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THE BusinessTM MAGAZINE SOLENT & SOUTH CENTRAL www.businessmag.co.uk AN ELCOT PUBLICATIONS TITLE OCTOBER 2010 #112 £2.50 Stairway to heaven Is commercial property bouncing back? Back from the brink Banking update regular features News 4 Opinion – October is a crunch month ... 4 Hendy Group celebrate centenary 5 Carswell Gould shortlisted 6 Blue Chip shortlisted for CRN awards 7 New reservoirs open officially 8 Shortlist announced for Design Awards 9 SEGRO aids expansion 10 Is your boss a winner? Solent 250 12 250 to launch at Rose Bowl Deals 13 Moore Stephens South in merger Deals Update 14 Latest deals data from across the region Finance 20 The cost of convergence – changes to lease accounting Law 26 Employer's health and safety obligations increase p22 26 Getting the right schooling Hospitality 27 Time for a Break International Trade 28 Trade gateway to a new level of success special features 28 Knocking at the German powerhouse door People Banking Update 29 Movers and risers Diary/News Extra 15 Business banking in a time of change 30 Dates for your diary 16 HSBC covers operations in Chichester 30 Researchers develop new system 18 Refinance now, says Barclays 18 North/south divide is less simplistic Manufacturing 21 SE manufacturing leads the way 22 Exciting new term starts 23 Grant Thornton’s top five predictions Commercial Property 24 Private rented sector 25 Trilogy letting by SEGRO p8 THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010 www.businessmag.co.uk 4 news opinion Hendy Group celebrate centenary One hundred years ago Henry Ford arrived in Southampton after a October is a crunch transatlantic voyage to launch the month for businesses Ford Motor Company in the UK. and the economy His first stop was East Street in Southampton and an historic The Autumn Spending Review meeting with Percy Hendy, who was on October 20 will spell out appointed the first Ford dealer in the the details of the coalition country. government’s budget cuts across all departments. Unions Since those early days the Hendy are warning of 600,000 job cuts name has been synonymous with over the next four years. the Ford brand with successful car and truck dealerships throughout A day of protest is expected on the region from Poole through Hendy Percy and Model T Racer 1910 the 20th, not least because the to Southampton, Winchester, Government plans to tackle Portsmouth and Chichester. The same year. Southampton remained and becoming an integral part of the the major problem of public- company has also expanded its the headquarters of Ford activities communities in which we operate,’’ sector pensions – namely that operations to include dealerships for they are too generous and the throughout the 1920s and 1930s continued Hendy. Kia, Mazda and Honda together with while during the war Hendy turned country cannot afford them. “We have never stood still in the increasing its geographical spread its attentions to the war effort, But no-one in the private west to Devon and Cornwall. helping build spitfire planes. development of the company, so sector should consider that we have opened new dealerships when However, it is the 100th anniversary are immune from the effects of As the industry entered a new era, appropriate. The development of our of becoming a Ford dealer which is the spending review. Cuts in new showrooms in Cosham opened van and truck business has been an being celebrated this autumn with Whitehall and council spending in 1956 while the 1960s saw a major integral part of our success and has the Hendy family still at the helm mean fewer contracts for reorganisation of the company, complemented the Ford brand with of one of the south coast’s leading private-sector suppliers. When which was then known as Hendy additional franchise operations in automotive companies. a government department Lennox. Car dealerships were recent years.’’ decides to shelve a planned “We have certainly come a long way renamed Hendy Ford in 1979 and in computer upgrade, private since being appointed the first Ford the 1990s development continued Today the company employs companies will feel the impact, dealer,’’ said managing director Paul with new premises and the arrival of around 700 people at 21 locations for instance. Hendy. “In 1910 being becoming new brands to the showrooms. The throughout the south and has a the first dealer in the UK was a real company, now under the banner turnover of £25 million. Its close Of course, none of us can milestone and we are delighted to be of Hendy Group, appointed Brian relationship with Ford and the accurately predict the impact celebrating the centenary.” Hendy as chairman in 2004. Swaythling Transit factory has of these cuts on public been an important element in the sentiment. There is every Once the first Model T cars began “Throughout the 100 years we have commercial success and its Power indication that the cloud production in Manchester, Hendy been conscious that the industry has Products division produces engines of austerity will subdue the changed continually and we have quickly expanded its operations for a wide range of commercial uses. consumer’s desire to spend in from Southampton, setting up focused on being at the forefront of the high street, but it may not. garages in Bournemouth in 1913 new developments, ensuring high The company is set to mark the The impact of the VAT rise, due and in Portsmouth as part of the levels of quality in every area of the centenary with an industry lunch at in January, may mean a short Lennox Motor Company in the business to build up customer loyalty Goodwood House next month. pre-Christmas surge by people trying to beat the increase, but we believe it won’t have a significant impact on the economy. Meanwhile, as the cuts are outlined, it would be nice to think that bloated local authorities and Whitehall departments will seek advice, and learn lessons, from sleek entrepreneurial businesses that have had to live with austerity for the past 18 months or so. Owner-managed companies have had to learn to get more from less – and their experience would be useful to the public sector. Fat chance they will be asked for it though. David Murray, Publisher [email protected] Back row Stephen Hendy, Norman Hendy, Brian Hendy and John Hendy. Front row Clare Hendy, Paul Hendy and Christine Hendy www.businessmag.co.uk THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010 news 5 Carswell Gould shortlisted Weblines South coast integrated marketing Young Communicator of the ecstatic to be shortlisted in not communications agency Carswell Year category. Since joining the one but two categories. It really Southampton: Gould has been shortlisted for not company, the 24-year-old has is testament to the hard work University's new one but two prestigious industry produced a huge amount of media and creativity that we have put building at forefront awards. coverage for clients and gone on into every campaign. Last year of environmental to orchestrate several successful The firm has been shortlisted in two we scooped the gold award for management PR and integrated marketing categories of the Wessex CIPR PRide our work with Southampton City campaigns. Construction work at awards – which showcase the best College, and we hope to build on Southampton University's Life that success by winning again this PR work being carried out across the Managing partner, Gill Gould, Sciences building, recently region. commented: “The whole office is year.” handed over by contractor Carswell Gould is one of only a BAM to the university, has handful of agencies shortlisted for smashed the company's the Best Campaign £10k and Under carbon emissions target by category, after its work for RIBEX around a third ... caught the eye of industry judges. Carswell Gould was briefed by RIBEX Portsmouth: organisers to raise awareness of Xyratex, STS and the rigid inflatable boat show on Tendercare get funds the Isle of Wight, which takes place The University of Portsmouth every May. To publicise 2010’s event has helped three local Carswell Gould got show organiser, businesses secure government Hugo Montgomery-Swan, to race funding to develop products TV survivalist, Bear Grylls, across and services that will create five the Solent in two identical RIBS. new jobs locally ... The campaign yielded 70 pieces of media coverage and a return on To read these stories investment of more than 3,000%. in full visit: Laura Downton has also been www.businessmag.co.uk shortlisted in the Outstanding From Left: Laura Downton, Gill Gould, Bear Grylls, Hugo Montgomery-Swan Coffin Mew advises Extec The corporate team at of Ultra’s Manufacturing & Card They know my Coffin Mew has advised the Systems business in the Aircraft shareholders of Extec Integrated & Vehicle Systems division. tipple, my love Systems in their disposal of The corporate team, led by the entire share capital of the Nick Gross and Lucy Grey, also of Puccini and company to Ultra Electronics drew on support from the firm’s Holdings for an undisclosed employment and commercial my plans for amount, with the initial cash services teams. Commented consideration for the acquisition Gross: “Even though we were expansion. financed using Ultra’s existing driven by tight timescales, facilities. our extensive knowledge of If they know me, Extec, based at Portchester, businesses in this sector, ability they know my business. was founded by its three main to work as a team and call upon shareholders and directors, support from the firm’s other Chris Warne, Frank Bellion and teams, meant we completed the Doug Errington, in 1986, and has transaction and achieved the grown into a leading provider client’s goals in a smooth and efficient way.” in microelectronics technology, in particular the design, development and manufacture In the next issue of Call John Anderson, Managing Partner, of thick film hybrid microcircuits, The Business Magazine Solent Financial Solutions Centre with contracts across Europe and on 07885 434 009.