THE BusinessTM MAGAZINE

THAMES VALLEY www.businessmag.co.uk AN ELCOT PUBLICATIONS TITLE DECEMBER 10/JANUARY 11 #183 £2.50

Blooming brilliant Thames Valley Business Magazine Awards winners

Daylight on deals scene Corporate finance special

PLUS: International trade, planning, law, people and more

turner Your choicechoice boyes regular features News 4 Opinion – Let’s be positive 4 Oxford healthcare innovation centre 5 Law firms see decline in income 6 PMI brings good news of south east 7 UK’s first National School of Furniture 8 University reaches telecomms agreement for courses 8 Grant Thornton joins 250 supporters 9 Shareleague 9 Beware of giving bad references 10 Racecourse redevelopment scheme 11 Ten deals in 10 weeks in 2010 Deals Update 12 Latest deals data from across the region The Business Magazine 14 Going Digital Law 31 Guildford offices relocation for TWM Solicitors 32 Legal teams underline business success p 47 32 Blandy & Blandy’s new appointments 33 Corporate compliance – so much to think about Employment Planning 48 What’s in store for 2011? 34 Thieves, fraudsters and drug dealers... now, planning offenders People Technology 48 Movers and risers 42 20 years in a fast-changing world 42 Calling all technology successes Diary 49 Dates for your diary International Trade 43 ‘Meet the buyer’ 43 Selling into our biggest export market 44 Good news for businesses wishing to expand foreign trade Property special features 46 Krannich Solar powers in to Suttons Business Park 46 Country Estates branches out into residential development Corporate Finance Hospitality 15 Deals are definitely back 47 Vintage year ahead for two award-winning venues 16 Vital link in the chain 17 Due diligence... avoid cost and delay 17 Increase in warranty claims? 18 Growing team for growing times 19 Changing the face of corporate finance 20 The future appears brighter all round 21 Young Entrepreneur winner announced 22 Selling your business? 22 Are opportunities out there for the entrepreneur? 24 Who’s going to make the first move? 25 What to do when the banks won’t lend 26 Deferred consideration loan notes 27 Formation of Transcend Corporate Finance 28 Debtors in finacial trouble? – what to look for 30 The power to help you succeed 31 Investment provides platform to expand Thames Valley Business Magazine Awards 2010 35 Full details of the winners and finalists p 14 www.businessmag.co.uk 4 news opinion

Let’s be positive. As we end one year and plan for the next, let’s decide that we are going to carry an optimistic From left: John Anson (Oxford Gene Technologies), Bass Hassan (University of Oxford), David outlook into 2011 Doughty (Oxford Economic Partnership), Alastair Buchan (head of Medical Sciences, University of Oxford), Pancras Hogendoorn (Leiden University Medical School, leader of the HealthTIES consortium) Why, you may ask? Because sentiment is so important. Economists will tell you that Plans for Oxford to become US-style they can predict future trends based on past performances; they can factor in all kinds of centre for healthcare innovation variables. But the one thing that can fundamentally change an Oxford could become a world centre colleges with the mayors of Oxford The Oxfordshire region, which is economic picture is sentiment. for developing new healthcare and Leiden in attendance. synonymous with excellence in Get business people and advances and technologies, if plans education, healthcare, and science, The HealthTIES consortium links being drawn up with European is perfectly poised to benefit consumers thinking positively clusters of universities, biotech Commission funding come to pass. through potential job creation and and there will be more activity, companies and the healthcare implementation of cutting-edge more deals, more growth. The blueprint will detail how the sector in Europe’s top regions medical practice.” It’s stating the bleeding obvious, University, new biotech companies in biosciences: Medical Delta in of course, but sometimes on the region’s science parks, and southwest Netherlands (the project The Oxford part of the European reminding ourselves of larger hospitals and healthcare leaders), Oxford in the UK, Zurich in project, involving the University, something we already know is a providers can be brought together Switzerland, Barcelona in Spain, and Oxford Gene Technology, the worthwhile exercise. to drive new research advances to Debrecen in Hungary. Oxfordshire Economic Partnership, market. and the Thames Valley Health At The Business Magazine we are These regions will work together Innovation and Education Cluster, fortunate to rub shoulders with The aim is to make Oxford a to create a blueprint for the will initially gather information about many successful companies successful health technology hub partnerships, infrastructure and what is already being done. It will across the south. Last month, modelled on those found in the US in investment necessary to create then address what is needed in we staged the Thames Valley Boston, San Francisco and San Diego. successful clusters in developing terms of skills, infrastructure, and Business Magazine Awards, All of these established centres are innovative new technologies for mechanisms to make it easier to take where 38 of the finest built around world-class research society’s most pressing health research ideas and turn them into shortlisted companies came universities, a thriving environment concerns. The focus will be on companies that employ staff, sell together for the 16th annual for start-up companies and a culture four disease areas: heart disease, products and benefit patients. gala awards evening. of innovation and investment. cancer, neurodegenerative diseases including dementia, and infectious Oxford University is already “If we as a region are to become In the Solent region, we diseases. successful on a national scale when launched the Solent 250, a a major hub for novel biotech it comes to exploiting new scientific listing of the top 250 private advances, we need to ask what we The blueprint is intended to guide ideas and techniques. A recent companies in the area. These need to do, what infrastructure later public and private funding report into life science start-ups e are companies with a combined we require and how we can that could be as much as 300- suggests that Oxford University is annual turnover of some £10.7 improve training in innovation 400 million to drive healthcare doing particularly well in turning billion, businesses making and enterprise,” says Professor Bass innovation in Europe. good ideas into companies, coming Hassan of the University of Oxford. a major contribution to the Oxford Gene Technology on ‘way out in front of the pack’ ahead economy of the south. “And as a University, our best minds Begbroke Science Park is an example of Imperial and Cambridge. We are co-ordinating many also need to be innovating. Of of what can be achieved. Founded more initiatives and events course we need to continue securing in 1995 as a spin-out from Oxford in 2011. We do this because, research funding to do the best blue- University, its growth has been Details: Professor Bass Hassan 07739-113503 as the independent voice sky science as we are doing already. achieved by licensing technology to [email protected] of business in the south, we But we also need a strategic plan, a companies and it is now delivering like to shout about success, funding mechanism and a structure genetic products and services to and applaud innovation and to interact with our local partners clinics, directly aiding patient care. and turn that research funding into entrepreneurialism. Dr John Anson, vice president wealth creation.” In the February issue of It’s in our nature, and we Biomarker Discovery at Oxford Gene The Business Magazine hope it strikes a chord with The project comes as part of a wider Technology, said: “In the current • Meetings & Your Business you too. And on that note, a European initiative called HealthTIES economic climate, programmes • HR Focus Merry Christmas and a Happy, that has obtained 32 million funding such as HealthTIES are essential to • Funding your Business Prosperous New Year to all our over three years from the European encourage the formation of effective readers and advertisers. Commission in order to draw up a public-private partnerships that can For more details plan with other partners. A launch deliver faster and more cost-effective call: 0118-9745308 David Murray, Publisher for HealthTIES Oxford was held last translation of innovative new or email: [email protected] month at Corpus Christi and Lincoln technologies to medical practice.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 news 5

THE Law firms see BusinessTM decline in income, MAGAZINE:DIGITAL Read these stories in full in this month’s issue of The Business Magazine:Digital survey shows at www.businessmag.co.uk Don’t add ‘greenwash’ to your product Most UK law firms have seen fee earner numbers, with the Ethical branding in food and drink can attract customers, but they will a decline in fee income in the Top 10 scaling back by, on see through any image that seems like an afterthought. The key is to past year, driven by downward average, 6% compared to the make it personal and relevant, argues Tom Ellis... pressure on pricing, coupled 10% average reduction for the December’s business app of the month with a general contraction in 11-25 firms. the international legal market, Welcome to the new regular feature in The Business Magazine:Digital The survey indicates that according to PwC’s 2010 law – business app of the month, sponsored by MEPC Chineham Park. support staff levels were firms survey. reduced in greater proportion Booking a Page-turning investment As a response to the fall in than fee earners, supported Guildford: At a time when investors are looking for alternative revenues resulting from the in part by greater use of investments, many are now considering the collectables market... global economic downturn, outsourcing. Over the past two Shockwaves for supply chain many firms have turned to cost years, support staff numbers reduction and restructuring have been reduced by, on Small businesses in the south east are continuing to be squeezed programmes as a means of average, a quarter in both the despite the level of insolvencies reaching a plateau... preserving profitability. The Top 10 and Top 11-25 firms. firms ranked 11-25 have seen Xtrac gears up for further success The reduction in fee earner the greatest pressure on fee Thatcham: Xtrac’s application of its motor racing know-how to the income with the highest numbers appears to have development of hybrid and electric vehicles, and the transfer of its average fall in UK fee income at had the requisite effect on driveline technology to the defence and marine industries, has helped 6%, the survey finds. chargeable hours in the Top 10, the UK motorsport valley company into second place in its first ever with the newly qualified grade participation in The UK Manufacturer of the Year Awards. Top 10 firms have benefited hours up by almost 15%. This from scale and reach. The has, however, been coupled 11-25 tier has continued to with a rise in staff turnover for experience difficult market the Top 10 firms (albeit, still at New business community conditions. Outside the Top 25, much lower levels than in 2008 a number of successful niche and prior). practices have emerged within hub prepares to open the 26-50 ranking, with 5% of Despite fee earner reductions these firms reporting growth outside the Top 10, chargeable in fee income of between 11% hours on the whole appear and 15%. not to have improved (most notably in the 11-25 firms Alistair Rose, partner and where most grades have leader of the professional seen a further fall in average partnerships advisory group, chargeable hours). PwC, commented: “As in 2009, Top 11-25 firms have been Rose added: “With the under continued pressure sustained market and financial on profitability. Despite an pressure, it is perhaps not 8% reduction in their partner surprising that the number of Top 11-25 firms predicting numbers and a 6% reduction A new community of innovation Amenities in the new centre include mergers as ‘fairly likely’ in the in fee earner numbers, average and technology-based companies full reception services; telephone next two to three years has profit per equity partner will take up residence in the system with dedicated number risen from half of those firms in (PEP) still fell by nearly 1% to University of Reading’s Enterprise and voicemail system; broadband 2009 to 83% in 2010.” £441,000. This follows a 28% Centre when it opens in spring Internet access available in every reduction in PEP in 2009. While Previous PwC surveys 2011. office as standard; meeting rooms; our survey shows the Top 10 have shown the increased on-site security, central atrium with maintaining their breakaway Reading Enterprise Centre is a significance that international meeting space, networking area position, it’s worth noting that purpose-built business facility operations were having on the and coffee shop, on-site car parking, their average profit per partner based on the University’s financial performance of UK cycle sheds and showers. is still some 17% lower than Whiteknights campus in Reading. law firms. After a number of PEP in 2008.” Designed as high-quality flexible Business enquiries to David Gillham, years of increasing revenues, space, it will provide innovative and director of research and enterprise With a focus on cost reduction growth in international fee growth-orientated businesses with services at the University or in 2010, it is not surprising income has slowed in 2010, space to develop and grow with Lambert Smith Hampton on 0118 that headcount reductions with approximately half of the direct access to the University’s 959 8855. have been made by most firms. Top 10 and Top 11-25 firms research and enterprise expertise There is a notable difference, recording lower international and talent pool of staff, students Details: however, in the reduction in fee income. and graduates. www.readingenterprisecentre.com/

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 6 news PMI brings good news of south east More positive news on the the south east economy isn’t held SOLICITORS IN economy has come in the south back by lack of investment while east PMI (Purchasing Managers’ other areas catch up, says South READING AND Index) along with latest data from East England Councils chairman SEEDA. Paul Carter. WOKINGHAM The PMI showed that the recovery “Councils welcome their new in private sector output in the responsibilities with business on south east was maintained for the Local Enterprise Partnerships but 16th successive month. October our first challenge is to make sure For expert legal advice in all areas data showed the fastest rises in the south east gets a fair funding of company and commercial law output and new business in the deal,” he told business leaders at past three months. SEEDA’s annual meeting. There was good news on “We need to make sure the south employment too with the south east does not lose out on access • mergers and acquisitions east posting the fourth-fastest to the new £1.4 billion Regional rate of job creation in the UK. Growth Fund and business • sale and purchase of businesses Manufacturers took on staff at a incentives because Ministers • private equity and finance robust pace, although there was favour other areas of the country. a marginal decline in services • corporate structure and “I would love to see the economy employment. partnerships in other areas performing to our • shareholder agreements The vast majority of firms in level, but if that comes at the the region expect to keep their expense of pegging back south • commercial contracts current level of employment in east growth or ignoring the south • corporate recovery and insolvency the next three months, according east’s own deprived areas, the • sports law to SEEDA, with only 8% expecting whole country will suffer. redundancies. Another 8% “The south east is the UK’s • employment planned to take on staff - some to economic powerhouse, • intellectual property and IT cope with the expected Christmas contributing some £18b a year consumer surge. • tax more to the Treasury than we • commercial property Worrying signs included the receive in public spending - if • commercial litigation fact that input price inflation that money was lost to the public remained sharp in October. The purse everyone would be worse rate of inflation accelerated for off. the third month running to its “We must achieve a balance fastest since September 2008. between innovative investment Metals, plastics, chemicals, paper, in existing success to maintain packaging and fuel were all a flow of funds to the Treasury reported to have risen in price while also helping poorer areas during the month. perform better. If we simply A recent report by Experian focus on under-performing showed that Reading was the areas we risk losing successful UK city most able to survive the businesses - and tax revenues economic downturn. Positive - to global competitors,” said news for Reading includes that Carter. pharmaceutical giant Quintiles is “On both counts there is a strong moving its European HQ to Green case for investing in the south Park. east. Apart from the obvious Portsmouth was ranked fifth in need to invest in first-class the list of towns able to survive infrastructure to attract and retain the downturn, a remarkable global companies, the south improvement on where the east has places in need of public city stood pre-recession. funding. Southampton, by contrast, has “Areas such as Oxford and been described by one prominent Hastings need help to rebalance property publication as being their economies - where up to “in the doldrums”. Bright spots 40% are employed in the public include demand for space at sector. We also have 500,000 contact the business law experts Chandlers Ford business park, and south east residents living in 0118 978 0099 it is the city centre where office areas ranked the 20% most take-up has been slow. www.cliftoningram.co.uk deprived in the country - that’s Meanwhile, councils and business equal to around 20% of the entire must work together to ensure population of the north east.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 news 7

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

www.wilkinskennedy.com UK’s first National School of Furniture Thursday, November 11 saw the The National School of Furniture aims eagerly awaited launch of The to raise the profile of the furniture National School of Furniture, a industry and inspire people to unique partnership which sees explore the diverse breadth of career the higher and further education options available. It is the first time sectors unite with businesses and that the full range of learning levels associations to create a holistic have been offered together in this educational experience, offering way, through an integrated centre huge benefits to learners and the for excellence. The School also entire furniture industry. has strong links with the furniture industry and the qualifications on Edward Tadros, chairman and managing director of Ercol Furniture, and Bucks New The partnership is between Bucks Uni student, Tortie Hoare, BDC New Designer of the Year Award (Part 2) winner offer will enable students to progress New University in High Wycombe, into successful careers. term, it will also provide a portal via resource for the furniture industry and Oxford and Cherwell Valley its website for anyone interested including the development of an College, working together to provide It will create a skills base for furniture- in the UK furniture industry to archive for historical reference, as well education across all levels; from making, design, manufacture, get connected to its network of as a research base and test bed for conservation and furniture retail, Level 1 (Certificate) through to Level partners, alumni, industry supporters, existing and new furniture projects. 8 (PhD), creating an educational and an integrated offer for furniture sponsors and key industry personnel. journey with flexible entry and exit programmes in Buckinghamshire Details: [email protected] points. and Oxfordshire. In the longer The School will also provide a or [email protected] Grounds for optimism The Institute of Directors (IoD) has He added: “However, we must published its economic forecast remain aware that many of the for 2011 and believes the UK weaknesses inherent in the UK economy will grow by just 1.2% economy stem from the problems during the year, thanks to the inflicted by the financial sector. forces for economic deceleration Even here in the south, there is no being stronger than those for its room for complacency. acceleration. ”We do not think the decelerating The IoD believes that the recovery economic forces will lead to a cycle appears to be taking the double-dip recession. However shape of a square root sign, with a there remains a risk especially temporary spurt in growth in 2010 if business and consumer followed by a levelling off in 2011. confidence begins to slide.” Despite there being considerable If the IoD’s Gross Domestic Product doom and gloom surrounding (GDP) forecasts prove correct, the the government’s Comprehensive chancellor may need to find more Spending Review, Rodger Broad, spending cuts, or consider raising director for the IoD South believes taxes in order to meet his budget there are reasonable grounds for deficit targets. optimism in our region. In looking forward into 2011 ”The feedback we are getting from the IoD has adopted a flying our 15,000 members in the region analogy, dividing the huge range is that the south is outperforming of economic influences into two the rest of the UK. It is therefore camps - headwinds and tailwinds. vital that the Government ensures To see the IoD’s views on these that its policies, designed to influences in detail, go to the full stimulate growth, help rather than forecast in the November edition hinder the south which is likely to of IoD Pulse: bounce back faster than elsewhere www.iod.com/Home/Policy-/ in the UK,” said Broad. IoD-Pulse/

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 8 news University reaches telecomms agreement for courses

Buckinghamshire New signed the agreement with Prof Ruth Farwell, University has signed Service vice chancellor and chief executive of Bucks New Level Agreements (SLAs) University, at the University’s High Wycombe with the United Kingdom campus. Telecommunications Academy (UKTA) to deliver master’s courses Bucks already works with UKTA delivering qualifications at the Kigali Institute of Science in Communication Management (the Prof Ruth Farwell signing the agreement with MCM) and Law (LLM). and Technology in Rwanda and Prof Mellor UKTA chairman, Prof David Mellor OBE says the SLA illustrates a commitment to help The courses are delivered through a meet the needs of operators and regulators He said: “This is a great opportunity for the combination of intensive residential workshops, throughout the developing world. At the signing University, working with the UKTA, to engage delivered at the University’s Missenden Abbey of the agreement, Prof Mellor said: “This further with countries right across Africa. I teach on the Conference Centre, and through distance strengthens our relationship with Bucks New programme and there is a tremendous amount learning, and are aimed at people currently University and we look forward to working closely of enthusiasm from the delegates. We have working in the telecommunications and together in the future.” already seen from the operation in Rwanda, the information technology industries. way these types of programmes can enable UKTA’s professors have more than a century of Bucks and UKTA are already running an people to enhance their career prospects MCM course at Missenden Abbey, which has experience and have been called upon this year significantly. Missenden Abbey also offers attracted students from countries including to deliver papers in China, Tanzania, Rwanda, the great facilities and surroundings and we hope Nigeria, Cameroon and Tanzania, together with Czech Republic, Switzerland, Trinidad and the to develop further similar courses in the future.” USA. delegates from the UK. Details: From January 2011, the MCM and LLM Prof Derek Godfrey, deputy vice chancellor For course enquiries: 0800-056-5660 courses will run side by side, with the intensive at Bucks New University, said the blended [email protected] residential workshops at Missenden Abbey learning approach will enable individuals from taking place at the same time in January, April, a wide range of countries to benefit from these July and September 2011, enabling delegates business-focused courses and provide extremely from the two courses to network with each high standards of content and a flexible learning other. UKTA chairman Prof David Mellor OBE, experience.

THAMES VALLEYTM Grant Thornton joins 250 supporters 250

Grant Thornton has joined the team of discussion this month on issues affecting • Westbury Street Holdings, the holding sponsors who are supporting the Thames them, and the prospects for the economy company for five businesses including Valley 250 through 2011. going forward, at HSBC’s offices at Green BaxterStorey, at number 18 in our top Park, Reading. The top-six accountancy firm, named 250, came home second in the Business Auditor of the Year this year, and with • In a new initiative, TV 250 firm Manches Management Team award, sponsored by offices at Slough, Reading and Oxford, is is interested in setting up a professional RBS – part of the Thames Valley Business backing the Thames Valley 250 initiative. services marketing managers group Magazine Awards. The category was won in Reading. The idea from Manches by Sophos plc. Grant Thornton joins HSBC, Blandy & marketing manager Robert Pinheiro has Blandy, and the Thames Valley Innovation • Reading-based GCS Recruitment won support from other Reading-based & Growth Team, along with The Business marketing managers. A similar group has Specialists, at number 155 in our 250, Magazine, in supporting the TV 250. been established by Pinheiro in Oxford. won two big categories in the TVBMA Meanwhile, selected top 250 companies 2010 awards – see pages 35-41 for full • TV 250 company Uniglobe Top Flight were taking part in a Roundtable details. Travel, based in Reading, has won travel accounts with ITV, Mulberry and Tate & • Broadway Tyres, at number 168 in the Lyle recently. 250, has been acquired by Traxx Tyres.

ANGUS THOMAS photogr aphy

for lit corporate and environmental portraits www.angusthomas.com

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 news 9

Thames Valley Peoplei in focus Shareleague EMPLOYMENT LAW UPDATES FROM BOYES TURNER Presented by in association with BusinessTHE MAGAZINE Beware of giving

RPS Group, the Abingdon-based core strengths,” said the company in bad references consultancy that provides advice an interim statement. An employer that gave a departing employee an on land development as well as RPS, which the previous month exploration and production of unfavourable reference was liable to pay damages completed the acquisition of Boyd energy and management of the Exploration Consultants in Canada for both injury to her feelings and for her future loss environment, recorded successful for £8.46 million, said further bolt-on of earnings third-quarter results which obviously acquisitions are under consideration. pleased investors. Its share price Ms Bullimore was dismissed by will be the case even where became one of the leading risers in Another Abingdon group, RM, her employers Pothecary Witham long periods have elapsed the league table of Thames Valley- the provider of ICT software, Weld (PWW) and brought claims since employment ended. In based companies, showing a 10% infrastructure and services to of unfair dismissal and sex those circumstances providing increase in October. education, headed the small discrimination. These claims evidence to justify what has company sector with a 21% rise in its were settled. been said may be very difficult. “RPS remains well positioned in share price. Employers would be well advised markets of fundamental importance Four years later she was offered to limit those who can provide a to the global economy; these employment by Sebastians, RM signed a £6.5m contract with reference. continue to have significant long- the International Baccalaureate -- a subject to receipt of satisfactory term potential. As developed leader in school education across references. PWW gave her Make sure that whilst references countries around the world plan 139 countries -- to deliver e-marking a negative and damaging are accurate, they are not in any for the next stage of their growth, services to support the IB’s diploma reference which stated that she way negative, victimising (if an attention is being focused on programme. Chief executive Terry had a poor relationship with employee has previously raised rebuilding economic activity in an Sweeney said the company has her partners, was inflexible as complaints of discrimination or efficient, sustainable way, powered worked in partnership with the IB to her opinions and referred employment tribunal claims) by energy resources from safe, secure for nearly two years to develop its to the fact that she had and moreover not defamatory and environmentally acceptable advanced on-screen marking service brought employment tribunal or derogatory - if meeting this sources. These trends play to RPS’s for their range of qualifications. proceedings. The job offer with requirement proves difficult, the Sebastians was changed and ‘less is more’ strategy would be Large (over £1 billion) then withdrawn. advisable. Closing price Closing price Change in 30/9/10 31/10/10 share price Ms Bullimore brought claims References which only provide BRITISH AIRWAYS 242.8 270.7 11% ULTRA ELECTRONICS HDG 1704 1861 9% against both firms. The the employee’s job role and BG GROUP 1118.5 1215.5 9% employment tribunal found dates of employment are SEGRO 273 296.4 9% VODAFONE GROUP 157.1 169.85 8% that the damaging reference commonplace. However, if SERCO GROUP 615 614 -0.16% had been influenced by the fact adopting this policy it would RECKITT BENCKISER GROUP 3501 3491 -0.29% GLAXOSMITHKLINE 1254.5 1221 -3% that she had previously brought be sensible to state that this is CABLE & WIRELESS WWD 73.55 70.2 -5% CABLE & WIRELESS COMMS 56.75 53.45 -6% tribunal proceedings against the case in the reference. Make PWW and the firm was therefore sure that any such policy is Medium (£250 million to £1 billion) liable for unlawful victimisation. adhered to consistently, as even Closing price Closing price Change in 30/9/10 31/10/10 share price Sebastians withdrawal of the not providing a reference could ASHTEAD GROUP 109.9 125.7 14% job offer was also an act of be deemed to be victimisation ELEMENTIS 100.6 114.5 14% RPS GROUP 187 205.4 10% victimisation. Compensation if they are provided for other OXFORD INSTRUMENTS 502.5 541.5 8% employees. Data protection is FIDESSA GROUP 1517 1600 5% was limited to an injury to INTERSERVE 201.25 201 0% feelings award as the tribunal also a factor – references should SHANKS GROUP 112.7 111.2 -1% MCBRIDE 185 179.3 -3% held that the ex-employer could be marked as confidential and DE LA RUE 660.5 638 -3% not be held liable for future comply with the Data Protection YELL GROUP 14.77 14.09 -5% loss of earnings caused by the Act in any information that they Small (£50 million to £250 million) withdrawal of the job offer. The provide. Closing price Closing price Change in EAT, on appeal disagreed. 30/9/10 31/10/10 share price Details RM 140.5 170 21% ACAL 192.5 230 19% They found that it was clearly David Blomfield NANOCO GROUP 90 107 19% XP POWER (DI) 886 1023 15% foreseeable that Sebastians 0118-9527224 VITEC GROUP 504 570.5 13% would react to the reference [email protected] INTEC TELECOM SYS. 75.75 72 -5% HMV GROUP 48 45.25 -6% by withdrawing the offer of TISSUE REGENIX GROUP 12.25 11.5 -6% GALLIFORD TRY 330 305 -8% employment and therefore To request weekly employment law PINEWOOD SHEPPERTON 179.5 162.5 -9% that PWW were also liable to e-updates email: Sub £50 million compensate her for her loss of [email protected] Closing price Closing price Change in earnings. 30/9/10 31/10/10 share price Listen to our employment law OMG 25.75 37.5 46% Employers should be aware that podcasts at: www.boyesturner. ECKOH 5.25 7 33% BEZANT RESOURCES 27.5 34.75 26% writing an employee a negative com/services-employment. KBC ADVANCED TECHS. 45 56.5 26% reference can lead to liability for html?pgid=349 DEWHURST 272.5 335 23% PIPEHAWK 3.25 3 -8% victimisation, breach of contract, UNIQ 9.13 7.82 -14% Follow us on Twitter: negligence, defamation and CORAC GROUP 29.25 24.25 -17% http://twitter.com/btemplaw MBL GROUP 127 100.5 -21% negligent misstatement. This MILESTONE GROUP 1.45 1.13 -22%

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 10 news

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! 0118 941 0101 If it needs to be sourced, assembled, packed or prepared... Talk to the packaging and www.solo-uk.com enclosing professionals at SOLO.

Unit 3 Marcus Close, Reading RG30 4EB Racecourse redevelopment scheme: hotel management contract signed

Bespoke’s CEO Haydn Fentum, who together with partner Robin Sheppard owns 100% shares of Bespoke Hotels, added: “A site like Newbury Racecourse, with over a century’s heritage but with dynamic and progressive redevelopment vision, needs a one in a million hotel offering. The Newbury will sit apart from the monotonous style of corporate hotels, and will offer memorable interiors and a focus on excellent service. It will become the perfect destination for a racy weekend away or a refreshing venue for corporate events and hospitality.” The Newbury will enhance the offer and support the drive for incremental revenue for the racecourse’s existing conference and events business, providing facilities for large multi-day and residential events. With a 40-minute proximity to London, Newbury Racecourse competes with London venues but is also the largest conference Sarah Hordern, joint managing director of Newbury Racecourse, and Haydn Fentum, Bespoke’s CEO and events centre in Berkshire. Newbury Racecourse currently has over 3,800 sq Newbury Racecourse plc has announced over 30 three-star to five-star hotels in the metres of event and exhibition facilities that heads of terms have been signed with UK and overseas. The group is known for catering for 1,000 delegates in one area Bespoke Hotels for a 10-year management its focus on creating truly individual offers along with 40 breakout rooms and ample contract of the racecourse’s new for each of the hotels in its portfolio. With outdoor space for temporary facilities. 120-bedroom hotel which is set to open in Hotel Of The Year Awards* and Michelin The racecourse’s Party in the Paddock 2014. stars awarded to their restaurants, Bespoke season, which hosts three live concerts a The hotel is part of a multi-million-pound Hotel’s portfolio includes the Bermondsey year on key race days, including Westlife redevelopment scheme of the 320-acre, Square Hotel, named England’s trendiest and Simply Red, has further raised the 105-year-old racecourse site which received hotel on Trip Advisor this year and a profile of Newbury Racecourse to a wider outline planning consent in April this year. favourite with Kylie Minogue and Natalie audience. Imbruglia. The Group is also experienced in The hotel, named The Newbury, will be out of town settings, opening most recently The construction work is being project owned by Newbury Racecourse and Wyck Hill House in the Cotswolds and The managed to ensure minimal disruption operated by Bespoke Hotels, to further the New Ellington in Leeds. to the Racecourse, which hosts over 30 vision for Newbury Racecourse to develop a top class jump and flat racing events per truly 365-day-a-year business and become Sarah Hordern, joint managing director of year including the flagship Winter Festival a prized one-stop-shop venue in the Newbury Racecourse, said: “The Racecourse featuring the Hennessy Gold Cup. lucrative conference and events business. is a very special venue - Newbury is a Grade 1 racecourse, with stunning views over The racecourse redevelopment is a joint The Newbury will also cater for local acres of beautiful Berkshire countryside. venture between Newbury Racecourse and David Wilson Homes. It will include up to residents and businesses, as well as Whilst on non-race days The Newbury will enhancing the experience of the 200,000 1,500 new homes adjacent to the Grade be targeting the conference and events annual racegoers with a 100-cover bistro 1 racecourse and a new, more impressive market, we wanted to steer away from a restaurant, coffee shop, and bar that will entrance. corporate style hotel offering and find a become the heart of the new residential partner hotel which echoed our character *Bespoke has won Hotel Of The Year community on the site. and unique offering. Bespoke Hotels offers Awards with RAC and Caterer & Hotelkeeper Bespoke Hotels, established in 2000, runs us that and more.” Magazine.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 news 11 Ten deals in 10 weeks during 2010 Grant Thornton has reported an outstanding 2010 for its south corporate finance team, which has grown ramaticallyd and handled many high-profile deals in the past 12 months including a record-breaking 10 deals in 10 weeks

Duncan Lamb, director, said: “2010 really has been an vintage year for the corporate finance department, having completed many high-profile regional deals across the south including the sale of Guralp Systems and HobbyCraft as well as the management buyouts of Amtech and Kerridge Systems. Being able to successfully advise our clients through this tough time is a reflection on the strength of our team which has been added to in recent weeks with the welcome addition of two new team members, Simon Hare and Michael Butcher. “In addition we are delighted to have completed a further four regional deals in the lead advisory Duncan Lamb Wendy Hart team in the past six weeks. and we expect to be remain very active. Although bank lending is still team lead locally by Paul Etherington whose able to announce further successful transactions relatively difficult, conditions are improving and Thames Valley team have already completed four shortly. With a strong pipeline and a significant we are very keen to speak to businesses about significant admissions since the beginning of the increase in the number of new opportunities that year to the London markets in what is still a very we are being asked to pitch for we are confident their future strategic objectives and assist them in difficult environment. of having a great start to 2011. This success has achieving them. With constant talk of government recently been recognised nationally with Grant cutbacks, VAT increases and recession, it is easy Grant Thornton’s corporate finance team provides Thornton walking away with the prestigious for businesses to feel gloomy but, in reality, with M&A, funding and strategic advice to companies Corporate Financier of the Year award at the recent a strong business plan and the right advice, and individuals seeking to sell, make acquisitions or Unquote British Private Equity Awards.” businesses have every opportunity to bloom in raise external funding. To find out more see below. 2011.” Wendy Hart, partner, Corporate Finance, echoed: Details: Duncan Lamb “Despite the climate, there are deals to be done The success of the lead advisory team has been 0118-9839612 and certain sectors, particularly IT and healthcare, matched by the transaction advisory service [email protected] Advice that’s made to measure. Because one size doesn’t fit all.

At Grant Thornton, we’ve always gone about our business in a very different way. Delivering an individual service to our clients, big and small, is our primary concern. We’ve earned our reputation for delivering new and exciting solutions, tailored to the individual needs of our clients. Are you ready for our bespoke approach?

For further information, please contact: NormanDuncan ArmstrongSwift Partner T +44+44 (0)23(0)23 80 8038 381100 1100 E [email protected]@gtuk.com

www.grant-thornton.co.uk

© 2009 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (‘Grant Thornton International’). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently.

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 12 deals update Latest deals data from across the region

Hand Held PCs Project Alchemy Project Helix Completion Date: 04/10/2010 Completion Date: 10/2010 Completion Date: 10/2010 Target: Hand Held PCs Target: Project Alchemy Target: Host Europe Group Acquirer: Timico Acquirer: Management Acquirer: Montagu Private Equity Deal Value: Undisclosed Deal Value: Undisclosed Deal Value: £222 million Details: Transcend Corporate Finance advised the shareholders Details: MBO with existing management acquiring the business Details: HSBC’s support for a private-equity backed acquisition of of Hand Held PCs on their sale of the entire share capital to UK from exiting owners Host Europe Group, a leading provider of internet hosting services business internet service provider, Timico. Hand Held is one of Funding: Matrix VCT (Jonathan Gregory) & RBS (Andrew Mat- Funding: HSBC was one of six joint mandated lead senior debt O2’s top UK partners whose applications include the ‘hand-e-pix’ thews/Gary Bull) arrangers. Thames Valley Corporate Banking Centre: Richard Povey photo-management product and the ‘hand-e-forms’ mobile Corporate Finance Advisers: For Purchaser – Roffe Swayne & Paul Sharp data collection offering. The acquisition of Hand Held will allow (Matthew Katz/Sharon Ward). For Vendor – CV Capital (Debbie Timico to extend its cloud-based hosting capability into the Clarke/Simone Williams) mobile space, and strengthens its position as a leading provider of Sparsholt College Hampshire next generation internet and communications services to the UK Legal Advisers: For Purchaser – Stevens & Bolton LLP (Keith Sy- Target: Sparsholt College Hampshire business community son/James Waddell/Suzanne Jefferies). For Bank – Field Seymour Deal Value: £4 million Parkes (Jeremy Parkes/Penny Garden). For Matrix – Marriott Funding: Internal Harrison (Duncan Innes/Jonathan Leigh-Hunt). For Vendors – Details: Further Education College Corporate Finance Advisers: Transcend Corporate Finance (Ian Franklins LLP (Simon Long) seeking 25-year debt funding to complete refurbishment and Aldridge) build works on its Winchester and Andover campuses. Long-term Financial Due Diligence: Tenon (Julian Clough/Sandeep Legal Advisers: Moorcrofts (Teri Hunter) funding agreed for this new to bank client under competitive Pancholi/Peter Vandervelde) tender conditions. Barclays Capital provided advice on fixed rates Financial Due Diligence: Internal Commercial Due Diligence: PBD Consulting (Lisa Whelan) Funding: Barclays Corporate Commercial Due Diligence: None Corporate Finance Advisers: Barclays Capital AMF Bowling Ticketscript/Trinity Mobile merger Completion Date: 27/10/2010 Completion Date: 10/2010 $70 million convertible bond issue Target: AMF Bowling Traditional Target: Ticketscript BV Completion Date: 15/10/2010 Acquirer: The Garland Leisure Group Acquirer: Trinity Mobile Target: N/A Deal Value: Undisclosed Deal Value: Undisclosed Acquirer: N/A Details: B P Collins LLP acted for the UK’s market-leader in Details: Netherlands online event ticketing company Ticketscript Deal Value: $70m BV and London-based Trinity Mobile (mobile ticketing specialists) tenpin bowling, AMF Bowling, in connection with the sale of the Details: Thomas Eggar LLP advised AIM-listed Lonrho plc on AMF Bowling Traditional centres in Burnley, Chatham, Ilkeston, have merged, creating the largest supplier of self-service online and mobile-ticketing solutions in Europe. Over the past few years the issue of a $70m convertible bond. The bond was issued by a Keighley, Leeds, Newcastle, Nottingham, Sheffield, Scunthorpe, Jersey subsidiary of Lonrho and will be listed on the Luxembourg Weston and Whitstable the companies have together provided ticketing solutions for over 30,000 events. Operating under the name Ticketscript the Stock Exchange Legal Advisers: B P Collins company will focus on expanding internationally, and developing Corporate Finance Advisers: ISM Capital Financial Due Diligence: KPMG its innovative ticketing solutions Legal Advisers: John Riddick and Daniel Bastide of Thomas Eggar Legal Advisers: Bond Pearce LLP (Sebastian Briggs and Ronan LLP acted for Lonrho plc, Dorsey & Whitney LLP acted for ISM Cross-Border Merger Lowney) for Ticketscript BV shareholders; Fox Williams (Paul Taylor Capital (the fund raisers), Cary Olsen acted for Lonrho on Jersey Completion Date: 13/10/2010 and Nick McCarthy) for Trinity Mobile law and Linklaters acted for the trustees Target: Karpeles Schenker & Co Financial Due Diligence: KPMG, London Acquirer: Karpeles Flight Services GmbH Project Solomon Details: This transaction involved the complex cross-border Completion Date: 01/09/2010 Hangar 8 plc Completion Date: 10/11/2010 merger of Karpeles Schenker & Co with the German entity, Target: Cutting Edge Solutions Karpeles Flight Services GmbH using The Companies (Cross-Border Deal Value: £9.5 million (market capitalisation) Mergers Regulations) 2007, a procedure rarely used in the UK Acquirer: Prion GmbH Details: BDO LLP acted as reporting accountant on the placing Details: Osborne Clarke has acted for Cutting Edge Solutions on Legal Advisers: Hayley Bevis, Thomas Eggar LLP. Kummerlein and admission to AIM of Hangar 8. Hangar 8 raised £2m before the sale of 50% of its share capital to Prion GmbH Rechtsanwalte & Notare, Essen, Germany. Andrew Thornton, expenses. The market capitalisation at the placing price was Erskine Chambers Corporate Finance Advisers: The Mirada Partnership £9.5m Legal Advisers: Osborne Clarke (Robert Wood, Sarah Wyatt and Corporate Finance Advisers: Daniel Stewart & Company plc Legal Inc Acquired Caroline Drummond) Legal Advisers: Bird & Bird LLP for Hangar 8 Completion Date: 10/2010 Financial Due Diligence: John Parkinson and Graham Smith of Target: Legal Inc Acquisition of Jay Fostering BDO, Reading Acquirer: Grant Thornton Acquisitions Completion Date: 28/10/2010 Deal Value: Undisclosed Target: Jay Fostering Next Deadline Details: Legal Inc is a highly successful, respected provider of liti- Acquirer: NFA Partnerships The next Deals Update will appear in our gation support providing services to government, large corporates Deal Value: Undisclosed and City law firms on both ongoing and case specific projects. February 2011 issue Details: BDO LLP provided due diligence to NFA Partnerships Grant Thornton, having established a good working relationship Deadline for submissions is Wednesday Jan 12 with Legal Inc, identified the potential to make a strategic acquisi- (NFAP). NFAP is an associate company of the National Fostering tion complementing existing services Agency (NFA), a business backed by Sovereign Capital. The aquisition Submissions are free. If you would like to submit deal information will enable Jay to benefit from NFA’s national scale and back office, or to advertise on this page contact: Corporate Finance Advisers: Paul Slight of Fusion Corporate allowing it greater freedom to focus on providing high-quality care Partners LLP acting for the sellers Tanya Liddiard Funding: Lloyds TSB Corporate Markets Acquisition Finance 0118-9745308 Legal Advisers: Amanda Brockwell and Lynne Beasant, with [email protected] Legal Advisers: CMS Cameron McKenna LLP support from employment partner Dorlee Monschau acting for Elcot Publications is not responsible for the accuracy of information in the the sellers. Hill Dickinson acting for the buyers Financial Due Diligence: BDO deals update section which is supplied by individual firms

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.pwc.co.uk

Building relationships. Creating value.

Our ambition is to bring real value to our client’s business. And we’re passionate about understanding what is important to you. Find out more about us at www.pwc.co.uk

© 2010 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. Going Digital

Tablet publishing has taken off around the world - and The Business Magazine is proud to be at the forefront of the drive to digital formats. Our Digital Edition carries features and news that you can’t find in our printed editions. And it is specially designed for a computer screen - landscape format, not portrait. How many readers? This means it can be read with ease on a laptop, desktop PC, or a new tablet, such as an iPad. And Business people often ask us how many readers they with 40 million iPads a year being sold worldwide, this can reach through the formats we provide. format will grow exponentially. Here are the answers: Every month we send an alert out to some 3,000 www.businessmag.co.uk has been visited by more readers alerting them to the new Digital Edition and than 400,000 visitors (readers) this year. The total the latest content. number of page views in this calendar year will In addition, you can now access individual features exceed three million. and stories in our Digital Edition direct from our The two printed editions (Thames Valley and Solent/ website home page - simply go to www.businessmag. South Central) of the magazine are read by an average co.uk and click on The Business Magazine:Digital. 53,000 readers a month. The first three issues of the all-new Digital Edition saw more than 30,000 page views.

Your feedback

We have adapted our business model through the downturn to take account both of what our readers and advertisers have asked of us, and to embrace the new opportunities that technology provides. Now we want you to tell us more about what you’d like us to provide. In 2011 we plan an extensive Reader Survey, and this will help shape the direction The Business Magazine will pursue in the next few years. In the meantime, it would be good to hear your comments - and to know how we can help promote your company, your business sector and your viewpoints. We aim to put The Business Magazine at the centre of business in the south. We have a respected and well- known brand and we are open to ideas. Email the publisher at [email protected] And, meanwhile, we wish all our readers and advertisers a very merry Christmas and a prosperous, happy 2011. Advertising & sponsorship: [email protected] Events: [email protected]

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance 15

initial public offerings (IPOs) earlier this year. Deals are definitely back However, in relation to M&A, the availability of funding is still problematic and there is often a mismatch between sellers and buyers in terms It’s been a long haul but 2010 has seen the East of England? We asked several local deal of value.” return of mergers, acquisitions and buy-outs doers for their perspective. and the outlook for 2011 is positive, writes But taking a rather different tack Andrew Killick “It has been a year of two halves in many Richard Willsher. of accountants Baker Tilly points out that banks ways,” says Andrew Clayton, Reading-based are “now doing their job properly in the way In the first nine months of the year the global head of corporate and structured finance for they assess risk.” He stresses the importance volume of announced mergers and acquisitions the Thames Valley and South East for RBS. “In of understanding how to present a case for totalled jus over US$ 2 trillion (£1.24 trillion), the first half we saw several deals in the upper funding to a bank or private equity house. according to research from Dealogic. That was mid-sized corporate market. These included “You need to look at it from the funder’s point 22% ahead of the same period in 2009. But Pets at Home, Card Factory and Camelot that of view rather than just the perspective of the significantly both in the bigger picture and were all quite substantial. It wasn’t until later business that is seeking the finance.” locally, it was in the third quarter of the year in the year that deal flow in the mid-market, in that the market really began to be confident. the £25 million to £75m range, really developed This approach has stood Baker Tilly in good Worldwide, Q3 saw announced deals momentum. For example we’ve seen deals for stead and has enabled them to complete a amounting to US$792 billion, (£492 billion) 55% United House, the social housing firm, which number of deals in the year to date. He says up on the third quarter of 2009. we funded with Lloyds Development Capital that there is no shortage of cash, for example and Leaders, the lettings business where we among private equity houses and that good Closer to home the UK accounted for 24% of all worked with Bowmark Capital. Now, with six businesses with strong propositions will always European M&A during the first nine months of weeks to go to the end of the year I would say be able to find the funds that they need. the year, which may have been boosted by the that our work in progress is now as strong as its weakness of Sterling versus the Dollar and the Looking ahead to next year there is general been for the last two or three years.” Euro. Also, out of a UK total of US$140 billion optimism among the corporate finance (£87 billion) however, US$21.5 billion (£13.34 Nonetheless advisors such as accountants community. RBS’ Andrew Clayton says, “While billion) was accounted for by GDF Suez’ bid for and solicitors say that deals are still taking a we may complete two or three more deals British company International Power. long time to complete. Bank approvals for before Christmas, because processes are taking funding propositions are taking longer and longer I’m expecting more completions in Q1 More striking is the volume of UK buy-out the processes are more rigorous than prior next year. I think it will be quite busy but also it activity. “The overall value of UK buyouts in to the 2008 credit crunch and the collapse of is likely that some of those transactions which the first nine months of 2010 reached £13b,” Lehman Brothers. But at least the system isn’t we’ve been discussing this year may come to reports Nottingham University’s Centre for as petrified as it was. the market in the first and second quarter.” Management Buyout Research (CMBOR). “[this was] more than double the total value of “We are now seeing a lot more activity,” Jonathan Hughes of Leumi ABL, the asset based buyouts for the whole of 2009 (£5.6b).” says Richard Somerville, a director of Rice lender believes that in 2011 there are likely Associates, the Wokingham-based accountants to be more non-core disposals and strategic Commenting on these numbers Christiian and business advisors. “There are a lot more acquisitions now that the cycle looks as though Marriott, a Director at Barclays Private Equity, exit strategies for business owners who are it has reached the bottom. said, “Confidence is returning to the private talking about buy-out possibilities whereas a equity buyout market with private equity deal At Charles Russell, William Axtell’s view is year ago there was no point in even talking to flow dominating the overall M&A market in cautiously optimistic. “We think that 2011 the banks.” the UK in the first half of this year and will continue on the same upward trajectory an increase in consumer-related At solicitors Charles Russell, Oxford- that we have seen in 2010. Although global transactions. With several based partner William Axtell says, economic conditions remain choppy, recent large deals in the pipeline, “We have definitely seen an GDP figures suggest that a steady recovery is we might see the year upward trend in terms of underway. As confidence grows along with ending at near 2008 corporate finance activity this the recovery we see corporate finance activity buyout levels.” year. Charles Russell have increasing and we are well positioned as a firm seen a decent amount of sell to capitalise on this.” If this is the overall and buy side M&A, private picture, how has this At Rice Associates, Richard Somerville says, “I and public fundraisings been reflected think the banks are going to need to get back including three in the activity to lending next year. They’ve weathered storm, in the South beefed up their balance sheets, garnered their deposits and will be keener to lend. Yes, I’m optimistic.” All in all not a bad outlook. It’s been a rough ride but 2010 may go down in corporate finance annals as the year the recovery really took root. If so, 2011 ought to be the year when deals flourish and bear fruit, despite all the talk of double dip and austerity.

www.businessmag.co.uk 16 corporate finance

to switch all of his company’s banking Vital link in the chain operations to Santander. He explains: “Paul has a really strong understanding of the business - he appreciates it’s a good business run by a – case study good team. I believe that’s what bankers should be looking for.” How Davinder Virdee built the PillBox Chemists pharmacy chain In March 2010, PillBox officially moved from scratch - and Santander Corporate Banking became his ideal banks. Was the handover tricky? “No, the banking partner, writes Chris Hencken of CLS Communications switch went fine,” says Virdee. “Everything was completed on time. Robinson and the The story of Davinder Virdee is an Santander Corporate Banking - who team were really good; so different.” impressive one. In 20 years, he went from stepped in at a time when the company Now, Virdee intends to continue the a locum pharmacist to being the owner of needed it most. winning formula that has seen his business a business with an annual turnover of £15 PillBox had identified a pharmacy in succeed spectacularly so far, with plans to million today. Hampshire that would be a good fit for purchase more pharmacies. Meanwhile, as And the future looks promising for PillBox the group’s winning formula. However, well as being on hand to assist PillBox with Chemists Ltd. An ageing population deep in the financial crisis, its previous acquisition financing, Santander Corporate profile, government policies and consumer bank were unable to offer the funding Banking is helping to ensure the business trends mean that the UK retail pharmacy required. Despite verbal agreements for runs smoothly, introducing Elavon merchant market is set to grow strongly over the a loan to acquire the pharmacy, the bank services - an integrated payment processing next two decades. Customer-focused staff eventually reneged on the agreement. platform - across the group’s outlets. will give smaller pharmacies a competitive Still keen to complete the deal, PillBox PillBox is also interested in moving into edge over big supermarket chains as the turned to Santander’s healthcare team and other areas of healthcare, such as care market expands. In this environment, relationship director Paul Robinson. homes, supported by Santander. “They are PillBox is well placed to flourish, thanks It was a relatively complex acquisition, very positive on the healthcare sector, and to its winning strategies, team-building according to Virdee, but that didn’t they are a bank that’s willing to sit down approach, and the support of a proactive pose a problem for Robinson and the and find solutions, so we may expand banking partner in Santander Corporate team. “Santander was fantastic and very elsewhere.” Banking. impressive. They pulled out all the stops Virdee is clearly energetic and optimistic and completed the loan agreement in just by nature, and it seems he’s found his ideal Prescription for success four weeks.” banking partner for the company’s future Virdee qualified as a pharmacist in 1988, Impressed by the bank’s approach, development. “We’re really looking forward then studied for an MBA. Over the next few which he believes complements his own to working with them - they are so different, years, he built up his experience and capital approach to business, Virdee decided and willing to do things differently.” by working as a locum in pharmacies, including Boots and Lloyds, around Birmingham. Strong relationships, lasting rewards In 1994, Virdee acquired his own pharmacy, in Farnham, Surrey. Over the following The story of Davinder Virdee isn’t the only traditional banking values and have become decade, he and his wife Hermeet slowly impressive one. The emergence of Santander trusted advisers offering tailored solutions built up PillBox Chemists together. Corporate Banking in the Thames Valley to customers. Above all, we want customers region is another great success with 71 new to understand that we are doing business They chose new branches carefully. corporate customers entrusting Santander and that we will continue to deliver on our Davinder only bought pharmacies with the with their banking relationship in the first 9 promises.” potential to increase turnover through new months of this year. specialist services, such as blood pressure monitoring and support to quit smoking. The appointment of Mike Reeves (right) as As the pharmacies began to thrive, building the new regional director is the latest step relationships with local customers, Virdee in strengthening the support to the local used his growing revenue to acquire business community. Whilst this is a new role further branches. for Reeves he is no stranger to the region, having spent five years supporting corporate And the choice of location was also businesses in Reading, he knows the market carefully considered. All the new branches very well. “This region is very dynamic,” says were strategically placed along the M3/M4 Reeves “and despite a lot of change over corridor, so that Virdee could manage the recent months I think there is a growing businesses hands-on. confidence among local businesses.” These days, PillBox Chemists has an annual Reeves and his team are excited at the turnover of £15 million, and 17 branches opportunities that this confidence will stretching from Southampton to Corby in bring. “We have recruited an excellent team the Midlands. Most importantly, it has a of relationship directors who understand strong and loyal team, many of whom have been with PillBox for years. Details: Mike Reeves Proactive partners 07809-493592 [email protected] Virdee found that his proactive approach www.santandercb.co.uk to business was matched perfectly by

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance 17 Due diligence ... avoid cost and delay Baker Tilly Corporate Finance partner David McCulloch (pictured below) looks at some of the issues that cause transactions to fail at the final hurdle, usually costing time and money and often avoidable

Due diligence’s primary purpose proportions of the vendor’s • Projected working capital should be to confirm what is already revenue are underpinned by assumptions need to reflect those known, but it is often used as a contracts that require transferring seen historically i.e. stock, debtor fact-finding mission, increasing the to the acquirer. and creditor days. risk of 11th hour failure. There are a few common issues, which when Accounting - errors can impact • Lack of commercial support addressed early, can ensure that the valuation and be costly for projected trading levels, opportunities and issues are both particularly where significant understood and resolved: • Retrospective rebates are a growth is being projected minefield, particularly if they are Business model - not contractual, and the knock Inappropriate structure - a understanding value drivers on effect can have a detrimental missed opportunity and performance indicators impact; • A tax structure that is not fit for • Understanding the key value • Lack of robust and reliable purpose eg UK presence needed Not all these points can be identified drivers and their implications is management information will for VCT purposes. before due diligence commences critical. The value of a recruitment inevitably lead to delays as the but addressing them early should business will be driven by the purchaser and/or funder will • Basis of the consideration save costs and reduce delays. Talking recruiters and their contacts, so want detailed and up-to-date misunderstood by the principals. to the experts sufficiently early in ensuring they are tied into the information. Heads of Terms should be a transaction can help to identify business is paramount to the unambiguous and accounting potential issues in good time for value of the acquisition. The Financial projections - delay treatment defined (particularly them to be addressed. same is true for key performance the transaction and add costs for completion accounts and Details: indicators where say, room rates earn-outs). • Projections containing hard coded 0845-057-0700 and occupancy levels are more and balancing numbers not fully [email protected] important for a hotel business Tax integrated or not prepared on www.bakertilly.co.uk and projected revenue should be a monthly basis make it almost • Tax reviews can reveal substantial based on these. impossible to run sensitivities potential liabilities and lead to • Contracts - a change in control against potential bank covenants delays whilst full disclosure is or ownership could have and undermine confidence in the made to HMRC and agreement of significant ramifications if material projections. the liability reached. Increase in warranty claims? David Tighe (pictured right) of Manches LLP writes It probably comes as no great leaves the giving of notice until come across to the buyer surprise that, even though there the last minute and gets it wrong under TUPE. It may well be have been fewer deals completing he will lose his claim completely. that the employees still owe over the past couple of years, there confidentiality obligations to the • The details which a buyer needs has nevertheless been an increase seller ie their former employer, to include in a notice for it to be in the number of warranty claims under their employment compliant will depend on the arising once the dust has settled contracts. Therefore, if the precise wording of the clause. on a deal. Buyers are undoubtedly If it requires ‘full particulars’ of individual has information which looking more carefully at potential a claim (or something similar) is relevant to a potential warranty any applicable time limit. These warranty claims in the aftermath of then this can be a very onerous claim, and the information is time limits could be the long transactions. obligation. A buyer will generally confidential or a trade secret, stop for bringing claims or could So, I thought it might be worth need to specify not only the there is a risk that the employee equally be interim dates when flagging a few issues on warranty particular warranties that have and the buyer could be on retention monies held as security claims that we have come across been breached but will have to the receiving end of a claim for warranty claims are due to recently and which might be of give particulars of the facts and themselves if that information is be paid out. The individual will wider interest: an indication of the amount of used to bring a warranty claim. need to understand the sale losses. In some cases this may agreement, including not only • If you are a buyer it’s vital to • Last, but not least, buyers not be far short of preparing a full the time limits but also the make sure that you comply should be aware that it is not ‘Particulars of Claim’, which is the financial caps and ‘de minimis’ with the notice provisions the lawyers’ job to monitor formal document which initiates amounts. in the sale agreement when potential claims and keep track legal proceedings. If it’s deficient you are notifying the seller of of time limits. It is essential that For further information see below. then a valid notice will not have a claim. Many notice clauses the buyer appoints someone been given and the claim can’t act as a ‘condition precedent’ within its organisation who is Details: David Tighe proceed. So, getting it wrong can ie the seller won’t be liable at responsible for keeping track 0118 982 2650 be expensive! all unless the notice satisfies of potential claims, collecting the requirements of the sale • An interesting point arises on details of the claims and ensuring agreement. Therefore, if a buyer asset sales where employees that claims are brought within

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 18 corporate finance

Pictured from left: Stephanie Austin, Steve Wicks, John Box, David Lock, Charles Whelan, Richard Hall and Matthew Wright Growing team for growing times

In common with most organisations went through, followed by a pause for breath who deliver completions and consequently drive HW Corporate Finance started as the nation awaited the outcome of the repeat business. general election. With the emergency budget With this in mind we are delighted that John 2010 with a mixture of concern for out of the way and the welcome increase in the Box, the former head of Barclays Strategic Debt the economy and optimism that entrepreneurs relief cap to £5 million, we have Finance business (covering sponsored and business owners had recognised seen a sharp pick up in work. non-sponsored transactions), has joined us as that the excesses of 2007-2008 In this region we have completed 9 deals in 2010, a partner as we extend the firm’s capabilities a mixture of disposals, acquisitions, re-financings and meet the increasingly complex needs of our were unlikely to be repeated in the growing client base. foreseeable future writes managing and financial due diligence. Encouragingly during October and November we have taken on four If you too are looking for a new challenge with partner Charles Whelan capital raisings, four disposals, a management an entrepreneurial firm that will enable you buyout and a financial due diligence. to combine working with highly experienced This optimism has proved well founded in that we people and achieve your aspirations, please make have sold strong businesses at good valuations, Maybe time to hire? contact. akin to those achieved in 2005-2006, albeit with As always hiring is about finding the candidates Details: modified structures to reflect the prevailing debt with the same ethos as our firm, incisive Charles Whelan environment. people with whom owners and investors feel 07733-003487 We saw a strong start to the year as those deals comfortable. It is the soft skills, rather than solely that had been held up by bank credit finally technical excellence, that differentiate candidates

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

ARGOS RESOURCES LIMITED £22m HANGAR 8 PLC £2m/£9.5m Placing and admission to AIM Placing and admission to AIM (Oil and Gas) Reporting Accountant The placing raised £2 million and valued the company at £9.5 million (Aviation) Reporting Accountant

ULTIMATE FINANCE GROUP PLC £4.75m BOTTOMLINE TECHNOLOGIES INC £UNDISCLOSED Acquisition of Ashley Commercial Finance �NASDAQ LISTED� Limited and re-admission to AIM Acquisition of SMA Financial Limited (Financial Services) Reporting Accountant (Technology) Reporting Accountant

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

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

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 Changing the face of corporate finance When asked ‘what makes you different?’, many organisations will highlight the of deals in a year, underlining Milne’s quality of their people and their experience, Alison Dewar writes point that Spectrum will bring a great deal of value to the region. At new corporate finance boutique enjoying doing again.” “I like the buzz of business, I am Working alongside the four partners Spectrum Corporate Finance, investing in start-up companies to is Fiona Hopkins, together with It was Davies and Hatchard who however, the question is almost help them achieve their dreams,” he recent recruits, Devin Cook from together founded the highly superfluous. The founding partners said. “Now, in the corporate finance Ernst & Young, and Nigel Tipple, an successful corporate finance are so well known within the Thames arena I am helping businesses look at experienced corporate financier boutique DHD Corporate Finance in Valley and South regional business their strategic plans and prepare their and businessman. Tipple is the 1997, before selling it to Tenon Group community that they need very little exit strategy. first of a planned Advisory Board in 2001. introduction. of six to eight members with a “Selling a business is an emotional focus on specific market segments Between them, there’s hardly a deal In between, Hatchard has worked roller-coaster, having been through as both chief finance officer at and contact groups. In addition, Simon Davies, Ian Milne and Clive it myself I can say to a shareholder Richard Bradley will join Spectrum Hatchard haven’t been involved Land of Leather, where he led the team that I understand the process business through a major growth from Deloitte in January 2011 as in at some stage over the past they are going through, together an associate director. The aim is to two decades, either in an advisory programme and flotation, and we can act as a sounding board and as acting CFO at Allied Carpets increase the team to 12 by mid- capacity or in a funding perspective. work alongside them on the journey. 2011, although it is already one of during its restructuring. He believes Hobbycraft, Snell & Wilcox, Robert It’s about helping them realise their the largest lead advisory corporate his experience at this side of the Dyas and Park Holidays are just some vision and also think about what they finance teams in the area. of the names which spring to mind. corporate table adds great strength want to do afterwards.” to the team. The corporate finance boutique’s And, with the added value of Bringing with him more than 20 reach stretches from its smart offices “Changes in the market in the local hands-on industry experience from years’ experience in the corporate in Forbury Square, in the heart of region have meant there was a gap their fourth partner, technology banking world is Milne, who was Reading’s financial community, for a good quality corporate finance entrepreneur and successful voted Solent Dealmaker of the across the wider Thames Valley boutique, something which there businessman David Pointer, the Year in 2008 and was most recently and southern areas, as far down as Spectrum team can offer a very hasn’t been since we left the market managing director of National Private Southampton and Bristol and east different and complete all-round previously,” he said. Equity relationships for RBS. towards Crawley. approach. “The opportunity to work with such a “At Spectrum, we have worked hard And, on the global stage, Spectrum Davies, who has won the accolade of strong team and get back into doing to create something which has a has just been confirmed as the Thames Valley and Solent Corporate deals again was too good to miss and really different feel,” he said. “A lot of first UK member of a worldwide Finance Adviser of the Year for the now I have the added experience of people only sell a business once, so international mergers and past three years and was previously having worked with private equity, having such a wide mix of skill sets acquisitions network AICA (www. regional corporate finance partner dealing with capital markets, and as part of our team really adds to our aoica.org) working across some 18 for Grant Thornton, says the being involved in restructuring, all of proposition. countries. opportunities to make a significant which will be very important to the “I also believe that with our impact are huge. companies we are working with.” Pictured above: The Spectrum experience and capability, the Corporate Finance team (from left): Pointer fully appreciates that a “Having seen what can be achieved transactions we’ll be originating and David Pointer, Fiona Hopkins, Clive for businesses in our previous corporate finance team doesn’t the services we’ll be developing, will Hatchard, Simon Davies, Nigel Tipple, boutique model, and the scaling normally incorporate a top bring real benefits to this region, Ian Milne, Richard Bradley and Devin down of resource by the ‘Big 4’ businessman on its team – indeed giving plenty of fee opportunities Cook. corporate finance teams, we see the four believe their line-up is to associated professionals in the a real shortage of good, quality unique – but says it is the group’s marketplace.” Details: advisers,” he said. wide-ranging skills which add real 0118-9502269 Operating across a wide range of value. [email protected] “It was the opportunity to go back to business sectors and all corporate www.spectrumcf.co.uk a more individual partner-led advice Having grown his own company finance disciplines - plus a particular strategy and we believe can add in the laser technology sector to a skill set in debt advisory and value throughout the whole process world leading market position, he restructuring - its target deals will for business owners. My strength sold the business to Qioptiq Group in be in the £10 million to £100m is building long-term relationships 2008 and wants to use his experience marketplace. Hatchard says the aim at ground level, that’s what I am to help others to succeed. is to do at least £250m-£300m worth

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 20 corporate finance The future appears brighter all round After one of the most tumultuous upheavals in the global economy since the 1930s, signs are emerging of a more stable and positive outlook for those involved in the corporate finance world

The steadily improving economic conditions William Axtell (ex-Clifford Chance) and Mark have put M&A and IPOs back on the agenda. Howard (ex-Slaughter and May) are both partners Whilst distressed sales and rights issues tended at Charles Russell in Oxford and both have more to dominate the landscape last year we have than 10 years’ experience advising clients on seen a degree of normalcy beginning to return to corporate finance matters. Axtell comments: the market. Business owners are more receptive “Deal activity in 2009 was restrained with values to the idea of selling and the valuation gap has and volumes of deals depressed. However, we narrowed as sellers’ pricing expectations become have seen a renewed appetite for M&A and more realistic. equity investment this year and activity levels have picked up in line with improving economic The Thames Valley has also seen interest from conditions.” overseas buyers looking to take advantage of attractive valuations. In particular, there have been a flurry of cross-border public to private transactions, especially in the technology and communications sectors. Intelek (an AIM-quoted manufacturer of electronic systems for satellite communications) was acquired for £28 million by US firm Teledyne. US company Broadcom Corp acquired AIM-quoted Innovision Research and Technology in a cash deal that valued the William Axtell mobile-phone chipmaker at £32m. Indian-based IMImobile (a mobile technology company) • Advising AIM-listed Northwest Investment acquired the mobile content and services AIM- Group on its admission to AIM and placing quoted company WIN plc for £16m. to raise £3m. Northwest is a BVI investing In line with these trends the corporate finance company with a focus on the Chinese clean team at Charles Russell in Oxford have seen a and renewable energy market. It has a noticeable increase in corporate deals in recent particular focus on hydropower projects in months and have advised on approximately 15 western China. transactions since the start of the year. • Acting for longstanding AIM-listed client Key deals have included: Westminster Group plc on its acquisition of CTAC. CTAC is a specialist provider of ‘high Mark Howard • Advising AIM-listed Europa Oil & Gas end’ security solutions to a blue chip client (Holdings) plc, the oil and gas explorer and base including Brinks, DeBeers LV and Seven Howard adds: “Confidence in the market has producer, on a secondary placing to raise Trent Water. approximately £1.5m before expenses. improved and recent increased activity supports Charles Russell is a full-service law firm with six the view that a steady recovery is under way; • Advising Industrial and Financial Systems, UK and two overseas offices. The Oxford office, good opportunities exist for well-managed IFS AB (publ) on its acquisition of the entire located at Oxford Business Park North, offers a full businesses. The team has experienced a flurry of issued share capital of 360 Scheduling for an range of legal services to clients in the Thames activity and we are cautiously optimistic that 2011 undisclosed sum. 360, which has sites in the Valley area and further afield. The corporate will continue on the same upward trajectory.” UK, France and the USA, is one of the world’s finance team is particularly well known in the The team run a regular programme of events leading providers of mobile workforce area and focuses on capital markets work (with an including seminars, dinners and the popular scheduling and optimisation software. emphasis on AIM), M&A transactions and venture OxFocus series of networking lunches featuring capital. • Advising P2i, the world leader in liquid keynote talks from business leaders throughout repellant nano-coating technology on its (1) The team supports clients in a range of sectors, the region. More information can be found at acquisition of the entire issued share capital including IT, technology and communications www.charlesrussell.co.uk/events. of Surface Innovations, a UK-based company and can draw on the depth and breadth of the (spun out of Durham University in 2001) firm’s City expertise as and when required. The with a range of functional nano-coating location of the office and the skills and experience Details: Will Axtell and Mark Howard patents (2) a Series D venture capital funding of the team enables Charles Russell to provide 0845-359-0090 round, which secured an additional £5.5m of Thames Valley clients with a City-quality service [email protected] investment to support the company’s rapid but with the added benefits of a local team [email protected] international growth. charging competitive, out-of-London rates. www.charlesrussell.co.uk • Advising Transense Technologies plc on its The corporate finance team at Charles Russell in placing and offer for subscription under Oxford has been consistently ranked by both The which the company raised approximately Legal 500 and Chambers & Partners independent £2.5m. Transense Technologies is a legal directories as providing excellent capital technology transfer company that markets and corporate finance advice. Interviews develops Surface Acoustic Wave (SAW), carried out by the directories with clients show wireless, batteryless, sensor systems for the that the team is perceived as “client-friendly, automotive and industrial markets. efficient and experienced”.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance 21 Young Entrepreneur winner announced Haines Watts, Chartered Accountants, is delighted to announce that the winner of its Young Entrepreneur Award 2010 competition is Thomas Claridge, 25-year-old co-owner of KeyAGENT, representing the Oxford area

The other local finalists were James Middleton of The Cake Kit Company representing the Reading area, Angela Waweru of Jewel Queens for the Slough area, Neil Farrell of Farrell Associates representing Farnborough and Basingstoke, and Carly Ward of the Young Entrepreneur Society, representing High Wycombe. Thomas Claridge, winner of Haines Watts Young Entrepreneur of the Year competition, with some of the judges The judging panel comprised partners from Haines Watts plus guest judge Nigel Botterill, owner of ‘Thebestof’ online network and several David Smy, partner at Haines Watts, said: “The judges were extremely other franchise and internet-based businesses. Everyone who entered encouraged by the standard and diversity of the entrants’ business the competition received 12 months complimentary membership to activities. It is reassuring to know that the next generation of Nigel’s ‘Entrepreneur’s Circle’, which provides business support. entrepreneurs are not being put off by the current conomice difficulties and are even more determined than ever to be successful. For them All the finalists received cash prizes from Haines attsW of £250 and a age is no barrier.” year-long mentoring and support programme with one of its partners. Thomas Claridge was presented with a cheque for a further £500 as For further information about Haines Watts Young Entrepreneur overall winner. Carly Ward was given the Special Recognition prize for Award 2010 or Haines Watts see below. the encouragement and support that her business provides to young people setting up in business. Details: www.hwye.co.uk www.hwca.com Claridge said: ”I am delighted to have won. Start-ups and SMEs need all the support they can get and winning awards such as this really helps establish confidence in your business with suppliers and clients alike.”

“Let’s get on with your business”

INVOICE FINANCE STOCK P&M TRADE PROPERTY

Leumi ABL was voted 'Alternative Finance Provider of the Year' Winner in M&A Awards 2010.

The flexibility and expertise of an independent, A £5m turnover A £23m turnover together with the strength and extended product manufacturer of locking supplier of insulation range of its parent, Bank Leumi (UK) plc, make nuts and bolts required products wanted a winning combination. working capital to a funder with vision. support growth. Leumi ABL provided Leumi ABL provided Specialising in structured ABL facilities up to £25m with exceptional levels of client service. Multi currency £3.5m facility: CID facility CID + Stock To find out more about the Leumi ABL approach to business call Jonathan Hughes on 07584 630762

Leumi ABL Limited, Pacific House, 126 Dyke Road, Brighton, East Sussex BN1 3TE Tel: 01273 716 200 Mob: 07584 630762 Fax: 01273 716 210 email: [email protected], www.leumiabl.co.uk Reading Office, Davidson House, Forbury Square, Reading RG1 3EU

Leumi ABL is part of Bank Leumi (UK) plc which is authorised and regulated by the Financial Services Authority.

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 22 corporate finance

• A full review of the company’s business plan for Selling your the next one to three years. • A review of all staff contracts and terms. Contract to purchase the company - once the business? due diligence is complete then you proceed to the legalities including the contract to purchase the Over the past 18 months there has company. been a trend for independent clients Warranties - the most important thing is to to try and sell their businesses and consider, with your solicitor, all the main warranties companies on their own, writes Chris you are being asked to give in relation to the sale. Duggan (pictured right) of Griffins These are guarantees given to your purchaser for certain parts of the company and business. If it is found later that one or more guarantees were not We normally get a phone call when the process accounts for the past two to three years true or correct then the purchaser can proceed reaches a certain point and then the fun starts. ensuring revenue and costs are stated correctly. against you for any damages it has incurred because of a warranty being incorrectly given. Points you need to consider: • A review of your accountant’s working paper These warranties carry on for a defined period after and tax files for the past three years. A clear offer - the offer received must state the sale. Liability can be minimised by completing clearly what the purchaser is paying and when. • An analysis of your top customers and a full disclosure letter. This is normally based on an assumed profit identification of the sales mix. Contractual Hopefully, after all the above, the transaction and net asset basis. income is more valuable than non- contractual completes and the seller gets his money. income. The financial strength of the purchaser - make The best way to navigate your way through this independent checks to ensure the purchaser • An analysis of your top suppliers. legal and financial minefield is to take timely is financially viable so they can follow through • Understanding your pricing structure and and complete advice from a suitably qualified with their offer. income recognition. professional. Due diligence - the purchaser will want to • Reviewing all items on your last and previous Details: Chris Duggan undertake a full financial due diligence. year’s balance sheet. 0118-9635987 or 07980-009649 What constitutes a due diligence? This is a [email protected] • Reviewing the statutory books (share registers question we are frequently asked, some of www.griffins.co.uk and associated forms). This is normally very the key points are: problematic as old documents are frequently • An independent review of the company missing.

convert investment assets into cash not always Are opportunities out there for the easy, the banks’ need for security might seem initially overbearing. This, however, is often driven entrepreneur? by the banks’ need for the entrepreneurs to “put their money where their mouths are” and show John D Rockefeller once said: ‘The way to make money is to buy when blood the same commitment to the opportunity that the is running in the streets.’ While I would hesitate to suggest that we are still in lender is demonstrating. ‘meltdown’, writes John Addrison of Rouse, the green shoots of recovery seem to Types of finance and repayment be a long way off. So are there opportunities out there for what I would call the Bankers are able to be much more flexible in carefully aggressive entrepreneur? how they structure the loans and related facilities and it pays to open negotiations without any With Rockefeller in mind what can an entrepreneur Sound business plan preconceptions. Repayment terms can be flexible and will depend actually do? Financially robust figures that allow for on the types of financing that are being offered. Is this the time to go on the acquisition trail? contingencies and explain how the money Asset-based lending and debtor finance may will be used, what impact will the deal have There may well be real bargains to be had for the involve the banks in additional upfront costs that on the existing business and the experience of more adventurous entrepreneur but in these require a longer period over which to recoup those management to make the venture a success. The expenses, while simpler loan arrangements will difficult times banks can be selective in their amount of further supporting documentation will find the banks more accommodating on the early lending criteria and generally the work to find a vary from deal to deal and the business’s history repayment cycle. With interest rates still very low ‘deal’ is growing more arduous. If the UK economy with the lender will help here enormously. The it may be worth saving overpayments of cash you does not pick up soon then the chances of having more clearly you can show where the money will might have made to the bank and use it for more a more free flow of cash from the major banks is be spent and the return on the investment as profitable re-investment in your business! probably less likely so what can our entrepreneurs separate from the core business the better your do to make themselves more desirable to the application will be received. Finally and as always, take advice, ask your banks so that their deals progress as smoothly as professional support team for guidance and Security v the ability to repay possible? ...... ”Go for it!” For many banks at the moment the ability to repay Long-term relationships and the effect on normal cash flow of whatever Details: John Addrison Banks want to understand the business and is about to be undertaken is the key driver for [email protected] the management team. They will engage with the acceptance of the deal. The government- www.rousepartners.co.uk the senior team and are delighted when the backed Enterprise Finance Guarantee Scheme has 01494-675321 professionals are there to support the business remained attractive in principle but can be difficult but they need to get under the skin of the owner/ to finalise so the issue of security is very important. director(s). With property prices suffering and the ability to

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 strong relationships, lasting rewards

Ian Nash, Andrej Bristow, Richard Colclough and Dorothea Dunn from the Thames Valley team.

The team you can bank on

We believe business is built on relationships. That’s why, when you bank with us, you’ll be supported by a dedicated Relationship Director based in the Thames Valley region. They won’t just sell you products but will listen, engage and then provide real shape and substance to the solution they offer.

At Santander Corporate Banking, we want to be part of your team. We pride ourselves in using our expertise to support Thames Valley businesses through the good times and the bad. And, we offer lending, risk management, deposits, cash management and supply chain solutions – whatever it takes to help you build your business. The new shape of corporate banking

If your business needs a better banking relationship challenge us today 01189 211 680

Santander Corporate Banking is the 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 Offi ce of Fair Trading. FSA registration numbers: 106054, 146003 and 423530 respectively. Registered offi ces: 2 Triton Square, Regent’s Place, London NW1 3AN and Carlton Park, Narborough LE19 0AL. Company numbers: 2294747, 2338548 and 1533123 respectively. Registered in England. Santander and the fl ame logo are registered trademarks. BM JUL 10 24 corporate finance Who’s going to make the first move? It’s almost as if there’s been a hazardous spillage on the road to corporate success and warning signs have been put up. Lack of confidence is causing the commercial vehicles of the corporate finance sector to ‘proceed with caution’, and the result is a slow-moving, if not inactive, traffic jam of hesitant drivers, writes John Burbedge

The ‘spillage’, of course, was real. It was the The key aspects affecting the major market recession. But the effects of that ‘spillage’ dynamics are willingness and confidence: are set to take a long time to dissipate and • of UK businesses to take on the loan burden once again provide a clear road along which and invest funds businessmen and bankers will feel confident to travel. • of banks (and PE) to commit to loans, knowing that they have capital obligations Neil Gray, regional director How long will it take to clear? “Until someone to meet and there might be better value has the confidence to move into a higher gear,” deals to come. suggests Neil Gray, regional director for RSM the merger, and adopting a fresh culture, and a Tenon’s London and south region. “Only time “We are in this phoney situation where we are new open, flexible, and available approach to will tell, but if I had to put a date on it, I would told there is money available but neither party its clients. say not until late 2011, early 2012.” wants to make the first move and commit. Gray says successful integration has been In the meantime, Gray believes that UK plc will “Over time, the banks will sort out their capital achieved six months ahead of schedule. “The crawl along under the dark cloud of a ‘phoney bases and be more able and willing to lend; key has been good communication. Everyone recession’. people will fully understand the ramifications now understands their role and our clients and scale of the spending review and how it understand what we are trying to achieve for “Recent economic figures prove that we are effects them; and the private sector will come them. And if they don’t, then my door is always technically out of recession, it’s just that to the good so that unemployment figures don’t start open.” man in the street and the finance markets it going up. But, we will need leaders. doesn’t feel like we are. No-one is willing to Upgraded IT, video-conferencing links, staff take the risk at present of investing in what is web-portals, regular integration alerts, a an uncertain future. I don’t think that we’ll get monthly internal e-magazine and cross-service a double-dip recession, but we can expect a ... most likely, an line Local Communications Groups have stop-start ride throughout much of next year.” ensured greater internal awareness. RSM Tenon’s chief executive even does a ‘blog’ on The government’s spending review (and RSM Tenon client! the company’s intranet. continuing ‘doom and gloom’ media coverage) was merely confirming the dismal outlook, “We are definitely looking for businesses that Externally, major rebranding and publicity but the lack of M&A activity involving the will lead us out of it,” said Gray, adding that is complementing ongoing personal corporate finance sector was one plain some of those leaders could easily come from presentations by senior members of the team indicator of the current lack of confidence within the RSM Tenon client base. to professional colleagues and clients. among many investors, entrepreneurs and “In these post-recessionary times there a some “We’ve worked very hard to develop, we are business owners. great opportunities out there and people now working smarter, and we have started on There might be ups (retail spending pre-New will start to look at these more seriously as a an exciting evolutionary path. I’ve been very Year VAT increase) and downs (public sector positive way forward. It just needs a few to pleased to see how our people have reacted to job losses) but overall it will be a tough year lead, to take the plunge, bear the risk, and get some fairly significant changes.” ahead of slow economic progress as confidence some rewards from it, and then others will follow.” And, will banks take the lead and make returns. Gray doesn’t see interest rates rising, changes? “I’m a great believer in positive because to do so would risk inflation in the Gray said he had been greatly heartened by change. I’m not an exponent of ‘if it’s not economy. the positive nature of existing and new clients broken, don’t fix it.’ Our banks are too big “From the corporate finance (CF) perspective, coming to the firm for assistance and advice and there is a conflict between retail and banks are still not lending enough, although during the past year. corporate banking, which clearly have different they will say they are hitting the government’s “The future success of owner-managed performance objectives. There is a need for targets. Banks are taking a very conservative businesses and small to medium corporates restructuring to make banks more efficient and view on businesses hitting their budgets, on is widely regarded as the key to UK economic increase market competition.” asset values, and on future cash generation. recovery. Our work predominantly involves And where banks are lending, the pricing of these important businesses, of which we have Details for RSM Tenon Offices: that lending is high.” gained a significant number as new clients over Basingstoke: 01256-312312 Reading: 0118-9530350 The banking mood and few businesses able to recent months. Marlow: 01628-478100 self-fund transactions means CF market activity “They are the leaders who will take the risks, Epsom: 01372-743816 is low. “M&A transactions take much longer provide the employment, and grow and develop to complete, involve a lot less debt, and the their businesses, and hence the economy.” only plus is more Private Equity (PE) becoming involved, which helps to reduce the risk for RSM Tenon itself has taken control of its own banks, which boosts their confidence.” destiny, restructuring through growth following

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance 25

Successful funding for growth - What to do when the Sovereign Rotating Machines One example of a company that uses invoice finance to assist its banks won’t lend growth plans is Sovereign Rotating Machines – an automotive parts With more difficult financial times expected ahead and a continuing lack remanufacturer, building starter motors, alternators and ignition of support from banks, Andrew Curry, managing director of Close Invoice modules. Finance in the south of England, spoke to us about how possible it is to fund With travel and fleet budgets tight, business growth and how to access the cash from within your business purchasing a new car is a bigger decision than it used to be for Invoice finance is one of the most both individuals and companies. flexible and dynamic forms of finance Instead, car buyers are turning to remanufactured vehicles – cars where available to SMEs today. Simply put, all the key components have been it releases cash tied up in outstanding replaced and upgraded to create, customer invoices. Essentially, it essentially, a used car with a new bridges the gap between raising an engine. invoice and getting it paid, so your cashflow is improved which in turn In tough times remanufactured can help you fund business growth vehicles represent an ideal and generate increased sales. compromise between brand new and used cars. Because of this, Sovereign’s It suits most industries and sectors, orders were increasing but it needed large or small, start-up or more to invest in parts and components up established businesses, allowing front to meet that demand. them to control late payment of clients, facilitate company expansion, Reluctant to fund an expensive fund M&A activity, refinancing and bank overdraft to manage cashflow, turnarounds, or simply improve Sovereign Rotating Machines chose cashflow. Close Invoice Finance. It preferred the way in which it was appointed So with benefits like these, it’s hardly its own account manager who took surprising that the industry is quickly the time to understand the business growing in popularity – in fact it is Andrew Curry and was able to judge the quality now worth £191 billion* (client sales). of the book debt accurately. Apart In the past year alone, nearly 46,000 It costs about the same as a bank loan from supporting stock purchases, businesses in the UK and Ireland when the various costs are compared. the availability of funding meant used invoice finance to improve their Fees are calculated in two areas – Sovereign was far better able to cashflow and fund their business a service fee and interest on the embrace new opportunities as they growth. monies advanced to you. Charges arose. differ from business to business and Invoice finance as a viable means based on individual requirements. Its orders are increasing and the of funding has recently gained business is growing because its risk is significant government interest. A frequently asked question is managed and its financing secure. According to Financing a Private how does invoice finance compare Sector Recovery, published in July to an overdraft or other form of 2010 by the Department for Business working capital and the answer is Details: Innovation and Skills, invoice this; financiers with a traditional Andrew Curry finance “could play a crucial role in outlook tend to base their lending [email protected] securing access to working capital decisions on historic figures, creating 0800-220257 finance during the recovery for many a potentially misguided impression www.closeinvoice.co.uk businesses”. of a company’s stability and future. As many companies have seen Invoice finance delivers a consistent revenues fall during the recession, *Statistics from the Asset Based Finance availability of cash against they suddenly find their ability to Association outstanding facilities. Up to 95% borrow seriously constrained. Proven of the value of the invoices can be track record, forecasted turnover and advanced often within 48 hours, profit and loss is a better indicator meaning businesses don’t have to of viability and that’s what invoice wait up to 30 days or longer for finance takes into consideration. customer payment to access cash from their credit sales. So businesses do have options, and cash is available – you just have to It provides a flexible means of raise it in a slightly different way. accessing capital as and when it’s needed without being locked in to It’s important to remember however, lengthy term contracts. An invoice that invoice finance isn’t a silver finance facility also grows in line with bullet that will save an already failing the business, providing much-needed business. As with other mainstream headroom to focus on other business lending, clients are expected to run issues. their business effectively.

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 26 corporate finance Deferred consideration loan notes: Do you know how much tax to pay? Debbie Clarke, partner, Chantrey Vellacott DFK, provides some answers

Prior to the June 2010 Emergency Example than a fixed tax rate of 10%. The only Budget it was possible to apply exception to this is for CGT deferred Alan disposes of his shares in Entrepreneurs Relief (ER) to before April 5, 2008 (see table below). Thommo Trading, realising a capital Capital Gains Tax (CGT) payable gain of £1.5m. The consideration for The problems start as there is no on either: the disposal is £100,000 in cash and longer one fixed rate of CGT, having • Exchange of shares for loan £1.4m in loan notes. The loan notes been replaced by a basic and higher notes structured as Qualifying are QCBs and the gain qualifies for rate of 18% and 28% respectively. Corporate Bonds or ER. Therefore if you now redeem a QCB issued prior to the budget and are a • Selling shares and claiming for Prior to June, Alan could make a higher rate taxpayer in that year your an investment in EIS qualifying claim for ER to apply to the capital CGT payable won’t be ER at 10%, but shares. gain and also benefit from the a 4/9th reduction in the gain with the deferral of the majority of the CGT The Budget in June 2010 prevailing tax rate of 28%, this will liability until he redeemed his loan introduced numerous changes to produce an effective tax rate of 15% the tax landscape, however the notes. On redemption of his loan versus the previously anticipated notes the effective rate of CGT impact of some of these changes and therefore losing the ER benefit is 10%. on Qualifying Corporate Bonds (applying the pre-June 23 CGT rate) a staggering £900,000. This is made Suppose that Alan had disposed (QCB’s) and EIS Qualifying Shares would be 10%. worse again when we consider the of his shares in Thommo Trading (EIS shares) were not immediately Post June, Alan can either claim potential cashflow issues caused by on May 31, 2010, and that he will evident. They do however have the ER and suffer an immediate CGT crystallising the ER prior to receiving redeem £500,000 of loan notes potential to significantly impact liability of £150,000, or defer the the financial benefit, and the on November 30, 2010. Alan is a shareholders wishing to exit their majority of the CGT liability until inherent risk of the funds invested in higher-rate taxpayer and his CGT businesses; or more worryingly to he redeems the loan notes. On the QCB or EIS shares being deemed liability will therefore be £77,778. detrimentally affect some of those redeeming his loan notes Alan will unrecoverable. that already have exited. pay CGT at a rate of 18% or 28% Prior to the June changes, Alan Gains deferred before June 23 would have been expecting a CGT Previously, if you exchanged depending on his other income and gains in the tax year of redemption. liability on redemption of his loan shares for QCB’s, or sold shares The position becomes even more notes of £50,000. He has therefore and made a claim for an Clearly, Alan may need to seek a complicated where CGT had been suffered a 55% increase in his tax investment in EIS shares, the change to the terms of the deal if he deferred before June 22, with the liability. effective tax rate on the gain claims ER as the initial cash receipt gains resulting from the disposal of was 10%. This was calculated would not be sufficient to cover the QCB or EIS shares realised post the The dates of the original gain qualifying for ER, and the first by reducing the gain by 4/9th immediate CGT liability. Emergency Budget. from the former fixed rate of 18% redemption of QCBs or disposal of CGT, giving an effective tax rate With the lifetime limit of gains that In this instance, the ER calculation is EIS shares, determine the effective of 10%. The payment of this tax can qualify for ER rising to £5m, the still based on the pre-June 22 basis rate of CGT as follows in the table could also be deferred until a potential cost of deferring the CGT of a reduction in gain of 4/9ths rather below: future disposal of the qualifying loan note or EIS shares. Original gain First redemption of QCBs/ Effective CGT rate Due to changes in the budget, disposal of EIS shares after June 22, the method of applying ER has changed. Instead Post April 5, 2008 N/A 10% (basic rate taxpayer) of the gain being ‘reduced’ in the 15.56% (higher rate taxpayer) same way as before, the actual tax Pre April 5, 2008 Pre June 23, 2010 10% (basic rate taxpayer) rate itself has changed to 10% for 15.56% (higher rate taxpayer) the first £5 million in qualifying capital gains. Post June 22, 2010 10% (all taxpayers) The changes mean that if 10% ER is claimed the CGT liability will need to be paid immediately; Conclusion even where the value of the QCB’s or EIS shares have yet to be Tax planning for disposals has always been crucial, but these latest changes introduce a couple of realised. potential stings in the tail on the back of an apparent extension and simplification of the ER rules and rates. Alternatively, if the payment of Not only does this have to be considered in any transaction being negotiated now or in the future, but a CGT is deferred until the disposal review of previous transactions could uncover higher than anticipated tax liabilities due to the new rules. of the QCB’s or EIS shares the prevailing rate of CGT will be either 18% or, more likely, 28%, Details: Debbie Clarke dependant on individual’s 07815-120566 earnings and gains in the tax year. [email protected]

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance 27

Chartered Accountants Transcend Corporate Finance is launched Ian Aldridge (above right) and Ian junior staff. We are completely Curtis (above left) are delighted to independent and can work announce that they have merged alongside a client’s existing advisers their corporate finance advisory without conflicting audit or tax businesses to form Transcend relationships. We are happy to be Corporate Finance. involved in all aspects of a project in order to support our clients and Transcend Corporate Finance, to ensure that the transaction is which will operate from offices in completed successfully and in a Birmingham and Reading, is an timely manner. We pride ourselves independent corporate finance on giving practical and honest firm specialising in mid-market advice.” Business Advisers transactions in the unquoted sector, focused on transactions typically in Curtis commented: “This merger the £2 million to £35m range. brings strength and depth to Transcend Corporate Finance as Both Aldridge and Curtis are well it seeks to develop its niche – known in the regional CF market providing expert M&A advice to following many years with large entrepreneurs who feel left behind accounting firms, and have over 50 by larger firms.” years corporate finance experience between them. The Transcend team also includes Oliver Robinson, as associate, and Transcend has particular expertise Ted Goold, as an industry adviser. in the industrial and technology Robinson has worked extensively in sectors, including: private equity backed companies, • Aerospace; mainly helping them turnaround when in trouble, and provides • Automotive components; clients with a service preparing • Building materials and services; companies for sale in order to Registered Auditors maximise value, as well as pre-due • Green tech; diligence reviews. Goold has had a • IT services; long career with Masco Corporation and advises Transcend particularly • Mineral extraction components; on the building products and • Specialised manufacturing; services sectors. • Software; and With a strong pipeline of deals currently being worked on, it looks • Telecoms. as if it is going to be a busy few Transcend also has extensive months ahead for the Transcend experience of cross-border team. Richard Somerville | Andrew Beet transactions and working with Sarah Wildey | David Rice overseas buyers. Details: 01344 761415 Aldridge said: “We are committed Ian Aldridge to providing a hands-on service 07770-943117 www.rice-associates.co.uk to business owners, without [email protected] delegation to inexperienced and www.transcendcorporate.com

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 28 corporate finance

Voluntary Arrangements (VA) Debtors in financial Voluntary Arrangements can apply either to individuals (IVA) or companies (CVA). With both, it is likely that the first you will trouble? – what to look for know about a VA is by way of a notice from the insolvency practitioner who has been nominated As an unsecured creditor, it is important to be able to identify the warning signs to help the company or individual prepare the of those debtors who are in real danger of entering an insolvency procedure, as proposal. This should include: it may mean the difference between recovering the majority of the debt owed • A copy of the full proposal; and to you or losing out entirely, writes corporate recovery lawyer Katie James. This • The insolvency practitioner’s comments on article is a brief summary of what sort of documents to look out for, what they those proposals. mean and what practical steps to take once they have been received A creditors’ meeting will be called, at which the proposals will be discussed and voted upon – they In general rejected by the creditors at the meeting. If you can either be rejected, accepted or modified. have concerns about the choice of liquidator for With a VA it is important that you are aware of what In all the insolvency procedures described in this any reason then you should raise these at the article, the following should be borne in mind: is going on, because if the VA is accepted then it meeting. Note that the creditors’ choice will take binds all unsecured creditors, whether they voted • Unsecured creditors rank equally so that, after precedence over that of the members’. Creditors (in favour or otherwise) or not. Ordinarily, the VA costs and secured and preferential creditors can also require that a liquidation committee is will include a clause which states that no other are paid, if there are any funds left to distribute, formed, to which the liquidator will report and action may be taken to recover debts caught by unsecured creditors will get an equal dividend who will sanction the proposed activities as the the VA, and so if you are not involved then you may proportionate to their debt; liquidation progresses. miss out when a distribution is made and you will Whether there are funds available to distribute have lost your right to pursue the debt through • Administration to unsecured creditors may depend on the other avenues. action taken by the insolvency practitioner to Administration is not a terminal insolvency recoup money into the insolvent estate; and procedure, but a route which may end with a Bankruptcy distribution to creditors (secured and possibly • A creditor’s voting rights will be proportionate As an unsecured creditor, in a bankruptcy you unsecured) and the company being handed back to to their debt. It is therefore important to submit should receive a notice of a meeting of creditors the members to trade on, or going into a Company your proof of debt when requested. after the bankruptcy order has been made. The Voluntary Arrangement, or a liquidation procedure. notice should include the following: Creditor’s Voluntary Liquidation (CVL) There are many routes into administration, which • Time, date and venue for the meeting; fall outside of the scope of this article, but as an CVL is where the company has taken the unsecured creditor it is unlikely that you will be • Forms for proofs of debt and proxy voting; and decision to go into liquidation because there is aware of administration until you receive a copy no hope of being able to pay all creditors. It is • The purpose for which the meeting has been of the administrators’ proposals. If there is the called. to be distinguished from Members’ Voluntary possibility of a distribution to unsecured creditors, Liquidation, which takes place where the company the proposals will include notice of a creditors’ At the meeting, an insolvency practitioner will is still solvent but has decided to cease trading. meeting. An important feature of administration be appointed trustee in bankruptcy and, if it is As an unsecured creditor, you should receive is that, upon the administrator’s appointment, thought necessary, a creditors’ committee will be a ‘section 98 notice’. Under section 98 of the a moratorium is imposed on taking legal action formed. The question of the trustee’s remuneration Insolvency Act 1986 (the Act), once the company’s against the company. Therefore, unless you have may also be debated, if appropriate. members have resolved to appoint a liquidator, a valid retention of title clause, the administration they must give notice to all unsecured creditors of procedure will be your only route to recouping the Conclusion money that is owed. a meeting at which the proposals for the company With all of the insolvency procedures described in entering into CVL will be considered. The section The proposal should include: this article, it is imperative as an unsecured creditor 98 notice must include the following: to get involved at an early stage. Remain involved • Details of any court proceedings leading to and engaged in the process to ensure that your • The company’s name, registered number and administration; any former names; rights are protected and support the insolvency • Statutory information in relation to the practitioner so that all appropriate action is taken. • The date, time and venue for the meeting; company including company name, registered If you get notice of a creditors’ meeting then do not number and office holders; • A proof of debt and a proxy form, allowing you ignore it - read it, take advice on it and comply with to outline the extent of your debt and for your • An account of the circumstances leading to the any deadlines with regard to filing proofs of debt vote to be counted in your absence. These administration; and proxies. This way, you can ensure that you are should be returned by 12pm the day before the involved in the process and, hopefully, maximise • A statement of affairs prepared by an officer of meeting; and any return that may eventually be available for the company; • Notice that creditors will be required to consider unsecured creditors. the liquidator’s appointment, remuneration and • Creditors’ details; disbursements at the meeting. • How the administrator intends to achieve the Details: purpose of the administration and the basis of It is important to read the notice carefully to Katie James his remuneration; and determine what the proposals are as you will be 0118-9527205 required to vote to either accept or reject them. • Any other relevant information. [email protected] It may be advisable, however, to attend the meeting to ask questions about the proposals At the creditors’ meeting, the proposals will and the choice of liquidator. The members will be discussed and either approved, rejected, or Katie Harding have nominated an insolvency practitioner to modified. As with CVL, a creditors’ committee 0118-9527155 act as liquidator which can be either approved or may be established. [email protected]

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 Your Deal. Our Experience.

HobbyCraft Artigiano Micheldever Sale Sale Tyre Services £120 Million £28 Million MBI Undisclosed Sum

Red Funnel Pro-Bel Group Secondary Secondary MBO MBO Merger with £205 Million Snell & Wilcox

Business Magazine Deal of The Year 2008 £72 Million “The value of our deals reflects the expertise and Business Magazine Deal of The Year 2010 experience that we bring to transactions.” Sean Kelly, Partner [email protected]

Lamport Bassitt Solicitors www.lamportbassitt.co.uk 30 corporate finance The power to help you succeed Gavin Isle (pictured right), the newly-appointed managing director of Barclays Corporate in the southern region, is surprised when he hears people say the bank is not open for new business

Having worked for Barclays for more “Barclays Corporate has 95 relationship than 28 years, 46-year-old Isle has seen directors across the southern region, financial peaks and troughs and the each looking after a smaller portfolio of impact they can have on the economy. clients than previously,” he said. But he is adamant that, despite the “That means they are able to toughest market conditions for a spend more time gaining a greater generation, the bank is continuing to understanding of their clients’ banking lend to viable businesses that have the needs, offering them a more bespoke ability to repay. service. “We lent right throughout the “We aren’t just doing this because recession,” he points out. “Last year we think it’s a good idea. It’s what we lent £35 billion to businesses and our clients have been asking for – households, and in the first half this year an increased level of support and we have lent £25b. A viable business a partnership approach in these plan is always something Barclays will unprecedented times.” be interested in supporting.” Isle and his team have a clear appetite The bank recently realigned its business to increase the bank’s market share and offering, creating Barclays Corporate, have spent recent months ensuring they which offers clients the full power of recruit the right level of talent to deliver the Barclays Group including Barclays on their goals. Capital and Wealth Management, with one aim – to help clients prosper and “When it comes to relationship grow now and in the future. directors, we aim to have the very best,” adds Isle. Barclays Corporate is aimed at providing their financial partner giving them the a financial partner to businesses with a “Barclays is the first bank to introduce power to succeed.” turnover of £5m-plus and is designed sector specialists – relationship directors Finance available can range from to give top-end companies the highest who can provide expertise and advice straightforward overdrafts and loans level of dedicated expertise. in specific sectors such as healthcare, (subject to application and status) professional practices, property and through to asset and invoice financing “During the course of the recession technology. depending on the specific and many businesses, including those in the individual needs of clients. Barclays also banking sector, have had to review the “This has resulted in us recently hiring played a key role in helping set up the way in which they operate,” Isle added. 15 new relationship directors – a clear demonstration that we are proactively Enterprise Guarantee Loan scheme. “Indeed, across the financial services seeking fresh business opportunities Thames Valley business Euro Services sector the post-recession landscape across the patch.” is just one local firm to benefit from looks quite different. Consequently, a finance from Barclays Corporate. need for a stable and secure banking Isle is proud that Barclays has remained “After a long relationship with another partner is even more critical. We are independent and traded profitably throughout the downturn. It is this high street bank, we chose to move pleased to be working with a large to Barclays Corporate due to their commitment to independence and range of businesses across the region, innovative approach to helping our stability that is reflected in its approach supporting them to achieve their business grow. They really took the to new business. ambitions.” time to understand our business and Having started his career with Barclays “Everything we do is geared towards proved to us they could be a trusted in Doncaster, he rose rapidly through supporting profitable businesses,” he partner.” Eli Kohen & Rolfi Kandioti the ranks to become national head of added. “We are focused on delivering Managing Directors, Euro Services innovative solutions to businesses to TMT (telecoms, media, technology) The new Barclays Corporate branding enable them to operate as efficiently based in London. With a wealth of is underpinned by promising to deliver as possible in the current down turn. experience and knowledge of working ‘The Power to Help you Succeed’ – One example of this is our Money in the corporate sector, Isle is relishing sentiments that are very much at the Transmission Advantage product his new role. heart of Isle’s approach to corporate that enables businesses with more banking in the Thames Valley. From his office at Apex Plaza, Reading, significant bank charges to reduce the he leads a team of 250 customer-facing overall cost of their banking and earn staff across nine counties who are very attractive rates on surplus credit Details: Gavin Isle supporting several thousands of clients. balances. 07775-541343 And while the current economic climate “A strong local economy driven by [email protected] is proving to be one of the biggest business growth is good for all of us and challenge of his career, Isle is certain every indication suggests that Barclays Barclays is doing everything it can to Corporate is getting our approach right, help businesses throughout the Thames with companies every day switching Valley. and choosing Barclays Corporate as

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 corporate finance law 31 Investment provides Guildford offices relocation platform to expand for TWM Solicitors The Surrey law firm is relocating its Guildford offices to A consumer electronics company is “The whole thing proceeded pretty powering towards expansion thanks quickly,” said Suri. “Paul was excellent Woodbridge Road from January to financial support from Clydesdale with his follow-ups. Everything that Bank. needed to be followed-up was done so quickly. Unlike other banks, with Strand Europe, based in Yateley, Clydesdale I can pick up the phone Hampshire, designs and supplies and speak to people who I know if I electronic media accessories to have a question. major high street and internet retailers and has a Europe-wide With the financial agreement in distribution network. place, Suri is looking to consolidate for six months while he finalises his Now CEO Ashok Suri has taken expansion plans for a company he advantage of Clydesdale Bank’s Investing for Growth programme, founded in 1992 and which has 15 which offers a more flexible staff in the UK along with eight in approach to lending and a Hong Kong. dedicated business planning “We are looking to expand the When three Surrey law firms team. He joined TWM in 2009, service, to put the funding in place range of products we distribute... I joined forces to create TWM after a 30-year career in the City. to support future expansion. am also considering an acquisition Solicitors in 2000, one legacy “Perhaps in business people are of the merger was two offices more likely to judge a book by With £3 million of Investing for in the future.” in Guildford. TWM Solicitors its cover, so the building will Growth funding in place, plus a Eric Vardy, managing partner at managing principal Patrick do us no harm,” he says. “But letters of credit facility if needed, Clydesdale Bank’s Guildford FSC, Stewart recalls: “Post-merger, our service already strikes a Suri is looking for growth of 10% said he was delighted Strand Europe an early task was to bring our chord with Surrey’s businesses, year-on-year through new products had taken advantage of the bank’s Guildford teams under one roof. They like the experienced and and, potentially, the acquisition of Investing for Growth initiative. It never quite happened, perhaps compact make up of our team, another company. where advice comes from multi- “Investing for Growth offers benefits because the two sites are in disciplined experts, who know Suri had a personal account such as loan repayment holidays, relative proximity. However that business owners are seeking with Clydesdale Bank and it was interest-only repayments and from January, we move to our pragmatic answers to the his relationship manager who extended loan and credit terms new town centre location, 65 commercial challenges they face.” suggested he meet with the are available and is designed to Woodbridge Road.” business team at the Guildford help businesses take advantage The office is a new-build, visually The firm’s work is not just limited Financial Solutions Centre. of quality growth opportunities distinctive, an interesting to the south east. Stevens An initial meeting with senior by providing investment finance, contrast of glazing and brickwork and his team have launched partner Paul Elsey was quickly increasing cashflow and easing debt making for an impressive sight. an advisory service for French followed by a further meeting with commitments,” he said. However, Stewart is quick to allay individuals and businesses Elsey together with Guildford FSC’s setting up or expanding “We would be delighted to talk to concerns that TWM is retreating credit executive, Chris Baverstock, operations in this country. The any business in the area with plans behind a modern glass façade. and specialist partners responsible group of six bi-lingual lawyers, to grow and which are looking for “Law is a people business. We for international trade and invoice including one French national, financial support for their plans.” know clients like to work with finance. Shortly after the meeting us because of who we are and cover the major areas of the an agreement was in place. Details: www.strandeurope.com the service we provide. Sure the firm’s practice. It has useful building is part of the package, information in French on its web but in relocating, nothing about site and is building referral links Investing in Growth working with the TWM team is with advisers on the other side of going to change.” the Channel. programme underway TWM believes the move Clearly, TWM Solicitors is provides clients with additional optimistic about its future Earlier this year Clydesdale Bank offer a range of initiatives including benefits over its current prospects. The Guildford hub agreed £2.5 million funding to help invoice financing, letters of credit premises, such as on-site visitor office will help boost its profile, and import loans which allows them Berkshire-based Ventura Corporation parking, lifts and improved augmented by its established to free up 5% more cash than our expand its bedroom furniture range meeting room facilities. network of other offices competitors could offer, improving by importing and distributing bed Stewart points out another throughout the area and teams their cashflow and helping with their frames incorporating televisions in advantage – communication. offering high-quality legal expansion plans.” the footboard. “With over 80 staff in an open services to businesses, other organisations and individuals “Clydesdale Bank has always been plan environment, discussing The Wokingham company was alike. one of the first in the region to take on our radar,” said Ventura joint work within and across teams advantage of Clydesdale Bank’s managing director Adrian Parsons. becomes easier and means Investing for Growth programme. “We have attended their networking a more efficient delivery of Details: Patrick Stewart events and they have introduced us services to clients.” 01483-565771 Neil McCluskey, managing partner at to their contacts. When it came to Woodbridge Road will become [email protected] Clydesdale Bank’s Reading Financial re-banking to finance this expansion the firm’s hub and home to its Solutions Centre said: “With the they offered us terms no-one else business law practice. Peter Ventura Corporation we were able to could match.” Stevens heads the business law

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 32 law Legal teams underline business success

The strength of the commercial team at Bucks law firm B P Collins has been underlined with the publication of the 2011 edition of legal ‘bible’ Chambers UK

The guide ranks solicitors and barristers in over Simon Deans was singled out when he achieved 60 specialist areas of law and the Gerrards Cross a new ranking as a leading individual. Client Simon Deans, partner practice achieved strong results, demonstrating the feedback for Deans said: “He explains difficult depth of the expertise it provides for businesses concepts with great clarity and always draws on his heads up a six-strong team of lawyers in property across the region. industry experience to get an agreement finalised.” litigation. Among the accolades was praise for being “a good One of the deals he recently advised on was a joint In other sectors, B P Collins achieved consistently regional firm that provides service comparable to venture between Sacla UK and Lawrence Dallaglio good results with a special mention for the some of the big-hitting London firms at a fraction for the launch of the new range of cooking sauces, environment team, which increased its of the price.” Dallaglio by Sacla. ranking thanks to its work with clients such as Summerleaze and Grundon Waste Management. B P Collins’ senior partner David Stanning, said: There was also special recognition for Jo Davis, “These latest Chamber rankings and the comments head of the employment team, who rose in The firm provides a wide range of business support from clients demonstrate that we do a fantastic job the individual rankings and whose clients said: and earlier this year joined forces with The Law in supporting the local business community. “Knowledge, clarity, honesty, attention to detail Donut website which offers free online advice on a and a sense of humour – she really has it all.” Her wide range of topics – including employment law, “We have developed excellent relationships with team was also applauded for its knowledge health and safety and commercial disputes. fellow professionals across the region and they and experience which, said clients, “inspire total can be safe in the knowledge that they are in confidence”. Details: Simon Deans good hands when they come to us with their legal 01753-279023 issues.” Expertise in the field of investment, landlord and [email protected] tenant issues meant property specialist Michael Recently the firm’s corporate team has acted for Larcombe, who leads the property legal services major clients such as The Greenstar Group and team, was named as a key individual alongside Belgravia Securities, and practice group leader fellow practice group leader Nick Hallchurch, who Blandy & Blandy’s new appointments The appointment of three new recruits across the firm was announced last month Senior solicitor, Brigid O’Leary joins the planning & 500 for having “employment legislation knowledge environment team, Shaun Hogan, solicitor, joins the which cannot be faulted”. employment team and Phillip Hasell joins the financial Hasell joins from Punter Southall Financial services team as a chartered financial planner. Management, an independent financial advisory O’Leary joins the planning and environment team company. He is a chartered financial planner with from The Royal Borough of Kensington and Chelsea. over 10 years’ industry experience and five years She has extensive experience in all aspects of planning advising high-net-worth private and corporate clients. including the drafting, negotiating and completion Hasell has experience in all the main areas of financial of complex section 106 agreements, unilateral planning and provides advice in a timely and effective undertakings and highways agreements, managing manner for his clients. planning inquiries for major developments and claims Commenting on the announcement, Simon Dimmick, in the Lands Tribunal. O’Leary is a UK qualified solicitor senior partner at Blandy & Blandy said: “First, I would and New Zealand qualified barrister and solicitor. The like to welcome Brigid and Phillip to the firm. Brigid planning team at Blandy & Blandy has substantial expands our planning and environment team further experience of all areas of planning and environmental and strengthens its public sector offering and I am sure law, including large housing developments, highways Phillip will be a great asset within the financial services and enforcement issues. team. Secondly, I would like to congratulate Shaun on Hogan joined Blandy & Blandy in 2008 as a trainee qualifying as a solicitor. He was a first-class trainee and after completing his degree at the University of we are delighted that he joined the employment team Reading and his LPC at the College of Law in Guildford where he will be a much valued addition.” where he was awarded the Michael Fellingham memorial prize for the highest mark in the private Details: Jo More client elective. He completed his training contract 0118-9516931 in September 2010 and has taken a role with the [email protected] employment team. The employment team at Blandy & Blandy advises both businesses and individuals on a wide range of employment issues including From top: Brigid O’Leary, Shaun disciplinary procedures, equal opportunities policies, Hogan and Phillip Hasell TUPE and litigation. The team is praised in The Legal

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 law 33 Corporate compliance – so much to think about... Among the sea of rules and regulations, Boyes Turner’s corporate governance specialist Amanda Cantwell provides a round-up of some key changes that have come into play over the past year

The Companies Act 2006 is now fully in force. would have responsibility for oversight and advice The Act is a complex piece of legislation bringing to the board on current risk exposure and future the most significant changes to company law risk strategy. in over 25 years. Ironically a rationale for the Act was to ease the administrative burden for private Board effectiveness companies – most practitioners would agree that ICSA has also published draft guidance ‘Improving this has not been the case. Amanda Cantwell Board Effectiveness’ as requested by the FRC as The past 12 months have also seen more changes part of the review of the Higgs Guidance relating to companies and companies limited by guarantee. on the narrative reporting front with the average non-executive directors and the implementation of These model articles are much simpler than length of a listed company’s annual report rising the New Code. previous forms and afford companies considerable to over 100 pages – a clear indicator that narrative flexibility in administration and management of reporting doesn’t stand still. ICSA recognises that there is overwhelming the company. support for short, non-prescriptive guidance to UK Corporate Governance Code (New Code) help boards understand and implement the New Existing companies may wish to consider Code while allowing boards to develop their amending their articles to take advantage of these Listed companies have seen the replacement of own thinking on their corporate governance new more relaxed provisions. the Combined Code by the New Code, taking arrangements. effect for financial years beginning on or after Share capital June 29, 2010. All companies with a premium The draft guidance places a greater emphasis on listing of equity securities will need to state in their the role of the chairman and the need to create an The Act also abolishes authorised share capital annual report how they apply and comply with the environment of challenge in the board room. although companies should note that the existing cap on the number of shares directors can allot main principles of the code with an explanation for The FRC’s final guidance is expected by end 2010. any non-compliance. remains in force unless a shareholders’ resolution is passed to amend or revoke this cap. Main changes include further emphasis on the Prospectus Directive role and responsibility of the board, in particular Another substantive change is that directors of The Government has published its response to the a controversial requirement for directors of FTSE private companies with only one class of shares are consultation ‘Financing a Private Sector Recovery’. 350 companies to stand for election annually. free to allot shares unless prohibited from doing Boards are now made responsible for determining One of the issues addressed is improvement of so by their articles. Public companies and private significant risks and are required to explain in the access to equity markets for SMEs. In consequence companies with more than one class of shares still annual report the company’s business model for a it is planned to raise certain thresholds in the require shareholder approval. better understanding of the risks and uncertainties Prospectus Directive so as to facilitate certain share the company faces. offers in the EU without having to comply with Bribery Act the Prospectus Directive regime. These measures The new Bribery Act comes into force in April 2011. Quoted Company Alliance (QCA) should benefit SMEs by enabling them to explore markets which had been previously prohibitive. The Act consolidates and modernises previous UK On the back of changes to the New Code, the QCA, anti-corruption legislation applying to both public representing small and mid-cap quoted companies Directors and private sectors in the UK. Of particular note is outside the FTSE 350, has launched a new set the creation of a new corporate offence of failure of corporate governance guidelines for smaller The 2006 Act has introduced a number of changes to prevent bribery within an organisation meaning quoted companies, in particular AIM companies. to company law relating to directors, one of which that companies need to be aware of the actions These guidelines have strong acceptance in the is the requirement that every company must have of any person connected with them, although market and have been endorsed by the London at least one ‘natural person’ as a director. For the ensuring adequate procedures are in place to Stock Exchange as being a benchmark for SME vast majority of companies this is not an issue, but prevent bribery will go some way to reduce the risk corporate governance. for group companies with only corporate directors, of prosecution. steps must be taken to rectify the position. For further information or advice on any corporate Board committees governance related issue, please contact me using Constitutional documents The Institute of Chartered Secretaries and the details below. Administrators (ICSA) has published revised A company’s constitutional documents have guidance on terms of reference for audit, undergone radical changes under the 2006 Act Details: Amanda Cantwell nomination and remuneration committees rendering a company’s memorandum effectively 0118-9527122 reflecting the recommendations in the New Code. redundant. An existing company’s objects are [email protected] now included in its articles which means that in ICSA has also published a new guidance note on www.boyesturner.com effect companies now have only one constitutional the terms of reference for risk committees. The document. Newly incorporated companies have Follow us on Twitter - Walker Review recommends that for larger banks unrestricted objects unless a restriction is set out in http://twitter.com/btcorplaw and financial institutions (or indeed for other the articles. companies which consider this relevant) there Listen to our corporate law podcasts - should be a risk committee separate from the audit The Act has also seen the introduction of model www.boyesturner.com/services-corporate. committee. It is emphasised that a risk committee articles applicable for public companies, private html?pgid=421

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 34 planning Thieves, fraudsters and drug dealers .... now, planning offenders! The penalties for failure to comply with planning enforcement notices have never been tougher – now, not only a fine, but the risk of financial ruin and even prison. Flouting planning laws does not come cheap and the repercussions can be devastating writes Sue Crowther, partner, Pitmans and Edward Jenkins QC ( both pictured below)

Section 179 of the Town and Country Planning the Council sought confiscation in the sum of over Act 1990 enables courts to fine defendants for £5m, but failed, because the additional benefit was not complying with enforcement notices – up to received by the company and the judge refused to £20,000 in the Magistrates’ Court or an unlimited pierce the corporate veil. Therefore, even if you are sum in the Crown Court. However, the stakes have on the receiving end of confiscation proceedings, recently been raised by the Proceeds of Crime all is not lost and in the Del Basso case, the benefit Act 2002 (POCA), which allows a Crown Court to was reduced by over £3m as a result of legal confiscate any benefit obtained by a defendant as submissions. a result of or in connection with the commission The last word rests with the trial judge in the Del of a criminal offence and to impose a prison term Basso case: “They [the appellants] have treated the in default. illegality of the operation as a routine business risk Any possible doubt that POCA could apply to with financial implications in the form of potential Section 179 offences, where no one is physically fines or, at worst, injunctive proceedings. This hurt or defrauded, was recently dispelled by the may reflect a more general public impression Court of Appeal (Criminal Division) in the case of among those confronted by enforcement notices Luigi Del Basso and Bradley Goodwin v Regina with the decision whether to comply with the [2010] EWCA Crim 1119. law or flout it. The law, however, is plain. Those who choose to run operations in disregard of The defendants operated a park-and-ride planning enforcement requirements are at risk of business at Bishop’s Stortford Football Club, taking having the gross receipts of their illegal businesses passengers to Stansted Airport. This use was in confiscated. This may greatly exceed their personal excess of its permitted use for parking restricted profits. In this respect they are in the same position to match days. In due course, East Herts District than the defendant’s actual profit. Much of the as thieves, fraudsters and drug dealers ...” Council brought enforcement proceedings, but in “benefit” obtained by Mr Del Basso was given by the period during which the enforcement notice him to the football club. However, the use to which was appealed (and dismissed), far from ceasing, the the benefit is put is irrelevant to the confiscation parking operation expanded. A successful Section proceedings, as is “the current poverty” of the 179 prosecution still did not cause the business defendant. A drug trafficker cannot therefore to cease operating and a second prosecution avoid confiscation proceedings by giving all his ill followed. On conviction, Mr Del Basso was fined gotten gains to charity. Accordingly, on May 19, a total of £15,000 for five offences and ordered to 2010, the Court of Appeal dismissed the appeal pay £20,000 costs. It would appear that this was all against the confiscation order. that Mr Del Basso was expecting and, as such, he Two further points should be noted: regarded it as a necessary business expense. The confiscation order that followed must therefore • serving the default prison sentence does have come as a real shock. The Crown Court held not extinguish the confiscation order and that the operation of the park-and-ride business civil proceedings can be used to seize the became “criminally unlawful” from the moment defendant’s assets; and the enforcement notice became effective and the • should a defendant come into possession defendants were to be treated as having a criminal of further assets, the proceedings can be lifestyle from then onwards, within the meaning of reopened in order for these to be seized to POCA. It was adjudged that the benefit obtained satisfy the remainder of the benefit figure, from the illegal activity was £1,881,221.19. The which in the above case, would be just over amount that Mr Del Basso was able to pay was £1 million. £760,000, which was the total value of all his assets, and he was ordered to pay that sum with 18 Also, do not think a local planning authority will not Details: Sue Crowther months imprisonment in default. A nominal order institute confiscation proceedings, because being 0118-9570222 [email protected] was made against Mr Goodwin, since he was by a recipient of some of the confiscated benefit, it www.pitmans.com/environment then bankrupt. clearly has an incentive to do so. In the Del Basso case, the Council was set to receive one-sixth of any Edward Jenkins QC The benefit figure was calculated by adding up the recovered funds. In these parlous times, such sums 020-7583-6117 [email protected] gross receipts of the defendants’ criminal conduct may assist in replenishing depleted local authority www.5pb.co.uk namely, the operation of the car park during the coffers. Practitioners should therefore be alert relevant period. The Court cannot deduct the to the provisions of the Regulatory Enforcement expenses incurred by a defendant in obtaining a and Sanctions Act (RESA) 2008, which are meant benefit. The defendant’s perfectly legitimate costs to encourage non-criminal sanctions. Local in running the business, such as staff wages and planning authorities must follow RESA 2008 criteria tax could not be used to reduce the benefit figure. to prosecute, failing which, the court may stay a This figure is therefore going to be much higher prosecution as an abuse of process. In Del Basso,

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 THAMES VALLEY BUSINESS MAGAZINE AWARDS 2010

Celebrating success against a backdrop of challenging economic times, The year’s chosen charity was Headway Thames Valley, which works to many of the brightest and best companies came out in force to support increase awareness of brain injury and provide help and support for brain this year’s 16th annual Thames Valley Business Magazine Awards. injured people and their families. With overall award entries up by some 20% on previous years, over General manager Wendy Carlson provided a brief overview of its work 300 business leaders and their guests packed into the Royal Berkshire and was delighted to receive almost £2,900 from the envelope collection. Conference Centre in Reading, to hear David Murray, Awards chairman and There was a special thank you to Teneo, who collected a magnum of publisher of The Business Magazine pay tribute to their success. champagne for the most generous donation from one table. “Even taking into account the glorious history of these awards, I can’t Before the awards began, it was time to hear from guest of honour, the Rt remember such an outstanding group of finalists as ew have gathered this Hon Lord Paddy Ashdown, the former leader of the Liberal Democrats who year,” he said. “The shortlisted companies here tonight demonstrate that, now sits as a Liberal peer in the House of Lords. despite a very tough year for the economy, there are success stories that In an extremely humorous and enlightening speech, he talked about his transcend the downturn; that shine a light when it might look gloomy. role leading up to the formation of the coalition government and why he “You also fly the flag for the Thames Valley – our region – a powerhouse believed the deal had been the right one for the country. of enterprise, entrepreneurialism and corporate endeavour. Business David Cameron had, he said, shown “extraordinary judgement and and finance have taken a knock in the past couple of years, but if anyone generosity, surefootedness and understanding of what makes a coalition wanted evidence of how the UK is recovering, they need only look around government” and said there was a “genuine congeniality” not just between this room.” Cameron and his deputy Nick Clegg, but throughout the Cabinet. Murray reserved a special thank you for the generous support of the six “I think this will work because there is a genuine agreement between sponsors – Pitmans, Deloitte, Vail Williams, UKTI, RBS and James Cowper the two parties about the reforms we are bringing to the country. There – before introducing award-winning business journalist and host for the is a lot at stake, but I think it is going to work and will see us through this evening, Nadine Dereza. economic recession,” he concluded. After giving the audience her own take on the current economic climate, In a break from the norm, Lord Ashdown turned the spotlight on the she paid tribute to the hard work of companies, describing the awards audience, opening up the floor to questions which ranged from advancing evening as a “showcase” for their success, saying she was delighted to be the case for proportional representation to the thorny topic of student with the “cream of the Thames Valley”. fees, before handing back to Nadine Dereza. And later in the evening, she was able to quiz each of the winners on the Full details of the awards winners and finalists appear on the following secrets of that success as they came to the stage to collect their trophies. pages. THAMES VALLEY SPONSORED EXPORT AWARD BY UK TRADE & INVESTMENT

Recognising the success of regional companies in RESULTS medical devices throughout both the UK and, via the global marketplace is the Thames Valley Export a distribution network, to more than 40 countries Award, sponsored for the second year running by Taking top honours after a closely-fought contest worldwide. Mediplus’s Emma Gray took to the stage UK Trade & Investment (UKTI) South East. was High Wycombe-based Hansford Sensors, to collect her certificate from Angus Murray. Six companies made it through to the shortlist, each specialists in the design and manufacture of industrial accelerometers for the monitoring of In third place was Innoval Technology and it was demonstrating to the judges that they had a flair vibration levels on rotating machinery. Dr Tom Farley who was presented with the firm’s for seeking out new opportunities, for achieving certificate. Based in Banbury, Innoval Technology significant success in new markets and overcoming provides high-quality consultancy and technical a variety of challenges. They were also asked to Exporting to customers in over 40 countries, the company’s extensive product range is built to support to investors, manufacturers and end-users explain how their business was able to help benefit of aluminium and other metals, across a broad staff, suppliers and the local community. suit applications across all industrial sectors and it provides full technical support and an after sales range of industry sectors. Some 80% of its turnover Angus Murray, international trade adviser, UKTI service. is generated from overseas business and it works in South East team manager, who was on stage to more than 20 export markets. announce the winner with Lord Ashdown, said: “In Judges said Hansford Sensors was “a shining this year’s category, the quality of the entries was example of an innovative British manufacturer Three companies were highly commended, exceptionally high and therefore proved a very succeeding on a global stage in the face of stiff with strong showings once more from Spice tough decision for the judges. The entries reflected overseas competition” and Chris Hansford was Application Systems, pioneer of electrostatics in the depth of dynamic, innovative businesses in invited onto the stage to accept the trophy from the food and pharmaceutical industries, and Signet the Thames Valley region that are competing Lord Ashdown. International, provider of premium quality services on a global stage and we would like to send our in the freight industry – both of which were finalists in 2009. Joining them was ONELAN, developer of congratulations to the finalists and winners.” Thanking sponsor UKTI, Hansford who had just network appliances for standalone and end-to-end returned from a trip to New York, said: “We provide This year’s winner, as well as taking home the digital signage network solutions. an excellent service, we do what we say we do, and trophy, was given the opportunity to receive a free we do it excellently – as it says on the tin. We have Export Communications Review, while the other done very, very well, we have a team of fantastic Pictured above: from left – Lord Ashdown, Chris finalists were given the opportunity to attend any people and it is superb to win this award, thank you Hansford and Angus Murray UKTI Export Masterclass or UK event completely to everyone.” free. UKTI is dedicated to helping businesses develop Taking second spot was fellow High Wycombe the skills they need to export successfully and offers company Mediplus, a family-owned SME with a wide range of support, services and expert advice sales of around £4 million per year. Employing some for both new and experienced exporters. 23 people, it provides high quality and innovative www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 OF THE YEAR AWARD SME SPONSORED BY JAMES COWPER

For the sought-after title of SME of the Year, RESULTS And when Lord Ashdown read out the name of there was a new sponsor on board in the shape the winner – The Chemistry Group – there were of leading accountants and business advisers, Lining up in the final six for the second rousing cheers and a standing ovation from the James Cowper. time of the night was medical device 20-strong team of employees who celebrated manufacturer Mediplus, joined this time their win in style. Open to companies who have been trading by pharmaceutical commercial excellence for longer than two years and with an annual consultancy PharmaIntel; speciality food and The company’s founder and CEO Roger Philby turnover of between £500k and £7.5 million, the drink wholesaler Cotswold Fayre; workplace was clearly thrilled as he was presented with the category attracted one of the highest numbers specialists The Chemistry Group; nursery trophy, paying tribute to his business partner Simon Cooper, his staff and his clients. of entries. products manufacturer Well Pregnancy The judging criteria included examining current Products and Wilson Partners, chartered “We try and create opportunities for everyone business performance, growth over the past two accountants. to be brilliant at work, by doing that in our own workplace our people can be great for years and potential for future growth, as well as As Steve Clarke announced the results in reverse our clients,” he said. “People are the value in any considering examples of innovation in products order, it was Stephen Blake from Well Pregnancy and services, and looking at business practices company, you have to invest in them and give Products who was invited to the stage to collect them the opportunity to be brilliant.” and how the company had contributed to both third prize. The company, based near Abingdon, industry and/or the business community. was launched in 2005 when director Vanessa From its base in Binfield, The Chemistry Group Steve Clarke, managing partner, James Cowper, Blake was pregnant with her first child, and today uses predictive assessment to deliver talent management and recruitment solutions to some commented: “We were really impressed with the it produces and distributes an award-winning of the biggest names in business, including quality of the businesses that entered our SME of range of products for pregnant mums and their Disney, C&W, PepsiCo, Vodafone and Harrods. the Year Award category this year, which made children across the world under the dreamgenii our decisions for the shortlist extremely difficult. brand. Invited to the stage to collect their highly commended certificates were Wilson Partners, “We would like to congratulate all of our finalists Taking the number two spot was Mediplus, Cotswold Fayre and PharmaIntel. again and in particular our top three, all of which just pipped at the post for top honours for the demonstrated that, despite the current economic second time of the night. landscape, there are still opportunities for great Pictured above: from left – Lord Ashdown, With tension mounting, Dereza told the SME businesses to prosper in our region.” Roger Philby and Steve Clarke audience: “Judges said this company With offices in Henley, Newbury, Oxford, Reading demonstrated all the things that make up a great and Southampton, plus a client base of over SME business – entrepreneurial spirit, strong 5,000 businesses and private individuals, the growth and exciting future potential, but what James Cowper team is well placed to have an in- really struck us was the obvious passion of the depth understanding of the SME market. entire team to make the business a success.”

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk BUSINESS MANAGEMENT SPONSORED TEAM AWARD BY THE ROYAL BANK OF SCOTLAND

Looking for the management team which has information technology dominated five out of the Westbury Street Holdings, owner of hospitality excelled in difficult times were the judges of the six shortlisted companies for this award and it was and catering businesses BaxterStorey, Caterlink Business Management Team Award, sponsored by Sophos plc, a world leader in IT security and data and Portico among others, employing around The Royal Bank of Scotland. protection which triumphed on the night. 7,000 staff and with sales of more than £300m, and it was Alastair Storey who collected the certificate. With its own commitment to serve corporate The judging team said the company had “clearly and commercial businesses across the Thames demonstrated a strong culture of innovation and Third place went to fellow technology firm SDL Valley and working with customers whose annual quality with open communication. In doing so, it plc, winner of Business of the Year in 2009. The turnover is between £1 million and £1 billion, the has a proven track record of working cohesively company, which specialises in global information judges wanted to identify those entries whose across its global market”. management solutions, has seen its revenues rise by some 13% in its most recent results and a management teams had used their knowledge and With around 1,500 employees worldwide and creative ideas to drive their businesses forward. delighted John Hunter went to the stage to claim sales of £84m, the Abingdon-based company the certificate from Robin Barnes. They wanted to see whose strong leadership specialises in providing companies with complete Highly commended were CH&Co, a leading and teambuilding skills had facilitated successful protection and control against problems such independent catering group with five specialist change management, resulting in a strong as computer viruses, malware, spyware and data divisions including the well-known Charlton financial performance, and creating an energetic leakage, as well as providing comprehensive network access control. House brand; IT giant RM, which is based at Milton and vibrant place to work. Park near Abingdon and is a leading supplier of After collecting his trophy from Lord Ashdown, Talking about the quality of the entries, Robin educational computers and software to schools; Sophos’ Richard Jacobs was quizzed by Nadine Barnes, regional director of RBS, who presented together with Leasedrive Velo Group, provider of Dereza on whether he believed people take data the awards on stage, said: “Selecting the winner for vehicle management solutions to blue chip clients security seriously enough. the 2010 Management Team Award was the across the UK and a regular contender among toughest yet, it was an incredibly close run “People are aware of the problem but changes the top places in the awards over recent years, decision with a crop of very strong entries. in technology mean that everybody wants to be including a past winner of this category. able to use the latest cool mobile devices and to “The team at RBS want to take this opportunity connect to the Internet whenever they want to,” Pictured above: from left – Lord Ashdown, to congratulate not only the winner but also all he said. Richard Jacobs and Robin Barnes the finalists for having performed so strongly. The superiority of the entrants speaks volumes for the The challenge, he added, is how to ensure people’s quality and diversity of the businesses within the data remains secure against a backdrop of ever- Thames Valley.” increasing threats such as viruses and malware, and to engage users so they can be part of the RESULTS solution. Organisations from the worlds of catering and Edging into second place was Reading-based www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 BEST COMPANY TO WORK FOR AWARD SPONSORED BY VAIL WILLIAMS

There was a new name for the Vail Williams award catering group CH&Co, already a finalist in the everything is based on those. We have a fantastic category this year – the Best Company to Work For Best Management Team award; GCS Recruitment time at work and hope everyone else does too.” Award. Specialists, the Reading-based company which Outlining plans to go on to even greater things now includes recruitment for finance, engineering The category attracted plenty of entries as firms in the next five years, Bloxham paid tribute to the and digital media alongside its original IT division; vied to show how they looked after and invested in opportunities GCS had given him and said he and IT security provider Integralis, already named their employees. wanted to ensure fellow team members had the as one of the Top IT Employers in the UK. same opportunities. For sponsor, commercial property specialist Vail With James Bennett, partner at Vail Williams, on Williams, which provides real estate advice and James Bennett said afterwards: “This year, the level stage to read out the winners in reverse order, it was expertise for businesses throughout the region, it of entrants was again of a very high standard and I Chiltern Woodland Burial Park who took third place, was a tough job to decide who best met its criteria. am delighted that GCS Recruitment Specialists won, with Fran Hall coming to the stage. Hot on her heels not only our sponsored award but also Business of Its judges were looking for those management in second place was Giammario Ragnoli from Stoke the Year. teams who attract strong commitment and Park, who collected the honours on behalf of his engage with their employees, who strive to provide team. “The high standard of entrants made for difficult the best working environment, have excellent judging decisions and I am pleased that Stoke With tension mounting, the judges’ comments communication channels and promote a friendly Park, who received a commendation last year, was about the winners were read out: “The winning and open culture that creates a positive working awarded second place this year. It is also refreshing company clearly communicated its ambitions to its experience. to see the range of organisations entering the employees, inspired them to be part of the vision, awards this year and congratulations to Chiltern RESULTS and continually strived to achieve its positive values. Woodland Burial Park in its much deserved third Passion, diversity, improvement and integrity are place.” Six organisations were shortlisted for the award, the four words that drive this company.” each coming from a different spectrum of industry. CH&Co, Cove Industrial Enterprises and Integralis Hardly had the citation finished than the team from were presented with Highly Commended These included Farnborough-based Cove GCS erupted into cheers as they realised it was their certificates. Industrial Enterprises, which specialises name being read out by Lord Ashdown and added in precision sheet metalwork and finishing to the inaugural trophy. solutions for hi-tech sectors such as aerospace Pictured above: from left – Lord Ashdown, David and automotive; Stoke Park, the award-winning Managing directors Chris Bartlett and David Bloxham, Chris Bartlett and James Bennett members’ club, boutique hotel, spa and golf course Bloxham took to the stage together as their staff at Stoke Poges; and Chiltern Woodland Burial celebrated and Nadine Dereza asked what it was Park, which offers families a completely new really like to work at GCS. alternative for funerals and memorial services. To loud applause, Bartlett thanked his team and Completing the shortlist were independent said: “Passion and integrity are our core values,

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk DYNAMIC SPONSORED BUSINESS AWARD BY DELOITTE Demonstrating just how difficult it had been business awards, including a top 10 spot in the Bryan Christophersen from Talaris, world experts to decide on the finalists, the judges of this Sunday Times Fast Track 100. in cash management. As a global business based year’s Dynamic Business Award sponsored by in Basingstoke, Talaris employs over 2,000 people Judges said: “The winner demonstrated that Deloitte, took the unusual decision of having and is recognised for its innovation in the all- within four years from start-up, this business has eight shortlisted companies rather than the important field of banknote handling and cash delivered fast, profitable growth and a growing traditional six. dispensing. market share in a hugely competitive arena. The judging team was looking for energy, Their innovative products are now exported into Barton added: “The decision on our three winners enthusiasm and positivity in the way the entrants Europe and the USA. They have turned a niche was very tough, but the leadership, market interacted with customers, suppliers and product into a mainstream – and established a re-positioning and global reach of Talaris and employees – focusing on the dynamic business premium brand during a recession.” Prodrive made them worthy runners up. Our aspects that set these companies apart from their overall winner impressed the judges with their As a thrilled Lindley was presented with his competitors. reinvention of a product in a hugely competitive trophy by Lord Ashdown, Nadine Dereza market, and how they had moved from start up Ian Barton, associate partner Corporate Finance wanted to know what Ella thought of having to brand leader in just four years. It’s great to see at Deloitte, who presented the awards, said: “This the company named after her, to which he the dynamism and growth of local businesses year saw a record entry for the Deloitte Dynamic raised a laugh from the audience when he onto a global stage – our congratulations to Business Award with almost 30 entries, giving the said she thought it was “really cool, but really them all.” judges a difficult job in just selecting the eight embarrassing”. finalists alone. The quality of this year’s finalists Highly commended certificates were presented was outstanding, and we were delighted to see The company had, he said, been built out of the to leading independent catering group CH&Co; that the Thames Valley boasts businesses leading challenges his family had had in encouraging Ella furniture retailer Furniture Village; premium in their fields on a national and global basis.” and her brother to eat healthily. “By understanding house builder Millgate Homes; Summerleaze, how children eat, we have developed ranges specialists in gravel extraction, waste disposal RESULTS which are healthy, convenient and fun but with and power generation; and Westcoast, a leading flavours, colours, textures and even names that supplier of IT products to the computer reseller Some of the most high-profile names in the engage all of their senses,” he added. network. region, including Furniture Village, Millgate Homes and Prodrive competed for this year’s Taking second place was Banbury’s Prodrive, title, but it was a relative newcomer who stole the top motorsport and automotive technology Pictured above: from left – Lord Ashdown, Paul the show in the shape of organic premium baby business which will soon be taking Aston Martin Lindley and Ian Barton food manufacturer Ella’s Kitchen. back into Le Mans and MINI into the World Rally Championship. Prodrive’s Clive Scrivener The company, based near Henley, was set up by collected the certificate from Ian Barton. Paul Lindley, father of now 11-year-old Ella, and its success has earned a host of industry and And receiving the certificate for third spot was

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 BUSINESS OF THE YEAR AWARD SPONSORED BY PITMANS

As Christopher Avery, managing partner of Pitmans, On a solo visit to collect the trophy from Lord management solutions, and Roddy Graham was sponsor of the final award of the evening, was invited Ashdown, Chris Bartlett was almost overwhelmed welcomed to the stage to collect the certificate from to the stage to announce the shortlisted companies as he told the audience he was both humbled and Christopher Avery. Earlier this year, the company for Business of the Year, the excitement in the air was thrilled to accept the award. made its first appearance in the Sunday Times palpable. Deloitte Buyout Track 100, which lists Britain’s 100 “This is for everyone who works at GCS, they are a private equity-backed companies with the fastest- fantastic crowd,” he said. “We are in the best shape we The award recognises the wealth of talent across the growing profit. region, with the judges taking an overall view of a have ever been in, passion is what we are all about company’s profitability, sustainability, innovation and and we are absolutely thrilled to win this award.” Taking third place was Teneo, IT management and employment opportunities. As he returned to the table, there was a standing infrastructure specialists whose global customer ovation from all his team. base stretches across some 40 countries, including In addition, it also takes into account the contribution Russia and China, and it was Piers Carey who took the made to the local economy and support provided Recently restructured to form four distinct divisions honours on behalf of his colleagues. for culture and charitable causes. – GCS Finance, GCS Engineering, GCS Digital Media and GCS Technology – the company has Highly commended were Nominet, the not-for- The category is open to companies of all sizes transformed itself over the past two decades from profit organisation which is responsible for the throughout the Thames Valley and attracted entries a regional IT recruitment agency into a major smooth and secure running of the .uk Internet from as far apart as Wantage, Bicester, Sulhamstead, international business with a £25m+ turnover. infrastructure – and winner of last year’s Best Place Reading and Wokingham. to Work award; Kyocera Mita (UK), the document Paying tribute to the winners and all the entrants, imaging division of the giant Kyocera Corporation, As the largest law firm in the Thames Valley, and with Avery said: “We have had another exceptional year of offices in Reading and London, Pitmans recently with its UK headquarters in Reading; and RM plc, high calibre entrants, and selecting the finalists was global leader in education solutions. achieved an accolade of its own when it was named extremely challenging. Thames Valley Corporate Law Firm of the Year. CH&Co, Cove Industrial Enterprises and Integralis “The judges were impressed by GCS’s passion for were presented with Highly Commended

DOUBLE SUCCESS its business, its market and its sense of community certificates. – GCS is a real incubator of talent, having already Out of the six shortlisted names, three of them – GCS supported the launch of 20 businesses via its sister Recruitment Specialists, Leasedrive Velo Group Pictured above: from left – Lord Ashdown, Chris company, Pulse. The entrepreneurial innovation of its and RM plc – had already been to the stage earlier in Bartlett and Christopher Avery people has also seen GCS flourish in the economic the evening. downturn. For one however, there was an extra special return “Pitmans would like to congratulate all of the 2010 journey to make and having already secured the finalists and in particular our winners, GCS.” title of Best Company to Work For, the cheers second time around were even louder as GCS Recruitment In second place was Leasedrive Velo Group, the Specialists was named Business of the Year. Wokingham-based multi-award winner of vehicle

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 42 technology 20 years in a fast- changing world

An Oxfordshire company has TCL Technology moved to notched up its 20th anniversary in Boundary Park, Garsington in a much changed industry. 1993 and is now one of the longest established tenants there. Based at the Jennings-owned Boundary Park in Garsington, TCL Technology started out TCL Technology is a computer selling new computer equipment solutions company employing 12 but with the changes in the people. business, Stranks quickly decided to “go back to my roots” and Calling all It was established as a result focus largely on servicing. One of the 1990s recession when of their major areas of work now founder John Stranks was is supplying and maintaining made redundant. The company point-of-sale systems for small technology offers maintenance and news agents and convenience technical support services for stores. It covers independent a range of customers, from stores and parts of small chains successes large corporations to smaller across the UK, from the south companies. It also installs coast to the islands of Scotland. It computer network systems also works for some of the larger Growing technology companies in the south can get and hardware as an accredited retailers as a sub-contractor for involved in the Southern Tech 100 - a new initiative from supplier for some of the major home installations and repairs of The Business Magazine. industry names. computer equipment. Supported by Barclays Corporate, Pitmans solicitors, and business advisers James Cowper, the Southern Tech 100 will run through 2011 and will include events and listings. Apart from a top 100 listing of technology and biotech businesses in the south, based on turnover, there will be fast-growth and spin-out listings and features. The Tech 100 will encompass biotech and pharma, plus the telecoms sector, as well as traditional IT and computer services. Direct contact with key technology companies will happen through a survey and Roundtable event; and dialogue will be established with technology companies through a Tech 100 LinkedIn group If you are a successful technology company in the south and you would like to be involved in this initiative, email events manager Linda Morse at [email protected] The Southern Tech 100 follows the successful launch of the Thames Valley 250 and the Solent 250.

John Stranks

Stranks said: “Thinking back 20 Stranks added that having years it’s an industry that has seen gone through the experience of massive changes. When we started establishing the business during the job was mostly about computer a recession helped to maintain hardware. Now the questions are it during this one: “It’s been about software: how can I network tough, no doubt. But we cut our my computer, I’m having issues with overheads and made decisions email, what’s the best way to connect early with the experience of to the internet? You need to stay last time; we kept our major ahead to survive and we’re delighted contracts, and we feel in good to hit our 20th anniversary.” shape moving forward.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 international trade 43

the Buyer’ events for India and Texas, remarked: “As a result ’Meet the buyer’ the USA last year, followed by of your event, I am convinced trade missions to both countries to commence operations in designed to help SMEs take the UK and will be hiring a UK There is no substitute for visiting the market. advantage of fully researched representative with plans to and validated opportunities. If you are an exporter looking to expand your business open an office on January 1, “We believe this continuity is 2010.“ (An office duly opened overseas there is every chance you have heard this vital to help companies forge in Horsham at the beginning before - and for forming a rounded impression of what profitable long-term business of this year, and now employs it takes to trade in a foreign market, from first-hand relationships, whether through three people.) joint ventures and technology experience of the local business culture to on-the-spot partnerships, or on a buyer- Security and aerospace are research and face-to-face meetings with potential supplier basis.“ majority contributors to regional clients, it remains sound advice GDP in the south east, which To date, the India support is home to world-leading programme has generated sales capability in both areas. The However, the next best thing - markets for both these sectors worth £30 million to south east region accounts for over 80,000 with its own advantages - is if – and to establish private-sector SMEs, with one company having of the 135,000 people employed prospective clients can come partnerships, joint ventures and opened an Indian factory; while in security nationwide and there to you. technology transfer agreements. US sales have reached £12.5 million. is a growing export market. UKTI South East, with the The platform provided by UKTI Defence and Security the Three Continents event Suppliers and buyers spoke The ‘Meet the Buyer’ opportunity Organisation (UKTI DSO), offers access to 50 private- highly of last year’s ‘Meet is particularly appropriate for the Security Innovation & sector decision makers keen the Buyer’ events and some suppliers with capabilities in Technology Consortium (SITC), to meet UK suppliers and form participants already active aerospace and airports and and Farnborough Aerospace commercial relationships. in the US or India were homeland security. For more Consortium (FAC), is staging a seeking to broaden their details and to register contact UKTI South East international ‘Meet the Buyer’ event for two reach. For example, Trilogy trade adviser and security sector UKTI South East, details below. of the region’s most successful Communications of Hampshire specialist John Gordon said: “The industries - security and said: “We are already a Details: whole purpose of the event is to aerospace - on January 17 and supplier to Raytheon and 0845-271-7400 drive opportunities for south east 18, 2011. Northrop Grumman, but such [email protected] SMEs in key identified markets organisations are tough to www.uktisoutheast.com/ ‘Three Continents – Meet the and help companies cross the penetrate across the breadth of meetthebuyer Buyer – Aerospace, Airport and business threshold there. It their activities. This was an ideal Homeland Security’, at Arsenal’s is very much not a one-off setting to do this in.“ Emirates Stadium, London, is occasion, but part of an ongoing, designed to give SMEs a chance long-term programme of From the buyers’ side, to exploit opportunities in business development support. Behavioral Recognition India and the USA - key growth This began with separate ‘Meet Systems of Houston,

area, the west coast etc. Building Selling into our biggest export market key relationships with business December 16 is the anniversary customers and counterparties is ill out of the behaviour of a foreign partners as bridgeheads into those of the Boston Tea Party. It was an advised. company it will be taken. areas can save a lot of time and experience that might have taught energy-sapping legwork. “Citizens of the USA and the UK The second is legal risk. The USA us that the US is not just like the do not speak the same language,“ is a highly litigious society. Legal At the time of writing the US Federal UK, only bigger, and that they do Reserve has just announced that it it says. On a practical level, action is very expensive to take things differently there, writes will inject $600b into the economy “Instructions, advertising copy or to defend against. To venture Richard Willsher. in a second round of quantitative and product descriptions that are forth in the US market without easing. This means more money Not every British company has acceptable in the UK may not be taking good legal advice can be released into the system for people learned those lessons and there understood in the USA. Literature highly damaging. That said, the and businesses to buy things. This have been some expensive and manuals produced in the UK opportunities are there to be taken could benefit British exporters, failures. Nonetheless the UK’s are rarely acceptable in the US if you’ve got the right product for especially if their goods and services subsequent export success speaks market...“ Two countries divided by the right sector and market. UKTI are priced in dollars, as the markets for itself. In 2009 British exporters a single language as they say. lists the following eight areas sold almost £34 billion worth of are suggesting that the dollar will UK companies that have historically which it has identified as key goods there and £33b of services. weaken against sterling and is done well in the US have adapted sectors: advanced engineering, In fact Britain has a trade surplus already climbing through the 1.60s. to the market, both in terms of clean technology, creative with the USA. In the same year their product offerings and the and media, energy and power, While there is the risk of a double imports of goods and services way in which they sell them. But financial and professional services, dip across the pond as well as here, amounted to £24.6b and £18.8b even then it is not necessarily plain homeland security, information this is not necessarily a reason to respectively. sailing. The recent attacks in the and communications technology hold off from looking at the US as This is a pretty good achievement US against BP following its Gulf of and life sciences. It also notes the a potential market for the future. but as UK Trade and Investment’s Mexico accident exhibit two chief importance of approaching the Life has to go on and so should ‘Doing Business in the USA’ risks. One is that the US looks after geographically vast USA as a series the success of British companies explains, making assumptions its own first and if there is chance to of separate markets. Such as the selling into the huge and potential about how to deal with US make business and political capital eastern seaboard, the Chicago lucrative US of A.

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 44 international trade – promotional feature Some good news for corporate businesses wishing to expand their foreign trade

It is all too rare that good news dominates the headlines, particularly with the global financial situation as it has been over the last couple of years, writes David Squibb, regional trade director, Lloyds Bank Corporate Markets, Thames Valley and South

But who can fail to have been moved and Growth markets while goods travel by sea from the Far inspired by the recent rescue efforts of East through to delivery and ultimate the trapped miners in Chile? The established pattern of demand for payment by the end-buyer. goods and services throughout the The 24-hour news coverage has certainly world is changing. The ‘BRIC’ countries prompted people around the world to (Brazil, Russia, India and China) continue take an interest in Chile. For example, to report strong growth. The UK most of us now know that the country Government recently revealed some produces copper - in fact it is the world’s more good news in that UK exports to largest copper producer. In the UK we China have risen 46% in the first half do not import a great deal of Chilean of this year, albeit from a low base, copper. We prefer some of their tastier underlying the potential opportunity for produce - our largest imports are British companies. beverages, particularly wine, followed by fruit and vegetables. Support for exporters For companies in the Thames Valley Businesses in the Thames Valley region and South region wishing to establish wishing to grow through expansion into export links with South America, Chile is new export markets must do so safely recognised as a good starting point due and endeavour to get it right first time. to its relative economic stability. It has Banks have an important role to play a sound banking system and became an in supporting businesses to manage OECD member in January adding further payment risk and finance overseas trade. to its credibility as a place to do business. Lloyds Bank Corporate Markets provides Of course no market is without its customers with just such support challenges and if a business were through dedicated and experienced to select Chile as a target, a certain international trade managers. Our aim amount of preparation and research is to understand customers’ plans and will be essential, including assessing the aspirations and to help make these following points: a reality through providing financial assistance and guidance. David Squibb • Is there a market for your goods or services? In the case of Chile, 2009 The right financial solutions for UK exports amounted to £478 million your business - centred on mining equipment, construction projects, petroleum Trade finance can have a number of By providing trade finance our aim is to products, power generating advantages over traditional working help our customers accelerate payments to their suppliers in order to secure better equipment and industrial machinery. capital facilities. It focuses on the prices and at the same time to provide structure and benefits of the underlying • You will need to ascertain what sufficient working capital to fund the full transaction, providing the right amount documentation and export licences trade cycle. We look to provide exporters of finance at the right time compared to may be required? and importers with the right type of other instruments such as overdrafts that finance and assistance to help them • Another key question will be around tend to be more balance sheet driven. succeed when trading abroad. payment terms and addressing This approach applies equally well to payment risk? As an exporter you need For more information, see below. importers. Many UK businesses source to ensure how and when you will get from or manufacture overseas, in a paid. In Chile, payment for imports is drive for greater efficiency and lower often effected by Letter of Credit or prices. Growing businesses consume Documentary Collection. more working capital and suppliers in Details: • What are the working capital the Far East are no exception. This leads David Squibb implications? The time-line for to suppliers demanding tight payment 0118-9196562 overseas trade can be significantly terms, placing an increased financial [email protected] different to domestic business. For burden on the importer. This ties up example, 90-day credit terms are quite large amounts of cash for long periods typical. of time, typically 120 days and longer,

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 If you’re looking to fund growth or simply changing your international trading HELPING YOU relationships, you should talk to us. We have sector and trade finance specialists who speak your language, which is why we MAKE THE DEALS find it easy to build stronger relationships. By understanding your business goals, we can help provide the right guidance on the YOU NEED funding you need to make them a reality. To find out how our relationship or trade finance team can help you, please call David Squibb, Regional Trade TO MAKE. Director on 07860 497170 or visit lloydsbankcorporatemarkets.com

EUROPEAN GRAIN

TRADE FINANCE FACILITY TRADE FINANCE FACILITY $4 MILLION $10 MILLION

TRADE FINANCE FACILITY TRADE FINANCE FACILITY £8.25 MILLION £11 MILLION

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 plc. Registered Office: The Mound, Edinburgh, EH1 1YZ. Registered in Scotland no. SC327000. Authorised and regulated by the Financial Services Authority under registration numbers 119278, 191240 and 169628 respectively. PR52-IN692AD-1110 PR52-IN692AD-1110 46 property

and Suttons Business Park offered an all round package, combining a Krannich Solar powers in progressive and thriving business environment with a solid economic base that filled us with confidence to Suttons Business Park from day one. The timing is perfect as the agenda for renewable energy deservedly gains significance. The property will immediately start Krannich Solar GmbH, a leader in the distribution Energy users can choose to reduce servicing Krannich Solar’s existing their carbon footprint and at the and provision of photovoltaic solutions in Europe, UK customers and will provide same time obtain the financial new installers with access to a Asia and the USA, has taken a new lease on Unit benefits of the newly introduced leading portfolio of high-quality 49 at Suttons Business Park, writes Neil Seager of feed-in-tariffs. In addition, our photovoltaic panels, inverters new office location will provide us Haslams and mounting systems. “We are with quick and direct access to the pleased that Krannich chose Suttons main photovoltaic installation areas Business Park for the UK operations. within the UK and to the majority of The close proximity to the our customer base.” motorway network, 24-hour onsite security and the well managed Units are available at Suttons park were just a few of the factors Business Park from 3,000 sq ft to which convinced them that Suttons 40,000 sq ft. For further details was the place they wanted to be”, contact Haslams or Lambert Smith remarked Neil Seager letting agent Hampton the joint letting agents. for Standard Life, the landlord at Suttons Business Park. Details: Neil Seager Commenting on the new office, 0118 -9211516 Juan Romera-Wade, branch [email protected] manager, Krannich Solar said: www.haslams.co.uk “Opening our UK branch in the Wokingham and the Thames Valley area has been a strategic choice for us. Having researched a number of locations in the south of England, Suttons Business Park, East Reading we immediately felt that Reading Country Estates branches out into residential development Thriving business park specialist is adding residential development to its commercial portfolio

Currently providing business ‘homes’ for “We have a number of exciting opportunities “Most companies today, small or large, are nearly 500 clients in the Thames Valley and M4 under discussion at the moment, and expect looking for attractive, user-friendly business corridor, Country Estates is now planning to 2011 to be a busy year for us, not only on this ‘homes’ with the potential for flexibility. I am build around 50 new homes each year. new residential development front, but also proud to say that we are meeting those needs within our core business parks operation.” with high-standard business premises offering Two sites in Cholsey and Burghfield have 21st century facilities,” said Denton. already been acquired to build a total of 15 Anticipating growth, Country Estates has houses and Country Estates will be actively added two new recruits to its team. Barbara Evidence of that is shown at Cromwell Park pursuing other residential development Phipps joined at the start of December as a in Chipping Norton where Country Estates locations throughout the south of England. Sales Executive and Jason Gibbs will start work launched a new development this year in the New Year as Construction Manager. focused on start-up companies. All seven of “We believe the time is now right to expand its start-up suites have now been let. Just a our development operations to meet the Country Estates will also go into 2011 with a ground floor area (1,765 sq ft :163.94 sq m) is growing demand, particularly in the south- new look after rebranding its publicity and still available. east, for new houses and business units that relaunching its website. meet the needs of today’s workers – both at “Frankly, during 2010 we have seen an work and at home,” explained Graham Denton, encouraging amount of confidence across all Details: joint managing director of Country Estates. our sites, and the year is ending for us on a 0118-9508366 Residential development will hold no surprises very promising commercial note with growing www.countryestates.co.uk for Denton and his Country Estates colleagues. activity on several fronts,” Denton added. His career has centred on construction and Existing lettings have held up very well with includes the building of many houses, flats and significant lease renewals across Country individually styled homes for clients through Estates’ 15 business park sites located from his own company Denton & Gibson, prior to its Bristol to High Wycombe, Chipping Norton to merger with Country Estates in 2009. Denton Waterlooville. also has commercial links with property developers Checkmore (at Shrivenham 100 Perhaps a sign of recession recovery, Country Business Park) and Reading-based J Mould Estates reports more than 20 fresh lease Property. agreements in recent months.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 hospitality 47 Vintage year ahead for two award-winning venues In the heart of the Berkshire countryside, yet with easy access to the M4, lie two of the UK’s most exclusive and prestigious venues, writes Alison Dewar Both privately owned by Sir Peter Michael, Another very strong thread which links founder of Classic FM, The Vineyard at Stockcross the two properties is fine wine. Sir Peter and Donnington Valley Hotel and Spa share has his own winery in northern California, outstanding reputations for fine dining, service rated by wine aficionados as among the great wine The Vineyard and style, while each retains its own very individual estates of the world, and it is from here that The character. Vineyard at Stockcross takes its name. Zest magazine Spa Awards 2010 and At The Vineyard, award-winning executive chef Diners at The Vineyard can now taste his latest was a finalist in The Daniel Galmiche continues to excel and delight success story in the shape of ‘Ma Belle-Fille’, which Good Spa Awards diners as he lives up to his unofficial title as the has just been named top third wine in the world in 2010. ‘king of contemporary French cooking’ by blending the annual Wine Spectator Awards. Mediterranean style food with a French twist. The awards have With a wine list featuring around 2,300 names from also been flowing Just last month, Galmiche was presented with around the world, The Vineyard’s own director of for Donnington the Relais & Chateaux ‘Rising Chef’ Award at the wine James Hocking is always on hand with his Valley. This organisation’s annual Congress, recognising the team to offer guidance and expertise to ensure November, its spa chef with the most potential from within Relais & wines are chosen to complement the dishes. director Hannah Chateaux’s 450 properties worldwide. More than 50 of the wines on the list are available Henley, won Best Meanwhile at Donnington Valley, a £14 million for under £25 and a by-the-glass selection changes Spa Professional at investment has seen the hotel achieve the ultimate regularly to match the seasonal cuisine. the Hotel Cateys success by being named AA Hotel of the Year in Awards and in The love of the vine is also in evidence at 2008, and in a further quest for excellence, it starts 2009, at the Hotel and Caterer Awards, Donnington Donnington Valley, where the award-winning the new year with a refurbishment programme Valley was voted the Best Conference and Events WinePress Restaurant provides an intimate, yet for its conference rooms, which is due to be Team outside London and the latest refurbishment informal atmosphere. Head chef Kelvin Johnson completed in February. programme promises to take standards to an even sets the tone with a menu which offers both higher level. Managing director Andrew McKenzie said: “The traditional and modern dishes complemented by strength of the offering that we have at both of a 300-strong wine list, and more than 30 bottles “We really do have both the style and the flexibility our properties is exceptional. Each has its own very available by the glass. to match the requirements of any organisation, different style and the fact the hotels are privately large or small, and that’s what makes us very Both properties are ideally suited for conferences owned means we can retain our unique identity. special,” added McKenzie. “The feedback we and events. At The Vineyard, facilities for meetings This really sets us apart and we believe our guests receive from guests, both corporate and private, is include the beautifully furnished Morning Room appreciate and understand the personal touches always tremendous and we have many top named and The Music Room, both with high ceilings, we add which make such a difference. companies returning time and again. natural daylight and elegant décor, which can “What our venues do share is our passion for accommodate up to 120 when combined. “We’re very excited about the refurbishment excellence and a determination to ensure that each of the conference rooms at Donnington Valley With Galmiche’s expertise at hand, these rooms and every one of our guests – whether attending in particular. Following on from the previous are especially suited to private dining and both has a conference, a leisure spa day, enjoying a meal or investment programme, it’s enabled us to take the previously played host to annual events for some staying in our wonderful accommodation – has the hotel to a whole new level and now conference of the country’s largest blue chip organisations, as ultimate experience to remember.” guests will be able to share in the changes that we well as gala dinners and smaller groups will be making.” for private dinners and events. Meeting rooms at Donnington Valley cater for as Overnight guests can stay in one of the few as eight or as many as 140 delegates and, with 49 rooms and suites, each named after a 111 luxury bedrooms, there’s plenty of room for wine, and which range from the original overnight guests. In addition to the conference and traditional style hunting lodge facilities, it can also offer a wide range of activities, bedrooms through to the contemporary including wine tasting, shooting and fishing and spacious atrium suites. and the use of its sumptuous spa. Spa facilities As with its sister hotel, a selection of include a swimming pool, steam room, sauna, activities can be provided for guests and aromatherapy room and state-of-the art gym. The Vineyard also has its own spa which was awarded joint second place in the Details: The Vineyard at Stockcross Donnington Valley 01635-528770 Hotel [email protected] www.the-vineyard.co.uk Donnington Valley Hotel and Spa 01635-551199 [email protected] www.donningtonvalley.co.uk

www.businessmag.co.uk 48 employment people

EMPLOYMENT LAW IN PRACTICE

with Doyle Clayton the employment solicitors What’s in store for 2011? James Anderson (right), an associate in Doyle Clayton’s Reading office, looks at what lies in store for employers next year • Jelf Insurance Brokers’ Guildford office, part of the Jelf Group, a leading independent community based full-service insurance Employers may have breathed consultancy, has announced the addition of two new members a sigh of relief when the to its client relationship team, brought in to enhance the client Government promised to base and to develop the range and depth of the Company’s cut red tape and introduced larger corporate sector customer portfolios. Kris Ward (above its one-in-one-out rule on left) and John Barlow (above right) bring with them 40 years September 1,2010. The rule of combined industry experience and expertise across a range ensures that no new regulation of sectors, regions and disciplines, which will both complement is brought in without other the existing skills within the Jelf Team, and help the Company regulation being cut by a reach its ambitious objectives of growing the business from its greater amount. However, traditional SME customer base. Although based in Guildford, the a glance at the employment new relationship directors will cover a wide area of the south legislation planned for 2011 October 2011: east, as far west along the south coast as Southampton, up to would suggest there is to be no • The default retirement age Newbury and Reading to the north, and east into Sussex and let-up for employers. The new will be abolished. western parts of Kent. Ward, the first to join the team following legislation includes:- recent investment at the Guildford office, has extensive client • Agency workers will be relationship and project management experience, through April 2011: entitled to: basic working handling major corporate and multinational programmes, having • Fathers and partners of those conditions that are no less previously worked for two major international brokers. Barlow giving birth or adopting a favourable than employees brings with him the most experience, having previously worked child born on or after April 3, recruited direct by the hirer for an underwriter, two major commercial brokers and a major 2011 will be entitled to share after 12 weeks in the same insurer, where his risk management expertise was instrumental in the maternity or adoption role; equal access to on-site managing a number of high-profile medium and large corporate leave, and pay. facilities and information client portfolios. In addition to strengthening Jelf’s larger on permanent employment corporate customer portfolio, both members of the new team will • Retirements at the default vacancies; and increased be responsible for business performance, high-level relationships retirement age (65) will start rights if they are pregnant or and the overall coordination of the transition of customers from to be phased out. breast feeding. their current providers to Jelf, and the annual stewardship of the • The right to request flexible One of the reasons why the renewal processes and escalation channels. working will be extended to one-in-one-out rule does parents of children under 18. not appear to have reduced employment regulation is that • There will be a new it only applies to domestic for Manches for 13 years in the corporate offence of (not European) regulations. London office. She was one of failing to prevent bribery However, the Government has the first family lawyers in the UK by individuals acting on confirmed that it is considering to train as a Collaborative lawyer behalf of an organisation. increasing the qualifying period and was involved in setting Employers will also be for unfair dismissal claims from up the London Collaborative required to have “adequate one to two years which should Family Law group and later the procedures” to prevent reduce the number of tribunal Reading Collaborative Family bribery. claims. Law group. She is a member of • All employees who have Resolution’s training committee Details: James Anderson been employed for at least and has organised conferences [email protected] 26 weeks will have the and training courses for other 0118-9596839 right to request unpaid family lawyers and lectured to www.doyleclayton.co.uk time off work to undertake over 400 family judges at their study or training (this has judicial training. She has also previously only applied to written numerous articles for legal businesses with 250 or more • Manches Thames Valley has journals. Fretwell brings with her a employees). This legislation announced the return of Kerry wealth of experience in all aspects is under review and may Fretwell as partner in Manches of family law, specialising in become an example of the ‘go-to’ family law team. Fretwell mid-to-high value ancillary relief, one-in-one-out rule working returns from Reading firm children’s cases and collaborative in practice. Blandy & Blandy, having worked law.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 2010 people 49

The UK’s largest employment law firm

“What sets Doyle Clayton apart from other firms is their pragmatic, commercial London City employment law advice and their ability to get to the heart of the issue quickly. s s I would recommend them as a strategic business partner to any organisation.” s Canary Wharf s Richard Cowlishaw s Reading s Human Resources Director, Courtaulds (UK) Ltd

฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀

• Andrew Gibson has joined (DCIM). Gibson who lives Reading-based AIT Partnership in Woking, will be based at Group as its new director of the Reading headquarters Data Centre Services. The of AIT. Previously he set up appointment of Gibson, a the UK offices of Raritan, • Doyle Clayton, the UK’s largest employment law firm, continues widely respected practitioner a leading manufacturer to expand its capabilities in the region with the arrival of within the IT infrastructure of power and server James Anderson (above left) from Henmans in Oxford and sector, highlights a significant management solutions and the promotion of Alistair McArthur (above right) to associate. move by AIT within the fast before that worked for IT Anderson is a highly regarded employment lawyer, having spent developing field of data centre and infrastructure software more than 13 years advising businesses and individuals on infrastructure management manufacturer Avocent. employment law matters, including High Court injunctions and complex discrimination cases. He moves to Doyle Clayton as an • Boyes Turner has announced that the Ministry of Justice has appointed associate and will work from the firm’s Reading office where he Laurie Anstis as a part-time employment judge. Anstis has been will lead a team advising some of the UK’s leading businesses practising in employment law for the past 12 years and is currently a and individuals. McArthur is an experienced employment lawyer senior associate with the firm. His appointment asan employment with particular expertise dealing with employment tribunal judge will be part-time and in addition to his normal client work. claims in all areas of law including unfair dismissal, redundancy, From next year he will be hearing employment tribunal cases in discrimination, equal pay and TUPE, as well as in business the Birmingham region. Anstis is ranked as a leading individual in immigration matters. He is highly regarded by clients for his employment law by the legal industry’s leading directory, Chambers commercial awareness and aptitude for negotiation. Read James UK, in which he is described as “a standout performer who earns praise Anderson’s article looking ahead to 2011 on the facing page. for his impressive technical abilities”.

• Thames Valley accountants and business advisers James Cowper has strengthened its VAT team with the appointment of VAT manager Ruth Corkin. She joined James Cowper on November 1 from the Milton Keynes office of Mazars LLP where she was an indirect tax assistant manager. Corkin advises a wide variety of businesses and business owners on and increasingly complex • Justin Bond is heading up the tax team at Chantrey Vellacott DFK’s and regularly changing VAT Thames Valley office in Reading, following three years at Target in regime. Commenting on London. The 39-year-old will be specialising in advising owner- her appointment Corkin managed businesses and high-earning individuals in the region. Prior said: “James Cowper is one to joining Target, Bond enjoyed two years at Menzies in Surrey and of the strongest firms in the three years at Charterhouse in Harrow where he played a major role Thames Valley. It has a terrific establishing a dedicated tax team, before spending time on specialist reputation and an enviable tax mitigation schemes. He carried out his training at GT and Smith & client base. I look forward to Williamson. He said: “Chantrey Vellacott DFK has a strong reputation developing my career further and is very well thought of in the industry so I’m delighted to have at James Cowper.” joined the firm’s Thames Valley team”

THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 www.businessmag.co.uk 50 diary how to reach us diary – december/january

Managing Editor & Publisher 10 10 David Murray december Networking breakfast, IoD event, “Newly Self-employed”, HM Revenue [email protected] Cliveden, Taplow. & Customs workshop, Oxford. Tel: 0118-9745330 1 Fax: 0118-9744110 “Introduction to Import & Export”, Details: www.iod.com Details: 0845-603-2691. www.businessmag.co.uk HM Revenue & Customs workshop, “Fast Track to More Customers”, 13 Reading. marketingco seminars, Wallingford & “Becoming an Employer”, HM advertising Details: 0845-603-2691. Marlow. Details: Revenue & Customs workshop, www.marketingco.biz 0118-9745308 Annual Business Alliance meeting, Oxford Business Park South. [email protected] TV Chamber event, Windsor Castle. Festive Dinner, IoD event, Oriel Details: 0845-603-2691. Details: Sales Director College, Oxford. www.thamesvalleychamber.co.uk Tanya Liddiard: 0118-9745308 Details: www.iod.com 17 [email protected] 2 “Newly Self-employed”, HM Revenue 12 & Customs workshop, Staines. marketing “Property & Planning”, Oxon Wine Tasting Dinner, IoD event, Details: 0845-603-2691. Chamber Forum, Blake Lapthorn, Compleat Angler, Marlow. Creative Executive Seacourt Tower, Oxford. Amanda Strange: 0118-9745581 Details: 18 Details: [email protected] [email protected] “Newly Self-employed”, HM Revenue www.thamesvalleychamber.co.uk & Customs workshop, Oxford. editorial “Quick win marketing for 13 Details: 0845-603-2691. [email protected] manufacturers”, MAS seminar, High “Stress Management”, Stress Wycombe. Management Plus seminar, Reading. 19 Writers: John Burbedge; Terry Details: www.mas-se.org.uk Details: IoD breakfast event, Oxford Woodhouse; Richard Willsher; www.assertyourself.eventbrite.com Instruments, Abingdon. Alison Dewar; Jackie Storer 3 Details: www.iod.com Photographers: Dave Marriott “Corporate Keynotes”, TV Chamber 14 Reading Valley Ladies Circle meeting. event, Hilton Reading. Oxfordshire Xmas Lunch, TV Details: 07825-292998. production Details: Chamber event, Milton Hill House. Production Manager www.thamesvalleychamber.co.uk Details: 01753-870500. 20 Steve Banbury: 0118-9745585 [email protected] “Business Insight 2010”, TV Chamber 15 “Food Safety”, Newbury College event, Ascot Racecourse. workshop. Details: 01635-845229. Production Editors Details: Thames Valley Regus Business Carolyn de la Harpe; Amanda Strange www.thamesvalleychamber.co.uk Seminar & Exhibition, Arlington “Newly Self-employed”, HM Revenue Square, Bracknell. & Customs workshop, Reading. events 6 Details: Details: 0845-603-2691. www.thamesvalleychamber.co.uk Events & Business Development “Becoming an Employer”, HM 24 Linda Morse: 0118-9745584 Revenue & Customs workshop, High Reading Xmas Lunch, TV Chamber [email protected] Wycombe. event, Penta Hotel. “Becoming an Employer”, HM Details: 0845-603-2691. Details: 01753-870500. Revenue & Customs workshop, High administration & accounts Wycombe. Details: 0845-603-2691. 7 Administration 16 “Becoming an Employer”, HM 0118-9745330 “Managing Poor Performance”, “Principles of Risk Assessment”, Revenue & Customs workshop, [email protected] Newbury College workshop. Newbury College workshop. Staines. Details: 0845-603-2691. Credit Control Details: 01635-845229. Details: 01635-845229. Lorraine Buckle: 0118-9745588 “How VAT works”, HM Revenue & “Setting up a Limited Company”, “Marketing & Strategy”, IoD forum, [email protected] Customs workshop, Oxford. Details: HM Revenue & Customs workshop, Guildford. 0845-603-2691. All major credit/debit cards taken Reading. Details: 0845-603-2691. Details: www.iod.com “Becoming a Director”, HM Revenue “Property & Land Network”, Published monthly by: 17 & Customs workshop, Reading. Elcot Publications Ltd Critchleys breakfast seminar, Oxford Details: 0845-603-2691. 2 The Courtyard Science Park. Details: Bucks Xmas Lunch, TV Chamber The Old Dairy House www.critchleys.co.uk event, Chartridge Park GC, Chesham. 25 Maidenhatch Details: 01753-870500. “Newly Self-employed”, HM Revenue Pangbourne “Competitive edge by going green”, & Customs workshop, Oxford. Berkshire RG8 8HP MAS seminar, Newbury Racecourse. Details: www.mas-se.org.uk january Details: 0845-603-2691. print & distribution 8 “Newly Self-employed”, HM Revenue Circulation: 12,500 5 & Customs workshop, Reading. Readership: 53,000 “Time Management & Delegation”, Details: 0845-603-2691. Subscription: 1 year £45 Newbury College workshop. “Newly Self-employed”, HM Revenue Printing: Lamport Gilbert Details: 01635-845229. & Customs workshop, Oxford. 27 Details: 0845-603-2691. Distribution: SOLO Mailing 9 IoD Oxon meeting, The Fishes, North Reading Valley Ladies Circle meeting. Hinksey. Distributed direct to business directors and “Health & Safety”, Newbury College professionals, and also available in selected Details: 07825-292998. Details: www.iod.com hotels and business centres. workshop. Details: 01635-845229. Registered under the Data Protection Act. 7 31 All rights reserved. West Berks Xmas Lunch, TV No part of The Business Magazine may be re- Chamber event, Regency Park Hotel, “Newly Self-employed”, HM Revenue “Newly Self-employed”, HM Revenue produced or used in any form or by any means Thatcham. & Customs workshop, Reading. & Customs workshop, Oxford. either wholly or in part, without prior written permission of the publisher. Mss, artwork and Details: 01753-870500. Details: 0845-603-2691. Details: 0845-603-2691. photographs can be accepted only on the understanding that neither the company nor its agents accept any liability for loss or damage. To have your business event included in this monthly diary, email details to: [email protected]

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 10/JANUARY 11 2010 THAMES VALLEY DEALS& SOLENT AWARDS 10/11

April 7, 2011 Oakley Hall, Oakley, near Basingstoke

350 of the top dealmakers from across the south

Tables of 12 at £1,500 Individual Places at £140

Book your seats now

Contact: Linda Morse – [email protected] Open for entries from December 1, 2010

To enter visit: www.dealsawards.co.uk With leading practitioners in all specialist areas, the largest law firm in the Thames valley does everything humanly possible to get you the result you deserve.

Reading Offices: The Anchorage London Office: 47 Castle Street, Reading 34 Bridge Street, Reading 1 Crown Court www.pitmans.com Berkshire, RG1 7SR Berkshire, RG1 2LU 66 Cheapside Tel: +44 (0) 118 958 0224 Tel: +44 (0) 118 958 0224 London, EC2V 6LR Tel: +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, Belfast, Copenhagen, Edinburgh, Glasgow, Leipzig, Lisbon, Ljubljana, Munich, Nicosia, Paris, Porto, Rome and Zurich.