Campus which will allow students to continue working at the same time. Twenty places are set to be available in the first year (from September 2011) for qualified candidates.

The MBA is open to experienced managers with a degree and at least three years recruitment sector experience, or senior managers without a degree and at least five years industry experience. The programme will follow the structure of the Henley MBA and in addition include recruitment specific content and more classic MBA activities. As part of the international element, delegates will have the opportunity to undertake a work placement abroad. Programme members will have the opportunity to spend a week abroad with a staffing company.

The subject pathways of the recruitment element of the programme is being created by a steering group of leading recruitment professions executives and academics, chaired by APSCo chief executive Ann Swain who has spent 29 years within the recruitment sector.


news 13


dVThe da Vinci Building

Innovationstarts inCambridge

Angus [email protected]

Tom [email protected]

08449 02 03 04020 7895 1515

Jamie [email protected]

Mike [email protected]

Grade A Headquarters Office Building available now 41,167 sq ft (3,824.6 sq m)www.davincibuilding.co.uk

Haines Watts wants to hear from you if you have passion and business talent and are aged up to 30 years. Alternatively, if you are reading this and know of someone who might like to enter, please pass this on to them.

Candidates must be either living, working or studying in the Thames Valley area (Berkshire, Hampshire, Surrey, Buckinghamshire or Oxfordshire) and running a business for profit or for charitable purposes to be eligible for entry. The closing date is midnight on July 31, 2011.

Jane Gregory of Haines Watts said: “This competition will reward those with a good business concept and plan for the future, as well as qualities such as innovation, creativity and business potential.”

There will be prizes awarded at both the local semi-finals stage and at the regional finals (in the autumn) and they will be made up of a cash sum, combined with a year-long mentoring programme with a Partner at Haines Watts. There will also be all the associated publicity and advice on offer to the candidates and their business as they go through the process. This includes free membership of Nigel Botterill’s Entrepreneur’s Circle (Botterill is a serial entrepreneur and founder of the ‘Bestof ’ online business directory).

For further information about the Haines Watts Thames Valley Young Entrepreneur Award 2011 or to register, visit the website or send an email, details below.

Details: Haines Watts Thames Valley Young Entrepreneur Awardwww.hwye.co.uk [email protected]

Haines Wattswww.hwca.com

Follow HWYE on Facebook - Haines Watts HWYE and Twitter - www.twitter.com/hwye2011

Please remember, the deadline is July 31, 2011.

Please see the full rules, terms and conditions •at www.hwye.co.uk

Calling all young entrepreneurs - your country needs you!Never before has this country needed to get behind its young business people as much as now – their success or failure will affect our economic future and they deserve our support. In recognition of this, and building on last year’s competition success, HW Chartered Accountants launched the Haines Watts Young Entrepreneur Award Competition 2011 on March 1

The judges with the HW Young Entrepreneur finalists at last year’s finals

news14


Grundon Waste Management, the largest privately-owned waste management group in the UK, has successfully completed the re-development of a Materials Recovery Facility (MRF) thanks to an innovative £4.2 million funding package from Lloyds Bank Corporate Markets.

Lloyds Bank Corporate Markets was able to recommend a five-year hire purchase facility with fixed interest rates, to ensure budget certainty for Grundon. The bespoke funding package was structured to provide the company with a full release of funds – a portion of which was in advance of full payment being made to its supplier. As the majority of the investment in the MFR had been made from the company’s cash reserves, this funding allowed it to release cash into its business at a key point in its financial calendar.

The new Colnbrook MRF is one of the most modern in the UK and uses the latest infra-red technology to separate

Lloyds Bank provides £4.2m re-development funding to Grundon Waste Management

mixed recyclables in a more efficient and mechanised manner, which will bring the cost of recycling down and translate into reduced amounts of materials sent to landfills. The investment follows continued legislative pressure towards greater recycling and will ensure that Grundon remains a leader in its field.

Clayton-Sullivan-Webb, financial director, Grundon Waste Management, commented: “When it came to refinancing our investment in the Colnbrook MRF, it became clear that it would be beneficial to look further than our legacy banking partners. In the aftermath of the financial crisis, it is important for companies such as our own to get the fundamentals right and we were very pleased to find that Lloyds Bank offered a sound funding base at market-competitive rates. The entire process took just five weeks, which meant we were able to fulfil the requirements for the presentation of our statutory accounts.”

David Squire, relationship director, Lloyds

Bank Corporate Markets, added: “This is our first transaction with Grundon Waste Management and the first time that Lloyds Bank has provided funding for a complete installation of this type. We were impressed with the company’s track record, business principles and commitment to the environment. Together with Steve Mountain, a leasing specialist in the commercial finance team at Lloyds Bank, we were able to work with Grundon to provide this financing package. This deal marks the beginning of a new working relationship with the company and we look forward to continuing our relationship with them in the future.”

Grundon Waste Management has been operating in the UK for over 80 years, and in addition to waste collection, the group undertakes recycling, clinical waste collection, hazardous waste collection, secure disposal of confidential waste and clinical/hazardous waste treatment. The company is also involved in a major joint venture producing energy from waste.


news 15


Your Disputes“Our goal is to achieve the commercialoutcome you need as fast as possible”

Rick Munro, Partner, Dispute [email protected]

www.lamportbassitt.co.ukLamport BassittSolicitors

BusMagAdvert-jan2011-artwork:Layout 1 13/01/2011 17:31 Page 1

Hosted by Channel 5 newsreader Emma Crosby and featuring keynote speaker Andrew Neil, the glittering gala dinner takes place in the Grand Ballroom at the Landmark Hotel in Marylebone on Tuesday, March 22.

Competition has been particularly healthy this year with the judges sifting through a record number of nominations for the awards that are sponsored by PwC.

Rodger Broad, director for the IoD in the south east, said: “These annual awards recognise the hard work, inspiration and management skills of business leaders in a wide variety of sectors.

“We are pleased and encouraged that we had a record number of nominations this year, with 326 directors’ names being put forward, despite these challenging economic times. From these we had more than 100 entries to consider for the awards.

“It has certainly presented the judges with a challenge as there were not only a record number of entries to consider but they were of a very high standard.”

The judges have been looking at various criteria, including the candidate’s personal influence on their business, their corporate social responsibility and how they interact with their staff and customers.

Finalists from the Thames Valley region include: Steve Gargett, director of Basingstoke-based Glazing Protection Systems in the New Business category; Bob Urie, chairman of Mediplus, High Wycombe, and Zoe Raven, managing director of Acorn Childcare of Milton Keynes, both of whom feature in the Director of the Year up to £4.99m category.

“We are looking forward to welcoming the cream of London and the south east’s business leaders to the Landmark Hotel for what promises to be a glittering night,” said Broad.

“In Andrew Neil we have an engaging, authoritative and high profile keynote speaker who I am sure will give us all food for thought as we consider the challenges ahead in 2011. And,

Awards night glory awaits for the south east’s best directorsThe cream of the business world will gather later this month to find out who among them has picked up one of the Institute of Directors’ London and the South East Director of the Year Awards

of course, we look forward to celebrating the successes of our award winners who can provide inspiration for us all.”

The IoD represents some 20,000 business leaders in London and the south east of England and is the world’s most experienced and long-standing organisation advocating director professionalism.

It provides a professional network that reaches into every corner of the business community. Membership spans the spectrum of international business leadership, from the largest public companies to the smallest private firms.

Andrew Neil is an exciting and entertaining speaker with fascinating insider knowledge of the world of business, politics, media and the Arts. A broadcaster, publisher and company chairman working out of London, New York, Dubai and the South of France, Andrew combines a remarkable array of responsibilities.

As a superbly informed BBC television anchorman, he presents four editions of theDaily Politics every week, as well as the award-winning This Week and Straight Talk with Andrew Neil.

Neil publishes The Spectator, Spectator Business, Spectator Australia and internationally renowned art magazine Apollo. He chairs a world-leading talent agency, a company owning and exploiting TV rights and formats across the globe, and the Gulf’s biggest magazine publisher.

During his career Neil has been a White House correspondent, edited The Sunday Times and launched Sky Television.

He is now a Fellow of the Royal Society for Arts.

Director of the Year:

For companies with a turnover up to •£4.99m

For companies with a turnover £5m - •£24.99m

For companies with a turnover £25m - •£99.99m

For companies with a turnover £100m and •over

International Award

For companies with a turnover over £5m •and trading overseas ie buying and selling overseas and/or operating overseas ie. physical presences overseas

New Start Business (in first five years of trading)

For companies with a turnover up to £4.99m•

For companies with a turnover £5m and over•

IoD Chairman’s Special Award

Not for Profit Organisations•

The award categories under contest are:

Details:www.iod.com

A speaker of substance

news16


Get savvy. Go digital

J.A.F.A.R Discount available throughoutJanuary, April, February and August

J.A.F.A.R the new word for Cheaper Meetings!

CALL US TODAY 0118 968 1333 Just Quote J.A.F.A.R

Everyone from the FT to Rupert Murdoch is getting excited about iPad publications. . . as the readership grows

Now you too can pitch your products and services to a whole new market – by promoting your business in our app

The Business Magazine:Digital is full of features and news articles not seen in our printed editions.

Nearly 83% of readers who read the Digital Edition on a mobile device read it on an iPad.

As one industry publisher says: “2011 is the year when tablet devices take off and reach an unprecedented level of ubiquity.”

To get your content into our app – and out to a whole new generation of e-readers – contact us.

If you would like to be emailed every month with details of the content, email us your details to [email protected]

You can view the Digital Edition through our homepage – just visit www.businessmag.co.uk and click on the cover image or on an individual headline


women in business 17


As I write the Government is announcing details of the much-anticipated agreement with the banks, Project Merlin. HSBC, Barclays, Lloyds and RBS have promised to increase loans, but there is clear reluctance to be forced into lending to companies that might default. This dilemma is a reminder that bank loans are only one element of the funding ecosystem needed to enable SMEs to grow. In thirty years of funding businesses I’ve seen that many of the most promising ventures are better suited to equity than loans. Yet the UK has suffered from an equity gap since long before the credit crunch. Increasing equity investing is essential to accelerating economic growth from the bottom-up and I believe business angels could be the key.

Today business angels invest some £800 million-£1 billion annually across the UK in growing young companies. If their ranks can be increased many more of our brightest entrepreneurs will receive the funding they need. One way of achieving this is to address the fact that currently only 3% of business angels in the UK are women. This is despite nearly half the country’s millionaires being female. Successful, wealthy women are out there, but as yet they are not investing in businesses.

The reason for the dearth of female business angels is partly economic and partly cultural. Until fairly recently entrepreneurship has been claimed as a

male domain, and we have had very few women cashing out their businesses and becoming investors. For a long time Anita Roddick was the only female entrepreneur to be a household name. However, a new breed of female entrepreneur has emerged particularly with the growth of internet and service companies in which women have excelled. With commercial expertise and a passion for business many of these women have all the ingredients to become great investors.

As well as boosting the pot of equity available to UK businesses, addressing the gender imbalance amongst investors by attracting women would have other benefits. Any market which lacks balance does not operate as efficiently as it should do. Greater diversity of angels would lead to more successful investments. Commercial teams are strongest when they contain people with different skills and experiences to create a perfect mix. The same is true of teams of investors. A female investor often looks at a proposition in a different way to their male peers and additional perspectives build a more complete picture.

A more representative mix of angels might also help attract more female entrepreneurs to seek equity funding and grow faster, as research has found some are put off by the all-boys-club image of investors.

In an effort to get more women investing, at the same time as addressing the gender imbalance in the innovation economy our organisation

Finance South East set up Incito Ventures, a female-led investor club last year. This group of successful professionals invests seed capital in businesses with the potential to become world class companies. Its members focus on female-led businesses, particularly those in technology, media, telecoms, retail, life sciences and cleantech.

As the first group of its kind in Europe we hope that Incito will become one of many forces to open up investment opportunities to women and address the equity gap. There are some incredible young businesses with great potential to become the economic drivers and job-providers of the near future, but only if we can work together to get the funding environment right.

Details: www.financesoutheast.com

Are business angels the answer to lending?Sally Goodsell, CEO of Finance South East, comments

In the wake of the discussions in parliament about positive discrimination and a quota for female board members in FTSE 100 companies, the topic of women in business has never been more hotly debated. The scandal over the Andy Gray and Richard Keys’ story has added another dimension to this and placed the issue of gender at the heart of public discussion.

Only this week, Radio 4’s Woman’s Hour launched its Women in Business series following the fortunes of three women building and developing their own companies.

Also this week, the leading corporate and technology law firm, White & Black Legal held a seminal debate on the problems facing women seeking finance for their businesses. The debate, set in the magnificent surroundings of Drapers’ Hall in the City of London, saw some of the leading commentators in this field debate the problem with lawyers, venture capitalists, government representatives and industrialists.

Women entrepreneurs and accessing financeAmongst the distinguished panel of speakers were some of the country’s leading economists and commentators on the role of women in business today. After being introduced by Victoria White of White & Black Legal, the panel discussion was chaired by Dr Vicky Pryce, former director general, economics & chief economic adviser at BIS and now a member of the secretary of state for business panel. Dr Pryce was joined by Dr Rebecca Harding, who appeared on Radio 4’s Woman’s Hour Women in Business series the previous day, and now MD of Delta Economics, Anne Glover CBE the CEO of Amadeus Capital and former chair of the BVCA and by Ken Olisa OBE, founder of Interregnum and now chairman of Restoration Partners.

The debate was lively and covered issues as diverse as women’s attitudes to risk and the importance of finding appropriate mentoring for women. White & Black’s managing partner, Phil Riman, told the audience that equality issues were

of paramount importance in the legal profession. The firm is a leading corporate and technology law practice in the UK and Riman said he was proud that the firm had been the catalyst for such an important debate.

Video footage of the debate will be streamed from www.wablegal.com in the coming weeks.

White & Black is a specialist UK law firm which provides advice on technology and corporate law to corporations, entrepreneurs, venture capitalists and other institutions. The firm has particular expertise in the field of information technology, ranging from the financing of early stage companies through to questions of liability in digital content. Since 2009, the firm has been independently ranked as one of the top 20 UK firms for its work with venture capital backed businesses (Chambers Guide).

Details: [email protected] www.wablegal.com

women in business18

THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2011www.businessmag.co.uk

As the first female vice-chancellor of Bucks New University, Farwell has implemented and overseen significant change since her arrival in January 2006. Under her leadership, the institution gained full university status in 2007, and embarked upon a major campus re-development programme which in 2009 saw the sale of two campuses and relocation of staff to High Wycombe and Uxbridge.

During the same period a striking new flagship building known as The Gateway was constructed in the heart of High Wycombe town centre, and an office building at Uxbridge was converted to provide appropriate facilities for nurse education students and healthcare research close to the hospitals that they serve. Both The Gateway and Uxbridge provide students with an industry and professional standard learning environment which is consistent with how the University sees its prime purpose: to

Professor Ruth Farwell is vice-chancellor and chief executive of Buckinghamshire New University. She is also chair of GuildHE, a representative body for higher education, and a board member of the Higher Education Funding Council for England (HEFCE)

A Bucks New University first

‘...there are a greater number of female students than male, yet there are fewer women than men in senior roles in the sector...’

prepare students well for work and their professions.

The University has also built new student accommodation in High Wycombe and enjoyed a period of significant growth in student applications under Farwell’s direction – not bad for five years’ work.

Farwell joined Bucks from London South Bank University where she was pro vice-chancellor with a portfolio covering academic planning and quality. Prior to that she held a number of head of department level posts at the University of Brighton. She graduated with a BSc in mathematics and a PhD in applied mathematics from the University of Kent.

Reflecting on her route to leadership, Farwell says: “I have been fortunate to have received a great deal of support from my bosses throughout my career, and without exception.

“In some ways you’re treated differently as a woman, which is of course natural, and I haven’t found this to be a problem. As a female I bring other experiences and skills to the table and build this into

my style of management and leadership. Some might describe this as the softer side of management, however I believe this human element to be fundamental to what I do. I don’t necessarily think that this is only something that women can bring to the leadership equation.

‘A work-life balance is something I aim to achieve...’

“I have built a supportive, efficient and new senior management team around me which enables me to do my job effectively. It is this teamwork which has lead to the University’s progression over the last few years.”

When Farwell accepted her role at Bucks, she and her husband took the decision to relocate to the High Wycombe area to be close to the institution. “An important part of my role is engaging with our partners regionally and by living close by I am able to participate fully and play an active and visible role both at the University and within the community,” she says.

...she is one of several women leaders at the top of major organisations across the Thames Valley...

“A work-life balance is something I aim to achieve, and I enjoy life locally. I’m a keen supporter of the London Wasps, whose home ground is in High Wycombe, and my husband and I attend most home games.”

When looking at the higher education sector as a whole, it is interesting to note that there are a greater number of female students than male, yet there are fewer women than men in senior roles in the sector, and only a handful of female vice-chancellors, of which Farwell is one.

Interestingly however, she is one of several women leaders at the top of major organisations across the Thames Valley area. These include Karen Satterford, chief executive of Wycombe District Council, Sara Thornton, chief constable of Thames Valley Police, and Anne Eden, chief executive of Buckinghamshire Healthcare NHS Trust – a sign of changing times perhaps?

Does Farwell have any advice for other women in business and those aspiring to her level of seniority? “Understanding and knowing yourself, your preferred management style, and the pace at which you would like to progress, is the most important thing,” she says.

“Personally I have always wanted to remain in a position long enough to fulfil my aims and objectives. Others may prefer to move up the ladder more quickly, but a firm commitment and loyalty to the role is one I strongly believe in.

“Looking forward, my aspiration is to steer the University, its students and staff through these challenging times, and to lead the institution on to a stable and successful future.”

Details: www.bucks.ac.uk


women in business 19


Only 20% of firms in the south east plan to hire working mums in 2011 compared to 26% in the UK as a whole, according to research published recently by workplace provider Regus.

The Regus study finds that employers appear to be more reluctant to employ women returners than other employees. Nationally, 43% of companies questionned say they plan to increase staff numbers in 2011. The survey sparks concerns that the recession is causing the return of old prejudices about working mums among businesses in the region:

36% of employers in the south east still •fear that working mothers may show less commitment and flexibility than other employees;

34% of business chiefs in the region believe •working mums will leave shortly after training to have another child;

Firms shy away from working mums

Forward-thinking companies are already working hard to improve their diversity agenda but, not enough businesses recognise the potential rewards of providing a more female-focused working environment, or realise the risks if they don’t, says RSM Tenon employer solutions director Stephanie Wilson.

“The long-term aim of 21st century companies should be to establish a better commercial balance of staffing – and in many cases this means making improvements to support female career development and providing family-friendly employment options,” said Wilson. “This is a business-case driven scenario.”

Currently, too few women are involved within UK plc and its daily operations, decision-making and strategic planning, says Wilson. (Lord Davies’ recent government report highlighted that only 12% of leading companies’ board members are female.) Many companies do not have a workforce that reflects general public diversity, particularly gender.

“There is evidence that companies with a better gender balance to their workforce, with women involved at senior-level, tend to perform better financially,” Wilson added, mentioning research published by McKinsey Quarterly.

Wilson says she believes businesses are missing out on a largely untapped resource of talent, creativity and innovation by not developing the operational roles and managerial skills of women more broadly.

Gender up the agendaThe door is opening wider on the biggest business opportunity in the UK (and beyond) – full integration of women within the workplace. John Burbedge of The Business Magazine writes

Stephanie Wilson

And increasingly, businesses are risking the loss of female talent and experience through failing to encourage valued often highly-trained female employees to return to work after childbirth. Hiring and retaining women at all levels can actually enlarge a company’s talent pool – helpful when skill shortages strike.

So what should businesses do to tap and retain this wealth of talent?

Employment flexibility and a family-friendly employer focus are key attractions, says Wilson. Staff retention may also require the removal of workplace barriers to progression faced by women.

With annual childcare costs often running in excess of £6,000 – more than some employees’

mortgage payments – employer provision of childcare packages has become important.

Many companies choose Salary Sacrifice Schemes to deliver a wide range of tax-effective non-cash employee benefits. These can include tax-free childcare vouchers, discounted purchasing at selected stores, a 24/7 parental support service, and other features tailored to the employee, such as cleaning and concierge facilities.

Enlightened employers accommodate unstructured absence – where a child or even the childcarer falls sick, for example. Commitment to true flexible working, in both time and location, has to become part of the working relationship.

When properly structured, the SSS agreement – the employer reduces the employee’s pay in return for a stated benefit – can result in tax and NI savings, depending on benefit choices.

Professional assistance should always be used in setting up an SSS, Wilson advises. Employment law and tax legislation need careful observation to avoid costly errors.

While ability not gender should be the only criteria for career progression, Wilson also urges employers to recognise that women may approach learning and training, or personnel management differently to men. “The business stereotypes of old may not suit the diverse workforce needs of tomorrow.”

Details for RSM Tenon Offices.

Reading: 0118-9530350Basingstoke: 01256-312312Marlow: 01628-478100

15% are worried that women who return to •the workplace will have out-of-date skills.

Findings from the survey will be of particular concern to families, women’s groups and the government alike. Compared to the last recession, women are making a greater financial contribution than ever before to their families. The high number of women in the public sector and the expected job cuts in this segment will drive up female unemployment noticeably.

Celia Donne, regional director of Regus and a mother of two children, commented: “It is not surprising to see that prejudiced attitudes come back into play with economic belt-tightening. Some businesses in the south east are evidently still guilty of applying old-fashioned misgivings to the contemporary work environment. While the vast majority of firms agree that barring the door to working mums means shutting out valuable staff, there is some concern that family

commitments may hinder working mothers from giving their job full attention and commitment.

"In addition to this, cuts in the UK public sector, where 65.5% of the workforce is female, mean that more women will be in search of employment in 2011, exacerbating the problem.

“As the workplace evolves it is recognised that businesses that are able to integrate these valuable assets stand a better chance of success. Fortunately, flexible work arrangements are becoming the norm and savvy businesses will find that they are able to provide a more family friendly and at the same time more productive work environment simply by allowing employees to work alternative hours or closer to home.

"Recognising that the needs of working mums are not exceptional and extending them to all workers will provide productivity and overheads reduction benefits as well as making for more motivated staff,” she added.

women in business20


Fifteen years ago, armed with just £15,000, Alison Frith set up Artizian Catering. Since then the Berkshire company, which provides catering for staff at sites mainly across the Thames Valley and London, has experienced growth, significant downsizing in the economic downturn and now re-growth, but Frith is focused firmly on the future. Eleanor Harris talked to her about success, drive, women, children, and the next big thing in food.

How and why did you start the business?

Artizian was incorporated on December 23, 1996 and we started trading in 1997. I set up Artizian to fulfil my own dream. I realised that I either work for other companies and compromise my own beliefs or I do it for myself. I need to know that I am driving my own standards. I started it up with just £15,000 – I don’t know whether you could do that these days. Lots of people said “my god what a risk”, but I thought “no”. In fact for my first three years I hit my business plan and targets spot on every time. I always believed it to be the right thing. It only really struck me in year three when you start dealing with millions as opposed to thousands. Our sector is very low profit margin but very, very high turnover, so you talk in millions when you are negotiating.

Can you tell me about the growth of the company?

When we started, the turnover was £460,000 and we had 14 employees. Turnover projection for this year is £10.2 million with 377 employees. The biggest change for us was when the economic downturn hit everybody. I would say that our business shrunk by between 25% and 30% in most sites which is significant. It took our number of employees from 344 to 242. We work with finance institutions and they were hit hardest. We had to respond very quickly and work with them so they felt they were getting the savings they needed within the time frames they needed. Now, we’re working back up and our focus is on getting 20 million turnover in the next two years, which we will achieve I’m certain. We would be significantly larger if our approach was just to grow, but it’s never been a numbers game, it’s about getting it right for ourselves.

Who are your most diverse clients and how do you tailor menus to them?

We work with companies that share our values. So even though they may be very diverse companies, for example pharmaceutical versus finance, they have the same values. Working with like-minded people makes it very easy to deliver the services because you all have the same expectations. In 2004 we invested in someone who handles nutrition within the company. I truly believe that you are what you eat – you are a reflection of your lifestyle and what you consume. A lot of the companies have caught up a bit with that but we have been working at it for a very, very long time. And that’s how we bespoke the sites. Some of it is about how many males there are to females and the age range. These

A recipe for successthings make a massive difference. For example, a lot of males, particularly if they are over 30 – they go home to eat in the evening so at lunchtime they just want a sandwich. A younger workforce -- it’s their main meal of the day. They eat at work because it’s far cheaper and far more convenient than having to go home and cook. Females – a lot of salads. You really have to get to know the workforce and the things they like and the things they don’t.

Artizian is a great success story and also a personal success for you – how does it feel to have achieved that, and how do you account for the success?

I love the fact that I’m in control of my own destiny. We reflect a lot on the good, as well as areas that need to move from bad to good, and learning lessons from that. But I’m also one of those people who’s always focused on the next thing, because you have to drive the company in that direction. It’s a highly competitive world, because it’s a mature market. With regards to our nutritional slant and bias, we are the only company that absolutely does deliver in that respect. But it’s our people, really. We have some really, really, really great people. Our staff retention is very high but we work hard. And it’s working really, really closely with clients. They know they can talk to you and that there is an immediate response. We listen, we deliver, we act and we win hearts and minds very quickly and easily, and that’s because a lot of the senior team are very visible in the business; it’s very open, very flat.

Is your company’s success in part due to having a female in the driving seat?

No, I don’t think so. My personality makes it a success in how I focus and the fact that I am so attention-to-detail driven, and that is a female trait. But in business, people like dealing with females and males, or people like dealing with males as opposed to females and you have to recognise that. I have stepped into a room and have been disliked intensely. Sometimes it’s like “these two are not going to get on”. It is generally down to gender. But I think where clients are looking for attention to detail, for some reason they prefer females. I think possibly they believe you more. Empathy and listening are a massively important part of our success and trying to be as intuitive as possible.

What does it feel like to run a business as a woman?

I really enjoy it. Because we’re all pretty equal I don’t really think about it in the sense that I am head of this company. My upbringing means that I have absolutely no preconceptions about anyone. I was in Wales and my first experience of anybody other than Welsh was when I hit London. You don’t have any prejudices imposed on you because you weren’t exposed to it. That has helped me massively. I have the same expectations from everyone who works for me.

For a female in business you can put up any

barriers you want to. You can find them, if you’re looking for them. But the reality is you will rarely face a situation where you didn’t achieve because you were a female. There aren’t many female managing directors in this field, it’s quite a guys’ network going on.

What is your advice to other women thinking of setting up their own business?

Be optimistic, stay positive and focused and you will get what you want. Don’t be distracted. It’s hard whether you are male or female, and hard for people coming up in any business at the moment, because the economics of it are so tough. But if you want to do it and you’re determined, you’ll do it anyway. But you have to be strong because there will always be downsides and tough days, and you have to drive your team, no matter how you feel. Read, keep ahead of how other people are successful. Get your staff to provide solutions, not just problems. Set aside time for doing things appropriately. Always recruit people with skills better than your own. Create a culture where people can ask. Get involved with business mentoring.

You can’t take it lightly. You have to be able to devote what you need to it. If something comes up, the personal bit has to go. Because the business will come first.

Some things must suffer as a result of channelling all your energy into a business?

Yes, I chose not to have children. That was my choice. It was children or business. People say you could (do both), I don’t believe that you can, personally. Because it’s the flexibility that you need for the business, it’s just phenomenal. At times we’ve had to work 48 hours on the trot. There are people that do it, and do it very successfully, I just know that I would have had to compromise. And I’m not good at compromising. So that wouldn’t have worked for me.

What is your greatest achievement?

Coming through the past two years successfully. So many sectors have struggled, so to still hold strong in such a downturn is a huge achievement. Winning in the National Business Awards in 2009 was really amazing, too.

Alison Frith


law south east 21


The Regional Law Firm of the Year category was open to all UK commercial law firms based outside London which had to convince the judges that they were leaders in their chosen markets, and had made significant progress over the past 12-18 months.

Boyes Turner’s strategy of becoming a regional market leader in a well-balanced range of disciplines has allowed it to grow at a sustainable rate throughout the recession having recorded above-trend annual fee income growth of 5% per year.

The management team, led by chief executive Andrew Chalkley, has focused on achieving regional dominance in the key practice areas of corporate, property, commercial and technology and employment. Alongside its transactional business, which targets work from London law firms, the firm has successfully developed non-cyclical businesses. The

Winning ‘confirms success of law firm’s strategy’

most notable example of this is the firm’s industrial disease practice, which was set up five years ago to conduct high-value asbestos and mesothelioma litigation work. The team has grown to 25 people and is on course to bill more than £5 million annually in the next two years, accounting for 22% of the firm’s turnover.

The firm’s legal teams are supported by a direct sales programme that deploys trained sales professionals. New clients secured through its sales programme include Porsche, Pentax, McGraw-Hill, Costain, Trailfinders and Quadriga. The return on investment of this initiative runs at 2,883%.

The firm has also invested in a new client relationship management system and has retained the Investors in People and Lexcel quality standards accreditation since 2002.

Commenting on the announcement CEO Andrew Chalkley said: “I am delighted with the result which confirms the success of

our strategy to further extend our position as the region’s premier law firm. It is particularly pleasing having been shortlisted as Regional Law Firm of the Year at the British Legal Awards for the last three years.

“We believe that this type of objective and independent review is particularly important as it helps organisations and professionals to choose and recommend the right law firms. We are regularly told that by talking about our strategy as well as operational and financial performance we set ourselves apart from the competition. For us, it is an essential part of building solid working relationships and becoming a trusted adviser and law firm of choice. We understand that clients and professionals who use and recommend us have a vested interest in our success and we treat them as valued stakeholders in our business.”

Details:www.boyesturner.com

Boyes Turner was named Regional Law Firm of the Year at the recent British Legal Awards, ahead of finalists Birketts; Flint Bishop; HBJ Gateley Wareing; Loch Associates Employment Lawyers and McGrigors

Not all law �rms are the same

Are we the right law �rm for you?

Regional law �rmof the year

www.boyesturner.com

law south east22


Partner Katja Wigham qualified in 1999 having trained at Davies Arnold Cooper in the City. She joined Morgan Cole in October 1999 where she was an assistant solicitor in their commercial property department until November 2003 when she joined Blandy & Blandy.

Wigham has extensive experience in all aspects of commercial property law including commercial freehold and leasehold premises. She undertakes many of the more complex and high-value commercial sales and acquisitions, leases, development work and secured lending in the department. She also deals with property matters for various schools, charities and trusts.

The Blandy & Blandy commercial property team advises property occupiers, investors and financiers on all aspects of property law and has particular expertise in office and retail premises, secured lending and VAT on

Blandy & Blandy announces property partner promotionThames Valley law firm Blandy & Blandy LLP promotes Katja Wigham to the position of partner in the property department

Katja Wigham, partner

commercial property. The team is praised in The Legal 500 for being “consistently good” and head of department Jane Gunnell is noted to have “impressed deeply with her commerciality”.

Philip D’Arcy, joint managing partner at Blandy & Blandy, said: “I am delighted to welcome Katja Wigham to the partnership of Blandy & Blandy LLP. Her undoubted loyalty, commitment and talents make her a tremendous asset to the property team. Katja is now responsible for a number of the firm’s key clients and will also be working closely with the head of department Jane Gunnell in the management of the team. I know that all the firm’s partners, lawyers and staff will be delighted by the news and will support Katja in her new position.”

Details: Katja Wigham0118-9516933 [email protected]

Mock Employment Tribunal

Do you struggle with the following issues, especially with the advent of the Equality Act 2010:

Are probationary period dismissals •without risk?

What is a ‘disability’?•

How does disability impact on the •employment relationship?

How should I manage employment •tribunal claims alleging disability discrimination?

A company can face complex and costly employment claims in the Employment Tribunal for disability discrimination, if the issues surrounding an employee’s medical condition are not handled correctly. Are you confident that you know the answers to the above questions? Do you want to learn more to minimise the risk of expensive employment claims?

Hear more about this complicated and fast-moving area of employment law and experience a mock Employment Tribunal in action.

Blandy sets Mock Employment TribunalFeedback from last year’s Mock

“Best Mock Tribunal I have been to.”

“Highly engaging and enjoyable.”

“Great venue and interesting day throughout.”

“Excellent session – I have not attended any tribunals but have dealt with many disability issues.”

Feedback on Mock Employment Tribunal training

“Blandy & Blandy’s Mock Employment Tribunal was an excellent professional development opportunity and a good investment as we had an all-Deloitte audience of about 60 professionals attending. Blandy’s Employment team provided a great case study which they presented with a style of communication with which we could all engage. What made the Mock even more valuable was being able to quiz the Tribunal Judge and Blandy’s specialist employment lawyers about specific aspects of the case – they gave very practical guidance rather than

just quoting ‘the law’. There was a real buzz from the audience following the training and everyone found it to be one of the most relevant workshops they had attended in recent years.”

Catherine Allerton, senior manager, Human Resources, Deloitte LLP

Who should attend?

The Mock Employment Tribunal is aimed at directors, HR and senior managers who may, at some time, have to manage employment issues in the workforce.

Fee and booking

£55 plus VAT per delegate.

Places are limited and last year’s event was fully booked. To reserve your place please email the name, position and contact details of those who would like to attend to [email protected] – type Mock Tribunal in the subject line.

When and where?

Thursday March 10, 2011, 8.45am-1pm, Reading Civic Centre, Reading, RG1 7AE


law south east 23


Clients appreciate its excellent reputation in the education, housing, life sciences, publishing and technology sectors: “apart from being personable and responsive, they are very committed and have a great team culture”.

Recent Chambers and Partners and The Legal 500 editions highlighted practice areas and individuals including:

Corporate

Manches’ Reading office is already doing well, earning the firm a growing share of work from banks locally such as RBS, Clydesdale and Lloyds TSB. The team continues to act for spin-outs from Oxford University and Imperial College. Key decision makers include David Tighe, “a deal maker who gives sound commercial advice”, Justin Starling who “knows how to get a deal shaped and done” who now heads up the Reading office where he is supported by “the practical, positive and easy to deal with” Rob Hayes.

Projects, energy and natural resources

Manches handles an array of projects across the renewables, healthcare and transport sectors. Giles Clifford heads up the team and has been involved in over 40 PFI and PPP projects. Having acted for London Underground for many years, the team recently gained its first direct instruction from Transport for London, acting on the major bus station reconfiguration at London Bridge.

Real estate

Clients praise the quick rate of turnaround from this property practice. The team impresses with its work across the UK, managing the portfolios of large multinational companies. It benefits from the firm’s housing expertise and is also making inroads into the higher education sector. Recent highlights include being the only regional firm to win appointments to the legal panels for the University of Oxford and Siemens plc. Richard Smith heads up the team and has been described as “approachable and pragmatic”.

Intellectual property and information technology

This group advises on contentious and non-contentious matters and has particular strength in the life sciences, media, research and technology sectors. Sources say, “these lawyers are approachable and responsive”.

Chris Shelley heads the technology and media team. Clients call him “a knowledgeable and impressive lawyer”. Steven Maier has a strong focus in the publishing, media and entertainment sectors. Cathleen Blackburn is “the consummate counsellor to publishing and media clients”. Catherine Rohll focuses on non-contentious work

‘Highly responsive and exceeds expectations’With offices in Reading and Oxford, Manches has outstanding regional coverage

in the life sciences field. She is said by sources to be “responsive, commercially astute and pragmatic”. Rachael Parman joined the team from Shoosmiths in 2010 and is held in high regard for her work in the fashion and footwear industries, acting for clients such as Chloe and Oakley in design right and trade mark disputes. Clients commend her “knowledge of the retail sector combined with an in-depth understanding of the law”.

The firm has a strong technology practice in Oxford and Reading. It is “highly responsive and exceeds expectations”, often making the firm a “preference to many big-name London firms”.

Dispute resolution

With close ties to the academic world, this team has expertise in complex scientific and technological disputes. It has also been innovative in offering clients alternative methods of dispute resolution and litigation funding. “They’re very proactive and reassuringly focused on pre-empting future issues”. Julie Bond has “a keen mind and a refreshingly courageous, direct and unambiguous approach to litigation”. Steven Maier is widely respected for his expertise in commercial, IP and media disputes.

Employment

“First class in all areas!” this team has a long standing reputation in the employment market with a focus on the education, housing, life sciences and technology sectors. Daff Richardson was praised for her ability to find “the right balance between risk taking and risk aversion”.

Family and private client

The Thames Valley offices of this family law powerhouse attracts high-net-worth individuals with complex matrimonial financial issues, “it gets some of the biggest cases in the Thames Valley”. Jane Mitchell who “makes sure her clients get the right advice and is not intimidated by anyone” is supported by Alexandra Lewis and Ruth James in Oxford. The team was recently strengthened by the return of Kerry Fretwell from Blandy and Blandy as partner who is based in Reading.

Clients regard the private client team as “unfailingly polite, courteous, efficient and prompt”. They work closely with the firm’s London office and have been strengthened by the return of Anna Burnside from Thomas Eggar to head up the team.

Details:Richard Smith 0118-9822640 www.manches.com

ManchesPLUS is a dedicated development network specifically designed for in-house lawyers organised by Thames Valley law firm Manches. We run an annual programme of seminars, webinars and workshops in Reading and Oxford at which a mixture of internal and external speakers give presentations specifically tailored for a legally qualified audience.

These events provide plenty of opportunity for questions and discussion on relevant topics as well as the chance to network with other in-house lawyers. We have over 900 lawyers from FTSE 100, FTSE 350 and AIM listed businesses on our database, including The AA, Verizon, BG Group plc, Siemens, Citroen UK, Wincanton plc, 3M UK plc, Hogg Robinson plc and Travis Perkins plc, who all regularly take part in our events.

In addition we produce a series of ManchesPLUS briefing notes to help keep in-house lawyers up-to-date on a wide variety of topics. We also provide internal training sessions to in-house legal departments on request.

Employment lawyer, Sally Nesbitt who chairs ManchesPLUS comments: “ManchesPLUS provides the perfect forum for in-house lawyers from across the Thames Valley to network, gain valuable know-how updates and discuss key issues with their peers”.

The next ManchesPLUS workshop will be on Securing IP rights in Oxford on March 24. We will then be running a General Commercial Update seminar in Reading on May 19.

For further information contact Sally Nesbitt, details below.

Details: 0118-9822645 [email protected]

ManchesPLUS – Practical legal update seminars‘There’s no better way to stay compliant with CPD-hours this side of London,’ writes Sally Nesbitt of Manches

law south east24


The case of Bradley Manning, charged with the unauthorised disclosure of U.S. classified information, illustrates how easy it is for employees to copy large amounts of important confidential information and use it for their own purposes, especially if they are offered protection as a whistleblower.

So what steps can an employer take to protect their business from leaks of confidential information and if an employee does open their mouth, when are they protected?

Confidential information

Employees and others connected with a business are bound by an implied duty of good faith not to disclose or misuse their employer’s confidential data.

Trade secrets are considered to be protected by an implied duty of confidentiality, even after termination of employment, however mere confidential information which becomes part of an employee’s skill and knowledge is only protected for as long as their employment continues, but not after its termination.

The only way an employer can ensure the protection of confidential information which is not a trade secret is to include confidentiality provisions in the employment contract and set out in its policies, the consequences of a breach.

When drafting an express confidentiality covenant, to ensure that it stands the best possible chance of being enforced, the clause should be drafted as precisely as possible, covering the various types of information that may be available to the employee and the information that the employer considers particularly confidential.

Practical measures

Should an unauthorised release of confidential information occur, employers should act as quickly as

How can employers protect themselves against a Wikileaks nightmare?With the Wikileaks saga continuing to dominate headlines, it brings to the fore questions on how employers can protect themselves from unauthorised use and disclosure of confidential and sensitive information, writes Helen Goss of Boyes Turner

possible. Once in the public domain, it can be very difficult to gain control through the law. Provided any release of information can be curtailed before distribution is too prevalent, the Courts will be more likely to assist in the prevention of the use of this information.

A written IT security policy may act as a deterrent to unauthorised access to and disclosure of an employer’s confidential information via its IT system and should set out what their duties are in relation to copying documents via email or other means.

Social media

Social media sites are also a potential issue that employers should be aware of. Twitter, Facebook and blogs are now one of the most popular forms of communication. Employers are finding that employees are increasingly turning to such sites to air grievances or confidential information. Employers can protect themselves from damage as a result of such action by ensuring that a policy is in place covering such ‘publications’. The policy should ensure that employees are aware that any disclosure of confidential information or reference to the employer or its staff is not permitted and that any breaches of the policy would result in disciplinary action.

Whistle blowing

The Public Interest Disclosure Act 1998 gave employees and workers who report malpractices by their employers or third parties protection from being subjected to a ‘detriment’ (victimisation, financial penalty, demotion, poor references etc), or from being unfairly dismissed.

Whilst employers have an interest in uncovering wrongdoing or dangerous practices within their organisation, they also need to prevent the leaking of confidential information to the outside world that could cause damage to the business.

An employee will only be protected

under the Act if they actually communicate the malpractice and it should be more than just an allegation. They must also believe the substance of the disclosure. It does not matter that they might be wrong; as long as they believe at the time of making the disclosure that they are right. They must also make the qualifying disclosure in good faith and they will not be protected if they are pursuing a personal grudge.

The employee would normally make the qualifying disclosure to their employer, although there are provisions for making a disclosure to another person connected with the employer.

If the employee meets these requirements then they are protected from suffering a detriment during and even after the employment relationship.

The Bribery Act

It is expected that later this year the Bribery Act 2010 will come into force. The Act introduces a new corporate offence of failing to prevent bribery by individuals acting on behalf of an organisation.

With the increased awareness of such a liability comes the possibility of breaches of the Bribery Act being reported via whistleblowers. Whilst it is essential that any act of bribery within an organisation is exposed, investigated and dealt with accordingly, such instances could potentially cause considerable embarrassment and damage to the business’ reputation.

As such it is essential that a whistleblowing policy together with an anti corruption and bribery policy be in place and that employees

are aware of the procedure that they should follow to report their concerns. This will prevent unnecessary leaks of confidential information surrounding the circumstances and in general.

Conclusion

Employers should ensure that employment contracts contain clear definitive confidentiality clauses and covenants and communicate these and their consequences to employees.

Employers should also ensure, where possible that any public interest disclosures or offences under the Bribery Act are adequately covered in clear and transparent internal policies and allow the employer the opportunity to deal with these internally as a first resort.

Details: Helen [email protected]

The Bribery Act 2010

How will it affect your business?

March 9, 2011, 8.30 - 10.30 am

HSBC, 100 Brook Drive, Green Park, Reading RG2 6UJ

In conjunction with HSBC, we are running a free breakfast seminar where we will discuss the Act and the ‘adequate procedures’ that should be put in place as well as the practical steps companies should take to avoid breaches of this new legislation.

Who should attend? HR Directors & Managers, Finance Directors & Managers, Company Secretaries, In-House Counsel, Business Directors & Managers.

Visit www.boyesturner.com/store-seminars.html to book your place.

business breakfast26


An overall lack of economic confidence, the cost of borrowing for companies, and corporate caution by ‘bailed-out banks’ were the triple hurdles to progress that the forum seized upon.

Guest speaker Reading West MP Alok Sharma highlighted his own concerns that such banks were not doing enough to help businesses with their financing, particularly SMEs who will drive future UK growth. “Unless banks start lending and helping smaller companies we are not going to see the sort of recovery that we would like to see.”

He urged high street banks to get back to the principles of relationship banking with more local decision-making on potential loans – decisions based on local and personal knowledge of potential business borrowers. Discretionary lending levels for local banks needed to be revisited, he added, and communication improved between the banks and the businessworld to explain the reasons for non-lending.

Several bankers in the audience expressed their professional desire to lend, while noting the restraints imposed by the government on tier one capital in banking balance sheets. Having worked in banking himself, Alok Sharma said he understood the bankers’ caution and frustrations.

Concerns from the forum attendees included unrealistic loan facility arrangements being offered at 3-4 times previous rates, and good long-term banker-borrower relationships

breaking down as disillusioned bankers moved to other jobs.

One forum suggestion was that the Government should do more to underpin loans via the Enterprise Finance Guarantee Scheme. The MP said he would welcome any ideas and comments that might help businesses to progress and fuel the UK recovery.

Mentioning the chancellor’s Project Merlin agreement with the UK’s largest banks and the 15% increase in loans to small business in 2011, Alok Sharma suggested the time is now right to stop blaming the banks and start encouraging them to become more involved in the recovery of UK plc.

Sharma said he also recognised that finance wasn’t the only concern of the businessworld, which felt over-regulated, and burdened with incredibly complicated tax legislation. The Government was doing its best to ease that burden, along with incentives within corporation tax, national insurance and the fiscal policy to encourage economic growth. But, Sharma, a parliamentary private secretary in the Treasury, stressed that the government’s key imperative remained to get to grips with the structural deficit that is costing £120m per day in interest.

The forum was co-hosted by solicitors Clifton Ingram and accountants Wilkins Kennedy in association with The Business Magazine and the Royal Berkshire Conference Centre.

Businessmen from both sides of the funding fence – potential borrowers and commercial bankers – revealed their frustration at the lack of financial activity in the Thames Valley during a breakfast forum staged at the Royal Berkshire Conference Centre (Madejski Stadium)

Funding frustration vented at breakfast forum

As a leading member of the team creating the Thames Valley Berkshire Local Enterprise Partnership, Tim Smith reported on progress. LEPs are replacing Regional Development Agencies.

The Thames Valley Berkshire LEP has developed key local priorities: improving transport infrastructure; skills education and labour supply; removing barriers to growth; promoting innovation and enterprise; and business retention. The LEP has also put into two bids for regional funding: to improve western access to Heathrow, and to support business growth through innovation.

“The businesses leading our LEP today are Oracle Corporation, 3M, SEGRO, KPMG, Peter Brett Associates, IoD, CBI, Federation of Small Businesses, elements of individual chambers of commerce and six unitary authorities across Berkshire,” Smith explained.

The Thames Valley Berkshire LEP is still in its embryonic stage, he advised the forum. “It is not a closed shop”. Smith urged businesses to get involved, make their views known to him and to grasp the opportunity for decentralisation, community empowerment and the strengthening of local democracy that an LEP will provide, assisted by the Localism Bill introduced to Parliament in December.

Reading: a city waiting for Olympic year recognitionReading’s bid for city status got the thumbs up from the breakfast forum. The majority of the 80 business executives attending agreed that city status would boost business in and around the town.

The vote of confidence was good news for forum guest speaker Tim Smith MBE who, as executive director of Reading UK CIC, was instrumental in putting together the city bid.

The Queen has agreed to create a new city as part of her Diamond Jubilee celebrations in 2012, and since it will also be Olympic year, Reading will be hoping for a gold-medal winning result.

“City status would be a coming of age for Reading. Many people already view it as a city in all but name, especially international visitors, but potentially city recognition will enhance our location for foreign direct investment (FDI),” explained Smith.

First steps of new Thames Valley Berkshire LEP

From left: Wayne Spicer (RBCC), Bill Annan (Clifton Ingram), Alok Sharma, Tim Collerton (Wilkins Kennedy), Tim Smith, David Murray

BusinessTMT H E

M A G A Z I N E


deals 27


HELPING BUSINESSES IN THE THAMES VALLEY MOVE FORWARD IN CHALLENGING TIMESBDO’s Corporate Finance Team continues to be a leading force in the region. A selection of our deals during the last few months.

BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business.

ARGOS RESOURCES LIMITED Placing and admission to AIM

(Oil and Gas) Reporting Accountant

HANGAR 8 PLC Placing and admission to AIMThe placing raised £2 million and valued the company at £9.5 million

(Aviation) Reporting Accountant

ULTIMATE FINANCE GROUP PLC Acquisition of Ashley Commercial Finance Limited and re-admission to AIM

(Financial Services) Reporting Accountant

BOTTOMLINE TECHNOLOGIES INC �NASDAQ LISTED� Acquisition of SMA Financial Limited

(Technology) Reporting Accountant

£22m £2m/£9.5m

£4.75m £UNDISCLOSED

For further information on how our Corporate Finance Team can help you, please contact:

JOHN PARKINSON Partner GRAHAM SMITH Director [email protected] [email protected] 0118 925 4433 0118 925 4450

www.bdo.co.uk

HSBC has announced its support for the £450 million buyout of Britax Childcare, the Hampshire-based manufacturer of children’s car safety seats and pushchairs, by Nordic Capital Fund VII (Nordic Capital). The deal saw HSBC take a £25m hold as part of a global syndicate of 19 banks and funds.

With heritage dating back to 1939, Britax now employs around 1000 people from its manufacturing operations in Andover, plus North America, Australia, and Germany, supported by sourcing and quality control facilities in Hong Kong and China. Its sales network reaches another 40 countries. The business designs, tests, assembles and markets premium brands including Römer, Babylove, Steelcraft and Safe-n-Sound. Britax also invests heavily in safety testing and new product development using crash test facilities similar to those used in the motor industry.

Britax was bought by the Carlyle Group

HSBC supports Nordic acquisition of Britax in new drive for growth

five years ago for £230m. Since then it has seen sales double. HSBC is the only major UK clearing bank to support Britax in its next stage of development. Ian Johnson, HSBC’s global relationship manager in Southampton, will liaise with management to ensure that HSBC supports the global Britax operation wherever it is required.

Mark Frettingham, HSBC head of Corporate Banking, Solent, said: “Britax is a strong business run by an accomplished management team which has grown the organisation through – in particular – ongoing innovation and cutting edge safety development. As a global organisation, it is seeing growth in demand for Britax products especially in emerging markets like Brazil and China. We are delighted to have the opportunity to join the syndicate at an exciting time for the business and look forward to working closely with the Britax team both here in the UK and globally.”

Karl Kahofer, chief executive officer, Britax, said: “Car safety for children is an area where parents, regulators and the global auto industry are all concerned to provide a safe environment. Britax Childcare is well positioned to play an important role in this development with the support of Nordic Capital and a syndicate of global banks. The support of the local HSBC team will be invaluable in helping us to achieve our goals on a day to day level.”

Hans Eckerström, partner, Nordic Capital, and head of consumer goods investments concluded: “We are impressed by the way the management team has realigned its organisation to improve efficiencies, increase sales through the retail channels where consumers want to buy these types of products, and continue its investment in new products and technologies over the last couple of years. We see great potential in supporting the company in the execution of its expansion strategy.”

deals update28


Latest deals data from across the region

Completion Date: 01/2011

Target: Stork Materials Testing

Acquirer: 3i

Deal Value: Undisclosed

Details: 3i acquired Stork, a network of independent, accredited laboratories providing testing solutions to industry throughout Europe & USA, supported by a banking ‘club’. HSBC acted as co-ordinator, arranger, agent and security trustee

Funding: HSBC Thames Valley Corporate Banking Centre (Andrew Waller & Richard Povey)

Herculean

Completion Date: 12/01/2011

Deal Value: £2 million

Details: GE Capital, one of Europe’s leading providers of asset based lending, has provided Silverline Office Equipment with financing of £2 million. This facility will be used to support the businesses’ restructuring plans

Silverline Office Equipment


Target: Screen Business

Acquirer: 1st Exchange

Deal Value: Not disclosed

Details: On 7th February 2011 Screen Business was acquired by 1st Exchange & N4, the market leading provider of technology solutions to the financial services sector. 1st Exchange & N4 is a growing organisation, with a successful delivery track record and significant client base. Firmly positioned at the heart of distribu-tion, 1st Exchange & N4 is now seeking to significantly increase the speed and breadth of ‘fully connected’ distribution

Corporate Finance Advisers: HW Corporate Finance LLP

Legal Advisers: Nigel Craig of Henty’s for vendor, CMS Cameron’s for acquirer

Financial Due Diligence: Deloitte

Project Beech


Target: Amberwood House, London

Acquirer: Prime London Holdings 11

Deal Value: £12.5 million

Details: Acquisition of property previously owned by Dame Margot Fonteyn, for development into luxury private residence (value circa £30m)

Legal Advisers: Michael Dalton of Daltons Solicitors for the purchaser, Pemberton Greenish for the vendor

Funding: Chinese Banking Corporation

Acquisition of Amberwood House


Target: 17 Columbus Courtyard, Canary Wharf

Acquirer: Fourteen Ninety Two

Deal Value: £107 million

Details: Penningtons Solicitors LLP advised on the refinancing of this 200,000 sq ft Canary Wharf office development which is occupied by Credit Suisse First Boston. The deal involved senior and mezzanine finance

Funding: MetLife, Duet and The Partners Group

Legal Advisers: Penningtons Solicitors LLP, Clifford Chance, Paul Hastings and Macfarlanes

Columbus Courtyard


Deal Value: Five year $1 billion

Details: Ian Johnson (HSBC Southampton) worked with the US and UK management both in the company and within HSBC to support Cooper in this significant transaction. HSBC was one of 20 international banks. The Cooper Companies, Inc is a global medical products company operating through its CooperVision and CooperSurgical business units

Funding: HSBC

The Cooper Companies, Inc


Target: Sheargold

Deal Value: £50,000

Details: An existing and successful company which procures goods for the UN and other Government agencies/bodies, Sheargold was awarded a $5m contract with Trinidad & Tobago Electricity Board. Barclays Corporate worked closely with it to facilitate funding to secure the contract which is key to its trading aspirations

Sheargold awarded contract


Target: Redeem

Acquirer: Management

Details: HMT CF led by partner Andrew Thomson and manager James Mines, advised a management buy-in team on the acquisi-tion of Redeem. Redeem established in 1999 and has developed into a leader in the recovery and recycling of used mobile phones, print cartridges and other electronic devices. With operations in Europe and Asia, Redeem also currently works with some of the UK and Ireland’s largest brands including network operator O2 and retailers Boots and Sainsbury’s

Funding: Trevor Bayley

Corporate Finance Advisers: Hurst Morrison Thomson

Legal Advisers: Taylor Wessing - Mgt, Eversheds - Newco

Financial Due Diligence: Johnston Carmichael

Commercial Due Diligence: Beanstalk Management

MBI Redeem

Completion Date: end of 01/2011

Target: EM4

Acquirer: Gooch & Housego plc

Deal Value: Initial 6.3Details: HMT CF led by partners Peter Barrand and Simon Jordan provided both corporate finance and due diligence services to Gooch & Housego on its proposed acquisition of EM4, Inc, a US manufacturer of fibre optics. The transaction will be funded by a placing of shares to raise approximately £10.6 million. EM4, based in Massachusetts, designs and manufactures fibre-optic products that incorporate ‘active’ components such as lasers, detectors and high frequency receivers or transmitter electronics. Its products are utilised in aerospace and defence, telecommunication, industrial and life sciences applications

Corporate Finance Advisers: Hurst Morrison Thomson

Legal Advisers: Burgess Salmon/Thompson Hine

Financial Due Diligence: PwC

Commercial Due Diligence: Hurst Morrison Thomson

Acquisition of EM4 by Gooch & Housego


Target: CInergy

Acquirer: Beringea

Details: HMT CF led by partner Simon Jordan and manager Catherine Jones, advised Beringea on its investment in CInergy International Limited. CInergy, founded in June 2003, provides a customer acquisition and retention solution for mobile network operators. CInergy’s Accelerated Intelligence product provides a tracking service which is updated daily giving details of the latest handsets and tariffs, enabling MNOs such as Orange and Vodafone to recommend appropriate mobile packages for specific customers based on their actual usage

Financial Due Diligence: Hurst Morrison Thomson

Beringea invest in CInergy


Target: Masterlease UK

Acquirer: LeaseDrive Velo

Deal Value: Non-disclosable

Details: Osborne Clarke acted for LeasedriveVelo in connection with an outsourcing agreement pursuant to which LeasedriveVelo is to act as a partner to Investec to manage, operate and integrate its acquisition of the UK contract hire business of Masterlease UK

Legal Advisers: Osborne Clarke (Russell Bowyer, Sara Valentine, Greg Leyshon, Hugh Jones)

Masterlease UK


Target: Partners in Specialist Care

Acquirer: VHG Management


Details: Pitmans acted on behalf of the selling shareholders, Vivienne Watson and Alison Langthorne, on the disposal of the entire issued share capital of Partners in Specialist Care Limited to VHG Management Limited which completed on 23 December 2010 for an undisclosed consideration. The transaction was led by Pitmans corporate partner Adam Dowdney

Funding: HG Capital

Corporate Finance Advisers: Grant Thornton

Legal Advisers: Pitmans and Wragges LLP

Financial Due Diligence: KPMG

Commercial Due Diligence: Wragges

Project Orchid


Target: Reclaim (I.T.) and My Cartridge

Acquirer: Clover Environmental Solutions Europe


Details: Pitmans acted on behalf of the selling shareholders, Bob and Gill Milford, on the disposal of the entire issued share capital of Reclaim (I.T.) and My Cartridge to Clover Environmental Solutions Europe, a subsidiary of US company Clover Holdings Inc. The transaction was led by Pitmans corporate partner Adam Dowdney, assisted by Mark Metcalfe

Funding: US syndicated banking arrangements

Corporate Finance Advisers: Nortons

Legal Advisers: Pitmans and Reed Smith LLP

Financial Due Diligence: PLC

Commercial Due Diligence: Reed Smith

Project Alchemy


business focus 29


Details: www.hwca.com

HW Chartered Accountants present a new series of articles based around Tweets appearing on their Twitter page @haineswatts. This month Colin Fletcher, partner, considers:

The beginning of 2011 has been accompanied by warnings from politicians and business leaders alike that there are difficult times ahead and challenges for businesses. It makes good sense to be as positive as possible about this and review your strategy on how to tackle the future. Here are some ideas:

1 Many companies have for years been able to operate in the ‘middle ground’ within their sector. Now with so many changes and new challenges that may no longer be good enough. The successful businesses are those which are able to differentiate themselves from their competitors – by product, marketing, quality, approachability, service, or affordability. How are you going to ensure

your business is – or continues to be – successful by being different?

2 As a business owner, if you don’t know this already, it is up to you to make things happen as no one else will do it for you. When a familiar situation or problem arises we tend to do what we have always done. This year, look afresh at each problem or situation and challenge yourself to identify a new solution rather than be limited by what you know or currently practice.

3 Identify and develop new services or products you can sell to your existing customer base with little or no increase to your overheads. This approach might not only increase profitability; it can also strengthen and protect relationships with customers.

‘You are responsible for your own success’

Next DeadlineThe next Deals Update will appear in our April 2011 issue

Deadline for submissions is Wednesday Mar 9Submissions are free. If you would like to submit deal information or to advertise on this page contact:

Tanya Liddiard 0118-9745308 [email protected]

Elcot Publications is not responsible for the accuracy of information in the deals update section which is supplied by individual firms

deals extra

Pitmans, a leading commercial law firm in the Thames Valley, has advised the trustees of the British Salt Retirement Income & Retirement Plan, on the recent sale of Cheshire Salt Holdings (CSHL), the parent company of British Salt to Brunner Mond, which is wholly owned by Tata Chemicals (TCL). Parminder Latimer, pensions director at Pitmans, advised the trustees of the pension scheme as part of the deal.

British Salt trustee Alan Gent commented: “As Pitmans had advised the trustees during the previous transaction, we had no hesitation in asking them for their support during the recent sale of British Salt. They are very good communicators and dealt with all issues in a prompt and professional manner.”

Parminder Latimer at Pitmans said: “Having advised the trustees in the previous transaction with LDC, Pitmans was delighted to be instructed once again by the trustees of the pension scheme.

Pitmans advises on sale of British Salt to Brunner Mond

Many complicated issues arose including managing conflicts of interest however our relationship with the trustees and familiarity of the business and the scheme helped us negotiate and facilitate a deal between Brunner Mond and the trustees which secures the future of the scheme.”

British Salt was previously owned by LDC, the private equity arm of Lloyds Banking Group. It is the UK’s leading manufacturer of pure dried vacuum salt products, producing approximately half of the UK’s pure salt used in applications ranging from food processing to chemicals production.

Brunner Mond is the UK’s only soda ash and sodium bicarbonate producer and one of Europe’s largest manufacturers in this field. It is wholly owned by Tata Chemicals – one of the world’s largest and most geographically diversified chemicals groups with a worldwide reputation for innovation, quality of customer service and commitment to sustainability.


Target: Leadbitter Group

Acquirer: Management and Bouygues Batiment International

Details: PwC Corporate Finance advised on the acquisition of the Oxfordshire-based Leadbitter Group by Bouygues Bâtiment International and the Leadbitter Group management team from Heijmans NV. Completion is subject only to approval by the European Commission competition authorities

Funding: Bouygues Batiment International

Corporate Finance Advisers: PwC

Legal Advisers: Mayer Brown

Acquisition of Leadbitter Group

30


Like other industries, the technology sector suffered during the recessionary downturn as businesses and governments around the world deferred investment. But, for IT businesses the economic uncertainty came on top of a substantial transformation already underway within the IT industry – a change being driven by the evolving demands of end users.

The 2010 Grant Thornton International Business Report (IBR) highlights that drive as a demand for technologies that will help businesses cut costs. While this ‘age of austerity’ trend is not surprising, it provides a welcome boost and a positive outlook, at least in the short-term, for the IT sector.

Consequently much of the market focus is moving from what consumers and businesses want, to what they actually need – efficient cost-cutting functionality.

Globally, increased demand for semiconductors, innovative mobile devices, and software and hardware that help

2011 technology market demands efficient cost-cutting functionality

businesses and consumers do more with less, are all set to boost the sector.

Companies that represent new technologies and delivery mechanisms will grow, and they will become acquisition targets for both trade and investors who are looking to bolster their own values and build capability.

The IBR predicts 2011 will also see increasing convergence and consolidation for both social business software vendors and IT and telecoms companies as IT companies look to develop comms capability and comms companies look to deliver IT services.

With many large projects curtailed or deferred by the public sector spending review, larger hardware vendors and their associated service providers have been hit. While a concentration of public sector customers was a real asset at the depth of the downturn, it is now seen as a weakness and a risk. Increased uncertainty and price competition is affecting both growth and profitability for many IT hardware and service providers.

The maturing IT market has opened up opportunities to new operators using business models that are outside the old economics of capital expenditure. Disruptive strategies and marketing innovations are providing opportunities to secure access to previously captive client bases.

As a result, much attention is being focused on building new revenue-generation models on the back of existing market platforms. In some cases this is through open source or other innovative commercial arrangements.

In this difficult but exciting climate, the strategic imperative for existing IT businesses will be to ensure the ongoing relevance of their market positioning and proposition. A clear strategy, new alliances and relationships, funding arrangements and resolute action are likely to be required to ensure that businesses can react and evolve - and hopefully survive and prosper in 2011.

The technology sector is a fast-moving and competitive sector where companies can grow rapidly or bring innovation that dramatically influences the market.

We asked business adviser Grant Thornton to select some of the companies that they regard as ‘one’s to watch’

Softcat (TV250/41)

It appears that Marlow-based Softcat is not only a good company to work for, but also a top company to work with. Already named as The Sunday Times’ Best Small Company to Work For in 2010, Softcat started 2011 by being awarded the title of Commercial Partner of the Year 2011 at Symantec’s Specialisation Partner conference and awards event in January. In November, Softcat had been chosen

TV 250 technology ‘one’s to watch’as Reseller of the Year at the prestigious industry event the CRN Channel Awards.

Softcat has two consistent business objectives – outstanding employee satisfaction and world-class customer service.

Softcat has grown year-on-year and is now a leading provider of software licensing, hardware, security and related IT services to corporate and public sector organisations. Last October it opened a new London office in Moorgate, and over the next three years Softcat aims to recruit 100 new employees in sales, account management and support positions.

Star (TV250/85)

Cloud computing is one of those technological innovations that is changing the way that modern businesses function.

Grant Thornton’s Thames Valley 250 sector watch

In February 2010, Star opened its new UK corporate headquarters at Arlington Park near Theale (off M4 J12) within the important Thames Valley ‘Reading Diamond’ economic region as part of its ongoing growth strategy and to provide a base for its sales staff and management team outside of London.

Through cloud computing – an advanced computing and communications platform – Star is able to provide on-demand IT and communication services to UK businesses. Star provides these as secure managed services.

Importantly, cloud computing eliminates investment and reinvestment in hardware, software and ongoing maintenance for business-users. This tends to reflect healthily on the corporate bottom-line, but it also redefines the way businesses can harness and buy the technology that underpins our businessworld.


31


This year Ultima Business Solutions (UBS) will have a turnover in excess of £56 million, a year-on-year increase of more than 20%.

Founded in 1990, UBS has extended and evolved from simply being an IT hardware and component seller to an IT infrastructure and solutions specialist providing 24/7 advice and practical support. The continuing success story of Reading-based UBS in the modern 21st century world of technology is based on tried and trusted traditional business values.

Founder and CEO Max McNeill is the driving force behind the company and its underlying principles: “Our business is about creating something that customers value and want. Having gained those customers our number one aim is to keep them happy. We make profits but we invest them back into the business, training our people and securing our future. We have no debt and no shareholders to satisfy. We have a ‘work hard, play hard’ attitude and we live within our means.”

One reason for that secure future, and burgeoning order book for around 400 customers spanning SMEs and major corporates, is the UBS approach to recruitment and training.

The UBS head office is referred to as its campus and the ‘University of Ultima’ analogy is not inaccurate. The UBS campus boasts ‘faculties’ housed in its configuration centre, technology centre, customer innovation suite, sales office, and warehouse. “We try to create the feel of technology actually happening here on site. Since 1997 we have been taking on talented school leavers, and introducing them to the IT industry through our config centre, training them and integrating them into our wider organization. We are offering them the ‘University of Life’, earning money while they study to gain industry-recognised qualifications that can set them up for a lifetime IT career.”

UBS is one of fewer than 20 large account resellers in the UK for key vendor Microsoft. The expertise of UBS operations and staff is accredited by

Microsoft and other commercial technology giants.

McNeill also uses the comparison of a football academy (not unlike the Reading FC specialist academy sited barely a few football pitches distance away near the Madejski Stadium). “We operate like the Royals’ Academy which wants to get local kids playing football, so that they can develop those with the right skills, aptitude and potential. At the same time Reading FC is always looking to buy good experienced players. That’s the same as us, but fortunately we don’t have to pay £50 million for a Premier player,” jokes McNeill. Whether you use the football academy or university analogy, the UBS approach certainly works.

Growth within UBS has always been organic. “Several businesses made hay in the sunshine without reinvesting their profits,” explains McNeill. “Whilst we were tempted to acquire companies when debt was cheap and banks were encouraging borrowing, we never went down that road – and I’m so pleased we didn’t.”

When the recession hit, UBS was able to weather the storm. Instead of acquiring businesses, UBS has gained customers and ‘acquired’ talent in sales and technical staff from less stable operators and even competitors. “What makes this company successful is our skill, knowledge and experience, some of which we have recruited from the highest echelons within our industry.”

That dramatically increased turnover is mirrored this year by increased staffing – a rise from 230 to 265 employees. More than 70 UBS employees have been with the company for more than 10 years – a creditable record in a highly competitive sector where IT skills and experience are in high demand. “We always look to appoint from within first.”

The steady and stable evolution of UBS has brought long-term and growing client relationships. Customers that were purchasing IT hardware and software in the 1990s are now relying on UBS for 24/7 total company IT support.

For example, UBS has 15 in-house IT staff based at BMW in Bracknell, with overnight cover provided by the UBS team in the technology centre on the Reading campus. Similar operations are provided for the global mining company Xstrata in London and for Thames Valley solicitors Pitmans.

“Our ultimate aim is always to become our client’s IT department.”

Details: Jim Rogers 01753-781000 [email protected]

Wendy Hart [email protected] 01865-799899

Pictured in front of the UBS Technology Centre, Max McNeill explains its 24/7 operations to Grant Thornton marketing and business development senior executive Natalia Ruiz Moreno (left), watched by UBS financial director Jenny Hall.

European Electronique (TV250/112)

European Electronique, is a leading multivendor technology company with 22 years experience in Information and Communication Technologies (ICT) and a reputation for innovation.

Based at Eynsham, west of Oxford, it is privately owned with 130 permanent members of staff - one of its strengths. Most of its services can be delivered in-house, giving customers a single point of contact.

The company offers a full range of purchasing options from supply of equipment to design and implementation of complex IT solutions and provision of maintenance and support services. It has forged lasting relationships with both globally recognised and ‘best of breed’ manufacturers.

European Electronique’s speciality is the provision of goods and services to the public sector. The company is one of only nine approved suppliers for both desktop hardware and IT infrastructure under the Buying Solutions Framework, the UK public sector’s national procurement framework.

Distribution Technology (TV250/211)

Financial advisers, banks, life and pension companies, wealth managers, and building societies are part of everyday business life – and, for many of these financial services providers, Distribution Technology is a key part of their life too.

Distribution Technology, based in Reading, supports over 30,000 advisers and is the leading provider of planning and sales software for financial services in the UK.

Distribution Technology provides behind the scenes ‘financial tools’ that allow advisers to carry out successful front-of-house meetings with customers.

Founded in 2003, Distribution Technology has been in the Sunday Times Microsoft Tech Track 100 for three years running (2007-2009).

It was the third fastest growing hi-tech firm in Europe in the 2009 Deloitte Fast 500 list; No1 in Deloitte’s UK Fast 50. In 2010, it was awarded Microsoft ‘Gold Partner’ status.

250THAMES VALLEY

250TM

Case study - Ultima Business Solutions

business turnaround32


That’s the opinion of the RSM Tenon business recovery specialists at Marlow (talking to John Burbedge) and many of their colleagues throughout the Thames Valley.

And waiting for help in next month’s Budget, is not an option, says Marlow managing director Peter Hughes-Holland: “There may be some Budget crumbs of comfort, particularly for SMEs, but we know that tough measures have to be borne to get the UK economy

Don’t wait for help in the Budget - you need to act now!Too many businesses are playing the waiting game – putting off decision-making, surviving on short-term working capital, and hoping that attitudes of creditors don’t change

and our public debt burden back onto an even keel.”

Director Frank Wessely stresses: “Doing nothing is not an option – you have to make sure your business is ready and able right now to meet the challenges of 2011 and beyond. Inertia is merely a precursor to failure.”

Post-recession companies on the long road to recovery should be wary of self-delusion. Few will be resilient enough not to be troubled by the stormy seas ahead.

“Going to a business recovery professional now is not admitting any failure – in fact, it may affirm the company’s good health. It’s a wise move because it is taking action to forestall future concerns that could endanger that company’s eventual recovery,” explains director Simon Bonney.

Hughes-Holland believes there are three key economic attitudes and pressure points, which could bring significant grief to many UK companies:

Will banks continue to •allow current debt levels, or will they begin to call in more loans and simply let businesses fail?

Will the HMRC ratchet up its •already hardening demands for payment and examination of tax issues?

Will landlords continue to fear •empty property rates, when faced with poorly paying or non-viable tenants?

“Current attitudes have •prevailed for a long time already. I can’t see this tolerant approach going on much longer.”

The Marlow trio also consider lack of managerial confidence and low staff morale as significant factors prolonging the length and dismal nature of the UK’s eventual recovery.

“Directors who aren’t confident won’t take risks, may even adopt a head-in-the-sand ostrich approach, and ignore warning signs of possible corporate distress. There is a great deal of fragility out there. You only need a slight adverse change

The Marlow team, from left: Simon Bonney, Peter Hughes-Holland, Frank Wessely

People make your business. Have you got the right talent, with the right skills and the right motivation to succeed? Assessment for Recruitment,

Selection, Promotion

Talent & Leadership Development

Performance Management, Motivation & Skills

Attract

Grow

Perform

Julie Banbury is a successful Talent & Leadership Development Consultant and Executive Coach with a track record of developing behaviours that enhance business results and breed success.

She helps organisations, teams and individuals by engaging and motivating them to shape themselves to deliver peak performance. Whether you are a Chief Executive looking for coaching for yourself or your team, an HR manager challenged with attracting, retaining and developing key talent, or a Learning Manager tasked with skills development, Julie can help you with your people challenges.

With over 20 years of experience working with blue-chip clients and able to call on her established and trusted network of equally experienced practitioners, Julie can help with assignments of all sizes and complexities.

Banbury Consulting: All Things People

07590 482342 [email protected] www.banburyconsulting.co.uk

Call now to discuss your people challenges and turn them into solutions.

and the floodgates could open,” claimed Hughes-Holland.

Bonney added: “A lot of businesses have traded on the back of low interest rates and favourable attitudes from the banks and HMRC. Whilst such businesses are alive, they are not growing and they are not strong.”

And, other ‘stormy seas’ could include: supply chain disruption caused by recession-hit ‘weak-link’ companies, more public sector cutbacks, falling consumer spending through job losses, global competition from BRIC countries, and incoming regulation such as non-retirement at 65, changes to empty property rate exemptions (see www.growingbusiness.co.uk/empty-property-rates-to-soar.html), and extended paternity leave.

One ray of hope is proposed revamped legislation that will hopefully offer breathing space for distressed companies via an effective moratorium, potentially as a pre-cursor to agreeing a company voluntary arrangement. It remains to be seen how that will be fitted into the current Parliamentary timetable”, commented Frank Wessely.

Details:Marlow: 01628-478100Reading: 0118-9530350Basingstoke: 01256-312312


business turnaround 33


Managing creditors within reasonable cashflow parameters is not only an essential part of business operations but also an integral part of effecting a successful turnaround. A business can initially approach its creditors with a view to trying to implement informal revised repayment terms or a “standstill” agreement. Such agreements are achievable in the short term but, one of the issues with informal agreements is that they may not bind all of the creditors and may be neither realistic nor certain depending on the circumstances. It only takes one creditor unilaterally to break ranks for such an arrangement to fail.

Alternatively, a company may use a company voluntary arrangement (CVA) to come to a legally binding agreement with all of its unsecured creditors to pay off historic debt over a period of time thereby ring fencing liabilities to allow the company breathing space to trade on. A CVA is a useful restructuring tool where the underlying business is sound, the management are committed to a return to profitability and the continued trading of the business of the company will produce funds sufficient to service the CVA obligations as well as ongoing trading commitments.

To effect a CVA, the directors will propose terms to creditors aided by a licensed insolvency practitioner acting as nominee. The nominee will need to provide positive feedback on the efficacy of the proposal before it is presented to creditors and members. If the proposals are not realistic and place the company under too much financial pressure too quickly, at a time when it is already struggling financially, the CVA is unlikely to succeed.

A CVA must demonstrate that it satisfies a number of criteria, particularly the ability of the company to continue with profitable trading activity throughout the term of the CVA based on realistic forecasts and cashflows.

From the company’s perspective the CVA proposal will permit lower contributions at the start of the CVA increasing towards the end as the company recovers and becomes profitable. The CVA should be structured so that, as the company’s finances improve, then so do its contributions to creditors through the CVA.

The CVA must offer a greater potential dividend return to creditors than would be achieved if the company were to enter into insolvent liquidation. The creditors must approve the proposal by an excess of 75% in value. Some creditors will require standard or other terms to be included within a CVA before it will be approved particularly those creditors with whom there will be an ongoing relationship post CVA.

The term of the average CVA used to be three to five years. More recently the term has been shortened to, in some cases, a period

Turnaround or fall over?In the current economic climate most businesses will experience temporary or longer term cashflow pressure resulting in stressful trading and creditor pressure, write Suzanne Brooker and Adrian Wilmot of Pitmans

of no longer than 12 months (with any time period over 12 months only being accepted in exceptional circumstances), on the basis that payment to creditors is to be made as quickly as possible. If creditors will only accept a 12-month CVA then consideration should be given as to whether the company will obtain any benefit at all from entering the CVA.

The nominee will usually become the supervisor (of the arrangement but not the business) upon approval. Once approved the CVA becomes a contract between the company and its creditors. However, the rights of secured or preferential creditors cannot be adversely affected by the proposals for a CVA without their express consent.

CVAs are an effective tool to ring fence all or just certain liabilities. An example would be those owed to landlords (where the survival of the company depends on mid to large property portfolio liabilities being dealt with). However, care needs to be exercised in any CVA involving the composition of liabilities to landlords who have the benefit of parent or group company guarantees, where it is proposed to remove or strip out the guarantee.

CVAs are frequently considered as part of a toolkit to assist in the restructure of corporate groups where they may be proposed for the group as a whole or for just a small number of (or one) under performing subsidiary/ies within the group. In such cases, the subsidiary benefits from the CVA, allowing it time to get back on its feet, which in turn benefits the group as a whole. Such CVAs may need continued support from the parent or removal from the group structure in any event and will always depend on any cross guarantee group liability.

One of the perceived weaknesses of a CVA for the majority of companies is the absence

of any moratorium on creditor action whilst the CVA is being approved. As such, it has become necessary in some cases for a company to enter into administration to achieve the purpose of “survival of the company” through a planned CVA exit from administration. For the directors of ‘small companies’ there is a statutory moratorium available designed to protect the company from creditor actions whilst the CVA proposal is put to the creditors. A ‘small company’ is defined as one whose turnover does not exceed £5.6 million; its balance sheet total does not exceed £2.8 m and has no more than 50 employees.

It appears that the popularity of the CVA is on the increase as a useful process in the right circumstances. The key to successful approval and implementation is to act proactively in relation to predicted cashflow difficulties based on up-to-date accounts and forecasts.

Details:

Suzanne Brooker, partner, head of insolvency & [email protected]

Adrian Wilmot, [email protected]/insolvency-restructuring

finance34


In that time, the teams have been busy exploring and building on each others’ strengths and today they are relishing the challenge of expanding their client base through offices at both ends of the M40.

Now trading under the Whitley Stimpson banner, the merger provided an ideal opportunity to introduce complementary skills and experience in specialist sectors, while still providing a traditional range of services for both corporate and high-net-worth private clients.

Corporate finance partner Tim Wallbank, who splits his time between both offices, forecasts an exciting time ahead and believes the firm’s focus on personal service, value for money and expertise will pay dividends.

“Whitley Stimpson has always prided itself on every assignment being partner led and it was clear that Hale Partnership shared those values,” he said. “Combining its partners’ areas of specialty with ours and adding our corporate finance offering, means we can now provide a much wider range of services as well as more strategic advice, which is increasingly important in today’s market.”

His view is echoed by Jonathan Walton, previously a director of Hale Partnership, who is the partner in charge of the High Wycombe team. His key areas include provision of accountancy services for the legal sector and specialist auditing expertise, adding new strengths to the Whitley Stimpson portfolio.

“I believe that now we are part of a bigger team with such tremendous additional strengths, the opportunities for growth are substantial,” he added. “We have been in High Wycombe for 21 years so we know the area well. It is an extremely exciting place to do business and we’re absolutely committed to offering a first class personal service to both existing and new clients.”

The merger brought the overall number of staff at both offices to 55, including eight partners. Fred Hale, who originally founded Hale Partnership, has remained on board at High Wycombe to look after his client base.

Whitley Stimpson’s own Banbury pedigree stretches back to 1931. Today it is one of the largest firms of accountants in the town and one of only a few independent accountancy practices in the region to offer a full business advisory service.

The practice’s full range of services for businesses and individuals includes management accounts, business tax planning solutions, company

Exciting road ahead for Whitley StimpsonIt’s just six months since Banbury chartered accountancy practice and business advisers Whitley Stimpson LLP merged with Hale Partnership from High Wycombe, writes Alison Dewar

formation, audit and business assurance, and family business advice.

For individuals alone, it also specialises in areas such as inheritance tax, retirement planning, wealth management, employee benefits and the use of trusts to protect wealth.

Its reputation for excellence means many of its clients have stayed with the practice from early days as start-ups through to achieving multi-million pound success today.

While its more rural location in the north of Oxfordshire is reflected with a specialist in-house agricultural team, other key sectors include professional services, medical practices and GP accounts and charities.

Wallbank’s arrival at Whitley Stimpson four years ago added a highly-successful corporate finance offering which, with a background of some 20 years’ standing in the banking industry plus a decade with a major international accountancy practice helping buy and sell businesses, has been a huge bonus.

It enables the firm to offer support to anyone wanting to acquire or dispose of a business, financing for business, due diligence, MBOs or MBIs. And, after the recent quieter period, Wallbank is confident that the corporate finance market is beginning to wake up.

“Everyone is saying it is going to be a slow process and there will be no bounce back from this recession, partly because funding has been so difficult to obtain, but also because people are very cautious,” he said. “There is still a lot of uncertainty in the economy, but over the

next two to three years I hope we will see a steady climb out of recession, together with a reduction in the deficit and greater stability in the employment market.

“There is already a level of deals activity coming back into the market thanks to firms who have survived the recession strongly, who have the assets to go and acquire other businesses, and are now looking for bargains.

“Equally, there are those business owners who were looking to sell before the recession, who

realise that prices are unlikely to increase much over the next three to five years, and so are keen to move on if they can find a buyer.”

He continued: “If there are companies who wish to acquire a business or grow organically, then we are well placed to assist, whether that means researching potential targets, making an approach, assisting with negotiations or project managing the whole process and we are happy to meet with them and provide a free business consultation.”

It is exactly this more strategic approach which is endorsed by Walton, who has an MBA from Reading University and, as part of his further post graduate studies, has just completed research at Oxford University into mergers and acquisitions.

He believes today’s clients want more added value from their accountants and says sharing a client’s vision for the future is essential to a successful relationship.

With this in mind, details are being finalised for a joint venture seminar in May with Whitley Stimpson and an Oxford-based law firm on the topic of buying and selling a business, and Wallbank is keen to hear from anyone who would like to attend.

Details: Tim Wallbank01295-270200timw@whitleystimpson.co.ukwww.whitleystimpson.co.uk

From left: Whitley Stimpson’s Tim Wallbank, Jonathan Walton and Nick Bullen


business travel/hospitality 35


At Stoke Park, we offer corporate golf days with a difference. Our 27 hole championship golf course, designed by the legendary Harry Shapland Colt, has been voted one the of “Top 100 golf courses you must play in the world” by Golf World, and our dedicated team of ground staff keep the course in impeccable condition all year round.

Indeed our 7th hole was the inspiration for the iconic 12th hole at The Augusta National and something that GQ magazine stated you must “Play before you die”.

Whether it is a business meeting, or a staff away day, Stoke Park can exceed your expectations. Set within 350 acres of glorious parkland, the hotel offers five AA star accommodation consisting of 49 bedrooms. The Mansion, a beautiful georgian palladian building houses twenty one

Stoke Park - the perfect location for your corporate golf dayThe golf course has long been a haven for the deal makers; the place where business leaders convene to close deals, and leave the paperwork in the office to be signed at a later date. It is a place where serious work can be done, and discussed, but in a relaxed, friendly environment where business and pleasure really do mix, writes Nick Downie of Stoke Park

of these bedrooms, which are luxurious and traditional. The further 28 are in The Pavilion and have a more contemporary feel, and include adjustable mood lighting and exquisite furnishings.

As a conference venue, Stoke Park is one of the most finest and accessible venues in the country. Elegantly decorated and naturally lit meeting rooms can effortlessly accommodate a board meeting, product launch, working lunch or a full 70 delegate conference.

A team of experienced event co-ordinators is always on hand to ensure your event is a great success and the organisation of it is stress free. Whether it is a corporate golf day you are looking for, or a top level board meeting, a dinner for 200 or an incentive day, Stoke Park will ensure that every detail has been arranged for you.

Stoke Park has three restaurants:

18th green and mansion

one being our two AA Rosette winning fine dining restaurant, The Dining Room. Headed up by our executive chef, Chris Wheeler, diners can enjoy Wheeler’s innovative take on modern British cuisine, where every dish is a masterpiece.

Also, whilst you’re out on the green, don’t leave your partners at home – we have an award-winning spa

where they can escape, relax and enjoy utter bliss with our luxurious treatments, and enjoy our first class health and racquet facilities.

For more detailed information please call our events team, details below.

Details: [email protected]

Oxford-based caterer Elegant Cuisine has earned the prestigious and toughly audited ISO 14001 Environmental Management Systems award, becoming the first independent caterer in the country to do so.

The caterer, which operates an exclusive event catering company, has been running a waste reduction and recycling project. It has also

introduced rewards for car sharing, along with other measures to reduce landfill waste and carbon footprint.

In the past two years Elegant Cuisine has reduced waste to landfill by over 26 tons (several lorry loads). It now recycles more than 70% of its waste. Water, electricity and gas usage has also all been reduced.

The company has also increased the number of local suppliers used and now only uses fish from MSC certified stocks. The menu at restaurants which the company runs, including the Farmhouse Restaurant and Lakeview Restaurant at Millets Farm in Oxford, is fresh every day, with the company creating handmade pies and wholesome soups. It makes all of its own cakes (and uses seasonal fruit from the farm it’s based at.)

Elegant Cuisine offers high-quality food and service at events and venues across Oxfordshire, Berkshire and Buckinghamshire.

Details: Clare Love01865-391888 www.elegantcuisine.com

Waste not...

MD Michael Ashton

composting bins have been introduced to the waste and recycling collection point on the Greenlands Campus. These bins are filled with food waste, tea bags, coffee grounds and other vegetable matter and then play host to a colony of busy earthworms, who munch their way through this wonderful banquet and in their wake leave a glorious organic compost, that then goes back onto the gardens of the estate to bolster productivity.

Greenlands is located just outside Henley-on-Thames on the bank of the River Thames and offers conference, event and hotel facilities for corporate and private hire.

Details: Alan [email protected]

Worming their way out of waste!Henley Business School, University of Reading (Greenlands Campus) is taking new strides along its path to become one of the UK’s greenest venues. Since achieving BS ISO 14001 for Environmental Management in 2010, Greenlands has gone on to implement numerous systems to continue to improve its sustainability credentials.

Segregating waste for recycling has been common practice on the estate for several years but the team has now gone one step further to divert many tonnes of waste away from landfill, by harnessing the power of the mighty worm!

Working alongside Gwen Powell, ACIWM and master composter from Kompost (www.kompost.co.uk), several specially created


36

James Cowper at the heart of the technology sectorJames Cowper has a strong commitment to the technology sector in the Thames Valley and south of England and is delighted to be part of The Business Magazine’s Southern Tech 100, writes Sue Staunton of James Cowper James Cowper’s technology specialists

For all business these are challenging times, but the Government has clearly identified science and technology as being critical to the UK’s future prosperity, making statements such as “The UK’s long-term competitiveness depends upon increased productivity, invention and innovation and exploitation of the science and engineering base“.

So how has this translated beyond the rhetoric and what are we seeing in the market place?

In last autumn’s Comprehensive Spending Review the Government pledged continuing support for scientific research, maintaining the science budget in cash terms. Alongside this the review also indicated that the Department of Health will increase its spend on medical research and the expenditure of the Medical Research Council will be maintained. Certain capital projects are being continued with extra funds being allocated to them – a further £69 million to the Diamond Synchrotron and £220m for the UK Centre for Medical Research and Innovation.

This may all stimulate research from which commercialisable technologies may emerge – but what about funding for these?

Here the position is less clear. We are currently seeing many technology businesses in their start up and growth phases struggling more than ever before to access equity funding. A number of high-quality spin outs are failing at the first hurdle and we are certainly seeing good technologies either lapsing or being mothballed until the funding environment improves. Although deals are happening (such as the recent raising of £2.75m by Oxfordshire based Organox); they are often difficult to complete and companies are having to be innovative in their funding strategies in order to keep the company going whilst funds are secured. We have

seen a number which have had to change part of their strategy in order to generate sufficient funds to keep them going pending investment. There has been recent mention of increased support for SME’s but much of this is tending to be debt rather than equity based and it may well, therefore, be less suitable for technology businesses in their earlier stages of development.

It is clear that unless the ready availability of equity can be unlocked, extra funding of science is unlikely to result in the growth of new businesses in the UK. Either the intellectual property arising will be licensed out to existing businesses (whether in the UK or overseas) or there will be much innovation that gets no further than the lab bench.

We work with businesses in this sector from their earliest stages of start-up, through growth to eventual exit of the original shareholders.

As a firm we have a significant specialism in advising technology-based businesses – from those involved in IT, medical and life-sciences through physical sciences and telecoms to those working on environmental technologies. We believe strongly in the importance of not just advising technology companies and their stakeholders, but being part of the business community in which they operate.

We advise universities and their technology transfer units and regularly give lectures to undergraduates and graduates about setting up and running technology businesses. The firm is also involved in mentoring a number of technology business plan competitions and members of the firm are members and regular contributors to a number of technology-based networks and associated organisations.

James Cowper – your partners

Technology businesses at whatever stage in the business cycle need good advisers and, importantly, advisers who understand

the sector in which they operate. This is, we believe, what sets James Cowper apart from our competitors. We understand the challenges and the opportunities technology businesses face and are there for the journey. A guide, The Technology Business from Spin Out to Exit, is available as a download from the Technology sector pages of our website.

James Cowper LLP is one of the south coast and Thames Valley’s leading firms of accounting and business advisers. It has offices in Newbury, Oxford, Reading, Southampton and Henley and a client base of over 3,000 businesses and private individuals. It advises a diverse range of businesses and private tax clients, ranging from start-up ventures to blue chip plcs and private individuals. James Cowper’s membership of Kreston International gives clients access to one of the world’s largest accountancy and business advisory associations, enabling the firm to deliver informed, strategic advice in an international as well as a regional and national context.

For more information contact Sue Staunton, partner and head of James Cowper’s technology practice, details below.

Details: Sue Staunton [email protected]. www.jamescowper.co.uk

James Cowper Offices:

Newbury: 01635-35255Reading: 0118-9590261Oxford: 01865-200500Henley on Thames: 01491-572565Southampton: 023-8022-1222


37

Adaptimmune

Use of T cell therapy to treat cancer and infectious diseaseCEO: James Noblewww.adaptimmune.com

Aptuit

Drug development services (global co)CEO: Timothy Tysonwww.aptuit.com

BioVex

Research into cure for cancer and prevention of infectious diseasesManaging director: Howard Goldswiegwww.biovex.com

Celleron Therapeutics

Oncology healthcare and development of cancer therapiesFounder director: Nicholas LaThanguewww.cellerontherapeutics.com

Chroma Therapeutics

Drugs developmentCEO: Ian Nicholsonwww.chromatherapeutics.com

Biotechs This month we focus on biotech companies in the Milton Park, Culham and Abingdon cluster (A-I). List continues next month)

Cozart (Concateno)

Drug testingChairman and CEO: Peter Welchwww.concateno.com

Doctors.Net.UK

Email facility, forums and communication for doctorsCEO: Richard Adamswww.doctors.net.uk

Evotec UK

Discovery and development of novel small molecular drugsCEO: Dr Werner Lanthalerwww.evotec.com

g-Nostics

Invention of tools to help with nicotine addictionMark Tucker

Gen- Probe (was Tepnel Diagnostics – taken over about two years ago)

Transplant diagnostics and genetic disease testingGeneral manager: Michael Webbwww.gen-probe.com

Glide Pharma

Needle free drug delivery injection technologyCEO: Dr Charles Potter MA PhDwww.glidepharma.com

Glycoform

Expertise in intellectual property in sugar chemistry and protein glycosylation,

Green Biologics

Provides technology for low cost carbon chemicals and fuels to industrial customers

CEO: Sean Sutcliffewww.greenbiologics.com

Glysure

Glucose monitoring systemChief executive: Christopher Joneswww.glysure.com

Health Decisions

Clinical Researchwww.healthdec.com

Immunocore

Pioneer of T cell receptor technologyCEO: James Noblewww.immunocore.com


38

Pitmans does not see technology in a narrow sense. Today almost all areas of commercial life are touched by the significance of technology as it continues to evolve. Contracts for the supply of software or IT services may be at the core of what lawyers regard as ‘technology work’ but so many areas of practice, from corporate acquisitions and disposals, to dispute resolution, employment and white collar criminal work are aspects of commercial life that technology companies and their customers must get to grips with.

So what do we see as the particular areas touching the technology sector that are likely to become or remain of importance over the coming year?

First, of course, is the economy. Will this have the adverse effect that would seem to be the obvious consequence of the current economic downturn? Perhaps not. Recent research shows that, globally, the value of IT services contracts hit its highest peak for four years in Q4 of 2010. On the other hand, technology businesses in Europe are reportedly less bullish than their competitors in the US and Asia. These could be testing times for the domestic market.

Where will we see growth in the industry? The appetite for smart phones and tablet computing continues to grow apace, linked no doubt with the increase in online trading and advertising. Managing these aspects will continue to be a challenge for businesses and regulators alike.

It must go without saying that cloud computing will continue to change the way we do business. The major suppliers are embracing it and what is interesting is to see that it is attracting not just the SME markets but major corporates. Look at the success of salesforce.com as just one example of that. But there will be challenges in knitting together the complex network of contracts and capturing all the components that make up a cloud service offering. This will clearly

Tim Clark, [email protected]

Philip Weaver, [email protected]

Andrew Peddie, [email protected]

Richard Devall, [email protected]

have implications for the risks faced by all businesses adopting cloud based products.

These developments of course surge ahead leaving the law struggling to keep up. In addition to regulatory issues (watch out for rules about cookies, scrapping over the liability of ISPs for file sharing etc.) there is the increasing challenge of keeping on top of these developments in more familiar transactions. For example, the increased use of open source software by companies in their day to day business can throw up all sorts of licensing issues. These can come into particular focus when it comes to selling the company. Awareness of technology and the emerging issues is crucial to getting the deal done and can no longer be regarded as the domain of the geeks.

We also anticipate exciting times in the defence and security sector which is a major UK employer and strong in the south. The UK industry is deeply involved in the development of smarter technology particularly with application to ‘cyber warfare’ and national security and infrastructure. Contrary to other areas, spending will hold up in this sector and it is not only the government that will be investing. Corporates will need to ensure that they are taking steps to protect themselves and their customers from attack.

The south remains pre-eminent for technology in the UK and a great place to do business. As this excellent initiative from The Business Magazine shows, the technology sector continues to go from strength to strength. At Pitmans we have a dedicated technology sector group with a great breadth and depth of experience, dedicated to our clients whether growing their businesses, supplying technology or simply procuring and using it. More details can be found at www.pitmans.com/technology or by contacting any of the technology team.

www.pitmans.com/technologytwitter.com/PitmansTech

Pitmans Technology Sector Team:

Pitmans co-sponsors the ST 100Law firm Pitmans is delighted to co-sponsor the Southern Tech 100. ‘Technology defines our region and is at the heart of our own practice,’ writes Pitmans’ technology team. ‘Our dedicated technology group concentrates on understanding the industry and assists clients to tackle the issues they face’


roundtable 39


It’s not as bad as you might thinkHSBC commercial banker Laurie Cufley: “From my perspective north Hampshire has weathered the storm reasonably well across the board. Within my portfolio of around 70 clients I have had only two clients go down because of the economic downturn and none since early 2009.

“We have been wary about the real estate and property development sector, but in general although companies may have lost money, made economies and had to tighten their belts, through good management they have survived.”

John Harrocks of Hampshire Chamber of Commerce, was “cautiously optimistic”: “Over the past year most of the businesses affected by the recession have bumped along, reduced costs and restructured. However, quite a few have now got to the point that although sound they do need increased support from banks if they are to continue and to grow, because they have used up most of their own resources.

“One of the encouraging things we’ve seen is an increase in the export of manufactured goods at a time when you would have thought it might go in the opposite direction.”

Cufley agreed: “The view of many of our customers is that their opportunities lie outside the UK. There are a lot of people switching to an exporting focus.”

Baker Tilly’s Michael Blain echoed Cufley and Harrocks. After the recessionary ravages of 2008, his firm had started to see an improvement in business activity in the latter part of 2009/early 2010. “More recently our Baker Tilly Outlook 2011 survey showed that businesses were far more optimistic about their own business than they were for their sector. They have a confidence in their own business, the area that they can control.”

Confidence returningBlain: “Confidence has increased and businesses are starting to invest and look outward. Businesses have worked through the recession and become leaner and more efficient. The main business focus for 2011 is on the risk of a downturn in demand, competition from lower cost competitors, and absorbing the VAT increase, but they are now also looking to expand their markets.”

Mark Schaffer of MAS South East agreed that businesses were now far more focused on making efficiencies to improve their

North Hampshire: land of opportunity?Last month at the invitation of The Business Magazine and UK business park specialist MEPC, a roundtable of local experts gathered at MEPC Chineham Business Park to discuss the current economy of north Hampshire, and its future. Below, journalist John Burbedge reproduces selected observations from the Roundtable

ParticipantsRupert Batho:

Managing director, MEPC, Chineham Park

Michael Blain:

Office managing partner, Baker Tilly accountants

Franco Bosi:

Head of business services division, Penningtons Solicitors LLP

Laurie Cufley:

Senior commercial manager, HSBC, Basingstoke

Felicity Edwards:

Managing director, Destination Basingstoke

John Harrocks:

Director for north Hampshire, Hampshire Chamber of Commerce

Adrian Leach:

Business development director, HCR relocation specialists

Mark Schaffer:

Manufacturing specialist, MAS South East

David Murray:

Managing editor and publisher of The Business Magazine chaired the discussion.

From left: Franco Bosi, Laurie Cufley, David Murray, Michael Blain, Mark Schaffer, Felicity Edwards, John Burbedge, Adrian Leach, John Harrocks and Rupert Batho

bottom-line performance, focusing on internal cost cuttings and improving external competitiveness – dealing with matters that they actually have control over, rather than worrying about macro-economic concerns.

Although export might be one opportunity, development of new products was another area of positive activity. He quoted two Andover companies – Pudsey Diamond street furniture, and Avalon Therapy Couches – that were ‘stealing a march on competitors’ by introducing new products, with Avalon beating cheaper Chinese imports through quicker delivery times.

“Businesses have realised that they have to play to their strengths and create new market opportunities... standing still is not an option.”

Schaffer quoted the CBI’s recent SME Trends Survey for manufacturers with 31% expecting output to rise in the next quarter, while 12% anticipated a fall, a heartening change from a +9% to +19% balance between quarterly surveys.

“I would say the vast majority of manufacturers are optimistic about the future and with the internal efficiencies they are making, they are confident that they can perform better as well.”

Rupert Batho noted that manufacturing represented around 14% of Basingstoke’s local economy – high in the southeast – and he agreed that rising confidence was in evidence. “Two years ago the manufacturing sector was clearly under threat but in the past six months we (MEPC) have had a notable increase in enquiries from companies looking for industrial space. So if you are looking for a benchmark that is one positive.”

Continued overleaf...

roundtable40


“We are also seeing confidence improve with the office sector. Chineham Park provides space predominantly for the service sector and TMT businesses – an industry continually reinventing itself and facing global competition,” Batho explained. “We have seen occupier numbers increase and our revenue grow over the past two years. The only occupier we have lost was as the result of the company being acquired and relocated.

“We are relatively confident that our occupiers, at least within Chineham, have weathered the storm and I’d suggest that is an accurate reflection on wider north Hampshire as well. Certainly there is a desire from businesses to move forward.”

continued from previous page...

Why do businesses choose north Hampshire?Adrian Leach: “It’s the communication links – the M3, an airport up or down the motorway, the main railway line, and being able to get into town relatively quickly. Basingstoke is conveniently placed in that respect.”

Felicity Edwards: “Communications is definitely key but we should not underestimate the influence of our quality of life, facilities and business premises.”

Franco Bosi said Basingstoke and the surrounding area were an attractive option for those looking for a good work-life balance. “A lot of people do go to work in London, but having done that they look for something different.”

Harrocks: “In north Hampshire we have some very business-friendly local authorities. Basingstoke & Deane is very supportive, and, because of its financial

strength, probably the strongest supporter, but others are highly supportive in their own way. You will find relatively few business people critical of the authorities unless they have a planning grievance or something similar.”

Basingstoke - the better property option?The Roundtable felt the commercial property market was also looking healthier, despite Basingstoke & Deane Borough Council’s plans for town-centre commercial property regeneration, involving the demolition of empty eyesore buildings at Basing View, being disrupted by the contactor going into administration in late December.

Batho: “From an occupier’s point of view, Basingstoke is extraordinarily positive. We lie outside the M25 ring – so you drive further quicker – and have a well-educated population for a range of employments. It represents a good place to live.” He also explained that Basingstoke had a 30% rental differential in its favour, on Grade A commercial space over rivals such as Reading.

Cufley suggested that Reading had more empty space than Basingstoke. David Murray pointed out that much of it was in the secondary market.

Batho said that Reading probably had more large office-space premises available. Within Basingstoke, occupiers had shown a desire for better quality stock as proved by Chineham Park gaining 40-50% of market share of transactions in the region last year, while only having 12% of the available stock.

Cufley asked if the economic downturn had put pressure on rents at Chineham Park.

Batho: “Everyone is looking at the total cost of occupancy and rent is typically the second biggest expense after human costs. So we have responded to those pressures, but there has certainly been no collapse in pricing. We certainly don’t win business by cutting rent. We sell value, service and support for a productive working environment.”

Communication links are not just about roadsBlain: “Communication infrastructure is far more than just a quick railtrip or drive up to London, it is about digital connectivity as well, and that is becoming a key issue.”

Harrocks highlighted that Basingstoke had been a broadband test area in the south east for BT, but because the trial had been largely in residential areas, it had stimulated a lobbying force to press for improved communications in the business community. “Basingstoke has been quite vociferous in saying we need bigger, better broadband,

but the same business demand is happening in Winchester and other towns. There will be a lot of competition for limited resources over the next year or so.”

Batho: “Chineham Park has fibre digital communication infrastructure in place, but around four years ago smaller businesses saw it as an expensive way of getting communications. However, nowadays when we get enquiries, the second question after “how big is the space?” is “what are the communications and how quickly can we be set up?” The cost of rent comes after that.

“There is now recognition that connectivity is absolutely key if you want to compete in the national/international marketplace. So, communication requirements for businesses, whether big or small, are growing exponentially.”

Also, improving connectivity within the residential sector would help start-ups and home-working within flexible businesses, he added.

Harrocks said much depended on the commercial decisions and operational capabilities of main suppliers such as BT and Virgin Media, which the Government could do little to influence other than through tax breaks.

Amazingstoke Basingstoke . . .Murray asked if Basingstoke had successfully shaken off a poor image gained as a developing new town in the 1960s.

Edwards, as befits the MD of Destination Basingstoke, championed the town’s current ‘brand’.

“Image has been an issue but things have moved on and Basingstoke has now definitely changed for the better.” Recent research had shown that residents and town

Felicity Edwards

Laurie Cufley


roundtable 41


workers had very positive feelings towards Basingstoke, she said, and it was “only people who lived or worked further afield, or had no recent or indeed any experience of the area that retained an outdated perception”.

She said Destination Basingstoke was constantly using business ambassadors to promote and explain to others why Basingstoke works for them – getting the message across regionally and nationally that Basingstoke is a good place to do business. “But, cultural and image change is something that takes time. It doesn’t happen over night, but there is very positive progress as discussion around this table shows today.”

Leach remarked that he mentioned to a west London housing officer that he was based in Basingstoke, and she revealed: “Amazingstoke Basingstoke! – I’ve got a T-shirt with that on!”

Edwards added that many others in the UK might soon be wearing Basingstoke-related T-shirts. The town was staging its first-ever half marathon on October 2, and already had 850 entrants from all over the country (Info: www.basingstokehalfmarathon.com).

She also revealed that it had not been too difficult to get a headline local sponsor – Shire Pharmaceuticals.

Murray asked if local businesses in general were supportive of local community initiatives?

Edwards said the key was staging events that “ticked all the right boxes, and captured the imagination of both businesses and the local community”. For example, the annual Inspire Business Awards were always well supported because local companies plainly felt they were relevant and added value. Overall, she felt there was strong business support for the north Hampshire community.

One of the business world’s best-kept secrets?Murray asked if this support might be because the Basingstoke area felt it needed to try harder to overcome its past image?

Edwards said Basingstoke had moved on some time ago from that legacy and now business support was simply “telling the very true story that the area is working for them. It is not a defensive reaction, it’s simply a positive message that they want to publicise.”

Harrocks said: “Externally there may have been a poor perception of Basingstoke, but that wasn’t the case for most businesses and people within the town, who considered it a great place to work. In many ways Basingstoke was a ‘best kept secret’, and some were happy for it to stay that way because they didn’t want too many others to come in.”

But, the formation of Destination Basingstoke was now successfully raising the profile and changing perceptions of the area.

Leach: “Basingstoke has a very good mix of companies, but importantly major multi-national players who have attracted talented individuals and smaller companies to relocate to the area to support the varied industry sectors now represented in the town.”

Cufley: “We have some fantastic companies here.”

Are skills a concern like everywhere else?“Does north Hampshire have a skilled workforce?” queried Murray. “Or is there a skills shortage in the area?”

Batho: “Productivity, upskilling and keeping people is very important to our occupiers and through MEPC’s associates we even offer a training academy on the Park to help them do that. I think training is probably going to be a big issue for 2011-12.”

Schaffer: “Apart from making themselves more efficient, the majority of 50 or so companies we see every week in the southeast are looking to recruit, but skills are an issue, and often its practical skills that are the main problem. Working in partnership with schools, universities and colleges will encourage an interest in regional business activity – actively supporting the development of skills from a young age will ensure future growth and sustainability for Hampshire’s business community.”

There was no significant skills shortage in the professional sector locally, Bosi said, but he wondered if some people didn’t come to Basingstoke, despite the many very good reasons for coming to the area, because they still got “put off by the name”.

Financial fears for the futureMurray asked if inflation was a financial fear for north Hampshire.

Schaffer: “It’s raising concerns but many don’t fully understand what the impact of inflation might be. In many ways businesses are playing a waiting game to see if it is going to make a difference.”

Cufley said many businesses had absorbed the VAT increase. The biggest problems would arise if interest rates went up, particularly if they went up sharply to possibly 3% as rumoured. While many businesses were using cash made available by low-interest rates to pay off their debts, others had reduced their repayment levels and were using that spare cash as working capital to fund their businesses. “If interest rates suddenly go up how are they going to find an extra £1,000 or so per month in loan repayments? That’s more of an issue than inflation at the moment, because interest rates will rise.”

Leach agreed that cashflow was very tight within many companies, and he suggested that some would not have survived if the banks had been more aggressive on loan repayments during the recession. He warned: “I am not sure that banks have yet absorbed all the poison that is out there. The banks have merely deferred some of the pain in the hope it will be lessened when the good times come back and then they start asking for repayment. It may well be a case of some companies being asked to ‘refinance or accept closure’. ”

Bosi agreed, pointing out that insolvency practitioners had not been as busy over the past three years as one might have expected. Interest rates might well be the future trigger for increased activity.

Continued overleaf...

John Harrocks

Franco Bosi

roundtable42


continued from previous page...

Cufley said many businesses needed to grasp the fact that the interest rate was artificially low at present, and they needed to be planning and preparing to cope financially when interest rates did return to realistic market levels.

Blain doubted whether the impact of an interest rate increase would be so devastating. “I am starting to see business profitability coming back, and with a lot of debt already driven down, the impact may not be as great as many expect.”

Because of the recession, businesses had already made themselves leaner and more efficient, and now managed their cash and working capital requirements better, he pointed out.

Blain agreed that interest rate increases were a concern, but so too was inflation in the cost of raw materials (particularly for manufacturing), the competitive pressure on profit margins, and the latent threat of increased wage demands.

Are banks doing enough to help UK plc recover?With the recovery beginning and businesses looking to grow, Murray asked if the cost or availability of funding was an issue?

Remarking on the amount of ‘bank-bashing’ for alleged lack of lending, Cufley revealed that HSBC’s approval rates on loans had remained steady over the past four years. “Of course, the press would have you believe different, but their perception is just not true.”

“In reality, many businesses were not asking for money in 2009/10 and early 2010 because they were paying off their debt and didn’t want to commit to future projects.

Now we are seeing a change as people are coming out of recession. I think it is important that banks do support them. We as a bank certainly have got money to lend.”

Cufley highlighted the recent Project Merlin agreement between the Government and the largest UK banks to lend £76 billion to SMEs, an extra 15%, within an increased total lending sum of £190b (2010 – £179b). Plainly, this would help overall UK plc funding, although lending into some sectors would still have to be very carefully considered by banks, he added. Several Roundtable members commented on the high cost of borrowing from banks, and very expensive arrangement fees.

Bosi: “Financing small businesses where they have little or no track record is very difficult. In reality it is not available without some external security.”

Blain said many clients had been aggrieved by the increased costs for loan renewals and “not being able to talk to their relationship manager today and get extra funding tomorrow.”

Cufley pointed out that the pricing of lending had gone up. This was largely as a result of demand and supply issues within the market and also linked to the European Basle directives now requiring banks to retain higher Tier One capital reserves and to ‘price for risk’ on loans.

Blain: “Finance is very definitely more expensive than it was. It probably was too cheap, which is why we got into the mess we did.”

Leach: “But, the percentage that is now charged for borrowed money is a phenomenal increase!”

We’ll fund it our way!Murray wondered if there were businesses held back by difficulties in gaining finance from banks. Were they finding other funding sources?

Blain quoted the recent Baker Tilly survey (November 2010) in which 74% of owner/directors said they were not planning to raise new funds in the next year. “Businesses seem to be saying that they are much more self-sufficient, looking to retain profits and repay debt or fund themselves.

“The world’s changed, it is much riskier, and so the banks apply a premium. Whether businesses choose to buy at that premium . . .”

Schaffer said he was unaware of any major adverse funding issues or concerns among clients with whom he was working in the manufacturing sector. “I think they must be using the funds that they have.”

Blain: “Our corporate finance team has had a 100% success record in raising finance for clients. But, the difference now is that a much more robust financial model is required. Clients have to put their proposal to the right bank at the right time, and accept that the

cost will be higher, which means the return on investment will need to be geared higher. Perhaps this is one reason that businesses appear to be using their own capital and managing their own risk.”

Harrocks said he was aware of funding problems to some extent among smaller companies, and that funding for growth was harder than it used to be. “The banks will be the demons for some time yet, rightly or wrongly, because they have to take a harder view on lending, but the reality of funding has definitely changed.”

Murray suggested that the general feeling was that the issue about banks not doing enough to fund business growth had been overplayed.

Can we build an environment for growth?Good preparation of the business case for funding was now more crucial than ever, Roundtable members agreed.

Blain: “You need to ensure there is sufficient cashflow to service the debt, enough headroom to take account of things that might change. You have to know your business better, and be able to show that. You have to put the commercial case properly, and you will need help from professionals to put that case.”

Cufley: “We (bankers) are focusing our sensitivity analysis around cash generation, and financial due diligence provided by a professional is now pretty much a requirement for larger deals.”

Bosi questioned whether the caution involved in funding was becoming excessive, producing more administrative work, and potentially causing delays that could threaten strategic projects for businesses, whether growth or M&A activity. Delays caused by caution, and deals collapsing, would certainly not promote the return of confidence to the UK economy.

Michael Blain

Rupert Batho


roundtable 43


*Enterprise M3 - explainedLocal Enterprise Partnerships (LEPs) are replacing Regional Development Agencies. LEPs will bring together local businesses, civic leaders and other key local stakeholders to work jointly to support their local economy. Enterprise M3 LEP covers north Hampshire and north west Surrey. The 57,000 businesses based within the LEP annually generate £25b in business goods and services. Announced as a LEP on February 10, Enterprise M3 already has 216 pledges of support from local businesses.

www.basingstoke.gov.uk/go/lep

Cufley said the media, by sustaining a bad image for banks, was not helping to create an environment for growth. “We are lending money to businesses that have repayment ability, but unfortunately there will be some businesses that we can’t help.”

Leach described the current funding process as “tortuous and expensive.”

“Firstly we have a reluctance to lend, then far more due diligence is required, then we have relationship managers who can’t react quickly because they have to refer it ‘upstairs’, and an additional layer of professional fees laid on top of that.

“If this country is relying on SMEs moving forward to create jobs and growth, then we are not creating a very good macro-environment for them. Is everything now becoming so bureaucratic that we are not creating that right environment?”

Cufley suggested more seminars and workshops to advise local companies about business matters and economic opportunities would assist in creating an environment for growth.

Make a LEP of faith with Enterprise M3*So how do we create that growth environment, asked Murray. Will the newly created LEPs, like the north Hampshire ‘Enterprise M3’ LEP help do it?

Edwards: “It is an opportunity. It’s our way of getting north Hampshire and the wider area onto the central government agenda but we all need to be involved. It needs a positive partnership between businesses and the public sector and I am pleased that businesses are already getting engaged with the LEP.”

Harrocks: “The positive side is that this is a once-in-a-generation opportunity

for businesses to have some influence on the economic development of their own area. It should provide a strong lobby of support for us. The downside is that in the southeast there will be virtually no extra public money to help run these LEPs. So, getting businesses truly engaged in LEPs has been a challenge. That said, here in north Hampshire we have already succeeded in getting some significant companies pledging senior people to join the board running our LEP, but there is a long way to go yet. I’d like to think that we have moved on from the perception that LEPs mean merely re-arranging the deckchairs.”

Blain: “From the business point of view it is a very much a lobbying group, although there is no great clarity yet about what it is aiming to achieve. The litmus test will be what comes out the other end. Business involvement will depend on that.”

With lack of local funding to southern LEPs, Blain thought help for businesses would continue to come mainly from nationally driven initiatives such as R&D tax credits or support for Innovation and Growth Teams.

Harrocks: “As soon as possible the business community needs to write down its wish-list and make it known to the LEP.”

Government - are you listening?Murray asked Roundtable participants to “send a message to the Government”. Improvements to apprenticeship facilitation, better business-education sector liaison, and grants to encourage apprenticeship and upskilling were all suggested.

Batho: “There is a perception that skills training is an easy spending cutback but we need to bridge the gap between those out of work and those businesses which want to take on better skilled or more appropriately skilled people.”

Schaffer: “Businesses need to start pulling for what they need. We need to get closer engaged with SMEs so that they can actually speak up for what they actually need. We train people but often they don’t exactly fit the holes that need to be plugged.”

Harrocks: “The Chamber has always heavily promoted apprenticeships, but the employer response is very often that they bear the training cost and then the apprentice moves on with his new skill to another business, making it a poor return on investment. Business apprenticeship grants towards covering this might be a very good step forward.

Schaffer: “MAS South East wholeheartedly supports the recent announcement about funding for vocational training – let’s ensure that vital skills are not lost from industry.”

Blain: “We are only just starting to see the impact of the public sector spending cuts. The continued improvement in our

Mark Schaffer

Adrian Leach

economy will depend on business growth. My message to government is: ‘Continue to keep stimulating the economy, hold your nerve on interest rates, slowing business growth is a greater risk than that of inflation’.”

Leach concluded: “My message is simple – keep the pressure on the banks, cut the red tape and create an environment that stimulates the entrepreneurial talent in this country.”

motoring44


This month’s Geneva Motor Show will see the world premier of the BMW ActiveE. Based on the current BMW 1 Series Coupé, the ActiveE is the second electric test vehicle to be created by the BMW Group.

With four seats and a luggage compartment of 200 litres, the ActiveE is the first electric vehicle from the BMW to combine the space and comfort of a traditionally powered BMW with a fully electric drivetrain.

The packaging ensures that the driver and all three passengers have the same head, leg and shoulder room as they would in a standard BMW 1 Series Coupé.

At the heart of the ActiveE is a powerful electric synchronous motor which propels the car from zero to 60mph in just nine seconds, delivering 168hp and maximum torque of 250Nm, from a standing start.

Electric ActiveE now trialled

While its top speed is electronically limited to 90mph, the ActiveE maintains the dynamic driving style that is typical of a BMW, with a low centre of gravity and 50:50 weight distribution to enhance traction and power transfer of the high torque.

Replacing the engine block, transmission and fuel tank are three large energy storage units containing lithium-ion cells, developed in conjunction with SB LiMotive. These modules are protected by a steel-plate battery housing with integrated liquid cooling system, to keep the batteries at optimum operating temperature helping to increase the range. These housings also help to ensure that the ActiveE meets the same stringent safety standards as the 1 Series Coupé.

The ActiveE is engineered so that when the driver takes his

foot off the accelerator pedal the motor becomes a generator and feeds the electricity created from kinetic energy back into the vehicle battery, while at the same time braking torque is created, slowing the vehicle down. This recuperation of energy can increase the range by up to 20%.

For the first time in a BMW Group electric vehicle the BMW ActiveE features an ‘intermediate position’ for the accelerator pedal that results in the car’s own kinetic energy being used to move forward, without consuming energy from the batteries. In essence it is a ‘gliding’ mode. With previous electric vehicles when the accelerator lifts the car automatically starts to brake.

To further increase the range ECO PRO Mode can be selected whereby the drive configuration and comfort functions are modified to use less energy and facilitate a more efficient driving style. In ECO PRO mode the heating and air conditioning system are programmed to use less energy and the accelerator demands less power with the same travel.

A test fleet of over 1,000 BMW ActiveE vehicles will be trialled in the US, Europe and China with lessons learned fed back for the future development of the Megacity Vehicle, due to go into production in 2013. BMW UK will be leasing BMW ActiveEs to select customers.

YOUR COMPANY BENEFITS. YOUR DRIVERS BENEFIT.

Want to benefit from more information?Please visit www.bmwbusinesspartnership.co.uk or contact your dedicated local business manager on the details below.

BMW EfficientDynamics reduces BMW emissions without compromising performance developments and is standard across the model range.

2 models

YOUR COMPANY BENEFITS.

BMW | MINIBusiness

Fiona KinnerSytner High Wycombe

Gill FinchSytner Maidenhead

Jon EaseySytner Sunningdale

MINIMALISM

23017_bs190886 Sytner_BBP_135x188_v2.indd 1 22/02/2011 12:09


motoring 45


Far more employers are now willing to offer company cars to staff via a salary sacrifice scheme, says Baker Tilly.

In certain circumstances it is possible to pay less tax on a company car (5%-10%) than an effective tax rate of 20% on salary paid to employees, explained tax partner Tim Smith, based in Basingstoke. There are a number of other options an employer can consider that may reduce their tax burden.

Efficient company cars

When it comes to the taxation of company cars, the Government has a clear direction. Fuel-efficient cars are subject to a lower rate of tax than vehicles with large engines and high petrol or diesel consumption, as they have lower emissions. The tax charge on a company car ranges from 15%

Company cars: considering the tax-efficient options available

to 35% of the list price for most ordinary cars. Company cars have therefore had to become even more efficient over the past few years just to remain at the same effective tax rate.

From 2011/12 we will have a •tax rate of only 5% for cars with CO2 emissions of 75 g/km or less.

Cars with CO2 emissions of 76-•120g/km will be taxed at 10% and cars with CO2 emissions of over 125 g/km will be taxed at between 15% and 35%.

It should also be noted that •electric cars will attract no benefit-in-kind charge for the next four years.

The alternative to company •cars is to offer a cash car allowance, which is subject to income tax via the payroll but

which allows employees more flexibility in providing personal transport.

Remove the provision of private fuel in company cars

Private fuel provided to employees with company cars has continued to be taxed more heavily over the past few years. The fuel benefit charge is now based on a figure of £18,000 multiplied by the percentage at which the company car itself is taxed. It is no longer tax-efficient for employees to receive free fuel from their employers.

The savings by removing private fuel for employees are typically £1,000 per car per annum and it is therefore a significant saving for employers to have. Most employers split the savings with their employees so that the tax

saving is shared equally between the employee and employer.

Provide car parking

The provision of a car parking space at or near an employee’s place of work by the employer is not considered to be a benefit in kind on the employee. It is therefore very tax efficient to provide a parking space to an employee especially where the employee currently pays for car parking out of their net income.

These arrangements can be implemented using a salary sacrifice arrangement so that no additional cost is incurred by the employer. Such arrangements will typically save employers national insurance contributions so that the company makes a saving as well.

Details:www.bakertilly.co.uk

CT 200h prices start from £23,485 OTR. Model shown CT 200h SE-I costing £23,995 including optional metallic paint at £510. Price correct at time of going to print and includes VAT, delivery, number plates, full tank of fuel, one year’s road fund license and £55 fi rst registration fee. †9.9% Representative APR over 3 years on Lexus Connect Contract Purchase available on all new retail CT 200h SE-I, when registered and fi nanced through Lexus Financial Services Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ at participating Lexus Centres, valid until 31 March 2011. Other fi nance offers are available but cannot be used in conjunction with this offer. Vehicle on sale from March 2011. Terms and conditions apply. Excess mileage charge applies over 30,000 at 9 pence per mile. Indemnities may be required. Finance subject to status to over 18s only. Lexus Centres are independent of Lexus Financial Services. Subject to availability.

CT 200h fuel consumption and CO2 fi gures: urban 68.9 mpg (4.1L/100km), extra-urban 70.6 mpg (4.0L/100km), combined 68.9 mpg (4.1L/100km). CO2 emissions combined 94 g/km.

THE NEW CT 200hThe Lexus CT 200h is leading a quiet revolution. Its sophisticated full hybrid system creates near-silentdriving in electric mode, with class-leading low emissions and superb fuel e∞ ciency. It delivers a truly rewarding driving experience, withsmooth acceleration and agile handling.

Representative example

Model CT 200h SE-I35 Monthly payments £299.00Cash price £23,485.00Representative 9.9% APR†

Customer deposit £5,880.39Amount of credit £17,604.61Guaranteed Future Value/optional final payment £11,278.80Total amount payable £27,624.19Fixed rate of interest (per annum) 5.10%Term 36 months

LEXUS READING Rose Kiln Lane, Reading, Berkshire RG2 0HS. Tel: 01189 758877 www.lexus.co.uk/reading LEXUS BRACKNELL Phoenix Business Park, John Nike Way, Amen Corner, Bracknell RG12 8TN. Tel: 01344 789777 www.lexus.co.uk/bracknell

JOINTHE QUIETREVOLUTION

international trade46


Japan, for example, remains one of the world’s largest economies - four times the size of India in 2008 - and is the UK’s largest export market after Europe and the USA. The total value of UK goods exported to Japan in 2009 reached £3.68 billion (£8.1b including services), predominantly in healthcare, machinery and transport equipment, though opportunities exist across the board.

Japan retains its edge in technology and R&D, responsible for 20% of global R&D spend, with an emphasis on low-carbon technologies and innovations to support its ageing population (20% are 65 or over). Japan’s 127 million consumers are also highly educated, demanding, and early adopters of new technology.

Receptive Japanese sectors for UK exporters are:

Advanced engineering - open to new and •proven technology.

Design - an attractive market for design •services, much of Japan’s manufacturing industry is export-orientated.

Energy - the Japanese Government has •ambitious emissions reduction plans.

Japan: technology and tradition mean opportunity for UK exportersWhile SMEs are well advised to look to emerging economies (BRICs, CIVETs, and the like) to expand their business, the mature established markets should not be overlooked

Fashion - British fashion firms prepared to •develop a distinct marketing strategy for Japan are highly successful. Paul Smith made its name in Japan and has nearly 200 stores there.

Financial and legal services - UK firms and •institutions already advise many Japanese manufacturers.

Food and drink - sector comprises about 5% of •UK exports to Japan.

ICT - Japan’s industry is always looking for •innovative technologies.

Life Science - Japan is the second largest market •for pharmaceutical and healthcare industries; the UK is its largest pharmaceuticals supplier.

Music - Japan is the world’s second-ranked •music market.

Despite having one of the world’s most technologically advanced economies, Japan remains a traditional society with strong social and employment hierarchies. Owing to the importance placed on personal relationships in business, Japan generally requires a strategic approach rather than an opportunistic one.

In most cases, exporting to Japan will require

local representation (agents; distributors), but this is only a first step. The key to success, as well as a thoroughly prepared strategy, is a willingness to make a long-term commitment to build relationships. This requires patience, time and regular visits to develop the mutual trust and confidence that many Japanese consider essential to an enduring business partnership.

Traditional Japanese beliefs are having a transformative effect on the fortunes of Oxfordshire firm Preseli Bluestone International. Its jewellery crafted from the same Welsh bluestone used to build Stonehenge is proving hugely popular in Japan, where many believe it has healing powers. “To the Japanese, Stonehenge is something very special,” said managing director Colin Shearing, “and the market for our jewellery there has literally doubled turnover.”

Shearing sought advice from UK Trade & Investment after being approached by a Japanese distributor. UKTI arranged an international conference call, through a translator, at the British Embassy, and helped arrange a trip to Tokyo for Shearing to meet potential partners, from which he returned with a three-year contract.

He added: “Having the chance to meet face-to-face was a great opportunity to establish trust between myself and the distributors.”

For more information about doing business with Japan, contact UKTI South East, details below.

Details: UKTI South East0845-278-9600www.uktisoutheast.com

Banks, bankers and their bonuses are vilified in the press and are the object of widespread public anger. This article is not about to justify their losses, their excesses, nor their call on taxpayers’ hard earned cash. However the financial services sector in the UK – usually referred to as ‘The City,’ though it long ago grew beyond the boundaries of London’s Square Mile – is a very big hitter on the world stage and plays a huge role in the UK economy.

Financial services employ more than 1 million people throughout the country as a whole, of whom two-thirds are based outside London, according to HM Treasury. This includes the banks, insurance, asset management firms, private equity house, alternative investment advisors and the service industries that support them including lawyers, accountants, consultants and regulators. What this also means for the country is that the industry as a whole is a substantial contributor to the government. In the

Britain’s world leading industry

2009/10 tax year consultants PwC estimate that it paid £53.4 billion in total taxes or just over 11% of all of the tax paid in the UK in that year.

What is more striking however is the UK’s financial services industry’s standing on the world stage. For example, the turnover of UK’s foreign exchange market accounts for 37% of the global total, a staggering $1.9 trillion each day, by far the largest in the world. More international equities are traded on the London Stock Exchange than any other. Lloyds of London is the world’s largest speciality insurance market. London’s other markets in eurobonds, metals and gold in particular, financial futures, shipping contracts, oil, hedge funds and, yes, banking products, are world class. These facts, courtesy of research by the City of London Corporation add up to a significant export success. The UK Balance of Payments Pink Book compiled by the Office of National Statistics records a balance of payments surplus for financial services amounting to £32.9b

in 2009, the latest year for which figures have been published. This by the way was £7b down on the previous year due to lower income from loans and deposits to foreign organisations.

All told this adds up to an industry that is vital for the well being of the country one way and another. Yet the tendency is to regard the City and financial services industry as a collection of overpaid wideboys and spivs. And as in any market, it’s a fair guess that there are indeed some of those lurking there among the million strong workforce. Meanwhile the vast bulk of employees in the sector are doing day-to-day jobs that are contributing to this massive industry and whose jobs are certainly not for life but subject to cyclical and other changes in the market place. The 1,000 investment adviser jobs set to be lost at Barclays’ branches that were announced last week are a recent case in point.

Even Vince Cable, the secretary of state for business, innovation and skills and president of the board of trade, makes jokes about bankers these days but he, and we, shouldn’t lose sight of the value the financial industry contributes to the UK economy. There is a great deal more than bankers’ bonuses to this great British global success story.

Why we shouldn’t throw the UK financial services baby out with the bankers’ bath water, explains Richard Willsher


property 47


The Ultimate Apartments for the Discerning FewAn exclusive gated mansion block development of spacious apartments which blend tradition with

sophistication. Offering the privacy of a secure gated location and underground garaging, Brockenhurst Houseis styled with meticulous attention to detail and provides a superior specification.

Guide Price from £675,000

Viewing Strictly by Appointment Only

Call 01344 872 196

www.millgatehomes.co.uk Building Excellence

SEGRO is set to develop a new 75,445 sq ft warehouse at Slough Trading Estate in a pre-let agreement with Selig (UK). The deal further cements SEGRO’s long-standing partnership with Selig, which has occupied facilities at the estate for more than 80 years.

Located on Ajax Avenue, the development will provide a new factory facility for Selig, the world’s largest manufacturer of tamper-evident cap/closure sealing products.

The development will be ‘fast-tracked’ by SEGRO as a result of Slough Trading Estate’s Simplified Planning Zone status, which means that industrial developments have outline planning consent and can be progressed quickly and efficiently to save occupiers’ time and money.

A 15-year lease has been agreed for the deal, in which Selig was represented by the Maidenhead team at national commercial property consultancy Lambert Smith Hampton (LSH). Cushman & Wakefield and Altus Edwin act for SEGRO on the Slough Trading Estate.

Paul Lewis, regional director at SEGRO, commented: “In today’s fast paced, global economy, the occupational requirements of major international businesses, such as Selig, evolve quickly. As the only location in

New warehouse to be developedthe south of England to have Simplified Planning Zone status, the Slough Trading Estate has a significant competitive advantage in meeting the changing needs of its occupiers, by fast-tracking the development process. Located at the estate since 1929, Selig is one of the estate’s longest occupiers and we look forward to working in partnership with them for many years to come.”

Andy McLean, executive vice-president at Selig UK, added: “Our decision to remain located on Slough Trading Estate is not only down to our long-standing history on the scheme but also because of the fast-tracking development process that the landlord is able to undertake. In the current market, it was a prime opportunity for us to upgrade Selig’s property to an industrial unit that is tailored to our specific requirements.”

Cliff Jackson, director at LSH’s Maidenhead office, concluded: “This is a significant and important deal for Slough as well as the wider

Thames Valley market, and is the largest of its kind for some time. Pre-let agreements demonstrate corporate occupiers’ long-term commitment to a location and for Selig to remain on the Slough Trading Estate with a bespoke facility is testament to the commercial strength of the scheme.”

Fast-track construction of Selig’s new factory will be led by Kier Construction, which has been appointed as the contractor by SEGRO. Sectional completion of the factory is due this summer, with the external works and office space scheduled to be completed by late 2011.

The style of warehouse being built for Selig (UK)

What’s in store for 2011?


48 employment people

with Doyle Clayton

the employment solicitors

EMPLOYMENT LAW IN PRACTICE

As a result it has become increasingly difficult to bring non-EEA nationals to work in the UK. Employers need to prepare for the new annual limit; consider the available options and decide whether they should take steps now.

A popular way to bring individuals to the UK used to be to apply for a visa under Tier 1 (General), or “highly-skilled”. This avoided employers becoming a sponsor registered with the UKBA but was closed suddenly last December. If an employer is dealing with an individual with substantial assets there may still be the option of applying under Tier 1 (Investor). We are also awaiting further information on the proposed “Exceptional Talent” category under Tier 1. However, these options are likely to be available in only the rarest of cases.

The main route to bring in non-EEA national workers will be under Tier 2, requiring an employer to be a registered sponsor. To do so, employers must have rigorous HR practices and procedures, go through an application process

Employing from outside Europe

and have individuals managing their obligations to the UKBA.

Sponsors will have two different options, either Tier 2 (General) or Tier 2 (Intra-Company). Tier 2 (General) is where the immigration cap applies. However, employers will usually need to have advertised extensively for an EEA national first.

Under Tier 2 (General) employers will also have had to apply for sufficient certificates of sponsorship for each person they want to bring in. The application process is how the Government manages general working migration to achieve its targets. Allocation of certificates is considered on a month by month basis, so employers should get their applications in for the coming year as early as possible.

Tier 2 (Intra-Company) provides an opportunity to bring in certain individuals from companies within the same group. We anticipate employers using this more regularly, as it is not within the immigration cap and does not require a process of advertising to have been completed. However, it still requires employers to be sponsors.

Actions to take

consider which option is likely •to serve your business best;

apply for a sponsor licence •and make sure your HR and recruitment practices are at the standard required by the UKBA;

apply early for certificates for •the coming year.

More information on business immigration matters can be found at www.doyleclayton.co.uk

Details: Alistair McArthur0118-9596839amcarthur@doyleclayton.co.ukwww.doyleclayton.co.uk

From April 2011 the Government will implement a new annual limit on migrant workers with the aim of limiting net migration to the ‘tens of thousands’, writes Alistair McArthur

Movers and risers...

Wilkins Kennedy, a top •25 firm of chartered accountants and business advisers, has expanded its VAT department with the appointment of Kevin Martin as VAT assistant manager. Martin, 27, from Harlow, joins Wilkins Kennedy from an associate position at global professional services firm Alvarez & Marsal, and previously held a position as Senior at Baker Tilly. He has also worked at two of the ‘Big Four’ firms and gained a wealth of international experience working across Europe and in New York. Reporting to Andy Dawbarn, VAT partner, London, Martin will be based within the tax department at the firm’s London office. He will assist in leading the direction and delivery of VAT and other indirect tax advisory services to a broad industry range of domestic and international clients across Wilkins Kennedy’s 12 regional offices.

The Whiteoaks Consultancy, •one of the UK’s leading technology PR consultancies (PR Week), continues its programme of expansion in appointing Jane Rigg to its board of directors. Rigg, who has been at Whiteoaks for three years, has played a key role in winning new clients, together with developing and retaining Whiteoaks’ strong portfolio of clients across a range of industry sectors. In the new role of business development director, Rigg will now take responsibility for all aspects of sales and marketing. In addition, she will be retaining client responsibility for a select number of key accounts.

Rigg commented: “We have seen record levels of growth over the past few years, demonstrating that our unique approach to PR, which guarantees and proves the link between PR performance and sales success, has been exactly what the market is looking for, particularly in a tough business climate. I am relishing the prospect of helping Whiteoaks continue to grow.”

Thames Valley accountants and business advisers James Cowper •has promoted corporate finance specialist Stuart Williams to senior manager. Williams, who has been with James Cowper for the past nine years, was promoted in January. Based in the Reading office, Williams acts for businesses owners and investors acquiring or disposing of a business or looking to raise finance. He was a senior member of the team that acted for the Harlow-based merchandising manufacturer PPE that was sold to HL Display AB (publ), a Swedish listed business for £27 million in 2009/10. This deal resulted in James Cowper being awarded ‘Dealmaker of the Year’ by The Business Magazine in 2010, beating corporate financiers from Grant Thornton and venture capitalists LDC. Commenting on his promotion, Nick Rogers, partner and head of corporate finance at James Cowper said: “We are delighted to announce the promotion of Stuart. He is an accomplished corporate finance accountant and the advice he brings to clients is invaluable.”


people 49


“Doyle Clayton has taken time to learn our company’s nuances. They take a commercially focused approach to settling problems rather than stating the facts without understanding the business’ realities, so we can be confident that we will receive solutions tailored to our needs rather than a ‘one size fits all’ answer.”

Emer Boulter, Regional HR Director, Halcrow

The UK’s largest employment law firm

London City Canary Wharf

Reading

DC_BusinessMagazine_AD NEW Feb 2010.indd 3 9/2/10 17:09:21

The Oxford Wine Company has appointed two new company •directors: Neil Gladding (above right) becomes sales director and John Chapman (above left) operations director. The company is expanding again with the appointment of Charles Reardon-Smith to cover the South Wales, Hereford and Worcester triangle. Reardon-Smith, who has been working out of Cardiff, will be based in Cheltenham. Meanwhile there have been changes in the Oxford shop with Lee Isaacs taking over as manager with Louise Ferreira, formerly in charge of the Blue Boar in Longworth, as his assistant. Iain Thurgar takes on the sales support role at head office and Howard Downer joins the warehouse team. The company has also expanded its Tetbury shop to create more storage space and offices.

Oxford Early Investments, a •leading investment network that helps early stage companies to secure funding from investors, has announced the appointment of Chris Baker as its new manager. Baker’s range of business experience embraces financial management, technology transfer and management consultancy. planning and information systems.

Leading Banbury-based •law firm Spratt Endicott has kicked off the new year in style, with the appointment of former Wright Hassall solicitor Petra Van Dijk, within its commercial litigation department. Formerly a member of Wright Hassall’s insolvency team, Van Dijk, who qualified as a solicitor in 2000, joined Spratt Endicott last

month and, in addition to her experience in dealing with a wide range of insolvency work, brings specialist knowledge of insolvency litigation, acting for insolvency practitioners as well as private clients. Van Dijk has wide experience in issuing and defending bankruptcy and winding-up petitions, preference and transactions at undervalue proceedings, misfeasance actions, wrongful trading and retention of title claims, bankruptcy annulment proceedings and actions involving the matrimonial home. In addition, her role at Spratt Endicott sees her advising on non-contentious matters such as administration business and asset sales and security documentation as well as on all manner of legal issues arising from company administration, liquidation, company and individual arrangements and bankruptcy.

Blake Lapthorn, one of the •leading law firms in the UK, has announced the appointment of senior solicitor Nicola Boaden to its highly commended agriculture and rural sector group as part of its expansion of services to clients in the Thames Valley region. Boaden, based in the firm’s Oxford office, specialises in agricultural property. Her expertise covers a wide range of rural matters, including the sale and purchase of farming enterprises of all sizes, along with related issues such as single farm payment entitlements, environmental schemes and overage and other development agreements. She regularly deals with issues arising from the Agricultural Holdings Act 1986, offering general advice through to running succession applications and notices to quit. She also advises landlords and tenants on the rights of agricultural workers and drafts lease and licence agreements, in line with the relevant Acts.

NatWest is delighted •to announce the appointment of Neil Bellamy as director of commercial banking for Reading & Newbury where he will lead the team to support SME customers in the area. Bellamy joined NatWest in 2005 after serving his earlier career with HSBC in south Bucks, where he continues to live. He previously led a team of commercial and business managers in Farnborough, Hants in recent years. Bellamy’s latest role will see him lead the commercial banking team from Abbey Gardens in Reading and Market Square, Newbury with the support of 11 relationship managers and 2 business development directors, reporting into regional director for Cotswold & Thames Valley, Simon Godfrey. He will be working with new and existing SME customers to support their growth aspirations and provide valued support through these challenging times. Bellamy went to school in High Wycombe and has lived in and around Berks and Bucks for 37 years so knows the area well.

diary50


print & distributionCirculation: 12,500 Readership: 53,000

Subscription: 1 year £45Printing: Lamport Gilbert

Distribution: SOLO Mailing

Distributed direct to business directors and professionals, and also available in selected

hotels and business centres.Registered under the Data Protection Act.

All rights reserved.

No part of The Business Magazine may be re-produced or used in any form or by any means

either wholly or in part, without prior written permission of the publisher. Mss, artwork and

photographs can be accepted only on the understanding that neither the company nor its

agents accept any liability for loss or damage.

Managing Editor & Publisher David Murray

[email protected]: 0118-9745330

Fax: 0118-9744110www.businessmag.co.uk

advertising0118-9745308

[email protected]

Sales DirectorTanya Liddiard: 0118-9745308

[email protected]

[email protected]

Writers: John Burbedge; Terry Woodhouse; Richard Willsher;

Alison Dewar; Jackie Storer

Photographers: Dave Marriott

productionProduction Manager

Steve Banbury: [email protected]

Production Editors Carolyn de la Harpe; Amanda Strange

eventsEvents & Business Development

Linda Morse: [email protected]

administration & accountsAdministration

0118-9745330 [email protected]

Credit ControlLorraine Buckle: 0118-9745588

[email protected]

All major credit/debit cards taken

Published monthly by: Elcot Publications Ltd

2 The Courtyard The Old Dairy House

Maidenhatch Pangbourne

Berkshire RG8 8HP

how to reach us

To have your business event included in this monthly diary, email details to: [email protected]

diary – march7

“Celebrating International Women’s Day”, TV Chamber event, Green Park, Reading. Details: www.thamesvalleychamber.co.uk

8

Wine Tasting Network, IoD Bucks event, Bisham Abbey, Marlow. Details: 01494-718699.

“Build Your Own Website”, Oxford Digital Marketing workshop, Oxford. Details: www.oxforddigitalmarketing.co.uk

“The Real Entrepreneurs”, IoD seminar, Best Western Moathouse, Sindlesham. Details: [email protected]

“Transforming the way we run sport”, Bucks New University lecture, Wycombe Campus. Details: 01494-603002.

9

“The Bribery Act 2010 - How will it affect your business?” Corporate & Employment Law Focus. Reading – Free. Details: www.boyesturner.com/store-seminars.html

“Construction disputes : Pitfalls of tendering and procurement”, Reading – Free. Details: www.boyesturner.com/store-seminars.html

“Keep Business Local”, Thames Valley Business Advisers lunch, Coco Bar, Maidenhead. Details: www.ukba.co.uk

“Professional Development in Marketing”, CIM briefing, London. Details: 01628-427340.

10

“Future Inflation - Report Briefing with Bank of England”, TV Chamber event, Hilton Reading. Details: www.thamesvalleychamber.co.uk

West Berks Business Lunch, TV Chamber event, Regency Park Hotel, Thatcham. Details: 01753-870500.

“Food Safety”, Newbury College workshop. Details: 01635-845229.

11

Bucks Business Breakfast, TV Chamber event, Holiday Inn, High Wycombe. Details: 01753-870500.

“Construction Industry Scheme”, HM Revenue & Customs workshop, Reading. Details: 0845-603-2691.

15

Henley Business Breakfast, TV Chamber event, Hotel du Vin. Details: 01753-870500.

“Producing an Effective Export Business Plan”, TV Chamber event, Slough. Details: www.thamesvalleychamber.co.uk

“Be Your Own Boss Club”, TV Chamber event, Slough. Details: www.thamesvalleychamber.co.uk

“Becoming an Employer”, HM Revenue & Customs workshop, Oxford. Details: 0845-603-2691.

“Successful Team Leader”, Newbury College workshop. Details: 01635-845229.

“Economic Outlook”, TV Chamber event, Hilton Reading. Details: www.thamesvalleychamber.co.uk

16

Employment Seminar: “The Last Lap – Retirement”, 08.00-09.30am, Reading. Details: www.pitmans.com/news/category/events

“Construction disputes : pitfalls of tendering and procurement”, London – £Free. Details: www.boyesturner.com/store-seminars.html

Marketing Question Time, CIM seminar, Guildford. Details: www.cim.co.uk

17

“Newly Self-Employed”, HM Revenue & Customs workshop, Oxford. Details: 0845-603-2691.

“Newly Self-Employed”, HM Revenue & Customs workshop, Reading. Details: 0845-603-2691.

Marketing Excellence Awards, CIM president’s dinner, House of Commons. Details: www.cim.co.uk

Building Business with Agents, Distributors & International Partners, Holiday Inn, Gatwick Airport. Details: 0845-271-7400 [email protected]

18

Bucks Business Breakfast, TV Chamber event, Waterside Theatre, Aylesbury. Details: 01753-870500.

“Question Time - political working lunch”, TV Chamber event, Microsoft, Reading. Details: www.thamesvalleychamber.co.uk

22

“Introduction to Project Management”, Newbury College workshop. Details: 01635-845229.

“Customer Care Skills”, Adhere Training workshop, The Oxfordshire GC, Thame. Details: www.adheretraining.co.uk

“Newly Self-Employed”, HM Revenue & Customs workshop, Reading. Details: 0845-603-2691.

23

Reading Business Lunch, TV Chamber event, Penta Hotel. Details: 01753-870500.

“Becoming a Director”, HM Revenue & Customs workshop, Oxford. Details: 0845-603-2691.

24

Employment Seminar: “Wake up to Pitmans: Corporate Transactions: Hot Topics”, 08.00-09.30am, Reading. Details: www.pitmans.com/news/category/events

Slough Chamber awards, gala dinner, Copthorne Hotel. Details: 01753-870500.

“Becoming a Director”, HM Revenue & Customs workshop, Reading. Details: 0845-603-2691.

Travel Marketing Awards, CIM event, London. Details: www.cim.co.uk

29

IoD Oxfordshire meeting, North Oxford Garage, Wolvercote. Details: 01865-390025.

“The Weatherman”, Mid-Thames CMI seminar, Holiday Inn, Maidenheaed. Details: www.managers.org.uk

“Time Management & Delegation”, Newbury College workshop. Details: 01635-845229.

“Infrastructure, Connectivity & Transport”, TV Chamber forum, Slough. Details: www.thamesvalleychamber.co.uk

Your Export Strategy & the Internet, Holiday Inn, Gatwick Airport. Details: 0845-271-7400 [email protected]

31

IoD Oxfordshire meeting, The Fishes, North Hinksey. Details: 01865-390025.

April 7, 2011

Oakley Hall, Oakley, near Basingstoke

350 of the top dealmakers from across the south

Tables of 12 at £1,500 plus VAT

Individual Places at £140 plus VAT

Book your seats now

Contact: Linda Morse – [email protected]

Entries closed March 4, 2011

www.dealsawards.co.uk

THAMES VALLEY& SOLENT

DEALSAWARDS

10/11

With leading practitioners in all specialist areas, the largest law �rm in the Thames Valley does everything humanly possible to get you the result you deserve.

Reading Offices:47 Castle Street, ReadingBerkshire, RG1 7SRTel: +44 (0) 118 958 0224

The Anchorage34 Bridge Street, ReadingBerkshire, RG1 2LUTel: +44 (0) 118 958 0224

London Office:1 Crown Court66 CheapsideLondon, EC2V 6LRTel: +44 (0) 20 7634 4620

Our Services:Banking & Finance, Commercial, Corporate, Crime, Debt Recovery, Defendant Insurance, Dispute Resolution, Employment, Environment, Information Technology, Insolvency & Restructuring, Intellectual Property, Matrimonial, Media & Entertainment, Pensions, Planning, Private Tax & Family Business, Real Estate, Residential Development, Sport.

Associated Offices:Amsterdam, Antwerp, Barcelona, Belfast, Copenhagen, Edinburgh, Glasgow, Leipzig, Lisbon, Ljubljana, Madrid, Munich, Nicosia, Paris, Porto, Rome, Zurich.

www.pitmans.com

Documents

Business THE · building will be re-branded as Oxford Centre for Innovation and provide offices and business support for up to 30 small and growing companies. Science Oxford has appointed