Business Up Close - Keeping your money moving

Keeping your money moving

Business uP CLOsesPeCiAL issue | summer 2013

KEEP YOUR MONEY MOVINGOur full range of solutions to boost your cashflow

ON THE CARDSMaking it easier to collect payments by plastic

CAsHFLOW mAnAGemenT

SPOTLIGHT ON:

“The deal has given us headroom to move forward”James Harkness, MD, Norbev Ltd

2 | Business uP CLOse

Cashflow is reality: there is an old business saying that ‘turnover is vanity, profit is sanity and cashflow is reality’. This is the occasionally painful truth all companies, no matter their size, have to acknowledge in order to survive. Cashflow is the life-blood of successful business growth. It enables companies to make plans and see those plans come to fruition – you can survive for a while without sales or profits, but not without cash. It is cash which pays the bills and keeps you trading. This is why everything Santander offers its business customers comes back to helping keep money moving.

speeding things up: one example of the many ways Santander helps

customers to manage cashflow is by providing efficient card payment solutions that are flexible and fast. On page 4 we examine how our partnership with leading payment services provider Elavon means that

money you take by card from a customer can be processed

and in your bank account within 24 hours. We

also have a suite of financing solutions,

outlined in the centre pages, from day-to-day

accounts to asset-based funding and overseas trade

finance, which can help move or release cash at key points where your money could otherwise be tied up.

FRONTLINE FINaNCEEffectively managing cashflow is one of the most crucial aspects of running a successful business, explains Marcelino Castrillo, Managing Director of Commercial Banking at Santander UK.

marcelino Castrillo

making a difference: one of our customers benefitting from this approach is Norbev Ltd, (see page 12), a company which wanted to make the most of new and exciting opportunities by more effectively managing its cashflow and accessing finance from a bank which understood its objectives. Our Invoice Finance solution has made a big difference to the day-to-day running of the business. another example illustrating the wider impact our solutions can have is JCa Coatings, an automotive paints supplier. a new Supplier Payments package has helped speed up payment of invoices, which not only protects JCa Coatings’ margin and maintains its competitiveness, but strengthens its relationships with suppliers – often smaller companies reliant on dependable cashflow.

Get in touch: for more information about anything you read in these pages, or if you would like to talk through what Santander can offer your business, please contact us. Our details are on the back page.

Our monthly e-zine Business Up Close features a wealth of insight from the world’s most prominent business leaders, entrepreneurs, gurus and commentators, along with information on a range of Santander’s financing options. You can subscribe at: http://businessinsight.santandercb.co.uk/businessupclose

WWW.sAnTAnderCB.CO.uk Business uP CLOse | 3

A family businessBased in Liverpool, with manufacturing sites in Manchester and Bradford, Coultons Bread has grown over the past 35 years to be the leading distribution bakery of the North West. With 100 staff and 85 delivery routes throughout the region, the company fulfills over 4,500 orders per week to customers varying from independent cafes to major supermarkets. Howard Hunter, Managing Director, who runs the business with his wife, explains: “It’s a relationship business, we have to talk to each other on a daily basis to make sure we can deliver.”

Banking bondWhen Howard was assessing his banking provision, he decided that having a strong relationship was crucial and this brought him to Santander. “I’ve had different bank managers and I didn’t bond as well with them. If something goes wrong, such as a customer hasn’t paid, that’s a problem.

“You need to be able to get on the phone and have someone there to smooth it over while you sort it out. You don’t want someone faceless

who says: ‘We’re going to bounce a cheque on you because you don’t have enough money.’ You want your bank to let you get on with your business. I ring Shaun and he always says the same thing: ‘Don’t worry about it, leave it with me.’”

Better fee structureHoward was also attracted to Santander because he felt the bank was more competitive on pricing. “One of the reasons we left the

other banks was the pricing was getting unmanageable. One year we had £100,000 in charges. We got a big reduction coming to Santander. It was massive for us.”

Cash managementWith over 90 vans, security was also a key consideration for Howard, with cash collection and related insurance an issue.

“Santander came up with a solution to give us chip and pin cards,” he enthuses. “What this has enabled us to do is remove a lot of worry about the drivers carrying cash. They can collect the cash daily from the customer and then deposit it at the Post Office® without bringing it back on the premises.”

“Santandercame up with asolution to giveus chip and pincards. What thishas enabled usto do is removea lot of worryabout the driverscarrying cash.”

BREaKINg BREaDHoward Hunter, Managing Director of Coultons Bread, was looking for a bank with lower fees and an innovative solution to processing cash, along with a personal touch. He has found Santander to be the perfect fit.

Our VieWShaun Blake is a Relationship Director for Santander, based in Manchester. He

outlines how he has worked with Coultons Bread to make a big difference to the business

“Coultons Bread is a family business and communication, trust and relationships are very important to Howard. This is also a core part of what Santander offers as a bank, alongside our financial products which provide practical help in several areas, particularly cashflow.

“We set up a payment solution where drivers can bank cash at Post Office® branches, reducing cash processing times and enhancing security.

“Santander’s Invoice Financesolution gives access to cash thatwould otherwise be tied up andwe have also been able to halve his transactional banking costs.”

sOLuTiOns deLiVered

n Current accountsn Cash managementn Bacs facilitiesn Direct Debit originationn Online bankingn Elavon merchant services

BuSInESS FOCuS

FInD OuT MORE

For videos providing more information on our solutions and how we work with customers, visit our YouTube channel at: www.youtube.com/santanderukcb


According to the uk Cards Association, debit card spending now accounts for 50% of total spending in the UK. This means that, for many businesses, having access to money taken by card is crucial for healthy ongoing cashflow management.

Customers using Santander’s recommended card payment processing service benefit from our long-standing relationship with Elavon, part of US Bank. a well-established independent global acquirer, Elavon has a broad product offering and robust technical infrastructure and has worked with Santander on some excellent solutions for business customers.

all Santander merchant services customers are now offered a contactless configured terminal, allowing them to

ON THE CaRDSa core part of effective cashflow management for many businesses means being able to quickly access funds taken from card payments. Santander’s merchant services solution includes card payment processing, with the option of next business day fund clearance.

make Chip & PIN payments or contactless payments. Contactless payments are a feature where, when making low value payments by card, (currently £20 or less), rather than inserting a card into the

Chip & PIN machine, you can simply hold it to the reader. This means fewer customer queues and quicker service and it is still safe and secure, with less potential for errors.

The payment is then processed and can be credited to a Santander bank account within 24 hours. all Santander Corporate & Commercial customers, no matter

what size of business, are connected free to iMerchantConnect, a reporting tool which enables a business to look

CaRD PaYMEnTS anD CaSH HanDlIng

The system keeps money moving through companies quickly and efficiently, allowing them control of their cashflow and not tying up money unnecessarily.

at different types of transactions, assess which are busy days or quiet days, which days the fewest card transactions or the most charge-backs are taken and more. Elavon also has stringent risk management and fraud prevention tools, which help to protect cardholder data. The system keeps money moving through companies quickly and efficiently, allowing them control of their cashflow and not tying up money unnecessarily, so owner-managers can get on with growing their business.


THe OTHer side OF THe COinWhile around 50% of payments are taken by card, having the right solution in place to handle cash payments still plays a vital role in keeping a company’s money moving.

Through Santander UK plc, part of the Santander group, we handled over £51 billion worth of cash last year*. Our proven track record and 40 years’ experience in this specialist industry demonstrates why we are a leading provider of cash handling services and why many of the most successful high street retailers choose us for their cash handling requirements.

dedicated cash handling specialists – our experts in cash solutions work closely with our Relationship Directors to devise the best solution for the provision or depositing of cash.

more deposit locations than any other uk bank or building society – Santander’s partnership with the Post Office® gives customers access to their accounts at around 11,500† Post Office® branches nationwide.

Accurate preparation – we supply customers’ outlets with the right materials and contact points to collect and process cash efficiently.

With cash usage showing no sign of slowing down, having access to expertise in cash handling is an invaluable part of the overall cash management strategy, for any business that takes cash payments.

Visit our website: www.santandercb.co.uk

HOW Can WE HElP YOu?

did yOu knOW?n at 89.6 million, there are more debit cards in

circulation than ever before. October 2012, uK Cards association

n In the uK in 2012, credit and charge cards were used to make two billion payments to a value of £136 billion. uK Cards association

n 58% of all retail transactions were made in cash in 2011. British Retail Consortium * Figure for year ending 31 December 2012.

† Services and opening hours for individual Post Office® branches within the Post Office® network may vary.


FInanCE ClInIC

FIND OUT HOW

What we doOur overarching aim at Santander Corporate & Commercial is to help businesses fulfill their business aspirations – we call it ‘Fuelling Business Ambition’. as we work very hard to understand the priorities of our business customers and the challenges they face, we know that managing cashflow is one of the most crucial ongoing issues facing enterprises – particularly in a difficult market.

Where we can helpThe financing solutions and support we offer can be combined to move cash in, through and out of a business, and to free up money at stages where it would otherwise be inaccessible and a potential barrier to growth and development.

£

inTernATiOnAL TrAde

dAy-TO-dAy BAnkinG And PAymenTs

AsseT-BAsed FundinG

Getting the basics right – creating a robust and efficient transactional platform for growth

using the strength of your business assets to release the pressure on your cashflow

underpinning the success of overseas expansion and efficiently managing cashflow when importing and exporting

£

SaNTaNDER CaN KEEP yoUr MONEY MOvINg


SuPPlIER PaYMEnTS

In the supply chain, between an order being placed and a customer making a payment, suppliers have to cover the costs. Santander’s Supplier Payments solution is a service which allows the buying organisation to provide its suppliers with the option of taking early payment on their invoices. In turn, this reduces the supplier’s own costs and improves the relationship between supplier and buyer, providing opportunities to negotiate better supplier terms.

££

aSSET FInanCE

Santander’s asset Finance solutions can help bring your growth plans to life – whether this involves replacing old equipment, investing in cutting-edge technology, or simply trying to maximise the value of existing assets.

asset Finance lets a business spread payments for assets over time, strengthening the balance sheet and reducing overall financing costs by freeing up capital, even from assets that are already owned.

££

InVOICE FInanCE

Invoice Finance can provide a timely cash injection by releasing money tied up in outstanding invoices. Companies benefit from instant access to an ongoing supply of capital, linked to sales. Santander will release up to 85% of the value of the invoice raised to the company within 24 hours, with the remaining value (less a small service fee) paid to the company once their customer has paid that invoice.

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Santander has two great value current accounts which are ideal for your day-to-day banking needs, offering competitive rates and paying interest on credit balances. We also have a partnership with the Post Office®, so that customers can access their accounts at around 11,500* branches nationwide, as well as telephone banking and a 24-hour online banking service.* Services and opening hours for individual Post Office® branches within the Post Office® network may vary.

CuRREnT aCCOunTS ££

FreeinG uP CAPiTAL“Freeing up working capital is the priority of all successful enterprises and at Santander we understand that keeping money readily accessible is

one of the areas where a bank can make a big difference.”mike Oxby, Head of Asset-Based Finance, santander Corporate & Commercial

aSSET-BaSED FunDIng

}}

}}“We listen to what our business customers are looking for and recommend funding solutions which meet their

specific needs. Paying attention to cashflow is always an important part of that. It’s about making money work as hard as possible for a business, which is crucial when market conditions are challenging.” Julian Alexander, regional director, santander Corporate & Commercial

mAkinG mOney WOrk HArder

A new record!

29,600faster payments were

processed every minute overnight

on 2 April 2013


Ca

SE S

TuD

Y

Businesses need the flexibility to manage surplus cash in a variety of ways, depending on how and when they require access to their funds. Whether you need instant access to your cash or are able to lock it away, our deposit accounts are simple to open and straightforward to manage.

If you require instant access to funds, our no-notice Business Reserve account is a straightforward account. and our Corporate Bonus accounts offer instant

access, great rates and the added bonus of higher rates when you don’t withdraw your funds.

alternatively, choosing our Corporate Notice account means you benefit from higher rates of interest for providing notice when you need to make a withdrawal. This account allows you to withdraw funds as often as you like, as long as you give the required notice.

Our Client Deposit account is ideal for businesses that invest or safeguard

funds on behalf of clients. It pays a competitive rate of interest and offers free and unlimited cheque and electronic transfers in and out of the account†.

If you would like to enjoy the benefits of depositing funds for a longer term, we offer a range of Time Deposits, where you choose the term you would like to deposit and fix the interest rate you receive.† Minimum deposit applies. Non-standard charges such as CHaPS may apply.

DEPOSIT aCCOunTS ££

smes are owed

£33.6 billion

in late paymentsBacs, 2012

keePinG yOur mOney mOVinGdAy-TO-dAy BAnkinG And PAymenTs

Getting the basics right – creating a robust and efficient transactional platform for growth

AsseT-BAsed FundinG


A new record!

29,600faster payments were

processed every minute overnight

on 2 April 2013

suPPLy sTrenGTHSantander has provided a Supplier Payments facility to designer clothing store Psyche, so it can pay suppliers quickly and efficiently.

“The brands I am transacting with are ecstatic because they don’t have any credit issues and get paid straight away. This means my relationship with them is fantastic, allowing us to negotiate a trade discount, access early deliveries and be top of the list for things like co-operative advertising. This really helps me to run and grow my business.”

steve Cochrane, managing director, Psyche

“This really helps me to run and grow my business.”

“Santander’s input includes support to companies which are exporting, or at the initial stages of accessing opportunities offered by overseas markets. Whichever point a business is at in developing an international focus, this is a crucial

phase and can have a huge impact on the viability of current and future cashflow. Manufacturing and transporting goods overseas can be a lengthy process, so it takes time for money to come back into a business. Having an independent, expert eye to assess current and future priorities is invaluable.”

martin Hodges, Head of Trade, santander Corporate & Commercial

}}aRE YOU FIT FOR ExPORT? We speak to our customers about their whole trading cycle, conducting an ‘International Health Check’ to identify areas where efficiencies could be stepped up and any gaps which could be filled with financing solutions.

WE HavE THE ExPERTISE Santander’s Trade Export Specialists know which markets are best suited to which industries and the issues, challenges and considerations involved in trading internationally.

InTERnaTIOnal TRaDE

€$¥

DaY-TO-DaY BanKIng anD PaYMEnTS

We do all the things you would expect a bank to do – quickly and efficiently processing Bacs and CHaPS payments, international payments and, with Faster Payments, allowing customers to transfer money between accounts, pay bills or make regular standing order payments electronically. Faster Payments are usually delivered on the same day they are sent.

MaKIng PaYMEnTS ££

ACCessinG OVerseAs mArkeTs

keePinG yOur mOney mOVinGAsseT-BAsed FundinG


inTernATiOnAL TrAde

underpinning the success of overseas expansion and efficiently managing cashflow when importing and exporting

in march 2013, the european

Late Payment directive replaced a previous eu

directive. Among its measures are interest charges for

payments later than

60 days


We reCOGnise THe imPOrTAnCe OF LOnG-Term reLATiOnsHiPs

Our relationship directors and Product specialists take a proactive interest in your business, helping you find financial solutions that match the needs of your organisation. Visit: www.santandercb.co.uk for more details of any of these solutions, or for other ways we can help you achieve your business ambitions.

“a currency account enables you to receive and hold funds in a foreign currency. This means you can take advantage of funds coming in to pay for goods and services in that currency, minimising exchange rate risk and costs.“

simon Payne, senior manager, Foreign exchange and international Banking, santander Corporate & Commercial

HOW We HeLP “Our Letter of Credit solution has provided

one customer with the advantage of buying goods on sight terms. Santander pays the supplier’s bill by setting up a loan account in the currency of the transaction, at fixed interest rate margins agreed with our customer – not the supplier’s interest rates. This puts our customer in a great position with their supplier to receive discounted prices and other benefits.” mike Francis, regional Trade director, santander Corporate & Commercial

TRaDE FInanCE SERVICES

With international trade, payment terms may be greatly extended, due to shipping timescales and other factors. at the same time, raising cash to meet orders and pay for goods and services can put pressure on your finances. Our discounting solutions are individually tailored to answer these problems. We also offer a wide range of documentary solutions, including letters of credit, collections, and bonds and guarantees.

}}

BreAkinG THe CAsHFLOW BArrier

a British Chambers of Commerce international trade business survey found current exporters are more likely to seek growth in overseas markets if their domestic cashflow weakens. But the survey showed cashflow considerations are a barrier to overseas trade.

CuRREnCY aCCOunTS

Currency current accounts allow a business to make or receive payments in most major currencies, in order to better manage exposure to exchange rate movements, whilst earning interest. Currency current accounts are available in all major currencies to Santander Corporate & Commercial customers. The Currency Call Deposit account is designed for businesses with a minimum deposit equivalent to £50,000, offering real benefits to businesses that want to deposit funds in either Euros or US Dollars.

££

££

¥

Nearly two-thirds of potential exporters see financial resources and access to finance to expand as influential in making the decision to trade overseas.

in march 2013, the european

Late Payment directive replaced a previous eu

directive. Among its measures are interest charges for

payments later than

60 days

potential exporters say cashflow and payment risk influence the decision to export7in10

Over


seizing opportunitiesBased in Ballymena, County antrim, Norbev Ltd is a bottling company working for some of the biggest names in the food and drinks industry, including Lucozade and Ribena. Its new management team is currently pressing ahead with plans to increase output and profitability.

A new directionIn 1995, the company changed its business model. “The original door-to-door delivery model was no longer working, so I made the decision to sell it,” says Owner and Managing Director James Harkness.

The deal transferred ownership of the Braid Drinks range along with its customer-base, and left James with a

factory. Seeking a new direction, he signed a deal with Coca-Cola and Norbev Ltd was formed.

When Coca-Cola moved production in-house, Norbev filled the gap by securing contracts from several other drinks manufacturers. Investment was needed to improve the bottling plant, but the required revenue suffered from seasonal fluctuations and customer churn.

room for improvement“We had the infrastructure but needed to become profitable,” says James. Strategically, the company

wanted to focus on long-term relationships, such as a deal with gSK to produce bottles for Ribena, a

drink less affected by seasonal sales. Norbev also hoped to diversify through own-brand products. But such ambitions faced a major obstacle.

Finance hurdlesDespite having credit facilities from four different lenders, Norbev was struggling to find support. “Everyone seemed to be very negative,” says

James. Discussions then began with Santander, with a view to undertaking

BOTTLINg SUCCESS Contract bottling company Norbev Ltd wanted to increase profitability but was struggling to find the required finance. With help from a bespoke financing solution from Santander, day-to-day worries about cashflow have eased and the company is well-placed to take advantage of some excellent opportunities.

“The new funding has eased day-to-day worries about cashflow, allowing the company’s management to focus on growing the business.”

BuSInESS FOCuS


FInD OuT MORE

For videos providing more information on our solutions and how we work with customers, visit our YouTube channel at: www.youtube.com/santanderukcb

a partial refinancing. Clive Naylor, Regional asset and Invoice Finance Director at Santander, says: “We asked questions other banks didn’t. The first thing we had to do was understand the management and what motivated them. Then we looked at the business drivers so we could fully understand the cash situation.”

Working capitalThis hands-on approach gave Santander the confidence to offer a bespoke £11.5 million package to provide Norbev with the working capital to trade successfully, as well as to enable it to borrow against assets for investment purposes.

The new funding has eased day-to-day worries about cashflow, allowing

the company’s management to focus on growing the business. It’s a flexible package taking into account monthly variations in revenue, with a range of working solutions including Invoice Finance, asset Finance, an overdraft, and a term loan for working finance. “The deal has given us the headroom we need to move forward,” says James.

The greater goodThe deal also potentially benefits other local businesses. Norbev is a major employer in Ballymena, and James tries to use local hauliers and suppliers. With the required finance in place Norbev Ltd now has the ability to deliver on plans for higher output and profits, and can look towards a future that matches its history of success.

FAsT FACTsn Company turnover: £40 million.n Sector: manufacturing.n Owner and Managing Director James Harkness sold a part of the

original family soft drinks business in 1995, reinventing the company as norbev, a contract bottler working for major brands.

n Having invested in a new production line in 2010, norbev’s board wanted to focus on improving the management team and creating a growth plan but it struggled to find the right financial support.

n Santander got to know the business and the team and offered a bespoke finance package that provided norbev with the funding it needed to trade and grow.

n Santander wanted to provide a long-term solution and was determined to examine the company’s business drivers and cashflow.

n The Santander funding package has helped restore the company’s cashflow, smoothing out seasonal fluctuations. norbev is now set to increase output as part of its growth plan.

James Harkness, Owner and managing director,norbev Ltd

sOLuTiOns deLiVered

n Invoice Financen asset Financen Overdraftn Term loann Refinancing of property

and other assets


Last year, the Surrey Business School at the University of Surrey was commissioned by Kingston Smith LLP to conduct a national research study into the triggers for SME success. This meant identifying the crossroads or critical incidents reached by businesses, how key decisions were taken at these vital stages in their development and the triggers stimulating innovation and growth.

driving the market economya vibrant SME sector is one of the principal driving forces in the development of the market economy so it is not surprising that, since the 1980s, the birth and growth of new firms has been seen as a major source of economic growth. The UK Department for Business Innovation and Skills has estimated there are approximately 4.5 million small businesses in the UK providing 13.7 million jobs, equating to half

the private sector workforce in 2011. However, while SMEs are of importance, it is their durability which can be considered of greater significance. The precarious nature

of SME existence has been well documented. Recent UK Office for National Statistics estimates indicate that fewer than 65% of SMEs are still trading three years after start-up, with fewer than 45% surviving after five years. Put simply, smaller firms are more

likely to die than larger firms. Cashflow management plays a vital role in keeping these businesses alive.

What does success look like?In the study, it was found that successful SMEs proactively monitor their cashflow and liquidity and, alongside cashflow, businesses with larger numbers of employees recognise the importance of a broad range of success factors, including planning, sales, marketing,

CaSHFLOW: THE SME LIFEFORCEProfessor Mark Saunders explains that, in research conducted with colleagues at Surrey Business School into the triggers for SME success, cashflow was found to be a crucial influencing factor.

“While SMEs are of importance, it is their durability which can be considered of greater significance.”

managing people, having a website and using social media.

also, although the market is difficult, SMEs can still grow, if they are willing to be innovative, flexible and adapt quickly. The most successful SMEs interviewed for the study were proactive within the market and open to opportunities across all sectors both in the UK and internationally. They had the flexibility to adapt quickly to changing market conditions.

BuSInESS FOCuS


JOIn THE DISCuSSIOn

By joining Santander Corporate & Commercial’s linkedIn® page you can discuss the findings of this report and other business insights: www.linkedin.com/company/santander-uk-corporate-&-commercial

OTHer key FindinGsThe report found that smes should:

n get ‘close’ to customers, establishing reputation and relationships to achieve retention and referrals.

n Define the unique selling point of the business and put it on the front page of their website.

n Connect with social media in ways that fit the business.

n Encourage employees to think and behave in novel ways.

n Monitor and respond rapidly to the actions of competitors.

n avoid high risk projects.n Share ideas through social networks

and media.n Take calculated risks but never

ignore intuition. Respond to market conditions – learn to rein in the business as well as expand.

n Consider outsourcing some activities, especially in turbulent economic conditions.keep an eye on liquidity

To stay strong and see their plans come to fruition, SMEs must monitor their cashflow and liquidity proactively, taking quick and decisive action and should also consider diversifying sources of finance when necessary.

There is also a need for banks and policymakers to use social media for disseminating information about sources of finance and to engage SMEs

in a debate about their financial needs. It should be demonstrated to SMEs through transparent policy initiatives that all businesses, irrespective of size, get equal treatment in fiscal and monetary policy initiatives.

The full Surrey Business School report can be accessed at: www.surrey.ac.uk/sbs/files/success_in_Challenging_Times_report%20.pdf

We’d love the opportunity to speak to you. For information on the ways we could help your business, please get in touch with your local santander relationship director.

Find their contact details through our website: http://businessinsight.santandercb.co.uk/santander/contact

Follow the Santander UK Corporate & Commercial Banking LinkedIn® page, which is regularly updated with:

■ Insight and advice from business leaders and commentators■ Expert news and views on the economy■ Information about initiatives, details of awards and events sponsored

or hosted by Santander

To access all this and more, visit the link below and ‘follow’ us:www.linkedin.com/company/santander-uk-corporate-&-commercial

You can also watch videos showing how we work with our customers at: www.youtube.com/santanderukcb

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Santander Corporate & Commercial is a brand name of Santander UK plc, abbey National Treasury Services plc (which also uses the brand name of Santander global Banking and Markets) and Santander asset Finance plc, all (with the exception of Santander asset Finance plc) authorised and regulated by the Financial Services authority, except in respect of consumer credit products which are regulated by the Office of Fair Trading. FSa registration numbers: 106054 and 146003 respectively. In Jersey, Santander UK plc is regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991. Registered offices: 2 Triton Square, Regent’s Place, London NW1 3aN. Company numbers 2294747, 2338548 and 1533123 respectively. Registered in England. Santander and the flame logo are registered trademarks. Santander UK plc is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website (www.gov.je) or on request. Card Payment Processing provided by Elavon Financial Services Limited. Registered in Ireland with Companies Registration Office. The liability of the member is limited. United Kingdom branch registered in England and Wales under the number BR009373. Elavon is a trading name of Elavon Financial Services Limited. PHR-STa-1009-UK Rev 0609.

Economy & Finance

Business Up Close - Keeping your money moving