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THAMES VALLEY www.businessmag.co.uk AN ELCOT PUBLICATIONS TITLE APRIL 2011 #186 £2.50

Shipping forecast Exports lead recovery Own goals OMBs’ roundtable debate Budget bulletin Latest reaction

Regional law firm Not all law firms of the year are the same regular features

News 4 Opinion – More uncertainty than is good for us ... 4 Racing ahead in the motorsports technology stakes 5 Enterprise M3 chairs announced 6 RSM Tenon hits the fashion scene 7 DediPower supports Export Award 8 Manufacturing success leads to expansion 9 Shareleague 9 The rise of social media 10 ‘Big Society’ action group launched 11 Phyllis Court Club – perfect for business or pleasure 12 Manufacturing exhibition breaks records Business Focus p18 13 Transformation is critical in post-recession marketplace Profile 14 Will the train arrive on time? Roundtable 15 DediPower: masters of 21st century technology 42 Owner-managed businesses: Tougher times, brighter prospects 26 Great timing at HIG Europe Thames Valley 250 IoD Awards 46 Put your foot on the Accelerator soon 16 And the winners are ... Motoring Finance 47 Audi’s seven-star contender 20 Looking forward to 2011/12 21 Transitions: the new regulatory environment Business Travel/Hospitality Deals 35 Stoke Park – the perfect location for your corporate golf day 27 Deals Awards 2011 – finalists revealed Employment Deals Update 48 Extending enhanced maternity benefits to men 28 Latest deals data from across the region People Business Focus 48 Movers and risers 29 Tweet of the month Diary Law 50 Dates for your diary 29 Divorce cases to involve a mediator Budget 30 ‘Good news for growing businesses’ 31 Optimism amongst the gloom special features Southern Tech 100 32 Commercialising innovation from the University of Oxford Focus on Slough 17 Segro excels in Slough Teambuilding 33 Teambuilding at Stoke Park International 34 Time to think about Summer ... 22 Overseas business interests for UK companies 23 Export successfully with award-winning support 24 Foreign eyes refocusing on the Thames Valley 25 The changing face of European payments Commercial Property 35 Lease re-gears – its not too late 36 Give us a break 37 TVPF signal the way 38 A hot topic: a look at the feed-in-tariff scheme 39 Anesco goes green at Easter Park p30 40 20 years of Opting to Tax and counting 41 DevelopIQ moves to Chineham Park

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 4 news opinion Racing ahead in the motorsport Uncertainty. Last month we were all subject to more technology stakes uncertainty than is The Williams Technology Centre high-powered flywheel energy (WTC) in Doha, Qatar played host storage development programme good for us to senior executives from some which will help make Qatar’s of the UK’s leading companies in ambitious transport and electricity Japan’s earthquake, tsunami February, as part of an official tour of infrastructure more efficient and and nuclear crisis; Libya’s civil the Qatar Science and Technology reliable. war; Bahrain’s protests and the Park. Oxfordshire-based Williams F1 Frank Williams intervention of Saudi Arabia; established the WTC in 2009. It is the Williams F1 founder and team civil strife across the Middle first Formula One-related technical principal Frank Williams, who activities in the country, I was East and north Africa from centre outside Europe. welcomed the delegation, joined UK delighted to see the technology Tunisia to the Yemen. prime minister David Cameron and centre first hand and learn about Led by the UK minister of state for Lord Green for a series of meetings its technology commercialisation The markets hate uncertainty. trade & investment, Lord Green, the and visits aimed at strengthening programmes.” Bankers and accountants hate delegation was shown the advanced links between the two countries. uncertainty - ironic in the case vehicle simulator development Frank Williams said: “It was a of bankers seeing as how platform from which WTC engineers Lord Green said: “Williams F1’s privilege to join prime minister much uncertainty they have are developing solutions for other Technology Centre in Qatar is a Cameron and Lord Green today created. Businesses don’t like motorsport classes, regular road prime example of the growing in helping to promote greater ties uncertainty either. They like users, emergency services and trade and investment relationships between the UK and Qatar. With its growth, steady growth. commercial fleet driver training between the UK and the State support of R&D, growing academic And, pleasingly, this is what and certification markets in Qatar of Qatar. Following meetings cluster and dynamic economy, they are getting. Private-sector and abroad. The delegation earlier today in which prime Qatar is an excellent location for us growth in the south east is at was also briefed on the centre’s minster Cameron praised Williams’ to do business.” its strongest in eight months. Output and employment are rising. The manufacturing A better View for Basingstoke as sector is doing well, and confidence across the private regeneration project gets back on track sector is at its highest for many, many months. Work on the crucial first stage of As one analyst said, a major regeneration of Basing manufacturing confidence in View, the 65-acre business park the region has been strong in Basingstoke town centre, is for some time now, but more underway once more following recently it looks like the the appointment of a new service sector is starting to contractor. catch up. Demolition of City Wall House Worries over inflationary and Loddon House, two pressures remain. Fuel costs derelict 10-storey office blocks are frightening and many on the park, was temporarily Artist’s impression of part of the Basing View redevelopment put on hold at the end of companies are being forced to Basingstoke town centre. The shops. A great deal of interest has 2010 when the previous pass on higher costs to their demolition company going into been shown so far by property contractor, Armoury Group, customers. administration was unfortunate, companies and it is anticipated went into administration. Now, Writing this ahead of the but we are delighted to that recommendations on the Erith Construction has been Budget, we can only hope announce that a new contractor developer will be reported back appointed as the demolition that George Osborne’s has been appointed and to councillors later in the summer. contractor to complete the work. package further stimulates we expect this work to be The company has taken over For further information on Basing the economy and is received completed in the autumn within responsibility for the site from View visit the website below. positively by businesses. We the earmarked growth point Basingstoke and Deane Borough Details: www.basingview.co.uk need strong actions from funding we received from central Council and demolition work government to help the government.” was expected to restart last private sector get this country In the May issue of month, with a target completion At the same time as starting back on its feet. The Business Magazine date of September this year. the demolition, the council has The year has started well, been searching for a high-profile • Deals Awards Special The council’s leader Cllr Andrew despite the uncertainty in development partner to help • Education & Business Finney said: “Throughout this foreign fields. Now the regenerate the business park over • Summer Hospitality project the council has remained government should press the the next 10 to 15 years. • Legal Focus totally committed to creating accelerator. a 21st Century urban business The plans for the Basing View For more details call: 0118-9745308 David Murray, Publisher park of regional importance, as area include a mixture of office or email: [email protected] part of our transformation of space, hotels, leisure facilities and

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 news 5

THE Enterprise M3 chairs BusinessTM announced MAGAZINE:DIGITAL

Basingstoke and Deane Borough providing transportation and Council has chosen two business development advice to central and industry leaders to help government, banks, major Read these stories in full in this month’s issue of establish the new Enterprise M3 developers, local government and The Business Magazine:Digital partnership, which was approved international funding agencies, at www.businessmag.co.uk by the Government as a local he has been involved in a number enterprise partnership (LEP) in of high-profile national and Apprenticeships back on the high-priority list February, and drive forward its international projects. benefits for the local economy. One of the best actions that came out of the Budget last month was the French said: “The Enterprise move to invest in apprenticeships and technical colleges. Geoff French, of URS Scott Wilson, M3 local enterprise partnership the engineering, construction and provides a great opportunity to How to unlock tied-up funds technical services organisation, debate and influence the major Improving working capital has become a focus for every CFO and is is to be the interim chair and issues that affect all of us. Our crucial to business growth and profitability. John Copley, of Farnborough immediate task is to establish a Aerospace Consortium, the trade structure that will enable that Grants encourage small businesses to innovate and grow association for the aerospace debate and influence to flourish The Technology Strategy Board is to provide grants for over 240 feasibility and defence industry in south while ensuring that all sectors studies to help stimulate innovation and growth in a range of technology east England, is to be the of the community have a voice and application areas ... interim vice chair. They will – businesses, local authorities, help to establish the new-style education establishments and the Turn up your cashflow! partnership that will work across voluntary sector from both urban The perpetual struggle to ensure customers pay their invoices on time is the north Hampshire and north and rural areas and from right disproportionately debilitating for small and medium-sized enterprises west Surrey area, bringing across the Enterprise M3 area. (SMEs) ... together major companies, This is a formidable challenge other businesses and business but one that provides us with Beating around the Budget representatives with the local the opportunity to deliver real One of the UK’s leading business organisations has welcomed several councils, universities, colleges improvements for our area.” short-term measures to boost enterprise announced in the Budget ... and other public services making Formal appointments to the decisions that affect the area’s Enterprise M3 board will be economy. Specifically, the LEP made following a conference this will cover the areas of Basingstoke month to identify key priorities Adaptimmune launches and Deane, East Hants, Hart, New to meet the needs of businesses, Forest, Rushmoor Test Valley and from large multinational Winchester in Hampshire and US company companies to sole traders and Guildford, Surrey Heath, Waverley start-ups, in an environmentally Adaptimmune, based on Milton the use of unique T cell receptor and Woking in Surrey, sustainable way. Priorities are Park, Oxfordshire, has launched technology in adoptive T cell therapy. a new US subsidiary company, French oversaw the growth of likely to include transport, skills, Adaptimmune LLC. It will support Adaptimmune has been working Scott Wilson, which has recently broadband and investment. the expansion of the company’s closely with the translational been acquired by URS, both in the Businesses that require further clinical activities in the US, where research group from the University UK and in the major international information about the LEP, or it is already running a pilot trial in of Pennsylvania in Philadelphia, with business centres around the that want to get more involved, HIV and was last month preparing which it already has the pilot trial in world, ensuring the group’s see details below. to open three additional trials in HIV. The new office will be located continued position in the top ten different cancer indications. at the University Science Center in UK engineering consultancies. Philadelphia. He is president elect of the Details: Established in 2008, Adaptimmune International Federation of Natalie Wigman, business is focused on the use of T cell Dr Gwen Binder-Scholl has been Consulting Engineers, past relationships manager at therapy to treat HIV and cancer. appointed as vice president of chairman of the Association for Basingstoke and Deane Borough It aims to utilise the body’s own operations at the new company, and Consultancy and Engineering Council machinery – the T lymphocyte cell joins with extensive experience in T in the UK and vice president of 01256-845692 – to target and destroy cancerous cell and gene therapy translational The Institution of Civil Engineers. [email protected] or infected cells. The company research, development, manufacture With over 40 years’ experience www.basingstoke.gov.uk/go/LEP holds an exclusive licence to and regulatory affairs.

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THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 6 news RSM Tenon hits the fashion scene

SOLICITORS IN Three Thames Valley recovery However Fenchurch has recently directors at professional suffered from delays in production READING AND services firm RSM Tenon targets from producers in China, have been appointed as which has in turn delayed deliveries WOKINGHAM administrators for fashion to retailers. This, together with label Fenchurch International. increased investment in back office Gareth Roberts and Paul infrastructure and increased sales Ellison at RSM Tenon’s Reading volumes, has put a strain on the For expert legal advice in all areas office and Tim Dolder at the company’s cashflow. It is now in of company and commercial law company’s London and Milton need of further working capital Keynes offices were appointed and with no immediately available as joint administrators on source of funding, the directors February 28. sought the advice of RSM Tenon. • mergers and acquisitions Fenchurch, incorporated in John Cockburn, managing director 2005, has established itself as • sale and purchase of businesses of Fenchurch, said: “Sales have one of the key ‘street fashion’ shown continued growth over • private equity and finance labels in the UK and Europe, the last five year period with • corporate structure and manufacturing T-shirts, sweat expected sales revenues of £11.4 partnerships ranges, denim, outerwear, million for the financial year to knitwear, trousers, underwear April 2011. However, profitability • shareholder agreements and accessories. The company remains suppressed as the impact • commercial contracts trades out of leasehold head of increased cotton prices, more • corporate recovery and insolvency office premises in west London aggressive pricing from China with approximately 40 staff and labour shortages in textiles in • employment and the brand retails through general, has applied pressure to • intellectual property and IT more than 900 independent gross margin opportunities in spite • tax retailers throughout the UK, of higher minimum orders.” Spain, France and Germany. • commercial property Fenchurch has relationships RSM Tenon’s Gareth Roberts • commercial litigation with key retailers such as said: “We are anticipating a high • sports law Republic, Bank and House of level of interest from prospective Fraser in the UK, El Corte Ingles purchasers of the business and in Spain, Le Printemps in assets as it is such a well known France, Urban in Scandinavia brand in the sector. The business and Goergens in Germany. has seen positive growth in recent years with a strong presence in Its relationship with El Corte both the UK and western Europe in Spain continues to grow, but is in need of additional working with Fenchurch stock currently capital. We are confident of being sold in eight stores, achieving a sale of the business including its flagship store and assets in the near future so in Madrid. The company has protecting the brand and its staff.” recently opened four stores in the UK, in Covent Garden, Details: Cardiff, Bristol and Glasgow, David Taylor together with an online 0118-9530355 shopping facility. [email protected]

Westcoast: WORKIИGTOGETHER ahead of the pack contact the business law experts Westcoast came out on top of our Southern Tech 100 listing, published Wokingham Office 0118 978 0099 in our February issue. Reading Office 0118 957 3425 We listed Westcoast, the IT products supplier, as having sales of £565 million and 411 employees. But, in fact, Westcoast is part of parent www.cliftoningram.co.uk company Kelido which lists a turnover of £774.5m and 747 employees. The revised sales figure puts Westcoast even further ahead of the pack.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 news 7

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www.wilkinskennedy.com DediPower supports Export Award DediPower, the managed hosting and ‘cloud’ a closing date for submissions of September 30. THAMES VALLEY specialist, has become a sponsor of the Thames The gala awards night is at the Royal Berkshire Valley Export Award, part of the 2011 Thames Conference Centre on November 17. BUSINESS MAGAZINE Valley Business Magazine Awards. The awards categories announced so far are: AWARDS 2011 Awards chairman David Murray said: “DediPower Thames Valley Export Award, sponsored by is the ideal sponsor for the Export Award DediPower because this highly successful Reading company For full details of the Thames Valley Business is now accelerating an overseas drive itself with Thames Valley Business of the Year, sponsored Magazine Awards 2011 see our next issue (May) operations in both Hong Kong and New York by Pitmans and the website, details below. – they are taking the DediPower brand out to Dynamic Business Award, sponsored by these overseas territories.” Details: Deloitte www.businessawards.co.uk DediPower, which is featured on page 15, is one Management Team of the Year, sponsored by of the UK’s fastest growing private technology www.dedipower.com The Royal Bank of Scotland companies. Its sales growth last year was 58% and it featured at number 41 in the Sunday SME of the Year, sponsored by James Cowper Times Microsoft Tech Track 100. Best Company to Work For, sponsored by Vail Entries open on May 1 for this year’s TVBMA, with Williams.

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THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 8 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 Manufacturing success leads to £1.5 million expansion programme A £1.5m investment in the “This is a very exciting time for us,” latest high-tech manufacturing he said. “While investing in the equipment and new production latest high-tech manufacturing facilities has been unveiled by equipment, we are also keen Oxfordshire-based LTi Metaltech. to transfer our skills into new applications in the cryogenics field The company, which specialises and other areas, such as the nuclear in the precision fabrication and and renewables sectors.” welding of high-performance vessels and structures, plans to Dr Dare-Edwards praised the create some 30 new permanent company for its investment and jobs posts to cope with increased programme and said LTi Metaltech demand and has dramatically was part of the truly “world-leading” increased factory floor space at specialism that is Oxfordshire’s its premises in Milton Park, near cryogenics cluster. He was, he Abingdon. said, delighted to hear that the At a launch event on last month, company is now looking to apply its VIP guests Dr Martin Dare-Edwards, technological expertise into other Dr Martin Dare-Edwards officially opens LTi Metaltech’s new facility, chairman of the Oxfordshire Local areas of industry. watched by the company’s Phil Lacey Enterprise Partnership (LEP) and Wantage and Didcot MP Ed Vaizey, Cllr David Robertson, deputy leader a real entrepreneurial spirit and The new equipment, which who was given a preview tour of the of Oxfordshire County Council, determination to succeed in some includes a state-of-the-art new facilities prior to the opening unveiled a commemorative plaque of the newest and most innovative day, commented afterwards: “LTi water jet cutting machine and and declared the new facilities open sectors of industry.” Metaltech has demonstrated that dedicated tube manufacturing for business. with the combination of cutting The expansion comes as the facility, will enable production Phil Lacey, LTi Metaltech’s operations edge technology, a highly- company starts work on a significant to increase from current output director, told the audience of more skilled workforce and significant order from healthcare technology of around 3,000 pressure vessels than 70 key customers and suppliers investment, it is leading the way and giant Siemens MR Magnet per year to 4,000, while total that it was a “real privilege” to fly winning orders in a very specialist Technology to produce cryogenic floorspace has increased by the flag for British manufacturing field. Even better, it is building on pressure vessels for its next around 25% to accommodate and signalled further investment to that technology to identify potential generation of Magnetic Resonance the new equipment and provide come over the next 12 months. new sources of revenue, epitomising Imaging (MRI) scanners. additional storage areas. Witney company proves it can have its cake and eat it Witney bakery business The Fabulous Bakin’ and organising committee member for the embodies a spirit of innovation in today’s Boys was named as winner of the prestigious awards, said: “The Fabulous Bakin’ Boys was a evolving consumer markets, an impressive Business of the Year Award, as well as the clear winner for both of these awards. When commitment to, and investment in, new Owen Mumford Innovation Award, at the West making our decision on the winner of the processes and product development, and Oxfordshire Business Awards on March 11. Business of the Year Award, the judges were engagement of its staff to build the business unanimous in their view that The Fabulous as a team.” Founded in 1997 the company makes cakes, Bakin’ Boys represents everything that is muffins and flapjacks at its nut-free bakery good about business in west Oxfordshire. It Gary Frank, managing director of The in Witney and employs over 200 staff. It saw has an incredibly strong brand that exudes Fabulous Bakin’ Boys, said: “We were delighted sales of around £20 million at the end of quality, innovation and above all fun. to win the Innovation Award, and to be 2009 and this year is investing heavily in new named Business of the Year surpassed all our equipment to improve its existing bakery as “From an innovation point of view, The expectations. As a business, we have strong well as creating new products. Fabulous Bakin’ Boys entered the awards roots in Oxfordshire and are committed to on the basis of one new product range, continuing to grow our business in the area.” William Barton, business development but the judges felt that innovation in the officer for West Oxfordshire District Council business reached beyond this. The company Details: www.bakinboys.co.uk

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 news 9

Thames Valley Peoplei in focus Shareleague EMPLOYMENT LAW UPDATES Presented by in association with BusinessTHE The rise of social MAGAZINE media A recent judgment of a Viennese with its scope for both business Segro, the former Slough Estates projects,” said chief executive Ian court published on YouTube opportunities and exploitation. group, topped the most recent Coull. propels the use of social media With the rise in social media it is table of large Thames Valley to new heights. Facebooking, surprising that a study earlier this Kofax, the intelligent document companies regarding share price tweeting and blogging are no year showed 79% of employers and data capture solutions movements. longer just the tools for the young still did not have a social media software specialist which has its adolescent needing to stay ‘cool’ policy. The group has announced that UK headquarters at Basingstoke, or the techie nerd exploring the profits last year totalled nearly topped the medium-sized wonders of technology. These days To protect the business and its £200 million after a strong company league table. It was if you aren’t working in ‘real time’ ... employees, we recommend lettings performance that recently named in KMWorld´s you’re out of time! that you create a social media brought in £37.7m, up from ‘100 companies that matter in policy which clearly sets out the previous year´s £31m. It Knowledge Management’ listing. The rise of social media has been the dos and don’ts of accessing phenomenal and it is no longer, admitted the level of takebacks social media at work or on work The outstanding star of the as the name would suggest, just continues to reflect challenging equipment outside of work month, however, was Uniq, a way of being social. More and occupier markets, but said there hours, including restrictions on the Gerrards Cross-based more businesses are realising the were currently eight projects the publication of confidential chilled convenience food huge potential it has for keeping in under construction and a further information and your rights to group. The company has now touch with and reaching existing four signed, representing some monitor and discipline online had its resolutions regarding and potential customers. Its effects £9m of annualised rental income. behaviour affecting the business. reconstruction of the group and uses seem endless ... so how “Enquiry levels remain robust cleared by the pensions regulator should employers deal with and Employees who regularly and we have a very healthy and passed by the majority of its use social media? Whether you use social media as a tool for business should be aware of pipeline of attractive pre-let shareholders. ban it or embrace it, it’s time to do something about it. and trained on the business’s guidelines on its use, and the Should I, shouldn’t I? use of appropriate business Large (over £1 billion) language which reflects the The use of social media can present Closing price Closing price Change in etiquette of that media, such both opportunities and risks for 31/01/11 28/02/11 share price as the language of Twitter. SEGRO 298.3 322 7.9% employers. Abuses of social media BG GROUP 1401 1496.5 6.8% Obviously, employees should CENTRICA 319.9 340.1 6.3% could include a loss of productivity always refrain from using ELECTROCOMP 261.2 276.4 5.8% as employees spend their SHIRE 1647 1741 5.7% offensive language. SERCO GROUP 551 544.5 -1.2% hours tapping away on various WOLSELEY 2177 2141 -1.7% ULTRA ELECTRONICS HDG 1785 1717 -3.8% websites or leakage of sensitive or Managers need to be aware of RECKITT BENCKISER GROUP 3395 3170 -6.6% INTL CONS AIRL GP (CDI) 256.4 224.5 -12.4% confidential business information how to deal with abuse of and online as employees disclose breach of any social networking Medium (£250 million to £1 billion) customers’ information on LinkedIn policy and how to act swiftly Closing price Closing price Change in 31/01/11 28/02/11 share price or air grievances on Facebook. to limit any damage that may KOFAX 340.5 490 43.9% be caused to the business by XP POWER (DI) 1385 1790 29.2% Statements made by employees GALLIFORD TRY 312.5 372 19.0% inappropriate posts, tweets, may amount to unlawful DE LA RUE 667 720 7.9% blogs etc. FIDESSA GROUP 1537 1650 7.4% discrimination, harassment or DAIRY CREST 388 362.1 -6.7% MCBRIDE 155.1 144 -7.2% bullying which the business could Our new Social Media Toolkit AVIS EUROPE 229.9 207 -10.0% be liable for. The business could INTERSERVE 271.25 239.75 -11.6% includes a social media policy MICRO FOCUS INTL 410.2 283 -31.0% fall foul of statutory rights such as guide for managers and Small (£50 million to £250 million) discrimination if it used information corporate use guide. Contact Closing price Closing price Change in it found online (such as Facebook us at [email protected] for 31/01/11 28/02/11 share price posts and photos) to recruit or OXFORD BIOMEDICA 5.8 6.63 14.3% more information and to order ACAL 292.5 328.25 12.2% dismiss employees. your copy. COSTAIN GROUP 220 244.5 11.1% ALBEMARLE & BOND HDG 280 303.38 8.4% Conversely, the benefits could MICROGEN 130.5 140.5 7.7% Details: Helen Goss GAME GROUP 67 61 -9.0% include an increase in shared [email protected] RM 168 152.75 -9.1% knowledge, effective networking, VITEC GROUP 600 545 -9.2% 0118-9527254 HMV GROUP 23.5 20.75 -11.7% raising the business profile, keeping YELL GROUP 11 7.07 -35.7% in touch with clients and attracting Follow us on Twitter: Sub £50 million new clients. Business conversations http://twitter.com/btemplaw Closing price Closing price Change in are increasingly leading to the 31/01/11 28/02/11 share price To request weekly employment law UNIQ 5.75 9.5 65.2% question, ‘“do you tweet?’”. LO-Q 125 145.5 16.4% e-updates email: ANGLE 24.5 27 10.2% [email protected] STARVEST 15 16.5 10.0% How can employers police NOBLE INVESTMENTS (UK) 149.5 161.5 8.0% the use of social media? Listen to our employment law MICHELMERSH BRICK HDG 31 25.5 -17.7% podcasts at: www.boyesturner. CLINICAL COMPUTING 2.13 1.75 -17.8% PARSEQ 7.75 6 -22.6% This 21st century communication com/services-employment. MBL GROUP 56.5 41 -27.4% WATER HALL GROUP 3.5 2.5 -28.6% platform is ever increasing, along html?pgid=349

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 10 news ‘Big Society’ action group launched at Bucks New University Bucks New University has of experience in translational research launched a new research and evidence-based practice to lead initiative aimed at providing the University’s new cross-faculty social academic support and advice on science research team. Dr Margaret Greenfields with Prof David Sines, pro a range of issues and subjects, in line vice chancellor & executive dean: society & health and with the government’s Big Society plans. A respected author in social policy, Dr Greenfields Hari Sewell, IDRICS honorary senior research fellow co-authored the leading report on Traveller The Institute of Diversity, Research, Inclusivity, Economic Inclusion which was launched at the “At IDRICS, we are proud to say that we have Communities and Society (IDRICS) will House of Commons in November, and the Equalities already embraced this model of working provide research, consultation and project and Human Rights Commission publication, and are beginning to demonstrate tangible evaluations, contribution to policy, and practice Inequalities experienced by Gypsy and Traveller results through our projects with a range of developments at both regional and national communities: A review, launched in March 2009. community and statutory organisations such as: levels. Bucks County Council; Irish Travellers Movement She said: “We are looking forward to in Britain; The Ark Trust; London Borough of IDRICS will work to support communities or continuing to build a hub of excellence to Hillingdon Strong and Active Communities groups identified through the Big Society disseminate expertise and information. We Partnership (specifically the work with schools) model and who have the potential to grow wish to provide a community resource which and the Bucks Equality Council, all of whom into a range of social enterprises. It will seek to will enable people to access innovative presented at the launch, showcasing diverse address gaps in provision through informed ideas and benefit from the experience and ways in which IDRICS has supported their work.” and innovative, bottom-up initiatives. As a resources available from the IDRICS team. department, it will bring together colleagues Details: Enquiries to “ When I was appointed to this role, the academic from across both university faculties, society & [email protected] and public sector world was at the beginning of a health, and design, media & management, and period of fundamental and rapid change as a result will act as a focal point for external contacts. of new government policies which emphasised the Dr Margaret Greenfields, reader in social policy importance of localism and community-statutory at Bucks, has been appointed as director partnership working through the Big Society of IDRICS, and brings to the role a wealth initiative.

People make your business. Have you got the right talent, Excitement brewing as Charlton with the right skills and the right motivation to succeed? Assessment for Recruitment, House wins Fullers contract Selection, Promotion The Berkshire contract caterer Steve Wishart, operations Charlton House has won a staff manager for Charlton House, Julie Banbury is a successful Talent & catering contract with London said: “Breakfast is the busiest Leadership Development Consultant time of the day. We start the and Executive Coach with a track record brewer Fuller, Smith & Turner, of developing behaviours that enhance makers of leading premium service at 5.30am to facilitate business results and breed success. Attract ale London Pride. It is the the brewery workers and She helps organisations, teams and latest deal for a company that draymen. We don’t finish individuals by engaging and motivating Talent & Leadership holds 80 high-profile contracts service until after 6pm as we them to shape themselves to deliver Development nationwide. stay open to cater for office peak performance. Whether you are a Chief Executive looking for coaching for staff. There is a real sense of yourself or your team, an HR manager The contract, which started on history on site but our food challenged with attracting, retaining and January 15, is worth £200,000 offer is contemporary, healthy developing key talent, or a Learning in annual turnover. A team Manager tasked with skills development, food at its very best.” Julie can help you with your people of five Charlton House staff challenges. Grow cater for 337 people on site, Commenting on Charlton providing breakfast, lunch and House’s appointment, Fran With over 20 years of experience working Howell, group purchasing with blue-chip clients and able to call on Performance Management, hospitality services. her established and trusted network of Motivation & Skills manager for Fuller’s, said: “It equally experienced practitioners, Julie Fuller’s has occupied the takes a team effort to provide can help with assignments of all sizes site at Griffin Brewery in and complexities. the level of service and quality Chiswick since 1845, but of product we demand, and Charlton House is bringing there is no doubt that we owe Call now to discuss your people the staff restaurant, The our success to our incredible challenges and turn them into Stables – which is housed in solutions. Perform teams of people throughout the brewery’s original stables the business. We understand blocks – right up to date with the importance of looking after Banbury Consulting: All Things People a refurbishment, and the all our employees, which is restaurant will soon feature why we wanted a caterer with 07590 482342 [email protected] a theatre bar to enhance the same pride and passion for www.banburyconsulting.co.uk customer/chef interaction. quality standards.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 news 11 Do you like a challenge?

Meetings  Corporate Hospitality  Team Building

Royal Windsor Racecourse, Maidenhead Road, Windsor, Berkshire, SL4 5JJ e. [email protected] t. 01753 498 585 f. 01753 621 662 w. www.windsor-racecourse.co.uk/8 PhyllisRWRC_bannerads.indd 3 Court Club – perfect 28/11/2010 23:04 for business or pleasure One of the best kept secrets of Henley-on-Thames is the luxury private members’ Phyllis Court Club. Elegantly refurbished and set in beautiful COMPETITION Thames Valley countryside it occupies an unrivalled position (pictured below) on the banks of the Thames overlooking the finishing line of the Win a day at Henley Royal Regatta at Henley Royal Regatta course, writes Shirley Cunningham of Phyllis Court Phyllis Court Experience the quintessential English occasion of Henley Royal Regatta at Phyllis Court Club with a welcome glass of champagne, 3 course lunch and fine wines. Watch the world’s top oarsmen compete in this international event from the premier location on the course. Competition questions: • What is the maximum number of guests that can be accommodated in the Ballroom for dinner? • What are the names of the two corporate hospitality packages offered at Phyllis Court for Henley Royal Regatta? • What is the number of free car parking spaces at Phyllis Court? Send your answers to: [email protected] For Henley Royal Regatta, Phyllis Court offers Staying at Phyllis Court you can enjoy the 17 Closing date: Friday April 29, 2011. premier hospitality in its private boxes on the luxury en-suite bedrooms which have views of river’s edge. These are available in the Grandstand the Thames or gardens. Each is individually styled The winner will be notified by email. Pavilion, a Grade II listed building, located on the and equipped with flat screen TV and free wi-fi. The judge’s decision is final and no finishing line of the Regatta course itself. correspodence will be entered into. Phyllis Court is within easy reach of the Situated on Cromwell’s Wall, built on the Thames motorways M40, M4 & M25 and ideally at Henley in 1643, at Phyllis Court you could arrive positioned for any type of country pursuit, Whatever your needs Phyllis Court is the perfect or depart by boat or have an especially arranged riverside walks, and shopping in Henley, Marlow venue. river trip as part of a unique day and occasion. and Royal Windsor. Details: Shirley Cunningham Phyllis Court takes pride in good service, whether There is free parking for up to 250 cars and, for 01491-570500 a business meeting for 10 or a grand banquet something very special, Phyllis Court has its own [email protected] for 250, the team are committed to combining helicopter pad for you to arrive or depart by air. www.phylliscourt.co.uk their experience and flair with your particular requirements. For your event Phyllis Court offers a choice of elegant and individually styled function rooms ranging from the Grandstand Pavilion on the water’s edge (with panoramic views along the river) to the beautiful function rooms in the main house, all of which have natural daylight and wireless internet access. Guests will enjoy excellent cuisine prepared by the young head chef, Greg Lewis, who has experience in Michelin-starred establishments.

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 12 news

J.A.F.A.R Discount available throughout January, April, February and August J.A.F.A.R the new word for Cheaper Meetings! CALL US TODAY 0118 968 1333 Just Quote J.A.F.A.R Manufacturing exhibition breaks records This year’s Southern Manufacturing are proceeding at “an astonishing & Electronics exhibition smashed rate” according to the organisers, previous attendance figures by an with 50% of stands already booked. incredible 30%. Valentine said: “We’d like to take this opportunity to thank everyone Nearly 6,500 people attended the who visited or participated in the show on February 16 and 17 at show for helping create such a FIVE, Farnborough, organised by memorable and worthwhile event. Staines-based European Trade & We look forward to welcoming Exhibition Services (ETES). Visitors everyone to Farnborough again in were drawn by the largest number 2012.” of exhibitors ever hosted at an ETES event, with well over 600 companies You can catch up with news from participating. the companies who exhibited a very good turnout. But I think that the majority now regard by visiting the show’s blog site at ETES managing director Phil it’s fair to say that the response the event as the UK’s premier http://blog.industrysouth.co.uk/ Valentine commented: “In view of this year has exceeded even our manufacturing show.” the growth of the show this year expectations. Visitor numbers are or by joining the official Southern and the marked increase in visitor up significantly and the feedback Re-bookings for Southern Manufacturing & Electronics Show pre-registrations, we were expecting we’ve received seems to confirm Manufacturing & Electronics 2012 group on LinkedIn. Milton Park: an award-winning location for bioscience Milton Park, one of Europe’s largest business for its outstanding £5 million financing Millipore Biopharma Services, based at 91 and science estates, has won three awards for round announced in June 2010 – one of the Milton Park, won the award for Best Biotech bioscience, confirming the Oxfordshire site as largest investment rounds among industrial Dealmaker for the sale of BioAnaLab to a winning location for bioscience companies. biotechnology companies in Europe – to Millipore in 2009 for an undisclosed amount, commercialise its BioButanol biofuel and the operation’s subsequent significant The Oxfordshire Bioscience Network (OBN), technology. expansion. a business network which provides support for biotech and medtech companies in the Oxford Immunotec, won Best MedTech Oxford and south east England bioclusters, Fundraiser for its $26m series D financing, awarded OBN Annual Bioscience Awards drawing in international funds to further to Milton Park occupiers Green Biologics, develop the sales and marketing of its Millipore Biopharma Services and Oxford innovative TB product, announced in April Immunotec. 2010. The awards, celebrated at the Museum of James Dipple, managing director for MEPC the History of Science and Exeter College in Milton Park, said: “Milton Park is home to over Oxford, sought to highlight the achievements 200 occupiers with a wealth of knowledge of the UK’s bioscience sector in raising funds, and experience expanding across business, industrial and science sectors. We would like making deals and supporting innovation. From left: Millipore’s chief scientist Geoff Hale, to congratulate all of the winners on their Green Biologics, located at unit 45A Milton Green Biologics’ CEO Sean Sutcliffe and achievements, which help us to reaffirm our Park, won the Best Biotech Fundraiser award James Dipple position as an award winning place to work.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 business focus 13

framework approach for both the Transformation is critical in private and public sectors. Clack explained: “Using our transform approach we can post-recession marketplace identify where savings can be made and where opportunities for At a time when the global economy is being buffeted by unrest and uncertainty, change and growth exist. To date, the results achieved have been there’s little doubt that businesses need to change to survive quite startling.”

In its 14th Annual CEO survey, PwC transformation. Whether public internal team in driving through Already the framework has been found that the recession and worries or private sector, they are realising change and enabling them to get used in more than 50 organisations about the economy in 2011 gave that they aren’t as efficient as they on with the day job.” and Clack says it is so successful that UK CEOs the single greatest cause thought they were. the estimated return on investment for concern, taking the top spot for companies who implement the “It’s about working smarter, from previous years when the focus changes is around ten to one. This working differently and developing was on exchange rate volatility and is due in no small part to the way strategies to drive efficiency - unstable capital markets. PwC introduces the programme, through standardisation and ensuring that the top management On a positive note, the survey simplification.” team takes ownership of the revealed that although their The PwC team has identified seven changes, avoiding the danger that mood was one of caution, this was key triggers for future growth: all the good work may be lost as balanced with a strong sense of soon as the consultant leaves. long-term ambition and optimism, • Enterprise performance and a recognition that they need management – helping Almond added: “The real benefit to focus on higher growth markets organisations from strategy to for clients is repeatability, enabling worldwide. To do so however sustainable performance. the company to continue the good requires a number of changes, such work the consultancy has started as the ability to tackle challenges to • Business service transformation and ensure real value for money. growth, working more effectively – delivering a more effective back This framework is about simplifying, office service. standardising and sharing in order with government, reshaping and Senior consultant Peter Almond to deliver future growth and a better refocusing their global operations, • Workforce effectiveness – (above), who is based at PwC’s service. The way we do things is harnessing the best talent and aligning a company’s current and Reading office, takes the lead proven to deliver results.” realising the full potential of future strategy with the size and in supporting Thames Valley innovation. shape of the workforce. businesses and says local clients As well as working with blue- range from major utilities to IT, chip and large public sector And it is here that PwC, with its • Sales and channels – multi-national manufacturers and global strengths and diverse understanding the demands of organisations, PwC also provides business service organisations. experience, can help to achieve real customers and looking at how support to smaller companies in the mid-range turnover arena and, says value and return on investment. customer satisfaction can be There has been a determined Clack, many are often proud to say improved. drive to create greater awareness they are working with PwC. of the firm’s consultancy presence • Solvency – developing a strong in the Thames Valley and this has In addition, the firm’s global reach front line defence and risk succeeded thanks to a series of and cohesive way of working management procedures in the local events and seminars for the worldwide means international post credit crunch environment. business community, together with companies with offices in different • Operating model transformation the undoubted strength of the locations can work with respective – looking at an innovative, more team. PwC experts locally, who can effective and simpler future. then share their findings and help “Personal relationships are very introduce changes across other • Delivering deal value – making important to us – when you offices via their colleagues in each sure maximum value is achieved are buying a service locally you area. at all levels from acquisitions or want to deal with someone who integrations. understands the issues in the region Details: and that’s why having offices in the “We find that these are the key Amanda Clack Thames Valley is so important,” said trigger points in a business cycle 07976-403438 Almond. when an organisation is looking for Amanda Clack (above), PwC [email protected] growth,” said Clack. “For example, in “Our added advantage is that, partner and leader of the firm’s Peter Almond an acquisition immediate benefits depending on the nature of the south east consulting practice, says 07793-758029 are gained through standardising client’s business and requirements, business transformation is critical if [email protected] and simplifying processes across the we can call on additional resources companies want to succeed. www.pwc.co.uk/southeast organisations. from the wider PwC network and “Very few organisations can say that’s something that clients really “We have the specialist expertise that, in today’s post recession appreciate. They now see us as to be able to take an independent market with the effect of public so much more than auditors and viewpoint. We are often also asked spending cuts now hitting hard, tax specialists and understand to look at issues such as reviewing their operating environment hasn’t the value that the PwC brand can the finance function, seeking changed,” she said. deliver.” optimisation in IT, procurement “The way the market has emerged and supply chain, or leadership and To help companies through the has woken a lot of people up to culture change for example. We transformation process, PwC has the fact they need an agenda for are often brought in to support the developed a tried and tested

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 14 profile

The University academics reported: “We find the interesting suggestion that part of the Will the train arrive on time strength of the enterprise culture of the Reading FEA is the way in which large and small firms may complement each other; with larger firms for Berkshire’s ‘city-in-waiting’? generating higher earnings and attractive career structures alongside a vital high turnover of micro Lying resolutely landlocked, it’s fair to say that Reading will wait an awful firms. long time for its ‘boat to come in’ – but the train just might. The £860 million “It is very early days, but we have begun a six-year development of Reading Station is now well underway and with coherent and sensible approach with the Skills for its progress the prospects of Reading town centre and its surrounding Business campaign, which is beginning to bear fruit.” commercial areas are beginning to look much brighter, writes John Burbedge The housing concern may be a harder nut to crack with national housing market forces in play and Network Rail estimates passenger numbers at in the sectors of information technology and Reading’s attractive economic and employment Reading will double by 2030. But, its resignaling of professional services.” record working against it on the supply and 100 miles of railway around the town and the 1,000 But the report warned of challenges ahead: “A demand seesaw. Recent apartment project tonne replacement of the too-narrow Caversham failure to plan strategically for the development completions and urban regeneration such as Road railbridge has opened the way for extra tracks of Reading’s FEA is likely to have far reaching Station Hill, which includes a significant residential and five new station platforms. damaging economic effects beyond the local area.” element, may help alleviate some future demand. This railway regeneration will unlock a national rail bottleneck and complete Reading’s transformation into a 21st century transport hub. Meanwhile, the mixed-use Station Hill development opposite the main station also has a green light from Reading Borough Council and may well complement and coincide with the rail redevelopment timescale. South of the town there is further good news for Reading. Reconfiguration of the troublesome M4 Junction 11 has been successfully completed and improved traffic flow seems to have been achieved. One man smiling more than most is Tim Smith MBE, executive director of Reading UK CIC, the organisation promoting the town’s “continuing renaissance”, as he calls it. “What other town in Britain has had nearly a billion spent on improving its infrastructure and transportation links?” he asks proudly. What town indeed, for the truth lies in Smith’s words. Reading is no longer a town but a city-in-waiting, and vitally important to the economic recovery of the UK. Reading’s Forbury Gardens In January, the Centre for Cities annual index Cities The report also highlighted three key concerns: This month’s royal wedding for Berkshire’s Outlook 2011 identified Reading as one of the Kate Middleton, combined with the Olympic • Transportation: peak road congestion coupled five best placed UK ‘cities’ for a private sector-led Games and Coronation Diamond Jubilee next with weaknesses in local public transport recessionary recovery. “This report says that the year should sustain the bonus of international services outside of Reading UK economy is likely to grow, driven by cities like awareness for the Reading area, particularly Reading,” said Smith. • Skills: an indigenous underclass poorly if the Queen awards city status to the town. achieving in education and skills And, Reading-based business involvement Not that he didn’t know that already. Back in 2009 in the new Thames Valley Berkshire Local when Reading UK CIC sought to learn more about • Housing: an attractive lifestyle environment but Enterprise Partnership (which Reading UK CIC is the town’s economic make-up it needed to look an area with high housing costs. supporting) also augurs well. no further than its local university for world-class Reading UK CIC took note and lobbied hard with assessment skills. Not that all Reading’s issues are resolved. While its partners for transport infrastructure to be a Network Rail may have skillfully replaced one Reading UK CIC commissioned research priority. Now that the train is on track and traffic bridge over troubled transportation waters, it’s undertaken by six eminent Reading University more free-flowing, Reading UK CIC’s focus is on worth noting that the long-awaited long-debated academics. Their Local Economic Assessment upskilling. It has appointed Helen Brind to lead third Thames bridge seems no closer to being built. report, published in full last September, confirmed its Skills for Business campaign and already Reading’s functional economic area (FEA) as one challenged local businesses with creating “100 “No town the size of Reading is going to be of the most economically buoyant sub-regions apprenticeships in 100 days”. perfect, particularly one which is developing as of England for more than 50 years: “... access dynamically and rapidly as this one,” explains Smith “Our task is not only about high-tech skills. It is advantages in terms of its motorways, proximity pragmatically. “But, we are on the right track now ... “ about how we establish an escalation approach to Heathrow, and rail in all directions, will not to upskilling and persuade Reading workers to Details: Tim Smith – 0118-9001625 erode relative to other locations within Britain.” get involved in vocational training. And it’s also [email protected] (Details: www.livingreading.co.uk/local-economic- about persuading businesses, in these testing www.livingreading.co.uk assessment.html). times, that such training is critical to their future “The strengths of Reading’s FEA have been in its success,” says Smith. “It is a deep-rooted problem positive agglomeration attractions, particularly for which a multi-agency approach is needed.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 profile 15 DediPower: masters of 21st century technology The great paradox of our modern business environment is that global Internet communication and the world wide web is literally ‘virtually used by virtually everyone’, yet very few people understand how it actually works, writes John Burbedge

When the internal combustion engine – a configuration of advanced computing and revolutionised the horse-drawn world at least communications platforms. This ‘cloud’, like the the bewildered could be shown the workings national electricity grid, allows users to draw under the car bonnet. But, the virtual world down the ‘power’, the web-based services and IT Chris Miller outside one of DediPower’s operational centres ‘ether’ of computer protocols, TCP/IP, servers, business applications that they need to run their routers, modems, ISPs, LANs and satellites in businesses. space, is far less tangible and beyond many non- DediPower’s skilled team of solutions architects technical minds. their IT systems and infrastructure inhouse, often link up customers to ‘public clouds’ but increasingly businesses recognise that Though the Internet has revolutionised the filled with commonly used applications and their IT requirement is taking up excessive businessworld, for many it is merely technology IT services, but they also create ‘private clouds’ management time and corporate resources, ‘magic’. tailored to individual client requirements. Clouds says Miller. can be scaled up or down as required and costs More perturbing is that we all rely on this are matched to usage. “They realise that managed IT hosting and virtual world ‘magic’ so much. Which is why cloud computing can let them get back to their it is comforting to know that companies like DediPower manages these ‘clouds’ so customers true business and what they do best.” Reading-based DediPower exist, full of experts in no longer need inhouse IT expertise, equipment With the age of austerity upon us, such this now essential 21st century technology. or involvement with the cloud technology infrastructure that supports them. companies are also looking at value for DediPower is a leading international provider money. “Since our customers are effectively of managed IT hosting and ‘cloud’ infrastructure Such clouds have silver linings for customers, outsourcing their IT through a monthly solutions – and one reason why an increasing because with services and applications being rental fee, the managed hosting business number of senior managers sleep soundly at globally on-demand 24/7 they are operationally model works quite well for most businesses, night. more cost-effective, and don’t require capital large or small, even in a difficult economic outlay, updating or maintenance. And any environment.” It’s an increasing number because DediPower operational risks fall on DediPower’s broad is one of the UK’s fastest growing private shoulders (broad industry-proven failsafe But, even though the bottom-line figures look technology companies, ranked No. 41 in systems, that is!) good, how do you get traditional business to the 2010 Sunday Times Tech Track 100, and take that cultural leap of faith if you can’t lift the still growing. FY 2010/2011 will be another Last month DediPower set a new sector car bonnet and show them the engine? successful year “which we hope will see us more benchmark with the launch of its iPhone and “Well, we can give them a guided tour of our highly ranked in the Tech Track”, says Dedipower Android mobile apps to provide access, flexibility Reading facilities, but frankly I just say: ‘speak CEO Chris Miller, appointed last November and greater convenience to cloud and managed to our customers’. We believe our USP is having formerly been UK and Ireland country hosting customers. ‘support with passion’, and we are happy for manager for CA. “Almost 80% of new business inquiries from customer testimonials to speak for us. DediPower’s ambition to expand internationally clients or potential customers are now about “At all times, DediPower tries to align itself to be is evidenced by the company’s co-founder Craig managed cloud-based hosting services,” says a natural extension to our customers’ business Martin becoming MD of DediPower Asia. The Miller, although he admits that cloud computing has “not yet fully come of age”. operations. When our customers call in with a company has been setting up hosting centres in technology related issue they deal directly on both Hong Kong and New York to support both But, the appeal of clouds is growing, says Miller, first name terms with people they know will existing and new clients. and one reason is that the virtualisation of understand their business and its objectives.” storage or IT services provides an effectively Established in 1998, DediPower currently has DediPower may provide infrastructure as a 50 staff and more than 800 customers – Sony, unlimited capacity and operating power to an application. service (IaaS) and work closely with application Virgin.com, lovemoney.com, NHS are among providers offering software as a service (SaaS), them – and hosts thousands of servers for “We are also seeing a phenomenal increase in but it also plainly aims to give customers VaaS websites, including high-demand sites such as private cloud work,” Miller adds. too – value as a service. The Brit Awards and Robbie Williams. Operating globally, DediPower also provides tailored Improved security and risk management may managed hosting solutions, dedicated data be one objective of private cloud customers, although DediPower’s stringent internal and Details: storage support, and total security for business 0808-156-0090 critical infrastructure of companies. external measures for all its operations – including 24/7 network monitoring, CCTV and [email protected] This Easter, DediPower’s significant investment emergency support, generator backed-up www.dedipower.com in a new purpose-designed Tier 3 data centre in power feeds, and the ISO 27001 specification for Reading will come online, giving the company information security management – should allay significant extra storage capacity. those fears. Increasingly, DediPower-hosted IT support is Some companies and business sectors (notably being undertaken through ‘cloud computing’ professional services) still prefer to keep

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 16 iod awards And the winners are . . . The cream of the region’s business leaders have been recognised for their hard work and leadership with one of the Institute of Directors’ London and the South East Director of the Year Awards sponsored by PwC Details: www.iod.com

Hosted by Channel 5 newsreader Emma south east, said: “These annual awards Crosby and featuring keynote speaker recognise the hard work, inspiration and Andrew Neil, the glittering gala dinner management skills of business leaders in took place in the Grand Ballroom at the a wide variety of sectors. Landmark Hotel in Marylebone on March 22. “The standard this year was incredibly high and presented the judges with some The winners were judged the best of tough decisions but we are confident the their peers from among the 362 directors’ winners represent the best London and initially nominated and the shortlist the south east has to offer. of 100 drawn up for the final selection “They highlight the quality of business process. leadership in the region which is helping Rodger Broad, director for the IoD in the Keynote speaker Andrew Neil to drive the economy towards recovery.”

The winners

Director of the Year, over £100m: Director of the Year, £25m-£99.99m: Director of the Year, £5m-£24.99m:

Terry Sweeney, CEO, RM Education Christopher Crombie, CEO, Hobbycraft Nicky Pearson, managing director, The Beauty Works

Terry Sweeney was appointed chief HobbyCraft is the UK’s only dedicated chain The Beauty Works designs and commissions executive of RM Education in 2008 and of arts and crafts superstores, stocking more the manufacture of consumer health, fitness has overseen a period of significant than 35,000 products for 250 creative activities. and electrical beauty products. These are growth. Before his appointment as chief Crombie was a founder member of the supplied to major UK multiples supermarket executive, Sweeney was responsible management team that established the first and retail as well as catalogue, internet and for the Group’s hardware activities HobbyCraft store in Bournemouth in 1995. exported worldwide. and, from 2006, was managing director Today the company operates from 51 stores Nicky Pearson, founding owner, began her of the Group’s rapidly expanding nationwide, employing almost 2,000 staff. career as a beauty therapist and has 20 years’ Education Resources business. He has As buying director, Crombie pioneered experience of the health and beauty market. been instrumental in driving innovative world-wide sourcing and own-brand product She explains: “In the early 1990s I recognised product strategy and identifying new strategies, prior to taking over day-to-day the business opportunities offered by giving markets for the Group. control of the business in 2004. As chief consumers access to salon treatments Prior to joining RM, Sweeney was executive he guided the expansion of the economically in their own homes by global procurement manager at British business, establishing HobbyCraft as a well- supplying suitably adapted and well designed Aerospace. He has a degree in Electrical known retail brand. In April 2010 he led a equipment. and Electronic Engineering, an MBA successful management buyout of the business. “With my beauty therapist background, from Oxford Brookes University, and has A graduate, Crombie has spent his entire career understanding of consumers’ needs and my attended the Harvard Business School in retailing. A fellow of the Institute of Directors, design input I have absolute confidence in Advanced Management Programme. he is currently completing his IoD Chartered every product The Beauty Works introduces to Director qualification. the market.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 iod awards 17

Director of the Year, up to £4.99m: International Director, up to £24.99m: New Business Director: Sponsored by HSBC Bob Urie, chairman, Mediplus Kevin Kneebone, managing director, Stephen Boobyer, managing director, BACTEC International World of Books

Mediplus is a family-owned business BACTEC is an international explosive ordnance World of Books is an internet seller of used established in 1986 to develop innovative, disposal and landmine clearance company, books to 60 countries. In two years Boobyer medical devices with a company philosophy established in 1991. Kneebone joined the has helped to develop World of Books into of quality products, backed by high levels company in 2003 and has been instrumental the biggest seller of used and rare books in of service. It sells direct in the UK and via in the technological and commercial the UK. 40 distributors world-wide. Investment development of the business worldwide, with World of Books provides a book collection in education for staff, customers and export sales increasing by more than 250% and recycling service for charities aiming to international distributors is a key element in since 2003. generate maximum additional revenue for its growth strategy. BACTEC has operated in more than 48 the charity retail sector whilst minimising The company has a rich development countries, with offices in Australia, Laos, environmental impact by recycling waste pipeline of new, novel medical devices to Cambodia, Philippines, Iraq, Mozambique, books instead of them going to landfill. keep it on the leading edge of technology Libya and group headquarters in Kent. With a retailing background, before joining and clinical practice. BACTEC places great emphasis in its corporate World of Books Boobyer spent many years in social responsibility, safety and staff. Founder Bob Urie is an industrial chemistry the charity retail sector where he developed graduate of Loughborough University, With a background in engineering and and rolled out new trading formats. a chartered chemist and fellow of the international business development, Chartered Institute of Marketing. Kneebone is a key member of the BACTEC senior management team.

International Director, over £25m: Roger Clark, chairman, Beck Interiors Sponsored by HSBC In 2004 Clark was instrumental in the an anticipated £7m (700% growth) despite acquisition of Beck Interiors, a diverse the challenging economic conditions. specialist fit-out contracting business Today the business boasts an extensive operating throughout the UK and worldwide. repeat blue-chip client base and the Beck Under Clark’s leadership, the following six Brand name is synonymous with quality and years has seen uninterrupted profitability and reliable delivery of projects on time. organic growth with Beck developing into market leaders. As part of Clark’s vision for the company’s future he has inspired the management team Through Clark’s entrepreneurial spirit and to participate in various share ownership commitment to the company, turnover has strategies with bespoke structured schemes increased from £21.7m in 2004 to around providing the opportunity to acquire the £75m in 2010 (350% growth). Over the same business whilst maintaining healthy equity period net profit has increased from £1m to release for the founding shareholders.

Chairman’s Award: Lesley Cowley OBE – CEO, Nominet

Cowley is CEO of Nominet – the position within ICANN as vice chair of the ccNSO. organisation responsible for the smooth An IoD member, she is also a fellow of The running of the .uk internet infrastructure. British Computer Society and The Chartered Under Cowley’s leadership, the number of Management Institute. Cowley was a .uk domains passed 9 million, with more founding trustee of Nominet Trust and is a than £8m donated to Nominet Trust. trustee of the Jenner Hall charity. Respected within the international In 2011, she was awarded an OBE for internet community, Cowley holds a key services to the Internet and e-commerce.

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 18 focus on slough SEGRO excels in Slough

SEGRO continues to enjoy a robust enquiry pipeline and leasing programme at the Slough Trading Estate, Europe’s largest business park of its kind under single ownership.

Over the course of the past year, SEGRO has successfully completed 55 lettings at the Estate, including a number of pre-lets to both new and existing customers, such as 75,445 sq ft to Selig and 35,230 sq ft to Ragus, an existing customer since 1928.

The newest additions to the Trading Estate include: • Chef in a Box, a packed-lunch catering company has taken 14,700 sq ft on Henley Road

• Azur Solar Systems has moved to Buckingham Avenue, taking 12,100 sq ft CGi of SEGRO’s masterplan • Fiat Group, an existing customer has taken an additional unit at Yeovil Road of 22,800 sq ft Estate maintains and enhances its position are a reflection of our view that we have as a world-class business environment. the right properties in the right locations for our • Eminox has taken 12,000 sq ft on Bedford customers. Avenue. Paul Lewis, director for industrial in the Thames Valley at SEGRO, commented: “We “The revised masterplan application will help to In addition to the lettings success, SEGRO remain committed to working in partnership rejuvenate the wider Estate. Our vision remains is gearing up to submit a revised planning with existing and potential new customers firmly based on delivering in response to rapidly application to Slough Borough Council for to ensure we create a property solution for evolving business needs and requirements, part of its masterplan vision to ensure the their specific business needs. These lettings providing an even better foundation for the Estate.”

news extra Entrepreneurs get two minutes to win business support

Six budding entrepreneurs battled it out your children have had enough physical £1,295, which includes market research in the final of the Oxford Entrepreneurs activity on a specific day or if your conducted by online market research Tata Idea Idol competition held at Oxford grandma’s heart rate was unusually high. company Marketest. Woodward-Vukcevic’s University’s Saïd Business School last Using Internet protocols the information proposed start-up, Little Black Diamonds, month. Each finalist had just two minutes could be accessed from anywhere will develop a jewellery line designed to pitch their business idea and then providing security and peace of mind. around interstellar black diamonds. faced gruelling questions from a panel of Steven Renwick, an MBA student from The People’s Choice Award was given judges for their chance to win a share of Saïd Business School, was awarded the to Brian Krohn for Dance Party, an £10,000 to pursue their idea. Legal Incorporation package from Oxford application for smartphones that allows The competition, which is organised by solicitors Henmans LLP plus £2,000 legal multiple mobile phones to play one song Oxford Entrepreneurs, Oxford University’s advice, for Satago, a platform for crowd- synchronously, creating an instant party largest free student society, was first held sourced commercial ‘prompt-payment’ anytime and anywhere. in 2004. It aims to find the best ideas in ratings, where companies rate how early The two other shortlisted teams were Oxford and to encourage and support or late their business customers pay their the creators of Travel Health Tracker, a student entrepreneurship. bills. Other companies pay to access mobile application where users track their these reports before doing business with This year’s winners include Maxim travel, recommend country-specific travel a new customer. Satago helps companies Osipov who was awarded £10,000 for his vaccinations and monitor whether their address late bill payment, which is a proposed start-up company Flexibility. vaccinations are up to date, and OutWork massive problem for small and medium He proposes creating smart wireless which provides members-only freelance sized enterprises, disrupting cashflow project exchanges. sensors which can track the health of and putting companies at risk. The idea children or elderly parents or the safety is analogous to eBay’s buyer feedback The judges included Paloma Vivanco, of a house, and send all this information system, but concerns any business to a candidate in the BBC series The to a mobile. The platform is open and has Apprentice, Nalin Miglani, chief human business transaction. an application market, like the Android resources officer at the Tata Group, platform. Third-party applications could Susanna Woodward-Vukcevic won and Alex Macpherson, CEO of Octopus be installed to tell you, for example, if the Support Bundle award worth Ventures.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 slough trading estate WHERE BUSINESS THE ENTERPRISE QUARTER WORKS Small Business - Big Opportunity The Enterprise Quarter on Slough Trading Estate is a dedicated area for start-up and small businesses. It offers a range of benefits designed to help your small business prosper and grow.

· ‘Easy in’ and ‘easy out’ flexible terms · Monthly payments · Tenant only break after 12 months · Business support programmes to help your business thrive · A cafe and meeting place at the heart of the community

Units from 500 - 4,000 sq ft (46 - 370 sq m)

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Karen Thomas Maria Jacobs Heather Wood 20 The new shape of corporate banking

ADVERTISING PROFILE: Looking Forward to 2011/12

The start of a new financial year is naturally a good moment to pause So what will that mean for the region? “In Thames Valley and Solent region we’re not and consider the potential challenges and opportunities that may as exposed to the public sector as perhaps arise over the next twelve months. For most businesses in the UK the other parts of the country might be, though chances are that the past year will not be mourned too greatly. of course there is a significant Ministry of Defence presence in south Hampshire,” he says. While there have undoubtedly been visible growth; it’s now time for the banks and signs of recovery - export figures have businesses to take that and run with it.” “On the whole we are fortunate that the cheered most observers, while business George Osborne also included measures to region has managed, in the past 10 to 15 confidence surveys continue to show simplify the tax regime and reduce the years, to encourage the growth of a range of growing optimism – challenges remain for regulatory burden for businesses, which it is other key sectors. The manufacturing sector businesses in the Thames Valley and hoped will go some way to increasing is certainly a source of encouragement, Solent region. confidence and clarity for smaller businesses. which has been largely led by exports where the weakness of the pound has helped. Mike Reeves is Regional Director for But while business investment may well pick Alongside that there’s been growth in Santander Corporate Banking in the region. up in the next twelve months, Reeves says technology and health sector related As such, he is in an ideal position to gauge SMEs still need to make sure they keep a businesses linked to the region’s very the health of the region and its future watchful eye on the key indicators. successful universities. Reading, certainly, has prospects. In Reeves’ view, there are a come through the slowdown better than number of factors that will test the mettle “There are a few things firms must be aware other places” and resilience of the region’s businesses in of: whichever measure you use inflation is 2011/2012. above three per cent and despite this being Clearly, while challenges remain, there are above target, the Bank of England has kept plenty of opportunities for businesses in the “It is clear that access to finance is expected interest rates at a record low for two years region. Ultimately, in Reeves’ view, the most to remain an issue for many companies this now. Even if interest rates were to rise pressing concern for SMEs will be how to year,” says Reeves. “At Santander, we have slightly over the coming months they would balance retaining discipline over costs while been actively lending to customers, with still be at very low levels and supporting remaining agile enough to capitalise on the lending to SMEs up 26% in 2010, and we continued economic recovery. growth opportunities that the next twelve are looking to continue to build on this months will present. throughout 2011 despite SME lending “In addition to that, the cost of capital to all generally declining by more than 20% banks (its raw material, in effect) is certainly “I’d say the mood is one of cautious last year.” increasing due to new capital and liquidity optimism,” he says “people aren’t getting requirements being introduced. Both of these carried away. And the budget should provide The good news is that the banking sector as factors I believe will increase the cost of businesses with at least some level of a whole is in recovery and should be more borrowing for SMEs.” certainty in order to make investment calls.” able to meet those needs, and Santander is determined to be the vanguard as demand However, perhaps the biggest challenge In Reeves’ view, one of the key positive picks-up. As a leading member of the BBA- Reeves believes firms will need to meet is the elements in the region is that businesses on led Business Finance Taskforce, Santander significant public sector cuts that will truly the whole are very resilient and resourceful. and five of its banking counterparts have start to bite later on in 2011. “Public sector “As always, those businesses that can adjust joined forces to improve relationships with contracts have in some ways been seen as a to a changing environment; take advantage and increase lending to businesses. safe haven in the last ten years,” says Reeves. of new markets; and are able to build innovative new products and services will In short, the scheme aims to support a “So the major cuts in public spending won’t prevail,” he says. “At Santander Corporate network of business mentors and groups; just affect those working in the public sector, Banking we have invested in our local teams establish clear ways to appeal when loan but also, for example, those service and have increased our lending to SMEs applications are declined, monitored by an businesses that provide some of the across the UK and we will continue to independent reviewer; initiate early outsourcing projects. Lots of private support businesses in the region.” refinancing talks; establish and invest in the businesses are exposed to public spending in new £1.5bn business growth fund to provide one form or another, whether direct or capital for viable businesses looking to indirect, so the bite of the cuts is certain to invest and grow; and improve access to be felt.” trade finance.

Beyond that, the wider economy is showing signs of resilience and has been growing for If your business could benefit from a personal approach to over a year and at a faster pace than many corporate banking contact us today: commentators expected. Chancellor George Osborne recently delivered a budget that Mike Reeves Reeves believes will remove one of the most Regional Director, Thames Valley pressing problems affecting the economy. on 07809 493 592 “It’s so important that businesses have a or email [email protected] greater sense of certainty over the future,” he says. “The Chancellor has done his bit by Or visit www.santandercb.co.uk delivering what he described as a budget for TV/SOL MAR 11

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 finance 21 Transitions: the new regulatory environment Regulation affects every organisation and in the wake of the financial crisis the debate around it is set to wage on. Julian Frost, lead partner for BDO’s Reading office, considers the future of regulation in the key fields of taxation and the financial services

Businesses tell us that regulation while reducing tax rates and often hampers decision making aligning the tax systems with its and entrepreneurship. They feel broader objectives. Chartered Accountants rules have become overly complex. We believe a Big Society scenario Too many rules can lead to red-tape is probable, in which regulation regimes, shackle sound businesses reduces the scope for artificial tax and subdue entrepreneurial flair. avoidance, enabling lower tax rates On the other hand, regulation for both businesses and individuals. that is based on a requirement for This would create fewer distortions ethical behaviour and principles and disincentives for growth but which is easy to operate can than broad-based increases in encourage transparency and corporation and income taxes. market growth. It is in no-one’s best interest to interfere in the Financial services operation of the market, save to Given the shock caused by the do what is necessary to produce financial crisis and the pivotal role a competitive environment and of financial services in the overall protect consumers adequately. success or failure of the economy, We need regulation that protects, it is critical that the debate on but doesn’t prevent business regulation focuses on the root progress. But regulation built on causes of the crisis. Business Advisers a principles-based approach does The financial services industry has a not necessarily mean ‘light touch’ more pressing need for regulation regulation. Principles need to be reform than other sectors and will enforced, perhaps even more so need to be tight for some years. than rules. In directing any reform of financial However, with so many vested services regulation, we believe interests in the regulation ‘industry’, the answers to four key questions and with competing regulators, it should be sought: is critical that those with a stake in the issue make their voices heard • Do the proposed solutions fix and demand the type of regulation the problems? that will foster enterprise, whilst • What is the role of financial protecting against dishonesty and services regulation? genuine conflict of interest. • How is regulatory success Tax policy ... and the Big measured? Society • What are the wider Registered Auditors The credit crunch shook the consequences of new foundations of the relationships regulation? between governments, businesses and individuals in terms of taxation Across every sphere of regulation, policy. simplicity should be the chief objective and a principles-based The government’s need to refill the approach will be key to achieving coffers – and soon – has resulted this in most spheres of regulation. so far in broad-based tax increases Failure to follow this path will put affecting both businesses and an unintentional but dangerous individuals. brake on growth. UK taxation needs to be carefully Details: Julian Frost Richard Somerville | Andrew Beet managed not to discourage [email protected] Sarah Wildey | David Rice the commercial aspirations and appetite of UK plc, its 0118 989 9780 consumers and foreign investors. The Government also has an www.rice-associates.co.uk opportunity to modernise the excessively complex UK tax system,

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 22 international Overseas business interests for UK companies

Many UK companies now have business interests abroad, including foreign customers, or a foreign branch or a foreign subsidiary company. Chris Duggan of Griffins writes

The direct corporation tax implications can to tax in that country if there is a permanent differ considerably depending on the country establishment there. This covers where there in which the business is being carried out and is a fixed place of business or branch in that the entity that is used. country, or whether the management of the business is exercised in that country; or due to If a company merely has a customer abroad the number of days work is carried out in that and carries out some work in that country, rate that the UK company pays on its profits, if it country. often a tax liability doesn’t arise abroad on the isn’t already paying it at the full rate. income generated. Establishing a branch in another country means There are other significant tax implication that the profits of the branch will be taxable in Each country is different and many insist that to consider including VAT, transfer pricing that country and the accounts will need to be a certificate of UK residence is provided by and distribution of profits which can have prepared under domestic accounting rules. The HMRC, which then avoids tax being deducted significant effects. For further information on branch profits will also form part of the overall in the other jurisdiction. However, in some these issues contact Chris Duggan, details UK company’s income; although there will be countries withholding tax is deducted from below. double taxation relief available for the foreign income generated in that country, even if a tax suffered on that same income. certificate of UK residence is provided. Details: Chris Duggan By having a foreign subsidiary company the In these circumstances either the tax may be 07980-009649 activities are separated from the UK activities. claimable from the foreign tax authority, or www.griffins.co.uk The foreign subsidiary pays tax in the country if it remains deducted, there will usually be [email protected] where it resides and draws up its accounts double taxation relief available against the UK under that country’s rules. By having a foreign corporation tax liability arising on that income, subsidiary company, the UK company will have up to the rate of UK tax applicable. an associated company for UK corporation tax Often the profits earned abroad will be liable purposes; which may affect the corporation tax Queens Awards for Enterprise rewarding export success

Entries are now closed for the annual Queen’s businesses will win these coveted awards are Freenotes’ founder Robin Ashfield said: “Our Awards and hopes will be high among the closely guarded secrets but the region has a instruments are unique. Musical flair or region’s exceptional exporters. huge variety of companies of all sizes that are previous experience of playing an instrument successfully selling their products around the are not necessary, because the tones are pure This year’s Queen’s Awards for Enterprise world. and soothing and there are no wrong notes will be announced on April 21. International – so it’s ideal for all ages and abilities. These trade is one of the three award categories, For example, Communicarta, which are great for encouraging children, as well as along with innovation and sustainable has operations in High Wycombe and people with special needs, to get involved in development. Last year’s Awards proved Southampton, is making a global name for music.” successful for six businesses in the Thames itself in the field of digital transport map Valley and Solent regions. technology. The company has recently Both of these companies, and many others, The winners were: Chelton of Marlow that achieved success in producing a mobile have received assistance from government- produces aircraft antennas, communications application (app) for the Shanghai metro in funded export promotion initiatives delivered equipment and systems and other related China. “We have completely re-designed by UK Trade & Investment (UKTI). And the equipment. Moog Components of Reading, the Shanghai metro map,” said Robin Woods, keys to their success have been that not only which makes electrical slip rings and motion Communicarta’s CEO. “Our philosophy is did they have innovative products for which control components, and Southampton- about presenting our maps in a way that there were overseas markets, but also they based Moog Insensys (Wind Energy Division) is clear and easy to follow. And now, with made the effort to explore those markets and that produces measurement and analysis Communicarta’s Shanghai Metro apps to seize the assistance that was available to systems for the wind energy market. Naim available on iTunes, Nokia Ovistore and them. Blackberry Appworld, guests to Shanghai are Audio from Salisbury supplies hi fi audio and The Queen’s Awards for 2011 will highlight audio-video systems. Abingdon’s Penlon in for a real treat. This is instant and effortless some of the best of UK exports and the efforts won its fourth Queen’s Award for its medical journey planning on a brand new level.” that their producers have made to sell into devices and Williams Performance Tenders Meanwhile Petersfield, Hampshire-based overseas markets. This is right on message of Berinsfield, Oxfordshire received its award family-owned business Freenotes has recently as far as the coalition’s drive for the country for its success with its jet-powered ridged shipped a £100,000 order to Australia. What to export its way to better health. It will be inflatable tenders for the marine leisure does it do? Freenotes designs and sells hoping that the Awards will inspire other market. handcrafted outdoor musical instruments, businesses up and down the country to sell Who this year’s nominees are and which that are easy and fun to play. their the products on the global stage.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 international 23 Export successfully with award- winning support Thames Valley businesses are looking to increase their focus on export markets, but they can face significant barriers. NatWest has been supporting exporters in the region for many years and its expertise has recently been recognised with two major awards

The UK’s surprise GDP contraction in the as the award is based solely on the opinions last quarter of 2010 was a reminder that of customers. We were also named Best Bank domestic demand is still subdued and that for Trade Finance in the UK by Global Finance recovery may yet be patchy. Little surprise magazine.“ then that astute Thames Valley companies Welcome though they are, the real value of are looking further afield to meet their these awards is that they validate the effort growth targets. The IMF’s World Economic NatWest has put into giving customers greater Outlook update in January 2011 reported confidence in seeking out, and capitalising a “two-speed recovery”, with advanced on, export opportunities. This included a economies expected to grow just 2.5% partnership with UK Trade & Investment (UKTI) in 2011, compared to an aggregate 6.5% for its Asia Task Force programme, which brings growth figure for emerging and developing together experts from business, education and economies. Within the BRIC (Brazil, Russia, government to help British companies win India and China) countries, China and India a bigger share of key markets. As part of this stand out with IMF growth predictions of programme, NatWest sponsored the ‘Doing 10.3% and 9.7%, respectively. And with Business in Asia: Meet the Experts’ events sterling at exchange rates still well below around the UK in 2010 and 2011. Within the pre-recessionary levels, British exporters have Thames Valley, the forthcoming ‘Doing Business gained a competitive edge. Carl Wood, international director, global Abroad’ events, again in partnership with UKTI, transaction services However the strength of the economic will allow local companies to access the insight argument does not necessarily make they need to build exports. specialist chemical and sealant supplier exporting any easier for businesses, with export markets in the Gulf, Near East, especially at a time when many remain A bank with scale and reach India and the Americas. Managing director understandably cautious; keen to keep Jim Norman originally met with NatWest 10 While individual relationships are key to costs firmly under control rather than years ago to discuss overdraft facilities. However, understanding your business objectives and risk scarce cash on new ventures. Add to as Wood explains: “By taking the time to really finding the best tailor-made solutions, having a this, the current unrest in the Middle East understand the business and conduct an in- bank with the scale and reach to provide global further highlighting the risks of entering depth analysis we saw the potential of trade resources in both your home and overseas new markets, and many SMEs may find the finance solutions such as bills of exchange to markets is also important. RBS/NatWest has comparative certainties of domestic markets help Wessington improve cashflow and mitigate a presence in 37 countries providing local more attractive. risk.” As a result, over the past 10 years NatWest’s expertise and partner bank arrangements in another 22; its network footprint covers So, how do you overcome the obstacles Reading office has played a key role in helping over 90% of global trade flows and it is one and choose the right market to target? How Wessington to grow sales, generate more profit of the top five banks in the world offering do you negotiate the regulatory, logistical, and further develop its export business. international transaction banking. cultural and financial framework? “In many ways trade solutions are simply Secure online platforms are becoming International expertise in Reading about managing the risks inherent in any trade environment, albeit with the added complication increasingly important and will enable you NatWest’s Corporate and Commercial team of different currencies, cultures and regulatory to view your overseas accounts and make in Reading has been helping businesses to frameworks.” explains Wood. With current events in international payments in sterling or foreign find the best solutions to these challenges the Middle East highlighting the changing nature currencies at the same time as managing your for many years. Neil Bellamy, NatWest’s of risks, he believes that the range and flexibility UK accounts. Trade finance, letters of credit, director of commercial banking in the region, of trade finance solutions is a major positive. “For bonds, guarantees and collections can also be explains: “A key aspect of our role is helping UK exporters, ensuring certainty of payment for managed online. However, having client service and guiding local companies to facilitate goods or services delivered is vital and that’s where teams available on the ground to provide local their international business.” The team we can help. That could mean reverting to more language support and deal with any problems includes trade specialist Carl Wood, who has traditional tools of international trade such as is also important, and NatWest is in a position been working with Thames Valley companies letters of credit, bonds or export collections. These to offer both. for over 10 years and the international trade methods of payment can help to mitigate country International, domestic and regional, NatWest arena for the past 16 years. “We can help and overseas bank risks, providing an extra level of can offer you the support you need to access businesses to better understand the markets comfort for UK exporters,” adds Wood. new markets and innovative, tailor-made trade they are looking to sell into and leverage solutions. bank finance to help them take advantage of Recognition for our commitment to the opportunities”, adds Wood, international customers Details: Carl Wood director, global transaction services at [email protected] It is this range of products, deep levels of expertise NatWest Reading. and commitment to customers that saw NatWest/ One business in the region that has RBS win two major awards recently. “We topped benefitted from the team’s expertise the Euromoney 2011 Survey for the UK’s Best Trade is Reading-based Wessington Group, a Finance Provider, which was especially pleasing

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 24 international Foreign eyes refocusing on the Thames Valley The eyes of competitors from many nations will be focusing on London and the Thames Valley over the coming year and all will have a golden prospect in mind. No, we are not talking about the Olympics, but inward investment from foreign companies

Outside London, the Thames Valley is still one Sables says, one client freely admitted that his of the most attractive places to do business for company only had a UK-base in order to access top foreign companies operating in European markets R&D talent from Oxbridge and other technology- – for some it’s the best global base too – and RSM focused universities. “They are getting their Tenon’s specialists are predicting increased foreign funding from the US, and production support from direct investment (FDI) activity in the next 18 Asia.” months. Chris Davies, a specialist international HR Talking to RSM Tenon international business consultant, has noticed increasing interest in the advisers Mike Sables, Gayle Woodman and Chris UK from BRIC nations, particularly China. “Over Davies, The Business Magazine journalist John the last four months I have been dealing with Burbedge, discovered something of a parallel many AsiaPacific inbound businesses, but they universe between FDI prospects and the state of are not typical inbounds. They tend to be larger, the UK economy. aggressive, more established, and more confident because their funding is often self-created wealth.” “The recession happened but it didn’t happen to everyone, and it certainly didn’t hit some foreign There are still signs of caution, added Woodman. sectors as hard as it did most UK businesses. Our Previously, international corporates might send in inbound FDI activity went quiet and slowed a pioneering team of 5-10 people to assess the UK during the recession, but it didn’t go away. Many or establish a market presence (often to use the of our international clients consolidated through UK as the ‘bridgehead’ for expansion into Europe). acquisitions and mergers not through business Nowadays, that team will be just one or two key failures,” explained director Mike Sables, head of entrepreneurial sales executives. RSM Tenon’s 60-strong international expansion Not everything is rosy for inbounds. The UK’s From top: Mike Sables, Gayle Woodman, and inward investment consultancy in Reading. employment legislation, high National Insurance, Chris Davies That slowdown in FDI activity was caused by the VAT and 50% income tax rates are enough to “There are people out there with the right understandable caution of investors waiting to see prey on many inbound minds, said Sables and entrepreneurial philosophy and often the how the UK downturn played out, Woodman and Davies. And, with the disbanding of supportive right product or technology, eager to take up Davies agreed. But, with confidence returning and organisations such as the Thames Valley Economic a commercial opportunity, be that inbound signs of recovery more evident, the commercial Partnership, the ‘welcome mat’ for inward investors or outbound. But, they just need help putting and local attractions of the region are once again is not so easy to find. together the right management team and the coming under international examination. The need for knowledgeable and experienced right business strategy,” said Sables. “There are still a lot of international clients international advisers is plainly evident. RSM Tenon’s outsourcing services and capabilities interested in operating in the UK, and we are Fortunately, RSM Tenon has 20 years of proven can be key advantages for both inbound and starting to see a new influx of inbound inquiries. performance in that field and offers a wide range expansionist clients. Along with practical help I’d say activity is up from last year and we are of professional assistance, not least through RSM with accounting, payroll and HR matters both in moving back into a growth phase,” said Sables. International, the sixth largest worldwide network the UK and abroad, the RSM international team Woodman added: “Other than the recent tax of accountancy providers. can provide a wealth of national and cross-border increases, I see no reason why inbound activity advice – vitally important when dealing with RSM Tenon also has an advisory network of levels can’t shoot up in the next two to three varying local compliance, tax and regulatory issues professional advisers, ‘Touchdown Europe’ which years.” within different countries. stages regular events for likeminded professionals Proximity and ease of access to the UK powerbase working within the International sector. Sables and “We have honed our services and advisory of London is one obvious Thames Valley his team plan to hold one in Reading later this year. products for all types of inbound and outbound advantage, but more and more foreign business clients operating within the Thames Valley, and RSM Tenon’s internationally focused team doesn’t executives are discovering that the Thames Valley recognition of that is shown by the fact that the only assist inbound corporates to set up and grow can not only offer enviable lifestyle surroundings Reading office is the busiest international hub of in the UK. It’s also busy helping UK companies but also a wealth of high-standard professional RSM Tenon outside of London,” said Woodman. to grow overseas. Euro rates may be favourable services support for their companies. for exporting, but outbound expansion is not Details: Infrastructure and communications are improving an easy task for local companies in Britain today, RSM Tenon Offices. all the time and the Thames Valley’s like-minded particularly with less government-funded support Reading: 0118-9530350 clusters of IT and biotechnology leaders are from economic development bodies such as Basingstoke: 01256-312312 complemented by academic innovation and SEEDA, and Local Enterprise Partnerships yet to Marlow: 01628-478100 dynamism in its universities and colleges. A well- establish themselves, let alone help others to do educated population providing a high skill base so. Seminars will be run later this year to include is also attractive, despite the local competition for ‘Doing Business in Germany’ and ‘Doing Business talent. in the US’.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 sponsored feature – international 25 Savings, simplicity, security - the changing face of European payments The landscape for European payments is changing for the better. David Squibb, Lloyds Bank Corporate Markets regional trade director, explains how SEPA reforms and easier SWIFT connectivity supports companies wishing to embrace more efficient payments, greater control and transparency

There has never been a more interesting time for What we’re seeing increasingly with the payments. The reforms we’re seeing are significant centralisation of payment functions is a mixture and provide companies with huge opportunities of approaches from businesses. Some are to streamline their operations, centralise functions completely centralising the function using and drive cost savings that will positively impact one account with one bank, whilst others are the bottom line. using technology to give their local European offices access through the Internet to the Bank’s Originally conceived as an adjunct to the payment platform, with authorisation through emergence of the single currency at the start of their UK HQ, centralising control over all accounts the millennium, the Single Euro Payments Area payable and harmonising terms and conditions. (SEPA) revolution has been a major pan-European project and will have a knock-on impact on how Another advantage for businesses is that they businesses settle international trade transactions can make much better use of their cash resources and manage cash. by reducing the amount of cash ‘trapped’ in David Squibb, regional trade director overseas accounts by pooling balances together European harmonisation in one place with one bank, resulting in better Here in Thames Valley and Solent, we have interest earnings on deposits, reduced borrowing close relationships with a number of companies costs and lower transaction fees. Some of the headquartered in the region who trade into businesses we deal with here at Lloyds Bank Europe, and it’s these companies particularly Corporate Markets can have between five and 40 that stand to gain. The payment changes have bank accounts across Europe, which ties up large been driven by the creation of SEPA back in 2000, amounts of valuable cash that could be put to which encompasses the 32 countries within the better use, and is time consuming to administer. European Union, as well as Iceland, Liechtenstein, Cashflow certainty Norway and Sweden. SEPA Direct Debiting has been implemented SEPA’s aim is to simplify how payments are made here at Lloyds Bank Corporate Markets and we throughout Europe through the creation of a can now offer customers the ability to be both standardised set of euro payment instructions, debtors and creditors for direct debits on a pan- covering credit transfers, direct debits and card European basis, bringing greater certainty over payments. The idea is that we will end up with the timing of cashflows. a common set of technical standards, common business practices and a harmonised legal In addition, this service simplifies procedures framework. for the accounts receivables function in terms of Steve Clarke, area director managing different types of payment, reconciling Simplified credit transfers were introduced receipts, and so on. SEPA Direct Debiting does increased efficiency, straight through processing in 2008 and are being adopted by increasing away with all of that – funds can be claimed back and reduced risk. numbers of businesses that recognise the into a central account, facilitating considerable immense benefits. Rather than negotiating Given that Europe is one of our main trading cost savings and predictable cashflow. different domestic clearing systems throughout partners, we’re actively encouraging businesses Europe, SEPA is harmonising the separate strands Increasingly, we’re seeing this as a key part of to consider how much they have to gain from the so that payments can be set up in the same way, new business enquiries. It’s a service we’re new payments landscape. There’s never been regardless of country of destination. As a result, comfortably able to provide at Lloyds Bank a better time to capture cost savings, centralise companies can enjoy low-cost, non-urgent Corporate Markets, having ensured that SEPA functions and look at things in a new way. payments within Europe. And in terms of cycle is an integral part of our existing web-based To find out more about how Lloyds Bank times, the current maximum four days is set to services. Corporate Markets can support your changing reduce in time to a next working day service from Driving efficiency business needs, contact David Squibb or Steve January 1, 2012 – faster than the current UK BACS Clarke, details below. clearing system. We’re seeing another trend with our largest Lowering costs customers, who are increasingly wishing to Details: communicate with us using Society for Worldwide David Squibb Effectively, companies can now pay their suppliers Interbank Financial Telecommunication (SWIFT), 0118-9196562 throughout Europe in euros using just one system, the telecommunication service used between rather than having multiple bank accounts banks and other financial institutions for over Steve Clarke located around Europe or using more expensive 30 years. That service has now been opened up 0118-9219192 urgent transfer methods or cheques. This hugely to corporates, enabling customers to interface simplifies existing accounts payable functions, their Enterprise Resource Planning (ERP) systems because payments can be made from one directly with banks whilst benefiting from the account, in one country, to anywhere in Europe. security aspects of SWIFT. Again, it’s about

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 26 profile Great timing at HIG Europe

When leading US private equity provider HIG Capital set out to establish its European operations in London in mid 2007, it may have been great timing or just good luck. Either way HIG has proved that it is in the right place at the right time, writes Richard Willsher

Time spent setting up shop, whether early-stage, growth- hiring staff, finding offices and phase, buyout or distressed. It has obtaining approvals led HIG into £1 billion of long term committed the beginning of the credit crunch, capital into Europe available which, a year later morphed to invest into these types of into the full blown financial situations. crisis. The banks had stopped 2. An international approach. HIG lending and it was a tough time for investing private equity is not a single country investor. funds. So, fortuitously perhaps, The UK team works closely with HIG managed to avoid the mad its offices in the US, France and bubble when some private equity Germany to make investments investors were still going all out to wherever the opportunities exist buy over-leveraged businesses at and where it believes it can bring what now look to have been very real added value to its investee high prices. companies, especially those looking to internationalise. HIG’s UK managing director Paul Canning explains that he was 3 The HIG investment team the first “man on the ground” in itself. “The approach that Europe for HIG in 2007 and that as we’ve taken to building our he helped to build his team during team,” says Canning, “ties in very 2008 and 2009, some of HIG’s first much with the solutions-driven activities were getting involved aspect of our business model. The HIG team focused on the Thames Valley and Solent. in distressed situations, where We’ve got a strong mix of skills From left: Alastair Mills, Julie Bjune, Paul Canning, Thomas Scriven companies were heavily laden and backgrounds within our with debt and needed help with now 45-strong European team. have also been based across if you are thinking about where to capital restructurings. HIG’s model This ranges from operational Europe including France, Germany, take your business next, if you have allows it to buy distressed debt backgrounds, with some of the the Netherlands and Spain as well an international aspect to your and to get fully involved in helping team who have spent all their as in the UK. “We’re committed business, or if you are wondering to restructure businesses. But he working lives to date in industry. to investing now to hopefully where you can access growth or was also preparing for better times We also have strategic consulting take advantage of the upswing in development capital if the banks that were to follow. backgrounds as well as all the three or four years’ time,” Canning aren’t prepared to step up, or if you blue-chip financial backgrounds explains. “It’s still a difficult are looking to realise some of the Investing in SMEs you would expect to see ranging time with some banks still very wealth you have tied up in your “We have a very simple business from distressed experience to conservative in their lending business then,” he concludes, “we’d model,” Canning explains. “Like growth private equity experience. criteria. But we’re taking a longer love to talk to you because we think any good business that I like Add that together and we have a term view and we think that now we should be able to help.” group of people that we believe is a great time to be investing to back, we believe that we With two deals recently announced can really get to grips with capital.” have some key differentiators, in the region and others in the but ultimately HIG is quite an investing the capital under our management for the best results He is particularly keen to look at pipeline it looks as though HIG has opportunisitic investment house businesses in the south east of arrived at just the right time. And and it’s all about our ability for the companies we invest in and for our investors.” England where, in areas such as there are bound to be businesses to come up with solutions for the Thames Valley and the Solent who will welcome HIG as providing companies and then being able to 10 deals and counting region he sees real opportunities. a means for them to grasp the execute on them quickly.” He comes across a lot of very good opportunities that face them, Since those fairly unpromising He explains that HIG is a specialist companies, that are international which they may have been unable beginnings as the financial investor in small and medium- in their perspective, have to do until now. markets shut up shop in late 2008, sized businesses, typically with weathered the global financial HIG has been busy. In 2009 HIG Details: Paul Canning annual sales in the range £25 meltdown and are well placed to Europe invested over £250m into 020-7318-5704 million to £250m. The European take advantage of opportunities in a range of distressed situations [email protected] business takes its lead from its their marketplaces. In many cases where its flexible capital allowed www.higcapital.com Miami HQ’d parent that has they lack the growth capital they it to help businesses with issues See opposite for details of the two invested in over 200 small and need to grasp those opportunities. as the credit crunch hit. In the last recent HIG deals. medium-sized businesses since HIG sees part of its role being to fill year it has continued to invest, it was established in 1993. The that gap and help such businesses notching up new investments business model is based on three fulfil their potential. into 10 businesses. But the more basic building blocks: recent investment activity has So what would Canning say to 1. Extremely flexible capital. swung back towards growth businesses in the region? “If your HIG is prepared to invest at any capital and buyout situations. True business truly has some sort of stage in the life cycle of a business to its model, those businesses differentiator to make it stand out,

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 deals 27

THAMES VALLEY HIG-funded Finalists revealed & SOLENT acquisitions DEALS The top dealmakers from across the south were Nominations coming together this month for a gala evening of were deal-led, and prizes – the 2011 Thames Valley and Solent Deals highlighted the AWARDS Fibercore Awards. breadth of corporate On February 16, HIG Europe More than 370 corporate finance specialists were finance activity in 2011 announced that its funds attending the Awards Night at Oakley Hall, Oakley, the qualifying period had acquired Southampton- near Basingstoke, where 12 prizes were being – January 2010 to based Fibercore from US presented. end-February 2011 – networking technology giant despite the economic downturn. Cisco Systems Inc. Hosted by The Business Magazine, the evening was being compered by television presenter Mark The shortlisted firms and individuals for the Thames Valley Fibercore provides a wide Durden-Smith, known for live rugby coverage and and Solent Deals Awards 2011 are listed below. range of specialty optical I’m A Celebrity, as well as for being the son of Judith The winners of the two main Deal of the Year categories, fibre products to customers Chalmers. all over the world within and the two Dealmaker categories, were being decided by the aerospace, defence In all, the Deals Awards attracted 380 nominations – keypad voting on the awards night itself. Other category and telecommunications that’s 100 more than the number of entries in 2010. winners were announced from the stage. industries. Since it was founded in 1982 the company has been awarded THE FINALISTS four Queen’s Awards and is the only company ever to Deal of the Year Dealmaker (over £25m) Corporate Finance Adviser have held them in all three (over £25m deal value) Sponsored by Barclays Corporate Sponsored by HSBC categories (International Sponsored by The Business Magazine • Ian Barton (Deloitte) • Peter Barrand (HMT) Trade, Innovation and • brightsolid acquisition of Tony Dickin (Palatine/Zeus) • Ian Barton (Deloitte) Sustainable Development). • Friends Reunited (£25 million • David Rolfe (PwC) • Duncan Lamb (Grant Thornton) In supporting the deal in which brightsolid, the management’s buyout of the online technology arm of DC Dealmaker (under £25m) Corporate Finance Team business, HIG underwrote Thomson, acquired Friends Sponsored by Pitmans Sponsored by HSBC the entire deal including Reunited) • Mark Allen (Deloitte) • BDO both equity and debt • HobbyCraft Group (£100m deal • Peter Barrand (HMT) • Deloitte components. involving sale of Dorset-based • Duncan Lamb (Grant • Grant Thornton business to management, Thornton) • HMT backed by Bridgepoint Capital) Corporate Lawyer Management Team of the Year • XLN Telecom (£78m sale by Sponsored by Lloyds AIRCOM International Palatine in a secondary buyout Sponsored by PwC • Adam Dowdney (Pitmans) led by ECI Partners) • Atlantic Foods HIG’s funds have acquired • Rob Hayes (Manches) • Equiniti (Xafinity) Leatherhead-based AIRCOM Deal of the Year • Sara Valentine (Osborne Clarke) in a secondary buyout • Leasedrive Velo (under £25m deal value) from Advent International. Corporate Law Firm Sponsored by The Business Magazine Corporate Bank of the Year AIRCOM is the world’s largest Sponsored by Grant Thornton Sponsored by HMT independent provider of • Box-It Data Management • Blake Lapthorn network planning and (Merger of Winchester-based • Barclays • Osborne Clarke optimisation software and Box-It with Stortext in £4m • HSBC • Pitmans services to the mobile deal) • Lloyds • Shoosmiths telecoms industry. Its • Guralp Systems (£20m deal • RBS customers include the top with Guralp of Aldermaston VC/Private Equity Firm 20 global mobile telephone sold to Primary Capital) Corporate Banker Sponsored by Leumi ABL operators. • Kerridge Systems Sponsored by Paris Smith • HIG (management buyout by • Mike Donaldson (Santander) • LDC AIRCOM employs 900 people Hungerford company from • Nigel Gibson (Lloyds) • NVM in 14 offices worldwide who ADP Inc. Value: £9m) • Richard Povey (HSBC) • Palatine (Zeus) service customers in 135 countries. The company’s services improve network coverage and service quality for more than 1.1 billion mobile telephone subscribers worldwide. AIRCOM is forecast to deliver over £90m in revenues in its current financial year to June 2011. HSBC and Barclays also provided a joint debt package to support the Group going forward.

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 28 deals update Latest deals data from across the region

MBO of Fibercore from Cisco The Game Group Route2mobility Completion Date: 16/02/2011 Completion Date: 02/2011 Completion Date: 02/2011 Target: Fibercore Target: N/A Target: Route2mobility Acquirer: HIG Europe Acquirer: N/A Acquirer: Motability Operations Group plc Deal Value: Not disclosed Deal Value: £165 million Deal Value: Undisclosed Details: MBO of Fibercore from Cisco. Fibercore manufactures Details: Working alongside HSBC Australia & HSBC Czech Details: Motability Operations Group, a not-for-profit company and designs specialty optical fibre for customers globally within Republic, HSBC’s Thames Valley Corporate Banking Centre has that runs the Motability Car and Powered Wheelchair and Scooter the aerospace, defence and telecommunications industries. announced its participation in Game’s core banking facilities. Schemes, acquired Route2mobility, a subsidiary of charitable trust Fibercore’s products are central to the navigation systems used on The funding for this deal demonstrates HSBC truly international company Enham. The acquisition of the remaining book of open platforms including airliners, business jets, helicopters, satellites capabilities policies allows Motability Operations Group to bring the service and space vehicles Funding: HSBC Thames Valley Corporate (Rachel Sauvé, Harry under one roof, freeing Enham to concentrate on core activities Funding: HIG Europe (Debt & Equity) Jarman) Vendors: Enham Corporate Finance Advisers: BDO Corporate Finance (South- Corporate Finance Advisers: N/A Corporate Finance Advisers: Meridian Corporate Finance LLP ampton) (Paul Russell & Richard Kelman) Legal Advisers: N/A Legal Advisers: Shoosmiths Legal Advisers (NewCo): SJ Berwin (London) (Perry Yam) Financial Due Diligence: N/A Due Diligence: PwC Legal Advisers (Management): Paris Smith (Southampton) Commercial Due Diligence: N/A (Andrew Heathcock) Project Claymore Financial Due Diligence: BDO Corporate Finance (Southampton) W Lucy acquisition of Zodion Completion Date: 28/02/2011 (Darren Phillips) Completion Date: 03/2011 Target: Concept Group/Concept Group (Sales) Commercial Due Diligence: N/A Target: Zodion Acquirer: Xerox Capital (Europe) Acquirer: W Lucy & Co Deal Value: Undisclosable Williams Grand Prix Holdings plc IPO Deal Value: Confidential Legal Advisers: Osborne Clarke – Sara Valentine, partner/Sarah Completion Date: 03/2011 Details: Aquisition of the business and assets of Zodion, a street Wyatt, associate Deal Value: €250 million lighting controls business based in Halifax, by W Lucy, a switch- Details: Manches (David Tighe, Patrick Baddeley, James Went gear and lighting manufacturer based in Thame, Oxfordshire Next Deadline and Richard Stevens) acted for Williams Grand Prix Holdings plc Funding: None The next Deals Update will appear in our on its listing on the Frankfurt Stock Exchange. The IPO included an Corporate Finance Advisers: None offering of 2,409,383 shares with an initial listing price of €25.25 May 2011 issue per share, giving a market capitalisation for Williams on listing Legal Advisers: Manches (W Lucy), Shoosmiths (Zodion) of €250m Deadline for submissions is Wednesday Apr 13 Legal Advisers: Manches Aircom International Submissions are free. If you would like to submit deal information or to advertise on this page contact: Financial Due Diligence: Grant Thornton Completion Date: 02/2011 Tanya Liddiard Target: Aircom International 0118-9745308 Acquirer: HIG Europe [email protected] Project Leek Deal Value: Not disclosed Elcot Publications is not responsible for the accuracy of information in the Completion Date: 02/2011 deals update section which is supplied by individual firms Details: Aircom is the world’s largest independent provider of Target: Harris Brothers Tyres network planning and optimisation software and services to the Acquirer: Micheldever Tyres mobile telecoms industry. Aircom estimates that every day, the Deal Value: Not disclosed top-20 global operators depend upon its tools and consultants to Lloyds funds Details: RSM Tenon Corporate Finance undertook financial due improve network coverage and service quality for more than 1.1 diligence on Harris Brothers on behalf of Micheldever Tyres billion subscribers worldwide. The business was founded in 1995, Leadbitter acquisition is headquartered in Leatherhead in the UK and employs over Legal Advisers: Thomas Eggar 900 professionals spread across 14 offices worldwideservicing The management of the Leadbitter Group Financial Due Diligence: RSM Tenon – Nick Willams customers in 135 countries. Aircom is forecast to deliver over £90 and French contractor Bouygues Bâtiment million revenues in 2011 International have completed the Funding: HSBC & Barclays provided debt financing successful acquisition of the group from Project Raven its Dutch owner Heijmans NV, thanks to a Corporate Finance Advisers: Ernst & Young Completion Date: 11/02/2011 funding package provided by Lloyds Bank Legal Advisers: DLA Piper Target: The security division of Redstone Managed Solutions Corporate Markets. The deal, approved by Financial Due Diligence: Ernst & Young Acquirer: RMS Managed ICT Security (RMS) the European Commission competition Commercial Due Diligence: Analysys Mason authorities, sees the management of Deal Value: Not disclosed Leadbitter Group, led by CEO Bob Rendell, Details: Transcend Corporate Finance has advised Newco, RMS, Moonray Healthcare acquire a 49% share of the business with on the buyout of the security division of Redstone Managed Bouygues taking a strategic 51%. The Completion Date: 02/2011 Solutions. RMS trades as a specialist provider of IT security, acquisition enables the group to continue offering solutions in anti-virus, firewall, access and data-loss Target: Telehealth Solutions to increase its market share in its key prevention. RMS has partnerships with leading vendors including Acquirer: Moonray Healthcare sectors, aided by strong support and CA, Checkpoint, Microsoft, McAfee, and Sophos Deal Value: Not disclosed resources from Bouygues. Funding: Venture Finance, Birmingham office (Guy Walsh) Details: RSM Tenon Corporate Finance undertook financial due The competitively-priced lending package Corporate Finance Advisers: Transcend Corporate (Ian Aldridge) diligence on Telehealth Solutions on behalf of Moonray Heathcare consists of a senior term loan, coupled Legal Advisers: Ansons LLP (Jas Singh) Legal Advisers: Beachcroft’s (Bristol) with a working capital facility, and will give Financial Due Diligence: N/A Financial Due Diligence: RSM Tenon – Nick Willams and Rob the new business the funding it requires to Commercial Due Diligence: N/A Holmes meet its growth ambitions.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 business focus 29

HW Chartered Accountants present a series of articles based around Tweets appearing on their Twitter pages. This month John Bailey, partner, considers: ‘Good workmen never blame their tools ...’

Did you know that of 4.7million businesses in to help the vast majority of owner-managed the UK, 99.3% are small firms with fewer than businesses and some, like the temporary 50 employees and only 0.6% are medium reduction in VAT, just made more work for firms with 50 to 249 employees? Naturally, many. Government grants are hard to access business owners have to be motivated by and information about them is difficult to income but the way that they run their find, while credit has been much tighter. businesses also helps the UK in many ways. Despite all this and the lack of real effective Two examples are that firstly, most business assistance, the owner-managed sector will owners feel a keen sense of responsibility pull us out of this economic mess because it towards their staff and their families. always does. Secondly, their autonomy over decision More support please! making and the skills needed to run a business represent a store of knowledge that For further information about HW Chartered has real value to the economy. Accountants visit our website: Details: www.hwca.com Why then has so little been done to assist business owners in these difficult economic For details on Haines Watts Young Entrepreneur times? Government initiatives have failed Award 2011 visit: www.hwye.co.uk law be minimal and therefore for the majority of the Divorce cases to involve a mediator process, they are sharing the cost of a mediator The Ministry of Justice has outlined major changes in family law practice between them. This is far more cost effective. which will take effect on April 6, 2011, writes Karin Walker of TWM For certain individuals, mediation will not be Whilst without doubt these changes are treasury, suitable. The purpose of the initial meetings proposed by the Ministry of Justice, prior to the ie cost led, they bring about a focus on the practice issue of proceedings, is to ascertain whether or not of mediation which will undoubtedly be beneficial a particular couple or a particular issue is suitable to the resolution of disputes between separating for such method of resolution. couples. From April 6, any couple intending to issue court proceedings on issues relating to From the government’s perspective this should children and/or financial matters will first need to ensure that only those matters which really require confirm that they have considered the possibility of the assistance of the judiciary will be conducted mediation. From April, it will no longer be possible through the Court, thereby ensuring that the Court to simply ‘fire-off’ an application to the Court system becomes more efficient and not subject to without first having considered whether a more the current unacceptable level of delay. conciliatory approach could be taken to deal with The TWM family team have supported the the relationship issue which has arisen. Once the couple have agreed acceptable process of mediation since inception. Our team Mediation is a way of resolving disputes and proposals, the mediator will prepare a summary of of mediators (Karin Walker, Michelle Fitzpatrick, difficult issues between separating couples which those proposals, including financial information, Charlotte Adler and Demelza Patricio) are able to maintains communication and allows those issues which will be sent to the couple to discuss with offer this facility at each of our Surrey/SW London to be discussed under the guidance of a trained their lawyer. Once both parties have received legal offices and will be well-placed to deal with the mediator. During the mediation process, the advice and if they are still both happy with the proposed changes upon implementation on couple will attend meetings and identify those proposals, the lawyers will convert that summary April 6. If the court route remains the correct and issues they are unable to agree upon. into a legally binding document. appropriate way forward our family practitioners can deal with this to the highest court level. Mediators are neutral and will not take sides. They The principal benefit of mediation is the are not advisers and will not give advice to either maintenance of communication between the Details: Karin Walker party. They will recommend that legal advice is couple which, in particular, is beneficial for their 01483-752700 obtained alongside the mediation process. Many children. Additionally, the process can progress email [email protected] mediators are also family lawyers and are able to far more quickly than any application to Court. provide legal information within the mediation Although each of the couple will retain their process if this is appropriate. own lawyers, contact with that lawyer should

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 30 budget ‘Good news for growing businesses’

The chancellor claimed that it was a fiscally effectively taxes capital neutral budget overall, but for a growing, gains on business cash-hungry business in the UK; there was a disposals at only 10%, lot of good news in this Budget. has been doubled to apply to the first £10 “First, the basics, corporation tax rates are million of lifetime gains. going down by double the planned 1% The Government believes reduction from April 1, 2011 to only 26%, this will encourage with more reductions to come. This will successful serial ultimately give the UK the lowest CT rate entrepreneurs to reinvest in the G7, which must be good news for their gains; we agree with domestic companies and inward investors them,” Stewart continues. alike,” says Danielle Stewart, partner and business advisory specialist at Baker Tilly. “If the business you are investing in is “Talking of inward investment, there is a developing new products new regime for non-domiciled individuals, or technologies, you will which includes an exemption from tax be delighted to know on funds remitted to the UK for the that R&D tax credits for purpose of commercial investment in a UK SMEs will be increased to 200% of qualifying certain anti-avoidance schemes, but the business. This should encourage foreign expenditure with effect from April 2011, news that there would be a crackdown on entrepreneurs to invest in the UK. But rising again in 2012 to 225%. tax on high-value property will be a blow to there is lots of encouragement for UK some. The impact of previously announced entrepreneurs too. The improvements in “And it’s not just the tax rates and reliefs that increases to NIC rates and reductions in the EIS scheme will be very welcome; an are improving, the chancellor announced capital allowances will reduce the positive increase in the rate of relief to 30% from reductions in employment red tape; impact of the decrease in corporation tax. April 2011, and increases in the size of improvements in the planning application And if you are a bank or an oil company, qualifying companies and on the amounts system; limits on new government you might be feeling rather victimised right companies can receive from April 2012, regulation for micro businesses and lots of now... should re-energise this previously popular new enterprise zones. “But for the vast majority of aspirational relief. “Of course it’s not all good news. The growing businesses in the UK, the 2011 “Our clients will be even more pleased chancellor had already warned in December budget is the most exciting one we have to hear that entrepreneurs’ relief, which that there was going to be a crackdown on seen for a very long time.”

Motorists and automotive businesses benefit from the Budget as chancellor backs manufacturing sector

Government has responded to the making the UK an attractive place to invest. with the 1p per litre reduction, will see automotive sector’s calls to support the The outlook is certainly still challenging, immediate financial pressure on motorists manufacturing led economic recovery, but we are encouraged by the impact these eased. This move will help to boost emphasising the importance of exports measures will have on our sector and the consumer confidence and economic growth, and trade growth. UK automotive is likely wider economy.” particularly benefiting the commercial to benefit from measures designed to make vehicle and haulage sector. Hints at changes Plans to support more apprentices and to the company car tax system are yet to the UK a more competitive place to do enhance capital allowances are a positive be detailed, but SMMT hopes that part of business and a more attractive location for move that will enable the automotive sector the proposal includes the removal of the international companies to invest in with to realise its potential, helping to position unjustified three percentage point penalty measures addressing capital investment and the UK at the forefront of technology on diesel company cars. skills. development. UK automotive represents around 3% Motorists received financial relief with an The introduction of an additional 40,000 of total GDP, accounts for two thirds of ongoing freeze on fuel duty rises, a 1p cut new apprenticeships on top of those already total manufacturing turnover and is the in duty and a commitment to increase VED announced will prove a useful boost as country’s largest sector in terms of export, only by the rate of inflation. manufacturing stimulates economic growth. generating around £24 billion in revenue. However, the delivery of the proposal and Budget 2011 recognised the strength of the Typically achieving a turnover of around £50 the sectors that benefit from the skills UK manufacturing sector and its ability to billion, employing over 700,000 people and development will determine the ultimate steer our economy out of recession, said producing an annual net value-added to the effectiveness of the move. Paul Everitt, SMMT Chief Executive. “We are economy in excess of £10b, the significance of pleased to see that the chancellor’s plans The cancelling of the fuel duty escalator the sector cannot be underestimated. In 2010 have a strong focus on manufacturing and is a very welcome move that, combined the industry spent £1.5b on R&D in the UK.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 budget 31 Barclays Corporate hosted a post-Budget breakfast and discovered . . . Optimism amongst the gloom Maybe it was the sunny Spring morning, but there was a definite upbeat mood among the 100-plus invited business guests who gathered at Reading’s Hilton Hotel for this satellite-linked national discussion – and locally the Budget got a resounding thumbs-up A breakfast-table survey showed that three out of four attendees felt that the Government now had a clear path to generate economic growth. Importantly, bearing in mind public sector cutbacks, 89% felt the Budget growth plans would have a positive impact on private sector growth. And, although three out of four respondents said their confidence about growing their own business remained the same following the Budget, only three individual respondents revealed less confidence. While investment plans were still on hold for most, there was a strong feeling that a more favourable environment was being created for UK businesses. But soon, questions were flying in from from political ‘grass roots’, not to mention the AV Andy Simpson, head of Thames Valley & referendum. Oxford, Barclays Corporate, explained the local all areas and all angles. perspective: “While some of the measures (Note: Panel answers are composite and summarised Manchester: Will 50% Income Tax be reduced outlined in the Budget such as the accelerated responses) before growth is affected and more wealth- makers leave the UK? reduction in corporation tax will have a real and From Bromsgrove: Given the Budget almost immediate impact on Thames Valley- downgraded growth forecasts, is the current pace Panel: Although a lower rate would be desirable based companies, the most important aspect of spending cuts correct? from a business perspective, the same cannot be of this Budget is the positive signals it sends said from a public perspective. It was imposed Panel: Slowing down or going into reverse now to a corporate sector which has been seeking as a temporary measure but reduction now would send out the wrong message and lead to both stability and reassurance from government would be seen as a massive tax break for the problems. Plan A should not be abandoned but around its underlying stance towards business.” rich. No early change likely. it might get nibbled at the margins. We are in for Banks needed to enable businesses to move a long haul; individual growth forecasts should be London: Is flagging up long-term tax changes forward with confidence about their strategies viewed only as a guide to the right track. (falling Corporation Tax, possible reduction in and to take advantage of opportunities as they 50% top rate etc) a good thing? arose, and, in doing so, help maintain levels Norwich: Is the MPC inflation target of 2% still Panel: It’s a good thing, setting the ‘mood-music’ of activity and dynamism within their clients’ appropriate? and promoting the country abroad as a low-tax markets, he added. Panel: Yes, to change it now would unsettle economy. It helps promote stability, confidence international markets. It is only a target. Growth can and transparent government. The nationwide Budget review was staged still happen despite our current higher inflation. live from London, hosted by Ian Stuart, MD of Bristol: Is media coverage damaging public Barclays Corporate UK & Ireland, with Graeme London: Is the Budget’s 10% IHT dispensation on consumer confidence? Leach, chief economist of the IoD; Richard charity legacies a move to change UK culture? Panel: 24/7 worldwide communication has Woolhouse, the CBI’s tax and fiscal expert; and Panel: It could be a move towards the Big Society, given the media more influence. By nature in Paul Robinson, head of European FX Strategy for but such charitable giving is already almost a social the mediaworld, bad news has always travelled Barclays Capital. norm among some UK communities. Could there more quickly and extensively than good news. The chancellor’s fuel manoeuvres, reduction on be similar dispensations in other taxation areas in Corporation Tax, reintroduction of Enterprise the future? Barclays Corporate MD Ian Stuart summed up Zones, support for SMEs, moves to simplify Cobham: What is the panel’s biggest post-Budget the businessworld view. “Business investment is planning, taxation, and reduce red-tape were all fear? seen as well-played cards in his restricted Budget going to be one of the key factors in how much Panel: Lack of growth leading to a Japan-style hand. Potential interest rate rises, Eurozone economic growth we can achieve this year. If scenario of economic stagnation. That there’s less finances, inflation risks, falling consumer businesses collectively gain the confidence to petrol in the UK economy than the OBR estimates. spending, pensions and mass public protest, invest a little more readily as Budget measures Inflation. were each viewed as future difficult tricks to play. start to positively impact on individual Crewe: How will the Budget increase consumer operations then George Osborne really has Confidence remained an underlying topic; the spending? achieved something meaningful.” consensus being that the business community was perhaps more optimistic than consumers. Panel: The Budget wasn’t really about increasing Details: Andy Simpson Pressure on domestic finances – some families spending; it was about bedding-in economic 07775-552125 are spending £1 in every £10 on fuel, it was stability. revealed – might lead to retail sector problems, Reading: Is the honeymoon over for Cameron and slow the UK recovery. and Clegg? Recessionary gloom may be receding, but there Panel: No, but Scottish, Welsh and local are still nerves about the future. elections results might increase upward pressure

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 32

Commercialising innovation from the University of Oxford At James Cowper members of our technology team regularly work with academics and Oxford University to assist with the financing, tax and accounting issues of spin-out companies – from their earliest stages pre- incorporation through growth and up to exit. So what does the process of spin-out involve for the University?

Oxford University is one of the world’s The timescales involved vary enormously, transfer offices, such as Isis, exist to help bring great research universities. In 2009-10 the from six months to six years. The Isis project the three communities together, to help them University’s 4,500 academic researchers spent manager works with researchers on a range understand each other and to find common £450 million on research activities across the of activities: to understand the technology purpose in creating a new company. University’s four divisions of medical sciences, applications, to translate the technology For more information about the work of ISIS mathematical, physical and life sciences, social from the language of science to the language Innovation, including information about new sciences and humanities. This activity creates of business and the market, to pitch the opportunities for investment contact Simon huge billowing clouds of research outputs investment proposition to appropriate Gray, details below. (intellectual property), some of which can be investors from its investor networks and to commercialised. It is with this subset of all bring in an experienced manager from its For more information about how James the University’s research that Isis Innovation is extensive business networks. When everything Cowper works in assisting with spinouts involved. looks likes it may actually work, the team contact Sue Staunton, details below. is joined by professional advisers who are Each year Isis receives a number of new experienced in helping set up and grow ‘disclosures’ of potentially exploitable research technology companies. outputs from Oxford’s researchers (nearly Details: 300 in 2009-10). The challenge presented The opportunity remains for as long as the Simon Gray by each of these new projects is to establish founding researchers are able to commit time 01865-614428 what the opportunity is, how to protect and there is a strong enough story to tell about [email protected] the idea and what the route from research the journey from technology to market. This results to market may be. There are a number does not always lead to run-away business Sue Staunton of initial alternatives: use the expertise of success; many, many businesses do not go on 01865 200500 the researchers to offer expert consulting forever. They may be absorbed successfully [email protected] advice to clients; use intellectual property into other companies, they may flourish while a right protection (patents, copyright, and so limited market opportunity exists, they may fail on) to license technologies out to existing to meet their objectives and be closed down. successful technology businesses; or establish a new company to attract investment finance Creating a new company from and experienced management to take the University research technology to market - in other words, set up A university spin-out involves bringing a spin-out. together people from the three different Isis Innovation forms spin-out worlds of commerce, investment finance and companies academic research. There are few people who can themselves operate effectively in all three In the past 10 years Isis has helped researchers different environments. University technology at Oxford establish 55 new spin-out companies, all based on Oxford science, involving Oxford scientists. Isis’s role is to contribute to the development of the business plan, find someone to run the company, and find investors to provide the cash necessary to develop the technology and business potential. This is all about building a team of people with different skills and experiences, bringing them together to share a common motivation of building a successful business. Some get involved to make as much money as possible, some to see a life’s work taken up by consumers, some to help tackle a major problem the world is facing, and some to build a sustainable business, providing employment and opportunity in the region. The process is represented in the diagram right. Over time, the intent is to bring together all the skills necessary to secure financial investment into the new company: the right people at the right time for the specific business needs.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 teambuilding 33

The following are examples of which can then be later utilised or activities you can experience at improved. The opportunity to think Stoke Park: as a team, to achieve a team strategy but also importantly, to have fun is • Golf days/ competitions key to team building. Motivation • Tennis clinics will undoubtedly increase through • Archery not only the fun and excitement • Laser clay pigeon shooting of the actual day, but employees • 5-a-side football will see the advantages reflected • Falconry in the improved organisational • Axe throwing productivity, processes and • Croquet procedures. Teambuilding at • Cocktail flaring • Segway adventures A team of experienced event • Duck herding co-ordinators is always on hand to Stoke Park • Giant outdoor games including ensure your event is a great success Look no further than the undeniably beautiful grounds Jenga, Connect 4, Snakes & and the organisation of it is stress free. Ladders, Twister and sumptuously luxurious Mansion House at Stoke Park The hotel offers five-star • Champagne, wine and whisky accommodation, 27-hole to host and cater for all your corporate and hospitality tasting championship golf course, first class needs, writes Nick Downie of Stoke Park • Perfume blending health and racquet facilities, eight • Spa treatments Located 35 minutes from central personalised teambuilding events meeting rooms, three restaurants • Cookery master classes & London and only seven miles from and excellent service, there is sure (The Dining Room – two AA hands-on cooking activities London Heathrow Airport, Stoke Park to be an activity that suits your rosettes) the award winning Spa by • Treasure hunts truly is one of the finest and most requirements. We provide for all SPC and much much more. accessible conference, meeting and varieties of teambuilding events, such • Cocktail making events venue in the country. as golf days, archery and laser clay • Afternoon tea Details: Events team Filming days pigeon shooting. But for companies • 01753-717171 Set in the heart of Stoke Poges, • Painting workshop looking for something a little different, [email protected] situated in leafy Buckinghamshire, • ‘On Her Majesty’s Secret Service’ we also specialise in presenting that www.stokepark.com lies an opulent country Georgian • ‘A Very English Mystery’ something extra. Have you ever Mansion. The vast 350 acres of dreamed about being James Bond The benefits of teambuilding are magnificent parkland provides for the day, or playing detective and unlimited and it is important to the perfectly private and secluded solving a crime? ‘On Her Majesty’s ensure a coherent and cohesive photographic backdrop for corporate Secret Service’ and ‘A Very English workforce. Through these activities, teambuilding days. Mystery’ are to name but a few of our it enables you to identify your Renowned for offering distinctly unforgettable experiences. team’s strengths and weaknesses,

This month we conclude the listing of biotech companies Biotechs in the Milton Park, Culham and Abingdon cluster (J-Z) Ludger Glycotechnology Oxford Biosignals Resmed The Medicines Company Inc Specialises in technology Solutions for in hospital Development and manufacturer Suppliers of medicines to worldwide for the measurement and monitoring and clinical trials of innovative medical products hospital marketplace for the control of biopharmaceutical CEO: Jacques Feldmar for the treatment and treatment of critical care patients glycosylation www.obsmedical.com management of respiratory Chairman and CEO: Clive Meanwell Founder and CEO: Daryl Oxford Immunotec disorders with a focus on sleep- www.themedicinescompany.com disordered breathing Fernandes Medical diagnostic using it’s Toumaz UK COO: Stein Jacobsen www.ludger.com innovative patented T cell www.resmed.com Pioneer of low cost, ultra-low power Opcare measurement technology wireless telemetry technologies for CEO: Peter Wrighton-Smith SRA Inc a wide range of markets including Provides prosthetic and www.oxfordimmunotec.com orthontic services to the NHS Homeland security, defence and medical monitoring www.opcare.co.uk Oxford Optronix global health Co-founder and CEO: Prof Chris, Scientific machinery and instrument www.sra.com Toumazou Orchid Cellmark plc www.toumaz.com manufacturers Summit plc DNA testing services Oxford BioTherapeutics Drug discovery company T Plus Medical Commercial director: David Executive chairman: Barry Managing director: Jane Turner Hartshorne Development of targeted antibody- based medicines for oncology Price www.obsmedical.com www.orchidcellmark.co.uk www.summitplc.com CEO/founder: Christian Rohiff Vertex Pharmceuticals plc Orthox www.oxbt Syntaxin Drug development including Development of medical Oxitec Focuses on discovery of targeting hepatitis C, cystuic fibrosis devices to regenerate and Pioneer in controlling insects that new medicines derived from and epilepsy restore injured cartilage and spread disease and damage crops bacterial toxins to treat chronic Chairman, president and CEO: bone CEO: Hadyn Parry diseases Matthew Emmens CEO: Nick Skaer www.oxitec.com CEO: Dr Melanie Lee www.vrtx.com www.orthox.co.uk www.syntaxin.com Patheon 360 Genomics Oxagen Global provider of contract Tessella plc Developer of diagnostic technologies Drug development to treat dosage form development and Software design and consulting to ensure timely and appropriate inflammatory diseases manufacturing services to the services therapy for cancer patients CEO: Sue Charles pharmaceutical industry Managing director: Kevin Gell Dr Antonia Cardew www.oxagen.co.uk www.patheon.com www.tessella.com www.360genomics.net

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 34 teambuilding Time to think about the Summer... In the February edition of The Business Magazine the award-winning destination, Royal Windsor Racecourse, was featured as something of a ‘best kept secret’ on the meetings and conference circuit

This month the capabilities of the venue in grounds is unparalleled. Add in its easy From October to March, the racecourse extends its respect of the teambuilding and corporate accessibility in the heart of the Thames Valley facilities still further with a purpose-built marquee activities available from its dedicated conference – just minutes from Royal Windsor and close to which can seat up to 600 people for large events, management team are detailed. Reading, Slough and Heathrow Airport – and conferences and celebrations. it’s easy to see why it’s already attracting many There have been some great developments over Free wi-fi access is available throughout the top brand name companies. the past 12 months with the venue’s range of team entire venue - including the grounds – and the building activities available, including the launch of conference and events team is on hand to ensure the first Dragon Boat racing event at Royal Windsor The options: all AV and other equipment is available to make Racecourse, located on the River Thames, last Several locations are available for teambuilding any event a success. An experienced catering team summer. or corporate fun days all set within distinctively can provide a wide range of menus, from finger different environments. buffets and barbeques through to fine dining and gala dinners. Perfect for summer events and parties, the Riverbank Pavilion is set within the paddock To close the event with an exclusive setting, the across from the parade ring, encompassing racecourse has its own private jetty on the banks some of the most picturesque surroundings, of the River Thames, means privacy and exclusivity creating a versatile and intimate environment can be guaranteed and a helicopter landing area for groups up to 500 people. ensures VIP guests can be whisked in and out with the minimum of fuss. An addition to the day is the ever popular BBQ packages with a range of options available as Last year’s Dragon Racing event well as a tailored service for a more discerning client. The Silver Ring is located adjacent to the grandstand, where the largest meetings rooms are situated – this area has the most Popular events and activities that have been available ground space available which is able produced over the past year include some of the to accommodate outdoor events from 50 up to following: 5,000 people. • It’s a knockout All services are available within this enclosure, • Rocket launch with full bar facilities and a wide range of catering options. • Quad biking • School sports day Further options are available on site which include: • Boot camp • Centre Course with over 15,000 sq m of • Inflatable football and volleyball space able to accommodate some of the and many more... largest events available. Details: 01753-498584 [email protected] Twenty-three meeting rooms are split across three • Riverside which is dedicated to Dragon Boat www.windsor-racecourse.co.uk buildings, with plenty of complimentary parking racing events (pictured right) with over 5000 and its location in over 165 acres of beautiful sq m of additional ground space.

RWRC_bannerads.indd 1 28/11/2010 23:04 www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 commercial property 35 Lease re-gears – it’s not too late At a time of uncertainty in the property market, landlords and tenants should consider re-gearing, writes Mark Pooley of Penningtons Solicitors LLP It has been well documented that the a rent free period. The level of incentive will occupational property market has seen difficult depend on the following factors – the length times over the last three years and although of time before the lease expiry, the current there are initial signs of recovery, it is widely level of rent compared to the market rent, the anticipated that these difficult times will proposed extension to the lease period and continue into 2012. the occupancy rate on the landlord’s estate or consider whether there are any suitable However, there are opportunities for landlords within the landlord’s building. alternative properties available to let. The and tenants to benefit from the current market An example of a simple lease re-gearing which terms of the lease should be checked and the conditions by being proactive and committing benefits both the landlord and the tenant is as tenant should be familiar with any break dates to longer leases well before a lease event, ie a follows – the tenant occupies an office building and the lease expiry date. The tenant should break option or lease expiry. on a 10-year lease expiring on December 31, know whether or not it will have security of If the lease can be extended or a break option 2012. In return for the tenant entering into tenure under the Landlord & Tenant Act 1954. removed, the landlord will benefit from rental a reversionary lease starting on the expiry of income over a longer period and, with it, an the current lease and expiring on December Details: Mark Pooley increase in the value of the property asset. 31, 2017, the landlord will grant the tenant a 01256-407100 nine month rent free period to take effect from [email protected] If the tenant believes the property will the completion of the legal documents. The www.penningtons.co.uk continue to meet its requirements, bearing in landlord is guaranteed a further five years mind any plans to expand or contract, then it worth of rent and the tenant receives nine should consider entering into a longer-term months rent free and certainty of its occupation commitment by either removing a break option for an additional five years. or extending the lease period. In exchange for such a commitment, the landlord will It is important for a tenant to plan ahead. typically provide an incentive in the form of Before entering into negotiations it should

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 36 commercial property Give us a break Break clauses are an essential tool in a tenant’s armoury which can provide great flexibility, writes Boyes Turner property partner Mark Appleton

Expanding businesses can rid themselves of old There have been some new court rulings on this redundant premises. Tenants looking to contract point. In the recent case of Standard Life v their operations can wash their hands of rental Linney (2010), the tenant incorrectly served obligations in relation to unwanted premises. a break notice on its original landlord rather Those trying to save on expenditure may be able than Standard Life. The confusion had arisen to use their break clause as a negotiating tool in as an intermediate lease had been granted to discussions with a landlord and possibly secure a Standard Life. The original landlord had no rental reduction or a more acceptable re-geared interest in checking the validity of the break lease on better terms than the previous lease. notice nor in passing the notice on to the actual landlord. As such, the Court decided However, many tenants are finding that break that the break notice was invalid. clauses are much harder to exercise than they thought. Some are being caught out by serving However, in the case of MW Trustees v Telular Timing break notices incorrectly; or by poor drafting which Corporation (heard on February 9, 2011), may prevent the lease from being terminated. the landlord transferred its interest to the Tenants will also need to give solicitors some trustees and the tenant was informed of time to react as it will be necessary to obtain up The courts are being asked on a very regular basis this. The tenant’s director of administration to date Land Registry searches and company to look at break clauses to determine whether or (who was not a lawyer and was not aware searches against the landlord. not a particular lease has been validly brought of the transfer) served a break notice on the The landlord will check that the tenant has to an end by a tenant. Obviously this is to be previous landlord. The director was notified given sufficient notice as required under avoided and the consequences can be disastrous of the transfer by the previous landlord. The the break clause – and will then be looking for a tenant if the lease has not been properly director emailed the new landlord attaching at whether the tenant has complied with terminated. As such: the original break notice asking the landlord to its obligations in the lease – in particular confirm the necessary steps to break the lease. to repairing obligations. The landlord will Break clause The new landlord replied that the email had start to contemplate whether a schedule of been forwarded to their agent who would be The break clause needs to be drafted correctly. Any dilapidations setting out any breaches of in touch. The agent confirmed that the break preconditions requiring the tenant to do or not to repairing and redecorating covenants needs to notice was accepted and the landlord was do things prior to the service of the notice should be served on the tenant. The tenant will want happy for the tenant to terminate the lease but be avoided if at all possible otherwise the tenant’s to pre-empt these and carry out any necessary a replacement notice had to be served on the ability to terminate the lease may be at risk. repair and decoration works itself rather than new landlord. It was either not sent or was lost these being carried out by the landlord at Depending on how the clause is drafted, the in the post! the tenant’s cost – which could prove to be tenant cannot pay the rent up to the break date considerably more expensive. The tenant will (unless this is the date before a rent payment date) The Court decided that the relevant question therefore need to be pro-active and engage and will need to pay the rent for the full quarter. If, was how a reasonable recipient would have professionals so that it is fully aware of its for example, a lease is granted on the April 5 with understood the service of the notice. Service outstanding obligations. a break clause on the fifth anniversary, the tenant of the break notice and the sending of the cannot in the break date year merely pay the rent email made it clear that the tenant wished Clearly there are a lot of risks involved with from the March 25 up to and including the April 4. to terminate the lease. The subsequent break clauses but these dangers can be The tenant must pay the full quarter’s rent up to correspondence prevented the landlord from minimised with good proactive legal advice. and including the June 23. It can be even worse challenging the validity of the notice – or

where there is a right to break on the same day as a alternatively showed that the landlord had quarter day as it could be argued that on the break waived the requirement for the break notice to Details: date the tenant is still liable to pay a full quarter’s be served in the manner specified by the lease. Mark Appleton rent in advance. Service of notice 0118-9527244 [email protected] The tenant’s solicitors also need to ensure that A tenant must ensure that the notice is served www.boyesturner.com the clause makes it clear that any overpaid rents correctly. The lease will often specify a method are refunded to the tenant – as legally the tenant of service and any minor infringement may has no right to recover these depending on the again invalidate the break notice. If the lease wording of the lease. specifies that the notice needs to be served ‘by Break notice hand’ at the landlord’s registered office, then service by first class post will not be sufficient. The break notice itself must be drafted properly. If the lease requires the notice to be on pink Minor errors might be excusable but other paper then a break notice on blue paper would mistakes are likely to give rise to disputes with the not be sufficient. landlord as to whether the tenant’s break notice is sufficient. It must be obvious to the recipient Conditions to the break of the break notice what the tenant is trying to Any conditions set out in the break clause must achieve. be complied with. If a break clause requires Service of the notice strict compliance with the tenant’s covenants, then decoration with two coats of paint may A break notice must be served by the tenant on its not be sufficient if the lease required three immediate landlord. coats.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 commercial property 37 TVPF signal the way Following the success of last September’s Thames Valley Property Forum (TVPF), a carefully designed programme has been developed for this year

The programme of events, media coverage, Using this platform the aim of the TVPF will be conference and other networking opportunities to fill the void left behind following the recent Oracle, RIM Blackberry and Cisco. Through the has been designed for all those interested in the changes in the region and help to generate conference to be held again in September at connection between business and property in linkages between business and property. the Holiday Inn located at IQ Winnersh Triangle, the Thames Valley and west of London. TVPF TVPF will also engage with the public and private • Thames Valley Economic Partnership (TVEP) will promote the views and interests of property sector to ensure that the key issus affecting the has gone into administration: without support occupiers, developers, investors, consultants and property market will be discussed. from SEEDA or direct business this type of suppliers operating in the region who want to vehicle is unlikely to return. Some of the speakers at TVPF 2010 will include: generate new business. • SEEDA, BESBY has also been disbanded: Tim Caiger, vice-president facilities & real estate Highlights of TVPF Memberships will include: Government has moved on in its thinking EMEA, Oracle Corporation Appointment of an editorial board to help with given the need for fiscal restraint. • Gareth Osborn, director, Thames Valley, SEGRO plc the content • Thames Valley as a region is viewed as a relatively low priority: the region is seen as Gareth Gillham, director of enterprise & research, • New sponsors: Oracle, SEGRO, Reading University of Reading University, Wilmott Dixon and PBA capable of fending for itself given its relative high economic standing and potential for growth. Damian Wild, editor, Estates Gazette • Launch at MIPIM 2011, Cannes in France • Local Enterprise Partnerships (LEPs) are the Albert de Beer, regional facilities director, RIM • Linkage with EGi (Estates Gazette) for the new vehicle for change: the issue is how Blackberry Thames Valley March supplement property will engage with the new LEPs and what is their agenda? and many more. • Access to the successful annual TVPF conference in September While the region is constantly evolving as it reacts Details: www.tvpf.co.uk to these changing issues, it does still enjoy the • Quarterly events and web-based information fundamentals of being the area of choice for through tvpf.co.uk many successful European and global companies. • Opportunities to network, sponsor and TVPF intends to explore the reasons why the educate target markets. region is still so popular with companies such as Property Experts

Corporate Property Commercial Agency Valuations Land & Development

Worton Grange, South Reading Ivanhoe Road, Finchampstead Suttons Business Park, A329(M) Planning Consultancy Short term warehouse space available on Prominent detached office building with Modern Industrial / Warehouse and office flexible terms. To Let. approx 1,000 sq ft storage space. For Sale. space. To Let. Landlord & Tenant Joint Agent: CBRE Joint Agent: Martin & Pole Joint Agent: Lambert Smith Hampton 10,000 – 128,000 sq ft 4,260 sq ft 3,315 sq ft – 46,147 sq ft Building Surveying Project Management Arbitration

Stadium Trade & Business Park, Church Street, Reading Chiltern Enterprise Centre, Theale West Reading Two storey 50/50 business unit opposite Attractive newly refurbished self contained Chartered Surveyors Prominent Trade / Warehouse units. To Let. offices For Sale / To Let. Theale station. To Let. Joint Agents: King Sturge 9,118 – 14,772 sq ft 940 sq ft 1,240 sq ft 0118 921 1515 County House 17 Friar Street Reading RG1 1DB F: 0118 921 1501 [email protected]

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 38 commercial property A hot topic: a look at the feed-in-tariff scheme In these increasingly cost-conscious times, businesses are considering ways to improve revenues. One recent development which has the additional benefit of being ‘green’ in this equally eco-conscious climate is the feed-in-tariff scheme (FITS), writes Katherine Marshall, director, real estate, Pitmans

This came into force on April 1, 2010 and to receive payments at the originally assessed requires electricity suppliers to pay small-scale rate subject to annual RPI adjustment. generators (whether businesses, landlords or private householders) for electricity they Sub-letting produce from renewable sources whether on Increasingly there are companies offering to commercial or residential property meeting the pay for the capital cost of installation of the following criteria: technology (usually solar panels or a wind • generation of no more than 5 mW of turbine) who will then receive the FITS payment electricity from solar photovoltaic cells (solar in return for either rent or access to low-cost Drafting thoughts electricity. Any surplus sold to the Grid attracts panels) or wind or hydro power or anaerobic It is early days and currently there is no industry payments which again could be retained by digestion or micro combined heat & power standard precedent FITS lease. (the installation) the generating company or shared with the landowner, depending on the terms of their Any drafting will need to consider: • the installation is accredited and registered in arrangement. With power costs rising, the lure • access requirements the central FITS register of cheaper electricity will be attractive to a • the FITS generator must ‘own’ the installation. homeowner. • the type of technology involved and its specific requirements Who pays? However there are hurdles to be overcome. If the property is mortgaged, lender’s consent • the exact area to be leased (which may need FITS payments are made by electricity suppliers will usually be required. Lenders, particularly to include specified airspace and particularly not the Government. The generator receives of highly-geared residential properties, may a plan if the installation is on a sloping-roof) a fixed sum for each kilowatt hour (kWh) of not want to comprise the re-sale value of the • planning and any other third party consents electricity generated and either a guaranteed property in case they need to repossess and needed rate per kWh for surplus exported to the national sell in a hurry and some buyers may be put off grid or if preferred the open market rate for such by the idea of the lease arrangement either • that equipment fixed in a sufficiently exported power. The minimum tariff paid is because of the access rights which will need permanent way is presumed by common fixed by the secretary of state and is currently 3p to be included or concerns about ongoing law (which cannot be overridden in a lease) per kWh (adjusted in line with the retail prices repairs during the lease term or perhaps most to be a fixture, owned by the landowner. index) and monies are payable for the tariff importantly the requirement for removal of the If not demised then it may be that the life-time which varies according to the type of equipment and reinstate of the premises at the installation is ‘owned’ by the landlord rather technology – 25 years for solar panels, 10 years end of the term. For any lease of commercial than the generator. However suppliers seem for micro combined heat and power systems premises, contracting out of the Landlord & more inclined currently to pay the registered and 20 years for the rest. Tenant Act 1954 provisions are a must for any generator ignoring such legal technicalities. Accreditation owner. Insurers too will need to be informed and the For several reasons it is financially advantageous Please note that the above is a summary only of question of who bears any additional premium to obtain accreditation for a FITS installation the scheme. Pitmans accept no liability for any sooner rather than later. The longer left, the addressed. reliance on this article. lower the starting rate for the generation Where to site the equipment? tariff, particularly for technologies (including solar panels and wind technology) where the Not all sites will be suitable for a FITS installation. Details: Katharine Marshall installation and operating cost are likely to Rooftops in urban areas often generate too 0118-9570206 reduce in the future. Also if the up-take of the erratic a wind pattern for a turbine whilst a [email protected] scheme is wider than predicted we may see south-facing property in the south of England www.pitmans.com/real-estate/ a reduction by the Government in the overall stands the best chance of sufficient sun tariff scale. The scheme permits periodic tariff for a solar panel to be effective. However reviews with the next due in April 2013 but overhanging trees may also render a site the Government has already announced an unsuitable, as may development of an adjacent intention to “rebalance” the scheme in favour of property. The latter could occur during the life of more cost-effective lower-carbon technologies the lease and the only solution may be to permit and could easily bring forward the review date. the FIT generator to terminate the lease and Indeed the Renewable Energy Association remove the equipment. In commercial leases a announced on November 30, 2010 that the landlord may not want to permit such a break Government has decided to cap FITS payments right, eg where they receive rent rather than for 2014/5 at £360 million (down from £400m). cheap power. In such a case the right to break Any reduction in tariffs will only affect new could be triggered by the income stream for the projects; those already accredited will continue generator say falling below a specified level.

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 commercial property 39 Anesco goes Green at Easter Park

Anesco has become one of the latest exciting new additions to ‘The Green’, at Easter Park, Aldermaston, after officially moving in to new head office premises at the site

The national firm, which is rapidly within one convenient location. growing and expects to recruit Both deals were negotiated by up to 200 people to its expert Haslams Chartered Surveyors on team this year alone, offers the landlord’s behalf. energy efficiency and micro Alex Lewis of Haslams generation services to domestic commented: “This cements and commercial customers. It Easter Park as a thriving office presents solutions ranging from location. The attractive courtyard insulation, to solar PV and ground development along with excellent source heat pumps, together green credentials are very with micro generation design, appealing to occupiers.” installation and maintenance. For further details visit www.anesco. Anesco joins four other co.uk established tenants at The Green including; Elliott Turbomachinery, Adrian Pike, a former group Atkins and Mercury Computer managing director at Scottish & Supplies. There are still a number From left: Adrian Pike of Anesco with Alex Lewis of Haslams Southern Energy plc, is heading of buildings and suites available up the firm, along with chief in sizes ranging from 300 sq ft to operating officer Tim Payne, as 7,449 sq ft. they power on with ambitious plans for expansion over the The deals for Anesco follow a coming months. long line of successful disposals last year at Easter Park, including Pike said: “It’s a very exciting one of the largest lettings in the time for Anesco. The demand Thames Valley, where a 60,000 for energy efficiency solutions sq ft industrial/distribution unit is strong and is set to increase was let to Elliot Turbomachinery. dramatically over the coming Seventy per cent of the 145,000 years. With the strong support sq ft large industrial phase has and incentives being offered by now been let, with only four units the UK government, it is likely remaining ranging in size from to create a market worth in the 8,050 sq ft to 13,870 sq ft. billions per year.” The Estart phase of the Park has The site at The Green was selected also been hugely successful, by Anesco, as it reflects the offering small units to small to company’s ‘green’ credentials, medium-sized enterprises, with with heating provided by ground only one building of 2,350 sq ft Exterior and interior of The Green, Easter Park source heat pumps and windows now left on the 23-unit Estart that are floor-to-ceiling in height, scheme. reducing the need for artificial lighting. The Park Centre at Easter Park, providing conferencing and board Colin Brown, Easter’s room facilities, has also seen great development director success. There are now only a commented: “This is an excellent small number of suites available, match for Easter, who have which are being offered on always strived to be at the competitive and flexible terms. forefront of ecologically sound development and sustainable Easter Park, Aldermaston offers buildings. Following on from the very highest quality office, the recent 8,200 sq ft letting to industrial and business space in Elliott Turbomachinery this deal a beautiful, mature woodland is testament to the quality of environment. For full information the buildings and the working on availability and the highly environment.” competitive terms available please contact Michelle Athey at the on In addition to its 6,300 sq ft head site marketing office on 0118- office premises, Anesco has also 9701460/email: aldermaston@ taken a new lease on a 2,350 eastergroup.co.uk, or contact Details: sq ft storage unit on the Estart the joint agents on the scheme Alex Lewis phase of Easter Park, allowing it directly at Haslams and Woodford 0118-9211517 to keep its business contained & Company. www.haslams.co.uk

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 40 commercial property 20 years of Opting to Tax and counting Richard Hutton, director at Harwood Hutton, discusses the potential to save large amounts of VAT and SDLT

VAT on commercial property is a complex area Before revoking the option and often misunderstood. The intricacy of the to tax it is important to Opting to Tax regulations is a case in point. consider any substantial capital expenditure on the These regulations were introduced on August 1, building incurred within 1989, and include a critical landmark being the the previous 10 years 20th anniversary of the date that any option to which could be subject tax was taken, after which it is possible to revoke to adjustment under the the option. capital goods scheme. It seems almost impossible, but is true, that In the case of existing the 20-year period will now have expired for tenants who are unable to properties owned back in the late eighties and recover the VAT because of the incidence of expiry of the 20-year period will their own exempt supplies, become more frequent in the next few years. As they might explore whether a result the number of opportunities to consider their landlord would be whether it might be beneficial to revoke the prepared to revoke the option to tax. This might option with HMRC will increase. be a good strategy to employ during a rent The reason why many businesses opted to tax negotiation. was in order to create the ability to recover the There are times when it is not appropriate for a input VAT which often arose on the purchase of a purchaser to opt to tax a building that they are building or possibly on substantial improvement acquiring. Many people assume that because or repair costs. Only by charging VAT on the the previous owner had opted to tax a building, rental income was it possible to recover the input the buyer should also opt to tax. Certainly if the tax on these costs. option to tax is not made by the purchaser there will be an increase in the SDLT since the criteria As a result of the option to tax, the sale of the for a TOGC will not be met and VAT will be due property will be subject to VAT at the standard on the transaction. Of course, this may be an rate and Stamp Duty Land Tax (SDLT) will be acceptable cost in view of the fact that otherwise calculated, not on the sale price, but the gross the option to tax will last 20 years and might have price including VAT, which is a substantial a detrimental impact on a subsequent sale should additional cost to the purchaser. the buyer have a VAT exempt business. The need to charge VAT on the property sale with Often the cashflow impact of paying 20% VAT the resulting increase in SDLT will be avoided upon completion is a decisive factor but it may be if it is possible to come within the criteria of a possible to agree with the vendor for this element transfer of a going concern (TOGC). In essence if to be deferred until the date when the buyer can the buyer is acquiring a property rental business recover this input tax in the normal course of rather than simply a commercial building and submitting their VAT return. both parties qualify for a TOGC, the transaction will be outside the scope of VAT. It should be Businesses that do not make exempt supplies remembered that under these circumstances a are able to recover all their input tax regardless new 20-year period starts for the new owner. of whether or not they have opted to tax the building from which they trade. By not opting to If it is not possible to comply with the conditions tax the property they hold open the possibility required for a TOGC the purchaser will be paying that they could sell the property to anyone up to an additional 26% to acquire the building. including those making exempt supplies without This is where the 20-year limit may be of charging VAT on the sale proceeds. assistance. The complexity of the rules surrounding the VAT If the intended purchaser’s activity is mainly treatment of commercial property transactions exempt from VAT, such as the medical profession, is such that it would be wise to seek experienced insurance providers, financial institutions, professional advice in respect of the tax undertakers, betting shops, casinos, educational consequences of any proposed action before the or charitable establishments, the seller should event. consider revoking the existing option to tax. That would result in the future income from the property being treated as an exempt, rather than Details: standard rated supply including the proceeds Richard Hutton from a sale of the property. The VAT charges 01494-739500 would be avoided as would the additional SDLT. [email protected]

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 commercial property 41 DevelopIQ moves to Chineham Park DevelopIQ has acquired the last two vacant suites at Rosewood, one of Chineham Park’s flagship office buildings, following the relocation of the company from Winchester to Basingstoke. It will occupy two ground floor suites totalling approximately 4,700 sq ft on a seven-year lease at a rent of £17.50 per sq ft. The company is a leading managed mobile services provider and delivers strategic mobile application consultancy, development and support to companies of all sizes. Its partnership with companies such as Blackberry, Vodafone and O2 has allowed it to win large contracts with household names such as Calor Gas, Barclays Bank, Argos and the NHS. James Shannon, cofounder and chief technology officer of DevelopIQ, said: “We chose Chineham Park due to its strong Rosewood, Chineham park communications infrastructure, good transport links and future flexibility to upgrade within the welcome companies such as Develop IQ and training function within the same building. The park.” with their world-class expertise in mobile transaction completed at one of Chineham Robert Bakewell, cofounder and CEO, added: technology, they are a perfect fit with our other Park’s flagship buildings which is now fully “Having outgrown our existing offices, we specialist telecoms occupiers. We have an let. With further ongoing activity in the first three months of 2011, we anticipate that expect our new premises in Chineham to cater excellent track record in supporting the future further announcements of relocations to and for our rapid expansion from 15 employees expansion plans of our occupiers and pride expansions within Chineham Park will be made currently to over 40 in the next three years, ourselves on being able to accommodate even shortly. There are now clear signs of increased as well as provide an innovative technology the most ambitious growth.” activity and hardening of rents and supply of showcase for our prospective customers.” Andrew Newman of Hollis Hockley, joint letting good quality office space will become more Rupert Batho, managing director of MEPC agents of Rosewood, Chineham Park, said: “The difficult to find as continued tenant activity Chineham Park, which manages the estate, letting of these two ground floor suites allows takes up the oversupply which is not being said: “It is always exciting to be able to Develop IQ to accommodate their office and replaced by new stock.”

Davidson Thomas and London Clancy. At JBPM to call Basingstoke home the time of writing, there are three self- Marketing communications agency JBPM is says: “We searched high and low throughout contained freehold units remaining, offering space over two floors. Leasehold enquiries the latest company to purchase one of the the entire Thames Valley for freehold offices are also being encouraged, particularly on freehold office units on the new Prisma Park of 2,000 sq ft, and kept coming back to the smaller individual floors in a number of scheme in Wade Road, Basingstoke. Prisma Park. It’s a convenient location for us other units on site. Freehold prices are set at and the style of building suits our business JBPM, currently based at Regus in Fleet, offers a very competitive £140 per sq ft, whilst rents design and printing creativity processes, with image. We hope to maximise the floor area remain at £14.00 per sq ft per annum. major clients including Adaptec, BlackBerry, by constructing an attractive mezzanine The Prisma Park website (www.prismapark. Capita and the Gas Safe Register. studio in the vaulted roof space.” co.uk) offers an automatic link to a 360º Jim Beecham, managing director at JBPM, Agents for the Prisma Park landlords are Baker revolution tour.

at Brethertons said: “Whether you are a client, Brethertons launches knowledge hub contact, student or potential client, we hope Property management specialist solicitors complex area of recoveries, dealing with that you’ll find this a useful and informative Brethertons has launched the Property landlords and residential property managers resource. Our new PM Alliance Knowledge Hub Management Alliance Knowledge Hub. The to recover ground rent and service charge underlines our specialist approach to solving new online service provides up-to-date payments. The team of 23 property managers your legal problems. We hope that those information on legal matters affecting the work with their clients to recover service working in or connected to the residential residential property management sector and charge arrears for their sizeable property property management industry, including contains a range of articles, factsheets and developments throughout the UK. The team managing agents, freeholders, developers, newsletters that clients, contacts, students also works closely with the main recognised suppliers, members of residents associations, or potential clients can subscribe to, free of industry professional bodies, the Association of directors of RMC’s and RTM companies charge. Subscribers to the Hub will also be able Residential Managing Agents (ARMA) and the together with members of ARMA, IRPM, ARHM, to book onto forthcoming web-based seminars, Institute of Residential Property Management FPRA and the RICS, will subscribe to this new subscribe to Brethertons newsletters and join (IRPM). They deliver training sessions to online service.” the Property Management Alliance Linkedin hundreds of ARMA /IRPM members via a series For a direct link to the Property Management group. of web-based seminars throughout the year. Alliance Knowledge Hub see details below. Brethertons’ property management team, Commenting on the new service, Alison which is based in Banbury, operates in the McCormack, head of property management Details: www.brethertons.co.uk/pm-alliance

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 42 roundtable

Owner-managed businesses: Participants Tougher times, brighter prospects Erica Adams Creative director, broadcast sector The Business Magazine and accountants and business advisers Wilkins operator Phabrix Kennedy hosted a Roundtable last month for expert local minds to discuss Andrew Brattesani the issues facing owner-managed businesses in the new age of austerity. Area commercial director, HSBC John Burbedge reproduces selected observations from the Roundtable Tim Collerton Partner, Wilkins Kennedy Susan Elliott CEO, Thames Valley Innovation & Growth Team David Griffiths Managing director, Fiscal Technologies Matt Hall Partner, director of corporate finance, Wilkins Kennedy Charles King Discussion team: lined up at the Madejski Stadium Technical consultant, Oxford Yasa Motors Ian McCann Chairman, PR and communications Time to stop the bank- Mind the gaps! . . . firstly, consultancy CCgroup bashing? the expectation gap Adrian Smith Andrew Brattesani got the Roundtable Tim Collerton: “A lot of my clients are quite Founder, The Mortimer Chocolate underway with an HSBC ‘barometer’ showing bullish. Things are definitely looking up. But, Company ‘Fair’ for the future. “There is more action there is this concept that it’s harder to get going through our customers’ bank accounts money out of the banks. Actually, it is an Mike Unger now which would suggest good things are expectation gap between the banks and the Managing director, automated booking happening. One barometer is the factoring of businessmen. Risk goalposts have moved for solutions provider Mikkom invoice financing and in January that was up bankers and they now have to be rigorous and 26% year on year. So, fresh invoices are being ascertain more facts. But, businessmen, many David Murray: produced. of whom have never been through a recession Managing editor and publisher of The before, are wondering why banks aren’t “Colleagues on corporate and business banking Business Magazine chaired the discussion. lending as freely as they did before.” are also seeing signs of growth, yet I go home and watch the news and sometimes it seems David Griffiths: “It also depends on the . . . then, the Equity Gap like I am on a different planet. In spite of the type of bank. HSBC hasn’t been saved by bank-bashing we are lending money, yet the Government whereas others have.” He David Murray queried if the government’s £1.5 every time we decline someone it goes up in mentioned his company’s request for a billion Business Growth Funding – providing £2 media smoke. Surely we have to be able to £10,000 overdraft extension to a government- million to £10m of equity aimed at companies with decline people who can’t repay the loans, or we saved bank, being met instead with the offer a turnover between £10m and £100m – would wouldn’t be doing our job. Generally lending of a £200,000 government-backed loan, half actually help solve long-term funding concerns for is up and I am feeling quite bullish about the of which his company had to guarantee. “It small businesses. future.” leaves, people thinking: ‘Hang on, these banks Susan Elliott: “The point is that the equity gap is Brattesani reported 2010 lending in his HSBC are part-owned by us!” below that, at about £250,000 to £1m. Venture Reading/Oxford region was up 97% on 2009. Brattesani explained that the Basle III Capital companies used to invest at that stage but Transaction volumes were up by 20%, he European banking changes left banks with now there are higher risks and a longer return, estimated. “There was a real spike after the much reduced local discretion on lending. so they have gone up the value chain. Business elections, ash clouds, and summer holidays – “We have to have someone independent to Angels (high net-worth individuals) who may have September and October were power months.” assess any possible approval. It means more collectively invested in those lower areas are also seeing longer-term returns and so the equity gap is Mike Unger queried whether smaller cogs in the process and we do need more getting bigger. First round equity funding, beyond businesses and start-ups were being funded information in order to make decisions, but it’s friends and family, is a real struggle area.” appropriately. “We didn’t get past the front the right way to overcome the risks involved.” door when we asked for bank finance (not Unger said he had now completed some first But Unger claimed funding could be withheld HSBC).” round equity funding – after a two-year funding even when the loan request was based on search that included “getting short-shrift” from his Brattesani confirmed that HSBC was making a rock-solid business plan. “We went to one high street banker. “Equity funding has only taken loans available at all levels of industry. “But, bank and the banker said it was an equity plan six weeks, but it has actually upset me that I have facilitating a loan isn’t always just about money. straight away because it had too much risk, had to part with equity to get £100,000 funding.” Banks can also introduce customers to each yet he couldn’t explain where he thought the other, and open doors of opportunity.” risks were. He just had no interest in funding.” There was general agreement that the

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 roundtable 43 government’s Enterprise Finance Guarantee “We need to make sure we are building a balanced Scheme was too constraining, complex and economy. There are some good tax breaks, for R&D confusing to meet the needs of small businesses. for example which assists our Intellectual Property “It’s a minefield of interpretation for the banks,” said (IP), but what measures do we have to help Brattesani. manufacturing with the shift out of the UK?” Elliott pointed out that funding was all about Collerton: “Companies around the table have the UK response to risk and failure. “We have a obviously taken note of the key issues of running different culture than say North America, where a business in a downturn. They have cemented they are more willing to accept failure, learn from it, relationships with key clients, looked after key and move on with the positives.” staff, reviewed cost bases keeping control over cashflow, and have made processes more efficient and effective. Companies like these are now in a much stronger position than their competitors and are flexible to seize opportunities when the upturn comes.” Susan Elliott Griffiths queried if the UK economy would have Smith: “I can’t cut my marketing budget any more a big upturn. “I think we are merely moving into a because it has always been tight, so that actually new era where things will grow gradually.” makes the playing field with competitors a little Measurement and fine- more level.” tuning Driving down the cost- Griffiths: “We are growing but we have to work base three times harder than 3-4 years go. And, you have Murray asked how important it was for businesses to have a really fine-tuned business proposition to be lean, cost-efficient and “getting more for their that delivers time and cost efficiencies. If you David Griffiths bucks”, particularly in the manufacturing sector. haven’t, then you quickly get chucked out of meetings. So, we have had to change and innovate Charles King said his company, operating in the Are we now in full recovery our proposition quite dramatically.” developing high-tech field of electric vehicles, had started with a relatively high cost-base. “We mode? Elliott: “Today, you have got to be delivering immediately looked at reducing costs because we something of demonstrably good value.” Ian McCann suggested marketing was a wouldn’t have had any play in the world market at good recovery benchmark. “There is certainly Griffiths mentioned one recessionary upside: the original cost-base. You have to design for large- more optimism. Organisations of all sizes are “We are able to get staff that we would never have scale manufacture at the very beginning.” definitely investing more money in marketing got three years ago, at a lower cost-base, which is Suitable UK infrastructure is less available now so communications since Christmas. Few important because ultimately businesses are all overseas manufacturing had to be considered companies are doubling or trebling budgets and about people.” there is caution, but budgets are freeing up.” in some instances. Fortunately, the electric McCann: “People have realised that they have to automotive industry has a world focus and the Adrian Smith: “We have had a phenomenal get more business through promotion, rather than UK market is quite buoyant. Perhaps a benefit of last quarter. There is an underlying positiveness sitting on their hands and waiting as they have bank overlending and the financial crisis was that in the UK market, particularly in the south. done for the past two years.” the UK had been forced to examine and focus its Actually, I think recession plays into the hands of expenditure. Griffiths: “Three years ago people were spending small businesses because we are more flexible, a lot of money on marketing but not caring if it King highlighted the government’s fresh focus manoeuvre more sharply than big companies. didn’t work. Now, everyone is looking at every on universities. “Previously the pot of money And, we have greater focus on our costs because aspect: How many leads did that deliver?” was spread among 100 universities (England we don’t have huge budgets. The recession has and Wales) and now it will be spread among a McCann: “Measurement is absolutely critical in actually made life a little easier for me because it smaller number and I think they will become demonstrating value. Frustratingly, too many has driven my competitors’ costs up, while we’ve somewhat better for it.” This is important because organisations have not been willing to invest in been able to hold our prices.” UK competitors are focusing on similar technology the appropriate tools and processes to effectively and industry sectors. Erica Adams: “Our marketplace is international. measure awareness and sales impact. However, Different countries are leading things but our this is changing and a more sophisticated Adams operates in the global broadcast market. sales are definitely increasing. We have done approach to marketing is emerging.” “Because we have a niche product and count it really well in Germany, Spain and even our US in thousands rather than millions, we can keep customers are much more positive.” the manufacture in the UK, where quality is key. Overall our clients also prefer British manufacture.” Elliott said the Thames Valley Innovation and Growth Team (TVIGT) was working with “the 5% or 6% of small business who are creating the Skills and employment for majority of jobs. Companies have focused and the young gone through the cost reductions. Now they are on a really solid platform for growth and Adams: “We’ve been on the TVIGT ‘Accelerator’ controlling what they do.” course advising us to keep costs down and focus on a global market. We are aiming at cost- Matt Hall: “Remember we live in a very fortunate reduction principles, and our policy is to keep part of the UK. It is not easy for everybody, manufacturing in the UK where possible, investing but we are seeing profits coming back here. in the UK is within our corporate governance. Our general business is a lot busier than our Griffiths asked: “Can’t you keep the intellectual insolvency side – a good southeast barometer side here and the manual side abroad.” – but we should remember that historically the insolvency market takes off in an upturn. Tim Collerton Continued overleaf...

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 44 roundtable

continued from previous page... packaging in the north and they are not a well paid or hi-tech jobs but those workers are happy to do Adams replied: “But there are lots of manual the work.” workers in this country too. It’s both infuriating and Adams: “There needs to be a national change very sad if you have to look abroad.” in ethos. We need to create pride in working; Griffiths: “Can’t we train them up? companies have to continue to improve their staff and include them in the company vision. This Brattesani said the UK opportunity lay in niche extends from our apprentices to our management marketing to mass markets. “I’ve got a lot of team.” customers who sell into China, but China wouldn’t be interested in doing the same because the Murray wondered if the drive to get young people volumes aren’t there.” to go to university during the 1990s had had a detrimental effect on apprenticeships, vocational Collerton pointed out that cost-bases in China and college courses and the image of employment in India were actually increasing. Mike Unger lower paid jobs. Adams warned that the UK skillbase was Griffiths said he’d heard that there was a 25% diminishing and disappearing abroad too: “I think Inflationary and unemployment rate for UK 18-25 year-olds. “That’s it is really a lost opportunity when telephone employment pressures worrying. How do we give the younger generation answering companies send their business to a chance so that they are not cut off and become Murray suggested inflationary pressures on India because it’s cheaper it doesn’t make a better institutionalised?” service.” household bills might lead to future wage demands. Griffiths said he understood adverse feedback from UK consumers was causing some sectors to Elliott: “In a downturn you get the luxury of finding rethink foreign outsourcing for service functions. good people who are either prepared to work for a lower return or people who are working part-time. Elliott exampled a call-centre adviser in the Employment models are changing and I think that Philippines having no personal knowledge of will continue.” a Kindle, simply because it was far above her financial ability to own one. Unger: “I think it’s true that people value their job more nowadays and many are prepared to go that Smith explained why his company imported its extra mile, some even 10 miles! ingredients but manufactured in the UK. “We have a unique way of processing our chocolate, so we Elliott also noted that more owner-managed like to keep control of its innovative process and businesses and their employees now recognised recipe, and we don’t want to transport the product the need to get things right for their customers at over long distances.” all times, and not make mistakes. Charles King Low interest rates Unger: “We are also looking at how we take on staff very carefully. Do we take them on contract to Virtual changes that make Hall highlighted the luxury of living in a low start with and then move them on to permanent? interest rate business environment. “When I look Legislation changes and permanent employment a real difference are something we are considering big-time.” at some of my clientbase I do worry how much McCann stressed that changing working practices, it is going to hurt them when rates go back to a McCann: “We’re working much more flexibly. such as ‘virtual working’ would soon impact the sensible level.” We’ve expanded our range of contractors and economic future. “I’m virtually running a ‘virtual freelancers to enable us to deliver a wider skill set. team’ now, and I never thought I would say that. We It also enables the two parties to work together have people only coming into the office one day before going permanent. Some of that is driven a week. Changes in working practices, with team by employment protection law, which makes it meetings through Skype, means that we have difficult to shed people after two years.” changed our whole operation.” “It effects the very fabric of business,” agreed Creating jobs that people Murray. “The office footprint is getting smaller and care about smaller, because companies don’t need so much office infrastructure.” Murray asked about government measures to boost employment, help businesses upskill and Elliott queried whether the radical change involve apprentices in their businesses. in working practices was fully appreciated in government. A recent government paper on Adams: “We have employed two apprentices support for knowledge transfer clearly assumed through our local college. This has been a success that a building would be required for staff and story and we are keen to develop them through Andrew Brattesani meetings, she said. “We don’t need more buildings the business. in this area because we don’t do things that way Murray queried if businesses were prepared for “Too many companies are going automated and any more.” likely interest rate rises. taking lower paid workers out of the system. It is Unger pointed out that his company had started expensive to employ somebody but there should be Brattesani: “I am seeing business debt being out working virtually, but now recognised that more government encouragement to companies to paid down at an amazing rate which is really very its staff needed “day-to-day contact at least three keep lower paid workers in decent jobs.” sensible.” days a week because there’s just so much going Elliott noted recent reports that nearly half of new on. Considering we are a hi-tech mobile software With mortgage interest rates low too, banks UK jobs created were being taken up by foreign company, that’s somewhat bucking the trend would need to be careful about how they reacted nationals, because British youngsters were not perhaps?” to Bank of England interest rate increases, said prepared to take the jobs at the pay rates offered. King. “If you destroy a person’s personal life, their Elliott: “A balance is required based on individual business can suffer as well.” Smith: “That is not necessarily the case. We do our business needs.”

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 roundtable 45

facilitating organisation to match university talent Are you well connected? with business needs. “We are in the Silicon Valley of Murray asked if local infrastructure and the UK here, we should be doing it better.” connectivity provision was keeping pace with King mentioned DTi ‘technology translators’, KTPs industry requirements. and the EPSRC website (www.epsrc.ac.uk) as useful Unger: “We’ve never had a problem running university-business links. demonstrations in west coast America from a Griffiths suggested “tapping into talent via the server within our seventies-built office block in back-door” by going direct to students via www. Windsor.” studentgems.com. Brattesani countered: “I was interviewing Collerton said all business owners should carefully guys from Cairo and India last week by video- consider the business advisers that they have conferencing link, but I couldn’t get a mobile around them. “An important benefit to having the phone signal locally.” right advisers was their host of contacts, links and King said his company, making hi-tech electric Erica Adams industry experience being made available.” motors, needed both office and modern construction space. Although there was plenty of The problems of Messages to the warehousing around, the type of space Oxford Yasa Government Motors required was in short supply. “And if you knowledge transfer are a start-up, converting warehouse space to what Hall: “Not everyone is affluent in the south-east. Griffiths: “Much of our new technology lies in you need is just too costly.” So, I would argue that regional tax breaks, on NI for our universities. Where we fall behind the States example, should be given to smaller companies Unger had just flown in from the US. “We is the transfer of knowledge from universities to starting up wherever they are in the UK.” He undersell and under-rate just how good we really small local businesses. It’s quite difficult to tap suggested that government assistance should be are in this country. What we have really blows their into university intellectual capacity.” helping the UK compete against other world nations mind. How we interact with the NHS for example, rather than generating internal regional differences. is far ahead of not just the US but also many other Smith said universities didn’t seem to grasp the countries.” time imperative of innovation and development in terms of commercial advantage, even when companies were offering cash grants for intellectual assistance. Elliott said the TVIGT was working hard to improve the business focus of universities and make them aware of commercial and competitive urgencies. King: “It does depend upon individuals and how one approaches the universities. You need to find the right department that can interact with your ideas and capabilities at the right level.” Project sponsorship was one way businesses could gain intellectual support, but universities were increasingly faced with full overhead costs, “In the main they want to get involved, but need Matt Hall Adrian Smith to find ways of avoiding their high oncosts.” Griffiths: “As an owner-manager of a company McCann: “It’s been the Mobile World Congress in if I want to take up that tax break I have to move Barcelona this week and from there it’s obvious my business lock stock and barrel and that’s not that we are way behind Asia in how we are going going to happen because it’s not where I want my to use mobile phones.” business to be.” Hall suggested the Government could help fill With payments infrastructure he said: “Banks the Equity Gap through its Enterprise Investment need to start investing in their legacy switches Scheme. “We have a 50% tax rate now. Why and processes and catch up quickly. Hi-tech and not give tax relief at 50% rather than 20% as an modern-thinking companies are going to be using incentive to the Business Angel investor? Suddenly mobiles in more and different ways.” the punt becomes a lot less, for the same risk.” The Olympics had been a brilliant driver for Another message was that Local Enterprise contactless payments innovation, MCann claimed. Partnerships sounded like a good idea, but owner- “Visa’s dream is that people will be able to come managed businesses do not have the resources to the Olympics and not need cash. And it’s nearly or time to be involved individually within LEPs. there.” Yet, their voice needs to be heard because of their Ian McCann Elliott: “It’s not just about technology, it’s about importance to UK economic recovery. people catching up with technology. Social and Elliott agreed that finding the right university King pointed out that 98% of UK businesses have cultural change is required too; people still like expertise was ‘a job in itself’. “Smaller businesses less than 50 people working within them; only pound notes. just don’t have the time or connections to do 0.4% of companies had more than 250 people. Smaller companies also cover a wider spectrum Unger: “I still find it incredible that it takes my that.” Accepting that universities and businesses of UK business and government would do well to business cheque three days to clear.” operated with different cultures, she stressed that everybody needed to be working towards continue to support this group. Griffiths revealed that the UK has the highest the same objective. density of electronic payments in the world. The Details: US is still 60% on cheques. Griffiths suggested there should be one www.wilkinskennedy.com

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 46 THAMES VALLEY® 250 Put your foot on the Accelerator soon It is much quoted that many young companies get into trouble when they become are delivered by TVIGT at Henley Business School’s successful – growing pains can be difficult to handle, writes John Burbedge Greenlands campus beside the River Thames. The Start Up Accelerator is a three-day programme The Thames Valley Innovation and Growth Team One businessman who plainly recognises that aimed at high growth businesses with a turnover (TVIGT) understands this paradox better than value is entrepreneur Martin Hunt, who took of up to £500,000. Delegates can gain a detailed most and that’s why it has joined with SofTools to TSL plc from a start-up to a public company and review of their current business. And, with the deliver two practical learning programmes for new then a trade-sale in 2008, and recently shared support and guidance of the Accelerator team, companies and rapidly expanding SMEs at Henley his experiences with High Growth programme delegates are encouraged to produce a practical Business School. delegates: “The High Growth Accelerator business plan that will help them maximize their Fittingly, while assisting these successful programme offers company leaders the insights to growth potential. businesses, the Start Up and High Growth growth that were not available when I embarked on building TSL. It provides structured, well The High Growth Accelerator is a five-day Accelerator Programmes have proved highly programme that takes a company leader from successful in themselves. The latest course was thought through guidance on how to approach the key strategic issues that high growth an ambition for rapid organisational growth to filled up within 48 hours of being advertised. delivering a well-grounded strategy ready for companies face”. Though the two courses have gone from strength implementation. The programme is designed for to strength, they now face a common concern in Delegate experiences on the latest Accelerator representatives from companies with a turnover of austerity Britain - future funding. courses echo Hunt’s views. c£1million, and an intended growth trajectory of Susan Elliott, CEO of TVIGT, explained: “Plainly we 20% per annum. “This course is an excellent springboard. Our ideas have developed business-focused programmes for market research and strategy are becoming here which are widely recognised as valuable, as * TVIGT’s regular breakfast briefings and workshops, stronger and internal communication is improving evidenced by the demand for places. Arguably, and coaching and mentoring support, are still – thank you. The course is working for us,” said Erica the value of these programmes is far greater when available at little or no cost to eligible companies. Adams of Phabrix. viewed in the context of the economic recovery of UK plc. “Great foundations and insights from which to Details: Accelerator Programme booking 0118-9357369 “Our courses are currently government grant- build an innovative high growth business,” added [email protected] funded but this will not continue, and our Linda Cheung from Connectegrity. www.innovationgrowth.co.uk/thamesvalley highly subsidised pricings will have to increase Paul Hargreaves, MD at Cotswold Fayre, was a significantly sometime in the near future.* We can delegate on one recent High Growth Accelerator only hope that growing companies will continue programme. Since then, his company turnover has to regard expert advice and planning assistance, increased 25% year on year and the company is still delivered by seasoned business professionals with growing. practical commercial experience of their own, as having a very real value for the future health of The underlying message is plain: book early to their companies.” avoid disappointment! Both Accelerator courses news extra

Calling all Oxfordshire entrepreneurs Instruments from a start-up in 1959, as Oxford Innovators and entrepreneurs in Oxfordshire and Twelve finalists will be invited to demonstrate their University’s first spinout, into a global engineering surrounding areas are urged to enter this year’s business ideas at the conference before presenting firm. Martin Wood also founded Oxford Innovation, Martin & Audrey Wood Enterprise Awards, which to the Venturefest audience and a panel of expert a leading operator of business and innovation offer fantastic opportunities for companies to judges. The event will be held at the Saïd Business centres, which is the organiser of the awards. gain recognition for their achievements and raise School in Oxford and will conclude with a dinner Don McLaverty, joint managing director of their profile within the local business community. and champagne reception at the Ashmolean innovation services at Oxford Innovation, said: Museum where the results will be announced and This year, the awards have five categories: “Oxford Innovation is delighted to be working with the awards will be presented by Sir Martin and Information and Communication Technology Venturefest to host this year’s Martin & Audrey Lady Audrey Wood. Award, Green Technology Award, Engineering Wood Enterprise Awards. Both events have been and Instrumentation Award, Medical Devices and All award winners will receive a package of hugely successful in previous years and I believe Healthcare Technologies Award and The Martin & prizes up to the value of £5,000 per category, that by working together we will help to raise Audrey Wood Enterprise Awards Overall Winner donated by a range of organisations that provide awareness of the importance of innovators and Award, which will be given to the company or valuable services to early-stage businesses. Prizes entrepreneurs in Oxfordshire and the surrounding individual that has made a significant social or include advertising from B4 Magazine, one year’s area.” membership with Connections at Trafalgar Square, economic impact on Oxfordshire or the UK. The closing date for the awards is April 21 at 5pm. a brand workshop from One and the offer of free The final of these prestigious awards will space in one of Oxford Innovation’s offices or To enter, or to nominate a company, visit the be held on June 7 at Venturefest, one of the laboratories for one year. website or contact Charlotte Wilde, details below. premier business events in the south east. The conference attracts over 1,000 delegates, the Established in 2005, the awards are held in honour Details: majority of whom are investors, entrepreneurs of Sir Martin and Lady Audrey Wood, who co- www.venturefest.com/wood-enterprise-awards and innovators themselves, so winners will founded Oxford Instruments plc and continue Charlotte Wilde benefit from bigger and better promotional to support start-up and growing companies in 01865-261480 opportunities. Oxfordshire and beyond. The Woods grew Oxford [email protected]

www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 motoring 47

quality map display; and something called night vision assistant with Audi’s seven-star contender pedestrian detection. This last function is a thermal imaging camera that registers heat dissipation in front of the vehicle and warns you on screen, thus helping you ‘see’ someone in the pitch black that you might otherwise not have seen. The auto transmission is a seven- speed, highly-responsive S tronic system. The car also had a choice of driving modes: use Dynamic and the steering tightens and suspension stiffens to provide a more sporty drive; then soften it up by choosing Comfort drive for everyday motoring. The combination of Quattro four- Audi makes some great cars, but is anything quite as good as the A7? This has wheel-drive, the great torque, and to be the perfect executive express, writes David Murray the Dynamic mode makes the A7 a really good - and I mean, really good - Sleek and elegant, the A7 has functionality in an entirely effortless touch the accelerator, the car restarts. driving experience. a coupe feel, even though it’s a way. This function, claims Audi, saves you five-door. Inside, it is supremely 0.4 litres of fuel every 100 kms, a So, Audi has created the almost comfortable, and the quality is I tried the diesel, a 3.0 litre TDI with worthwhile saving over the year for perfect executive car. And it has obvious everywhere you look. And, prodigious torque. I’ve experienced many motorists. filled the numerical gap between to drive, the A7 is fine, indeed – with earlier versions of this engine in other the A6 and A8 – although the car is My SE model, priced at £56,850 a driving mode to match your mood. Audis I’ve driven, but the power actually more a fusion of the A5 and with 3,000 miles on the clock, was and sophistication of this latest A8. Where does it go now? The A9 of For the executive motorist who packed with kit. There’s Audi Parking incarnation is quite remarkable. course, due next year.... wants to soak up the miles and System Plus, an acoustic and visual enjoy himself/herself while doing The A7 has the start-stop function system with rear-view camera; BOSE Contact Reading Audi for an A7 demo. so, there can be few competitors. which switches off the engine when sound system with DAB digital The A7 Sportback is a luxury-class the car comes to a standstill. As soon radio; Bluetooth; iPod connection; a Details: 0118-9754900. model that combines sportiness and as you let your foot off the brake or fantastic SatNav system with high- www.reading.audi.co.uk

Reading Audi State of the art relaxation

At Reading Audi we seek to raise your heartbeat only with the Imagination excitement of being behind the wheel of the car of your dreams. At all other times the atmosphere you’ll find here is warmly meets engineering welcoming, friendly and relaxed. Linger over an excellent coffee, take your time browsing our showroom selection of New and Approved Used Audis and then ask us as many questions as you like. It’s what we’re here for and how buying a car should be. As part of Sytner, the UK’s foremost prestige car dealer group, our connections include 10 other major Audi Centres nationwide, so you can be reassured of the best choice and value. If the Audi you’re looking for isn’t here today, chances are it can be tomorrow. Our commitment to excellent customer service is what drives us. We hope to welcome you soon. Mike Murphy Head of Business - Reading Audi

The new Audi A7 Sportback Reading Audi Rose Kiln Lane, Reading, RG2 0JZ 0118 327 9711 www.reading.audi.co.uk

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Official fuel consumption figures for the A7 range in mpg (l/100km) from: Urban 26.2 (10.8) - 46.3 (6.1), Extra Urban 42.8 (6.6) - 58.9 (4.8), Combined 34.4 (8.2) - 53.3 (5.3). CO2 emissions: 190 - 139/km.

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 48 employment people

What’sEMPLOYMENT in store LAW for IN PRACTICE2011? Movers and risers...

with Doyle Clayton • Professional services company the employment solicitors KPMG has appointed Simon Hammerschmidt as head of its performance & technology Extending enhanced practice in the south. Hammerschmidt will lead a team of consultants across maternity benefits to men KPMG’s Reading, Bristol, Cardiff, Plymouth and Southampton With new paternity leave offices, advising clients on rights will employers issues such as cost optimisation, need to extend enhanced financial management and improving technology systems. maternity pay and related He joins the company from bonus schemes to men? Deloitte, where he worked for six Piers Leigh-Pollitt, partner, years as group sales director of • Chartered accountancy firm its consulting alliances practice. writes TWP has appointed a new Prior to this he worked for a tax manager, Kelly Stemp, range of blue chip organisations Recent developments in family as part of the ongoing in commercial and operational friendly policies have dominated expansion of its tax team. roles for eight years, following In addition to managing the headlines. In particular, the connection with pregnancy and TWP’s tax department, increase in paternity leave and childbirth. It is likely, following the Stemp will look for new pay, the extension to the right to ECJ decision, that this provision business opportunities request flexible working and the will be construed narrowly so that and provide support to the consultation on the new flexible only provisions designed to protect Weybridge-based firm’s system of shared parental leave. the biological condition of women partners and clients. Stemp These represent a growing shift following pregnancy, or the special joins TWP after almost two towards a more ‘gender neutral’ relationship between mother and years at Wellden Turnbull approach to parental responsibility. baby, will qualify for this exception. LLP, based in Cobham, Employers may struggle to show While generally welcomed, where she undertook tax that enhanced maternity benefits employers may encounter planning and advisory and meet these criteria. problems if they don’t adapt compliance work. Prior to policies and procedures. One issue It is therefore arguable that that, she spent more than to consider is whether enhanced employers who offer enhanced seven years at Egham-based maternity benefits should be benefits to women on maternity accountancy firm Wilkins over a decade spent serving as extended to men on paternity leave should extend them to Kennedy, where she started leave. The position taken by the a pilot in the armed forces. Since men on paternity leave to avoid as a tax junior before it was created five years ago, previous Government was that, discrimination. However, this point qualifying as an Associate since additional paternity leave KPMG’s national performance & is yet to be tested in the UK courts. of the Institute of Chartered technology business has grown (APL) can be taken by employees Accountants (ACA) in 2003 of either sex, so long as a man Employers who currently offer to employ over 1,000 people and a Chartered Tax Adviser across the UK, with annual taking APL is in the same position enhanced maternity benefits, for (CTA) in 2005, working her as a woman taking APL (for instance providing a bonus for revenue of £229 million in the way up to the position of year ended September 2010, example the same-sex partner returning to work early, should tax supervisor. of a birth mother) there is no less review their purpose and whether an increase of 13.7% on the favourable treatment. they could apply to men as previous year. well as women. If the answer is However, this position may now yes, employers should consider be open to challenge following removing the benefits from a recent Spanish case where the women altogether, or offering • Ascot-based business intelligence (BI) consultancy ECJ held that linking a father’s similar terms to men, in order to CONTEMPORARY has appointed Adrian Smythe to head up entitlement to breastfeeding leave avoid a challenge under existing its SAP BusinessObjects business planning & consolidation to the employment status of his discrimination law. (BPC) practice. His initial brief is to introduce and integrate partner – when no such restriction SAP BPC solutions across the company’s existing customers applied to female employees Details: and prospects. Following this he will concentrate on business wishing to take breastfeeding Piers Leigh-Pollitt development. Andy Steer, CONTEMPORARY’s managing leave – amounted to sex 0118-9596839 director, commented: “With the ever increasing importance discrimination. In making it harder [email protected] of BPC to business, we see the appointment of Adrian as for men to qualify for the leave, an important strategic development. It will also enable us the national law perpetuated the to further develop our close relationship with SAP, who traditional gender roles by keeping understand the importance of BPC.” Before working at men in a subsidiary position when CONTEMPORARY, Smythe sold BI enterprise performance it came to parental duties. management (EPM) solutions for three companies, In UK law the Equality Act allows Management Information Systems, Client Solutions and Inca special treatment to women in Software, over a period of 11 years.

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

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• Fairsail, the talent management company UK-headquartered in Reading, has appointed Stephen Kelly to its board of directors. His appointment further bolsters the company’s management team as it rapidly expands US sales and takes its total talent management vision to market. Kelly has established an enviable reputation as an international business leader and a senior technology industry figure. Most recently, he was CEO of Micro Focus, a UK FTSE-quoted software company, • Leading law firm Pitmans has expanded its pensions team with whose fortunes he transformed • Residential estate agents two new appointments. Ben Blunsdon (above left) is appointed through both organic growth Davis Tate celebrate its 20th as director, primarily based at Pitmans’ Reading office, andJulian and seven acquisitions resulting anniversary this year and Richards (above right) joins the team as a solicitor, based at continue to grow, with over the firm’s London office. A graduate of Cambridge University, 50 staff in eight high street Blunsdon completed the legal practice course at the College of offices across the Thames Law in York and trained and qualified at Rowe & Maw (now Mayer Valley. To accommodate Brown). He has spent the majority of his career at Wragge & Co this growth and a changing LLP. With over 13 years experience as a pensions lawyer, he advises market, a number of changes trustees, employers and stakeholders on a wide range of pension within the company have issues. Richards advises trustees and employers on a wide range recently taken place. Claire of pensions issues, focusing particularly on scheme re-design and Tier (above) is now group sales ensuring compliance with changing legislative requirements. manager and Daniel Ashton has been promoted to branch manager of the Twyford office. 33 independent financial Craig Robertson is heading advisers as they prepare for up the land and new homes the changes being introduced department, which has seen with the Retail Distribution in a tripling of revenues, a extensive growth in the past Review (RDR). As a member of tripling in profits and a total year. Geraldine Burgess is the executive management increase of $1 billion in market the Twyford office negotiator, team he will also play a value. He was previously CEO of and Sarah Townsend joins as significant role in delivering the highly successful customer a Saturday assistant. Daniel the business’s new client relationship management Gunningham takes on the proposition. Drake has more company Chordiant, where he role of senior lettings sales than 30 years in the industry, grew revenue from zero to $75 negotiator, based in the central previously working for million in less than five years. Reading branch. Georgie Prudential and Norwich Union Prior to this, Kelly spent a decade Wilman has been promoted to and joining Jelf through the at Oracle in sales leadership assistant manager for Reading, acquisition of Goss Financial roles including the European whilst Shelagh Bush is dealing Planning in 2004. Commenting telecoms, financial services with properties in central • Jelf Financial Planning, on Drake’s appointment, MD and retail sectors, where he Reading and the University which has branches in Martyn Laverick said: “Tony’s averaged 100% revenue growth area. Vicki Anderson has Bath, Bristol, Cheltenham, experience, professionalism per annum. Commenting on joined the Burghfield Common Gillingham, Guildford, Malvern, and people management skills the appointment, Nic Scott, office as a sales and lettings Manchester, Reading and are just what we need to take CEO of Fairsail, said: “Stephen’s negotiator. A number of staff Worthing, has appointed our business to the next level. involvement with Fairsail is a have also been recognised for Tony Drake as sales director While there will no doubt be key component of our future their long service, including to lead its UK sales force challenges ahead in the face success. He brings a wealth of David Clifford, who has into a new phase of growth. of RDR, I believe Tony is the experience, knowledge, financial worked for the company for Formerly south east regional right man for the job and am expertise and the high-level 10 years, Roy Payne for seven sales director, Drake will confident he will lead the team business contacts that only a years, and Brian Harris and develop and lead a team of successfully.” serial entrepreneur can. Jocelyn Chandler for five years.

THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2011 www.businessmag.co.uk 50 diary how to reach us diary – april

Managing Editor & Publisher 5 11 21 David Murray [email protected] “Overview of Exporting”, TV OxFocus networking lunch with “Thames Valley Technology”, Tel: 0118-9745330 Chamber event, Slough. Details: Stuart Miller (ByBox), Oxford. TV Chamber forum, Fax: 0118-9744110 www.thamesvalleychamber.co.uk Details: www.oxfocus.co.uk Microsoft, Reading. Details: www.businessmag.co.uk www.thamesvalleychamber.co.uk Oxon Business Lunch, “Newly Self-Employed”, HM TV Chamber event, Revenue & Customs workshop, 27 Kassam Stadium. Oxford Business Park South. advertising “Newly Self-Employed”, HM Details: 01753-870500. Details: 0845-603-2691. 0118-9745308 Revenue & Customs workshop, [email protected] “Management”, Newbury 12 Reading. Details: 0845-603-2691. Sales Director College workshop. “Driving culture change “Newly Self-Employed”, HM Tanya Liddiard: 0118-9745308 Details: 01635-845229. [email protected] through customer insight”, CIM Revenue & Customs workshop, “Effective Communication”, seminar, Holiday Inn, Reading. Oxford Business Park South. Adhere Training workshop, Details: www.cim.co.uk Details: 0845-603-2691. editorial The Oxfordshire GC, Thame. “Customs Procedures for [email protected] Details: www.adheretraining.co.uk 28 Importers & Exporters”, TV Writers: John Burbedge; Terry “Becoming a Director”, HM C h a m b e r e v e n t , S l o u g h . D e t a i l s : IoD Oxon branch meeting, Woodhouse; Richard Willsher; The Fishes, North Hinksey. Alison Dewar; Eleanor Case Revenue & Customs workshop, www.thamesvalleychamber.co.uk Oxford Business Park Souith. Details: 01865-390025. Photographers: Dave Marriott “Becoming an Employer”, HM Details: 0845-603-2691. Angus Thomas Revenue & Customs workshop, 6 Oxford Business Park Souith. Details: 0845-603-2691. may production “Late Breakfast Abingdon”, Production Manager Four Pillars Hotel. “Ladies that lunch - and 1 Steve Banbury: 0118-9745585 Details: www.latebreakfast.co.uk men too”, Bix Manor, Henley. [email protected] Details: www.ladiesthatlunch.co.uk “Late Breakfast Abingdon”, Production Editors “Employment - maternity/ Four Pillars Hotel. Carolyn de la Harpe; Amanda Strange paternity”, Pitmans “Newly Self-Employed”, HM Details: www.latebreakfast.co.uk seminar, Reading. Revenue & Customs workshop, Details: www.pitmans.com Reading. Details: 0845-603-2691. 3 events 7 “Speed Networking”, TV “Managing stress in the Events & Business Development Chamber event, Wokingham. workplace”, Adhere Training Linda Morse: 0118-9745584 TV & Solent Deals Awards, [email protected] Details: 01753-870500. workshop, Oxfordshire GC, Thame. Oakley Hall, Basingstoke. Details: www.adheretraining.co.uk Details: www.dealsawards.co.uk 13 administration & accounts 4 “Marketing”, networking “Exporting Services Overseas”, TV Administration CIM event, Guildford. Chamber event, Slough. Details: “Child protection – contemporary 0118-9745330 Details: www.cim.co.uk www.thamesvalleychamber.co.uk issues”, Bucks New University [email protected] free lecture, Owen Harris Lecture Credit Control “Becoming an Employer”, HM “Keep Business Local - Theatre 1, High Wycombe Campus, Lorraine Buckle: 0118-9745588 Revenue & Customs workshop, Maidenhead”, Thames Valley HP11 2JZ. 5.30pm. [email protected] Oxford Business Park Souith. Business Advisers lunch, Coco Bar. Details: Lorna West, 01494-603002, Details: 0845-603-2691. 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