Surrey Chamber Magazine - January/Feb 2016 by Benham Publishing Limited

theChamber Voice&VisionofSurreyBusiness|January - February 2016 www.surrey-chambers.co.uk | ÂŁ3.95 (where sold)

Helping young people onto the career ladder Page 24 Big Interview pg 14

Ask the Expert pg 17

Crowdfunding makes its mark in the business world

How the accountancy recruitment market has changed

Sector Focus - Health & Wellbeing pg 29 Positive Health & Wellbeing in the work place

Technology Showcase pg 40 Working at the centre of the space technology sector

Contents

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Welcome to theChamber 40 from our Chief Executive Louise Punter

Voice & Vision of Surrey Business www.surrey-chambers.co.uk

January - February 2016

At the start of a new calendar year, the Chambers of Commerce are calling on ministers to make 2016 a year of action, with the ultimate aim of putting the UK economy on a strong and more sustainable footing. A great start would be to end the prevarication that affected key business priorities during 2015, including a clear decision on airport expansion, real reform of business rates, delays to key infrastructure upgrades, and lack of progress in simplifying business tax. 2016 needs to be different, and it cannot be just about Europe. In or out, Britain's fortunes will depend on UK government policy coupled with the efforts of the business community. There’s so much that needs to be done, from infrastructure and tax to skills and export support. 2016 must be a year of action, focused on preparing the British economy for the future. Building a true partnership between government and business, like so many other successful economies around the world, is absolutely essential. The first quarter of 2016 will see us organising an exciting series of careers fairs throughout Surrey, designed to inspire, enthuse and motivate young people to think about their prospective careers, the employment options available to them and to make the most of their remaining time in education. The Your Future Careers Fairs are part of a national project, backed

by the government, which will deliver 250 events through the Chambers of Commerce network across the UK attracting a total of over 70,000 young people. The Surrey element of this project will comprise seven stand alone events across the county offering businesses and organisations the opportunity to engage with, and inspire, young people about their companies and the industries that they work in. With the help of our local businesses we believe we have the recipe to successfully prepare our future workforce.

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Introduction Chamber News Members News Members News Big Interview Members News Ask the Expert Members News 24 Hours With Development Cover Feature

Editorial and General Enquiries Surrey Chambers of Commerce Unit 14a, Monument Way East, Woking, Surrey GU21 5LY Tel: 01483 735540 Fax: 01483 756754 Email: info@surrey-chambers.co.uk

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Sector Focus on Health & Wellbeing International Trade Legal Members News Design Technology Showcase New Members Member News Chamber Events Business News Chamber Chat

Production Manager Mark Etherington Email: mark@benhampublishing.com

Media No.

Chief Executive: Louise Punter Finance: Caroline Cherryman

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Editor

Disclaimer

Aisha Bennett Tel: 01483 735545 Email: Aisha.Bennett@surrey-chambers.co.uk

The Chamber is published for the Surrey Chambers of Commerce and is distributed without charge to Chamber members in the county. All correspondence should be addressed to the Editor at Surrey Chambers. Views expressed in The Chamber are not necessarily those of Surrey Chambers of Commerce. Reprinting in whole or part is forbidden except by permission of the Editor. © 2016.

Publisher Ian Fletcher Benham Publishing Limited 3tc House, 16 Crosby Road North, Crosby, Liverpool L22 0NY Tel: 0151 236 4141 Fax: 0151 236 0440 Email: admin@benhampublishing.com Web: www.benhampublishing.com

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Advertising and Features

Whilst every effort is made to ensure the accuracy and reliability of material published in this journal, Benham Publishing and its agents can accept no responsibility for the veracity of claims made by contributions in advertising or editorial content.

Karen Hall Tel: 0151 236 4141 Email: karen@benhampublishing.com

Benham Publishing cannot be held responsible for any inaccuracies in web or email links supplied to us.

Published January 2016 © Benham Publishing

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Introduction

A word from our President Welcome from Frankie Tierney

Nurturing our talent The lynchpin for all business success lies within their people. Great products, services and ideas come from skilled enthusiastic individuals with a passion for excellence. The difficult task for business owners and leaders is finding and nurturing those who can grow into those roles. All people regardless of age have the potential to become those essential team members but one area that businesses should not forget is our young people.

technology and social media and providing a platform for training and harnessing that by adding industry specific skills, commercial ”savvy” and a real understanding about business team work. Youngsters given the opportunity to get into work and seize those opportunities will often be extremely loyal and, if “grown” well, can be your senior people of the future.

With university places becoming more and more expensive and young people looking at other ways of launching their working careers; business leaders need to look at catching the interest of good youngsters early. Training “on the job” and a culture of encouraging a developing career can be hugely beneficial for both sides of the equation.

Surrey Chambers recognises the need for businesses to embrace the concept of bringing in and training young people and the fact that often there is not a great deal of opportunity for real interaction with business despite the best efforts of schools and colleges. The Chambers is therefore running a series of Careers Fairs in January - March 2016 further details of which are on page 46.

The business benefits from taking that raw enthusiasm allied with up to date ideas and understanding about

Why not use them as an opportunity to showcase your business and see what sort of young talent is out there.

“Youngsters given the opportunity to get into work and seize those opportunities will often be extremely loyal and if “grown” well can be your senior people of the future.”

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Kevin Hurley Police Commissioner

Keeping our young people safe online For many of us, the internet has become a key part of how we run our businesses.

foul to cybercrime compared to other age groups.

However, for young people, the internet is all manner of things - a learning tool, a shopping centre, and the place where they do much of their socialising. In the past, we told our children to come home before it got dark, and to avoid speaking to strangers in the street. This is no longer enough.

Whilst this is the most techsavvy generation, it is vital that we teach our young people how to use the internet safely and what to avoid. Since 2013/14, we’ve been working with Eagle Radio, who we’ve commissioned to go into schools across Surrey, to educate young people about the dangers that they face online and how to avoid them.

Preliminary findings from our South East Cybercrime Survey (available here: www.surrey-pcc.gov.uk/survey) have told us that young people in the South East of England are significantly more concerned about harassment and cyber bullying than any other age group. They use the internet differently - accessing it using a smartphone rather than a computer or tablet. They are also significantly more likely to say that they ‘do not feel at risk’ of falling

The assemblies, delivered by a cybercrime and social media specialist, seek to challenge any misconceptions that young people have, and to gather information about the online experiences of under18s. Assemblies are also delivered to teachers, parents and school governors, to ensure that all those around our young people have the right information and can provide advice to help keep our young people safe online.

“The assemblies, delivered by a cybercrime and social media specialist, seek to challenge any misconceptions that young people have, and to gather information about the online experiences of under-18s”

Chamber News

Chambers welcomes a new member to its team The Surrey Chambers of Commerce team are thrilled to introduce their new Events Manager Kimberley Quester. Kimberley has recently joined the team after five years in the events and marketing industry. Beginning her career as an exhibitions assistant whilst studying for an events management degree, Kimberley has developed a variety of skills across events and marketing from a number of different sectors. Kimberley says: “I am delighted to be joining such a friendly team and I am excited to build an engaging events programme for all of our members.” Kimberley is

especially passionate about women in business and technology and hopes to make these integral aspects of the events calendar. When Kimberley is not working she likes to spend time at anti gravity yoga classes or on social media. Kimberley comments: “It has been fantastic meeting so many members over the last few weeks and I look forward to meeting many more!” Please feel free to give Kimberley a call and introduce yourself to her in her new role.

“I am delighted to be joining such a friendly team and I am excited to build an engaging events programme for all of our members”

Surrey Chambers seeks ‘Rising Stars’ for top businesswomen list Surrey Chambers Business Women in Surrey (BWiS) is calling for nominations for its 2016 Business Women in Surrey list. Following the huge success of the inaugural 2015 Business Women in Surrey Top 50 list, BWiS has launched its 2016 campaign with the focus this year on the county’s younger (aged under 30) businesswomen. The ‘Rising Stars’ Young Business Women in Surrey 2016 list will highlight the impressive and varied talent prevalent in young businesswomen across the county, with all those on the list nominated and voted for by friends, family and colleagues. Nominations are now open and Surrey business people

are invited to publicly thank and promote the younger women they feel have made a significant and worthwhile contribution to their local business community. Louise Punter, chief executive, Surrey Chambers of Commerce, says:“We want to celebrate everything good that is happening across the Surrey business world, thanks to the younger businesswomen of today, so we’re reaching out to you to nominate those you believe deserve recognition for all that they do.” Success can be defined in a multitude of ways, so nominations from all

walks of life are welcome. From young entrepreneurs, mentors, business owners, innovative and forwardthinking staff, and those who relentlessly give back to the community. Nominations must be submitted by 29 January 2016 via the BWiS website. Voting will then open on 1 February to create the final Young Business Women in Surrey 2016 list. The winners will be announced on 8 March 2016 at the annual BWiS flagship event in celebration of International Women’s Day. So don’t delay - nominate today!

Women on boards: could do better Back in 2011, former trade minister Lord Davies issued a report recommending that UK listed companies in the FTSE 100 should be aiming for a minimum of 25% female board member representation by the end of 2015. At the time the figure stood at 12.5%. And in October 2015, he announced this voluntary target had been met and exceeded (26%) with the added bonus of no all-male FTSE 100 boards. Good news. Better still, he also moved the posts and set a new goal: 33% of women board members at FTSE 350 firms by 2020. His latest report states that while UK top companies have reached a major milestone in increasing the number of women in their boardrooms, more needs to be done. Agreed. And while I’m all for promotion based on ability and merit (a no-brainer), I’m also keen on progress. If it takes positive discrimination to aid both these processes then so be it. A balance can, and should, be found. But there’s a catch. While this increase is to be applauded, the actual figures are a little more skewed, as many of these women in board roles are non-executive rather than executive, and in some cases the same women sitting around several different board tables. According to BoardWatch, at the time of writing in November 2015, the FTSE 100 statistic is made up of 31.4% non-executive directors compared to 9.6% executive directors. For example, there are only five female FTSE 100 chief executives: easyJet’s Carolyn McCall, Imperial Tobacco’s Alison Cooper, Kingfisher’s Veronique Laury, Royal Mail’s Moya Greene, and Severn Trent’s Liv Garfield. And co-founder of LastMinute.com Martha Lane Fox, was at one point a board member of three such companies Channel 4, Marks and Spencer, and Mydeco - all at the same time. Lord Davies’ proposals are spot on and making a difference, but this mustn’t turn into a token gesture. If 2020 is to herald the advent of a third (or more) women in the boardrooms of the UK’s leading companies let’s make sure it includes senior levels and several different ladies. Only then will this exercise have achieved its real objective. Claire Dee is Business Women in Surrey co-chair, a member of the Surrey Chambers of Commerce board, and director of Claire Dee Communications

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The Productivity Gap? Is the productivity gap due to people or process? The government has talked a lot about improving the productivity gap of UK business and their rhetoric seems to focus on staff and individuals not working hard enough. However, in our experience people come to work to do their best and it is the systems and processes that hamper their ability to get more done in the time available, thus limiting their productivity. ChangeWise has developed an operational assessment approach that quickly identifies the key factors that enable an efficient and effective operation. Whether they are admin support teams, shared service centres, back office operations, customer contact centres or manufacturing plants they all have similarities that enable success. For instance, they all have: • direct or indirect interaction with customers • customer demands and capacity constraints • processes and procedure to follow, • supporting roles or a dependence on others • skills, capability and training needs

• communication and measurement challenges • quality, controls and risks associated with their work • management goals and performance targets • workplaces organised to deliver a product or service Understanding the enablers that make an operation effective, and thus productive, is key to identifying where improvements can be made to liberate staff from the shackles of poor systems and processes. ChangeWise can provide insights and opportunities for improving your business through a short site visit where we walk the process, interview the managers, Team Leaders and support staff then observe the processes in operation or listen to customer calls. From this we can give you feedback to show where your business sits compared to bestin-class operations that have been using Lean, Operational Excellence and Customer Service Excellence methodologies to continuously improve their businesses over many years.

“I have just completed an operational review of a contact centre for a bank in Ireland. The insights have helped them identify significant opportunities to improve their internal performance and the performance of the rest of the bank. By working with us to focus on key areas like reducing avoidable demand, improving first point resolution and using techniques to fix the root cause of errors and customer complaints they can become better at problem solving and start the journey to continuous improvement.” Mike Williams This Quarter we are offering five free operational reviews on a first-come, first-serve basis. If you are interested, please call Mike Williams on 02380 464 153 or 07866 537 580 or visit our website. www.changewise.co.uk

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Member News

The Winter’s Tale launches 10th Anniversary Year 8-27 February 2016: The award-winning Guildford Shakespeare Company (GSC) begin their 10th anniversary year with Shakespeare’s great late play, The Winter’s Tale, in the newly restored Holy Trinity Church.

The Winter’s Tale is a play of contrasts: winter and summer; old and young; fantasy and reality. The play covers 16 years and takes the audience from dark tragedy to new hope. A beautiful and captivating fable, The Winter’s Tale features one of the most truly magical moments in theatre, and possibly the most famous of stage directions: “Exit pursued by a bear”. When Leontes, King of Sicilia, accuses

his wife of being unfaithful with his childhood friend, the King of Bohemia, he sets in motion a chain of terrible events that destroys everything he holds dear. It is only the tender actions of an old man, and the redemptive power of time, which affords any hope that all may not be completely lost. GSC’s The Winter’s Tale will take audiences from the power and majesty of Victorian England to the vibrancy and colour of India, on an enchanting journey of rediscovery and redemption. Staged in the newly restored Holy Trinity Church on Guildford High Street. This production will be brought to life by the same director / designer team behind GSC’s recent hits King Lear and Othello, Caroline Devlin and Neil Irish. Taking inspiration from The Winter’s Tale, and the ambitions

for the theatre company’s future, GSC’s 10th Anniversary programme has been given the theme of ‘New Beginnings’, and will include The Comedy of Errors and Much Ado About Nothing, which will be staged later in the year. 2016 follows the company’s most successful year to date with over 15,000 audience members and 78% of 140 performances selling out. More details about the production and the rest of GSC’s 2016 10th anniversary programme are on the website. The Winter’s Tale runs for three weeks and has twenty three performances, staged in Holy Trinity Church on Guildford High Street. Tickets start from £18 and are available online or by calling the Box Office on 01483 304384. www.guildfordshakespeare-company.co.uk

Grow your business dramatically Looking to place your company centre stage? Corporate sponsorship is not all handing over giant cheques or donating kit; it can be jolly good fun! Registered charity and thriving regional theatre The Yvonne Arnaud Theatre, in Guildford gives its corporate partners a wide range of dramatic opportunities to enhance their local profile whilst supporting the community. For Richard Stovold of Seymours Estate Agents, supporting the Theatre is a natural link with his customers. “It’s really brilliant for our local area to have an independent theatre which stages so many productions without the necessity of travelling to London, so when new families move into the area, we introduce them to the theatre and hope they will continue to visit.” Sponsorship can increase the value of your marketing budget many times over, according to The Marketing Donut website. Whilst a corporate partnership might cost £1,000 for a whole year, one single direct-marketing campaign reaching the same audience would cost closer to £3,000. The Yvonne Arnaud literally has a captive audience, and of just the demographic sought by many local businesses: professional services, family products, luxury goods, etc. “The nature of our work means we can offer our corporate partners a range of unique benefits, depending on their business needs,” says Madeleine Coleman, funding executive at the Yvonne Arnaud. “These include memorable client entertainment in our private hospitality rooms, advertising promotions, displays and highprofile show sponsorships, and rewarding staff with show tickets. Few clients will forget meeting a West End star at a ‘business meeting.’” Arts sponsorship also offers multiple ways to showcase your investment. You’re supporting the community, arts and culture, as well as young people (through the Youth Theatre) and those who are disadvantaged, as many theatres run outreach programmes. There is something for everyone. Which role will you play? For further information, contact Madeleine Coleman, funding executive, mcoleman@yvonne-arnaud.co.uk

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Member News

New building, new future for hospices Woking & Sam Beare Hospices are launching a public appeal to raise funds for its new future for hospice care in the heart of Surrey. The private phase of the Capital Appeal to fund the project was launched to trusts and foundations in 2015 and there were positive responses; including a £30,000 donation from Surrey County Council towards the community café area at the hospice and a 6 figure donation from a trust.

Friendly Storage at the Pod With half of The Storage Pod’s available space being let by businesses, they were keen to find out how and why their customers chose them and continue to use them to run their businesses out of their Brooklands, Weybridge facility. Lionel Smith of The Storage Pod says, 'In our busy schedules, it is easy to only focus on price but there are many things that we do to create a 'value add' for your business clients. Here is a piece from one of our startup companies and how they have used us.' Cotton and Olive, a client of The Storage Pod in Weybridge, are using their space to store a stock of linen and soaps that they import from Turkey prior to shipping them to UK consumers and wholesalers across Europe. Their business has steadily grown during their time with us and they have used our flexibility to flex their stock to meet their growing customer demand. When they need it and with almost immediate effect, they increase their space and decrease it again when the stock becomes manageable in the original unit. Ilgen Paydas, Cotton and Olive's managing director, told us that they chose us over larger brands because we were local, more flexible and friendly people. She specially singled out Toni, our famous smiling Italian! If you are planning a start-up or for any general storage needs then we'd love to hear from you. You can call Lionel on 01932 353700 or email info@thestoragepod.com

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Construction is under way at the charity’s new building in Goldsworth Park, where a former office block will be transformed into a 20-bed Hospice and Wellbeing Centre, set to open in 2017 for the provision of in-patient care, a wide range of therapies, treatments, counselling and day care activities. With more than 70% of the care offered being provided in patients’ own homes, the hospice will also be a base for a growing community nursing team. Once completed, the existing premises at Sam Beare Hospice in Weybridge will be reconfigured to house a larger day care unit

and facilities for the therapies team and community nurses. Mayor of Woking, councillor Derek McCrum, and councillor John Kingsbury, leader of Woking Borough Council, paid a visit to the site to officially mark the commencement of the building work. They were joined by hospices’ chief executive, Nigel Harding and ward councillors. For the past 20 years Woking & Sam Beare Hospices have been providing care and support at one of the most important times in the life of its patients and their families and now a new future is being built for more residents of Surrey and the surrounding areas.

Donations from people who live in the area are a vital source of income for the hospices and during the public appeal, which is being launched in February, the community will be able to learn more about Woking & Sam Beare Hospices’ vision for developing hospice care throughout Surrey and have plenty of chances to pledge some money to help reach financial targets. It’s hoped the campaign will help raise the £3.4million needed to build the new hospice and reconfigure the layout at Sam Beare hospice, and that the people of Surrey will support the new future appeal and help make the vision a reality. You can find out about ways to get involved with the appeal by going online to www.wsbhospices.co.uk/ newfuture or call 01483 881750 and ask for the communications department.

Staines is the Startup Business Capital of the UK in ranking of business growth Want to find Britain’s most entrepreneurial bunch? Head to Staines for highest startup business growth. Perhaps otherwise best known as Ali G’s birthplace, Staines now has another claim to fame: the commuter belt town in Surrey has had the biggest jump in new businesses created per capita last year. Some 43 more new businesses were created per 10,000 population compared to the year before, according to a study from

accountancy group UHY Hacker Young. This is over three times higher than the UK average of 14. Staines, which officially changed its name to Staines-upon-Thames three years ago to shake off the connection to Ali G, is benefiting from its proximity to the prospering “Silicon Corridor”. This tech hub along the M4 is boosting the town’s business growth, attracting plenty

of tech talent, according to UHY Hacker Young partner Colin Jones: Staines offers the perfect mix of proximity to London, low rents and a fast-growing community of start-ups. The home counties dominate when it comes to business growth, with other top performers including Slough in Berkshire.

Member News

Chance to find out more

We are delighted to introduce our Local Business Development Managers who are on hand to support and supply the Audi brand to the business sector of Surrey. Dean Kellaway and Dan Suddaby have a background in customer service and relationship building, with the strength of the Audi Brand, which creates a confident and professional journey in financing, supplying and delivering the Audi product. With our New A4 being launched in the UK, Dean and Dan would very much welcome supporting your business in offering to visit with the New A4,

enabling them to introduce your drivers to the new dynamics, Virtual Cockpit and the fantastic new technology. If this would be an opportunity for your business to view the New A4, please contact Dan on dan.suddaby@lookers.co.uk, mobile 07815 620227 or Dean Kellaway on deankellaway@lookers.co.uk mobile 07814765399

Invite Tenders for your next Company Cars? An effective tender process is vital to ensure you get the most cost-effective supply solution from a supplier. Putting your requirements out to tender will help you ascertain which suppliers offer the best solution, and will often help you identify alternative ways of solving a problem. A tender is also guaranteed to help you cut your costs as suppliers will know and understand they are in competition with others to win your contract. And don’t be surprised if tenders come in at widely varying rates: the best solution may not necessarily be the cheapest, but such tenders can often work out as the more cost-effective choice in the longer term. Achieving the most from a tender:

• Take your time: Be realistic about the time it will take to review fleet requirements, draw up the tender document, select candidates, evaluate responses and make a selection.

• Consult widely: Ensure all stakeholder departments in your company are involved and are given the opportunity to have their say on requirements.

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• Talk to other fleets: Lessons learned from other fleets during tenders are invaluable in putting your own together. Try to find out what has and hasn’t worked for others.

• Clarity is key:

• Add value rather than cut the price: The lowest price need not always offer the best value. What other services are available from the tenderers and what can they offer?

Obtaining the answers you need requires clear, unambiguous questions. And don’t let suppliers confuse you with jargon.

• Visit tenderers:

• Start wide and narrow down:

• Present and appoint:

Issue a Request for Information (RFI) questionnaire to potential suppliers and narrow your selection down from that.

• Meet with your shortlisted suppliers: You will have to work with your chosen supplier, and they have to comply with your company culture, so make sure you meet them face-to-face.

• Offer a level playing field: Give all suppliers an even chance. If one supplier asks for additional information, ensure the other suppliers receive it too.

Ensure you visit tenderers and see their operation. They should be forthcoming with references so check they fit with your outlook. You may need to ask for final presentations to make a final choice between favourites before appointing.

Historically, fleets have opted to lease vehicles for three years because in years four and five the costs of maintenance start to increase due to mileage and age. David Lacy is the group fleet manager at Lookers Audi and his Surrey based team offer free, no obligation company car advice to small, medium and large organisations in the South of England. www.lookers.co.uk/audi/fleet Tel: 0844 800 9343 email: davidlacy@lookers.co.uk

“Don’t be surprised if tenders come in at widely varying rates: the best solution may not necessarily be the cheapest,but such tenders can often work out as the more cost-effective choice in the longer term.”

Focus on Finance

How you can help ease the problems caused by mental ill-health Have you ever struggled to help someone, perhaps a colleague or friend, who was suffering from anxiety or depression and wished your knowledge of mental health was better?

Perhaps there is someone in your family who has a learning disability or is suffering from dementia and you think more could be done to help them? Alternatively, you may be simply be interested in taking an active role in helping to improve mental health, drug and alcohol and learning disability services in Surrey. If the answer to any of these questions is yes, you may wish to consider becoming a member of Surrey and Borders Partnership NHS Foundation Trust. Surrey and Borders is a leading provider of mental health, drug and alcohol and learning disability services for people of all ages and it is keen to recruit new members to help strengthen and develop the crucial work it does. Mental health problems can affect anyone at any time. It is estimated that one in four people will suffer from mental ill health at some point in their lives. The annual cost to employers of people taking time off work due to mental illness is a massive £30 billion. In addition, nearly 200,000 adults seek treatment from drug and alcohol problems each year while 2.5 per cent of the population has a learning disability.

Membership of Surrey and Borders Partnership NHS Foundation Trust is free and anyone over the age of 14 can join. Members automatically receive the quarterly newsletter that keeps them up to date with news about services, events and developments within Surrey and Borders. They can attend any of the informative member events for free which cover a range of issues, including ‘living with mental ill-health’, ‘Understanding drug and alcohol services’ and ‘Understanding mental health issues for young people.’ The next events are; ‘Carer’s Matter’ which is being held on 28 January 2016 and ‘General wellbeing for people with a learning disability’ on 8 March 2016. Members who wish take a more active role in the work of Surrey and Borders can help to influence the way services are communicated and delivered. They can also stand for election as a Trust Governor. Members are also eligible for discounts and offers from high street retailers. For more information, please contact the membership team on: 01372 216158 or email them at: engage@sabp.nhs.uk

Planning your exit strategy - why business owners need to think ahead For a business at any stage of growth, planning an exit strategy is vital even if you think it will be some time away. Chris Cairns, partner at Alliotts Accountants based in Surrey and London specialises in providing strategic financial advice to SMEs. Here he looks at some of the common exit options. “From the time you start your business, you need to have an end goal in mind. This means thinking about your exit plan and ensuring that your structure, investment strategy and product, match that plan. I meet so many business owners who have never really thought about the exit strategy for their business and certainly not planned for one. However, if you want maximum return for all your hard work, you must plan accordingly. Also, if you have investors in your company, they will often have invested on the assumption that your business will eventually be acquired by another business and their investment realised so if you are thinking of selling, it is vital to make sure your business is structured to make it an attractive prospect for a potential buyer.” Here are the some of the key avenues for exit that businesses typically use. Selling to someone known to you: this is a straightforward and effective exit strategy for businesses and allows you to make good on your initial investment and sell to someone that you know and that shares your vision. It may be that someone who shares your passion and already works within the business will want to buy from you. Often in this kind of sale, the seller finances the sale and lets the buyer pay it off over time. If your business is family run, you may pass it onto another member of the family. Both are good options because your buyer is already known to you and understands your business well already. Acquisition and merger: An alternative option is to sell to an outside bidder. This can take some time as due diligence will be need to be much stricter and there will be more legal issues to be ironed out. The main benefit of acquisition is that you can sell the business at market value and that can often make you a

tidy profit. If more than one business is interested in buying you, then your potential asking price can sky rocket. Before you accept an offer, make sure that your potential buyer is a good fit with your company otherwise you may find that your business will not survive under new ownership. If you’re looking to exit entirely, then it will be important that the merger partner can cover your skill set. However, if you want to keep some involvement in the business, a merger can be a good way of increasing the overall value of the part of the merged business that you bring to it. Think about what your business is worth, not just on its own but as part of a merged business and make sure that you do not under value what you have. Stock market flotation: this is potentially a very lucrative exit route and can make you a lot of money. Shares are issued which are tradeable on the stock market and if the float is successful, the business owner can stand to gain a small fortune. However, if you are planning a stock market flotation, there are strict regulations that you must follow and also significant costs involved in this type of exit strategy. As well as that, success is by no means assured. You must make sure that you have advisors who can give you both the technical advice, which is a pre requisite, plus also plenty of strategic advice. Shutting up shop: some business owners decide to just “shut up shop”. There is no obligation to hand the business on or sell it on. In this scenario, your assets will need to be disposed of, creditors paid and any remaining funds split between shareholders. Whatever option you choose, make sure you have good advice from a financial expert who will help you. Chris Cairns is a Partner at Alliotts Accountants based in Guildford and London. For details of how Chris can help your business, he can be contacted at chris.cairns@alliotts.com

Chris Cairns, partner Alliotts Chartered Accountants and Business Advisors Friary Court, 13-21 High Street, Guildford, Surrey. GU1 3DL t: 01483 533 119 e: guildford@alliotts.com w: alliotts.com

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Members News

Julia Budd to succeed Anthony Cane as chairman of Epsom Downs Racecourse New Year, New Challenge!

Julia Budd will succeed Anthony Cane as chairman of Epsom Downs Racecourse, the course's owner, The Jockey Club, announced on 21st December 2015.

If you’re looking for a new challenge this year, then look no further! Whether you’re a couch potato who quakes at the idea of running a mile, or a gym bunny looking for a new high - Get Fit for Phyllis has a myriad of challenges to get your adrenaline pumping! From running a half-marathon to trekking the Great Wall of China, you can chose the challenge which best suits you. If you’ve got a head for heights, why not try a sponsored skydive? Think you’re indestructible? Meet your match with the Tough Mudder challenge! Like your wheels? Take to your bike for the London to Paris ride - or head further afield and Cycle Transylvania. As well as burning off those Christmas calories, you’ll feel the satisfaction of facing a new challenge head on - and beating it! And at the same time you’ll be raising money to help local people who are facing a very different sort of challenge. Phyllis Tuckwell provides supportive and end of life care to those facing a terminal illness, such as cancer. Every day its staff and volunteers support over 250 patients and relatives - at the Hospice in Farnham and the Beacon Centre in Guildford, and in patients’ own homes. It provides medical care, nursing, therapies, counselling, social work advice and practical support, yet as the NHS/Government only covers 20% of its costs, it has to raise over £15,000 every day to be able to do this. Make 2016 a year to be proud of. Choose your challenge and show everyone what you’re made of. Visit www.pth.org.uk/getfit-for-phyllis to see the full range of challenges on offer. And if bike riding is your passion, there’s not a minute to lose! Phyllis Tuckwell has 10 places in the Prudential RideLondon Surrey 100 - call 01252 729446 to secure your spot now.

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The appointment will come into effect following the next Investec Derby Festival in June 2016, when Anthony Cane's term concludes. Julia Budd is a founding partner of leading international search firm, The Zygos Partnership, where she specialises in chairman, CEO and non-executive director searches and board succession planning. She is also a member of the Government’s Professional and Business Services Council. Previously she ran the Board Practice at executive search firm Egon Zehnder International, focusing on chairman and non-executive director appointments. Julia Budd is a 'Steward' (nonexecutive director) on the main board of The Jockey Club, currently a racecourse committee director at Epsom Downs and a trustee of the British Horseracing Education and Standards Trust (BHEST). She was elected a Member of The Jockey Club in 2008. She has been a member of racing syndicate Highclere

since it was formed, which has included having an interest in three runners in The Investec Derby (Housemaster, Regime and Bonfire) and Vow who contested The Investec Oaks. She has recently invested in a horse in training with local Epsom trainer, Pat Phelan. She also has interests in jumps horses in training with Philip Hobbs, Mick Easterby and Oliver Sherwood. Anthony Cane has been the chairman of Epsom Downs Racecourse since 2008. During this time he has played an important role in the successful completion and opening of the Duchess's Stand and hotel development, helped to secure Investec as a loyal and proactive partner, and subsequently their 10-year extension through until 2021, and ensured The Investec Derby remains the richest race in Britain with a prize fund that has risen to £1.325 million (2015). Announcing the appointment, Roger Weatherby, senior steward of The Jockey Club, said: “I am delighted that Julia

has agreed to become the chairman at Epsom Downs after next year’s Investec Derby Festival. Currently she is an active member of the racecourse’s committee and makes an invaluable contribution to The Jockey Club as a steward. She will play an important role building on the progress the course has made under Anthony Cane’s excellent chairmanship since 2008.” Julia Budd said: “It will be a privilege to succeed Anthony at Epsom Downs, home of the greatest flat race in the world and the ultimate test of the thoroughbred. I look forward to working with The Jockey Club team at the course and my fellow racecourse committee directors to ensure we continue to play an important role not only in our sport, but in the local community and in support of the training centre.” Anthony Cane said: “I have known Julia for many years and it will be my honour to pass on the baton to her. My final season as chairman is one I am looking forward to greatly because I believe it will culminate in a very special Investec Derby Festival. I will save my goodbyes until next June, but I have been tremendously fortunate to be here for Her Majesty the Queen’s Diamond Jubilee celebrations and what a treat in my first year as chairman for Look Here to win The Oaks for my great friend Julian Richmond-Watson. It remains a privilege to work with Bernard Kantor and his Investec team and we will work hard to repay their support in 2016.”

Members News

Good accounting habits for Small Business Owners As a business owner, do you find that your accounting deadlines come around too fast? Time flies when you're running your own business and your accounting records are likely to be low on your priority list. But a monthly routine will keep your business on the right track and will give you the information you need to make better business decisions. Rebecca Trudgett is a Senior Audit and Accounts Manager specialising in advising small businesses with Alliotts Accountants (www.alliotts.com) based in Guildford and London. Here she shares some tried and tested great habits that will help you to grow your business and keep it on track. 1. Write up your accounting records regularly - Whether you complete a simple spreadsheet or use a cloud based product will depend on your circumstances and preferences, but creating and maintaining decent records helps you know how you are doing. 2. Sales invoices - Have you chased all your late or slow payers? Be consistent with credit limits and deadlines and make sure you keep a record of late payers and follow them up. 3. Purchase invoices - Organise and retain in folders or consider scanning in and attaching to cloud based software. Try to keep a list of items purchased where you havenâ&#x20AC;&#x2122;t received an invoice. 4. Expenses - Ensure all staff members including the directors produce expense claims where they pay for items on behalf of the business including mileage. Set time limits for claims to be made. Make sure you reclaim VAT.

5. Corporation tax - Review your profits and put 20% to one side as a provision to pay your corporation tax liability, which is due within 9 months of your year end. 6. VAT - Check that your VAT control account tallies with your VAT return quarterly. If there are differences then investigate. 7. Statutory accounts - Need to be submitted to Companies House within 9 months of the year end to avoid incurring a fine. Aim to get your records to your advisor within 3 months of the year end. 8. Talk to your advisors - Maintain regular contact with your accountant or bookkeeper and use their knowledge and experience to get the best value from your relationship. 9. Review business performance Keep a regular check to make sure you're hitting your KPIs (key performance indicators). If not, investigate any anomalies and take action straight away. Adopting these habits will help you to stay on track and in control will make a positive difference to your business. If you would like advice on accounting software, credit control procedures or employment documentation, please get in touch with Rebecca at rebecca.trudgett@alliotts.com or call her on 01483 533119.

Ask the HR Expert Dennis Upfold, Reigate based Regional Director at leading employment law consultancy Peninsula Business Services, answers questions from local business owners. I have an employee who seems to be suffering from stress. His work performance is dipping as a result. I value him and don't want to lose him - what can I do to help? Stress is a very serious condition leading to sickness absence, staff turnover and human error. Tackling stress should be a high priority and it's great you want to help your employee. The first thing to do is to implement health and safety checks and organisational stress policies. Listen to staff concerns and make time to tackle stress properly. One idea is to set aside 10 minutes a week to chat about issues with your employee. Together look at his job and identify which parts are causing the most stress and how this may be alleviated. He may be suffering with stress due to pressures outside of work. Communication is vital if this is the case; when employers are sympathetic, workers often find it easier to deal with their problems. You may want to consider offering an Employee Assistance Programme a confidential telephone based counselling service for employees to talk through difficulties with trained counsellors, provided at minimal cost to employers. I run a seasonal business and will be drafting in temporary staff. Do I need to give them contracts? Although you describe these workers as 'temps', in your case, they're fixed term employees; that's a person whose engagement lasts for a specified period of time, whose engagement will end when a specific task has been completed, or whose engagement ends when a specified event, does (or doesn't) happen. You should give all employees a statement of main terms (often called the contract of employment but actually only part of it). Only employees who are employed for one month or more are legally entitled to this. If your temporary staff won't be with you for that long, there's no legal requirement for them to receive one. It's vital with fixed term employees to ensure an end date to their contract is stated within the statement, or to state the event upon which the contract ends Dennis Upfold Regional Director 07966 112099 As a family owned business, we have grown and developed with an inclusive philosophy, where all staff are integral to the overall service provision for our clients. It is due to this ethos, that we were 3rd in the Sunday Times best companies to work for in 2014. When you have a workforce that feels included and empowered, the resulting service is enhanced beyond the expectations of the client. That is why Peninsula have been in business for over 30 years, have 30,000 businesses that have on-going contracts with us and have assembled the most highly skilled and qualified team in the sector.

Peninsula Business Services Ltd www.peninsulagrouplimited.com

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Big Interview

Crowdfunding makes its mark in the business world Gaining access to finance is the key to growth for many businesses but sometimes it can feel like the help is simply not there.

Banks do not seem as sympathetic as they could be, particularly since the crash of 2008, Government funding schemes are over-subscribed, reduced or closed down altogether and venture capitalists often want too much in return for investment. However, one source of funding is becoming increasingly popular as it seeks to rewrite the rules of finance by opening up opportunities to both borrow and lend through crowdfunding. One of the companies helping entrepreneurs get to grips with this new way of accessing funding is ArchOver, which was founded by a group of entrepreneurs who have run start-ups, AIM listed firms and digital businesses.

ArchOver, the UK’s fastest-growing B2B crowdlending platform and which is unique in using credit insurance to safeguard lenders against possible default, has proved so successful that it recently passed the £11m figure for loans advanced to borrowers having opened its doors for business just over a year ago. The company harnesses the willingness of investors large and small to support projects that they think are viable with a strong emphasis on ensuring that the loans that they make are secure. Key to that is ArchOver’s choice of companies to support and it works with well-managed businesses that historically have strong Accounts Receivable (debtors) and can demonstrate a strong future customer base and revenues.

“The idea for the business came because we had all worked in business and had experience of trying to raise finance. We knew that many business people were being turned away by the banks and we wanted to come up with a different way of helping them access funding.”

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Big Interview

Its model allows businesses to borrow against the creditworthiness of their clients and the company will loan up to 80% of the value of the Accounts Receivable (ARs). Once the loan, is made the ARs must be maintained at 125% of the value of the loan, which provides a quickly realisable asset for investors in case the borrower gets into difficulties paying it back. The ARs are insured and underwritten by global insurance firms and ArchOver is supported by the Hampden Group, a leading provider of financial and business support services. The company has facilitated numerous individual projects without brokers and the average loan size is increasing from about £100,000 this time last year to currently £200,000 and this figure is rising. The largest loan they have facilitated to date is £1m. ArchOver CEO Angus Dent, who qualified as a chartered accountant with Price Waterhouse, has helped build a number of technology businesses, holding senior directorships in these AIM and TSX listed companies.

He said: “The idea for the business came because we had all worked in business and had experience of trying to raise finance. “We knew that many business people were being turned away by the banks and we wanted to come up with a different way of helping them access funding. “There are plenty of people that wish to invest through crowdfunding and one of our strengths is that we do not just lend money, we subject potential borrowers to due diligence and turn away more applications than we accept. The rules are just the same if you are lending a small loan or a large one. "Having said that, a strong part of what we do is helping businesses so we do not just turn them away and leave it at that, rather we try to point them in the right direction for someone who can help them." The combination of strong security provided by its backers and a rigorous approach to lending means that the business has grown rapidly. Indeed, ArchOver hit the landmark £10m in loans in December with a loan of £150,000 to VFS Legal Funding - a firm that specialises in

providing cash flow finance for smaller UK law firms. The new loan, which fully subscribed within 48 business hours, brings the total amount lent to VFS via the ArchOver platform to £1.9m. The news followed the announcement that ArchOver had entered into a partnership with Coface, one of the world’s largest credit insurers, to create £100m of insurance cover for future borrowers. ArchOver has since topped £11m and Angus said: “Naturally, we were pleased to reach the significant figure of £10m. Having achieved it in around a year of operation, exceeded our expectations in a very competitive marketplace and we remain very ambitious. “Taken together with our recent teaming with Coface, we feel we are really beginning to make our mark with our ‘secured and insured’ proposition which provides lenders with a protected return of around 7% per annum. “At the same time, we are also helping to bridge the funding gap left by the banks, which can sometimes force SMEs to accept the pernicious terms demanded by some of the invoice discounters and factors.

“As for the VFS funding, this is just the sort of reliable repeat borrower we are looking to support. This particular loan falls within range of our typical loan size of around £200,000. “Because using crowdfunding is a different way of lending money, it did take a while for word to get out and for people to buy into the idea but we are seeing an increase in approaches from both people wishing to borrow money and to lend it. “I think that the more people perceive that the banks are unlikely to lend them money, the more popular we will be. “People like the fact that our way of operating is very democratic and can bring about results quickly. “We recently posted one £150,000 project on our platform on a Tuesday night and within a day or so we had the money ready and waiting for the borrower. It is a very flexible way of funding businesses. “We grew six-fold in 2015 and we are confident that our expansion will continue in 2016 when I think a growth of two and a half or three fold would be a reasonable expectation.”

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Members News

Foxhills Gym wins top award At a glittering awards ceremony Foxhills Club & Resort in Ottershaw, Surrey beat off fierce competition from 179 gyms across the UK and four finalists to pick up the ‘Best Hotel Facility of the Year’ award at the National Fitness Awards. The ceremony at The Athena in Leicester recognised excellence, innovation and achievement in gyms across the UK and was hosted by fitness entrepreneur and TV personality Katie BulmerCooke along with former Olympic swimmer and commentator Steve Parry. Accepting the award on behalf of the resort Jason Adams, general manager said: “We are truly honoured to receive this award which, coming in our 40th year, is a fitting tribute to all the hard work the team has put in to maintain our reputation for excellent sporting and fitness facilities. It recognises the exceptional levels of service which both members and visitors enjoy when visiting Foxhills.”

“The Foxhills family includes world-class sporting professionals, fitness experts and enthusiastic and experienced team members whose sole purpose is to ensure members and visitors get the most out of the resort. This honour will sit proudly alongside the award our healthspa received at this year’s Professional Beauty Awards for Residential Spa of the Year (10 rooms or less), and shows that Foxhills’ guests always leave feeling better than when they’ve arrived.” The National Fitness Awards are organised by leading fitness industry magazine Workout, with support from headline sponsor ServiceSport.

How to make the most of your professional portrait experience In our visually driven world a quality photograph is a must for anyone serious about their personal brand, as a professional image enhances any type of social media, online or press related communication. But what should you consider before you invest your time and money in a professional photoshoot? Firstly, decide on the type of portrait image you would like, and what most accurately reflects your own style. A simple headshot against a plain background, or a more natural ‘environmental’ portrait that shows a little of the space you work in? Secondly, think about what you are going to wear. Wardrobe is as important for a professional photograph as finding a great photographer and hair and make-up artist. Choose at least two outfits, one formal, one more casual. Try to choose

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simple block colours (not too many patterns or stripes which can be very distracting) and items that won’t date too quickly. Thirdly, ask what happens on the actual photoshoot. How long will the session last? Will they come to you or do you go to them? Do they work with a hair and make-up artist/stylist that can help you look your absolute best on the day? What happens after the photoshoot? How many print ready images will you get? How much are additional images? Do you get to choose them or does the photographer? How will they be shared with you? Finally, and most importantly of all, try to remember that the

professional is there to make you look and feel your absolute best, so trust them and what they ask of you, and try to relax and enjoy…your images will only look the better for it!

If you’re looking to enhance your personal brand with a professional portrait visit www.lookluxe.co.uk or contact Sarah Martin Photography

Ask the Expert

How the accountancy recruitment market has changed ... It doesn’t seem so long ago since Accountancy and Finance recruiters were enjoying working with huge numbers of candidates across all levels. Having worked in financial recruitment for almost 21 years I think it is fair to say that this is now a real “candidate driven” market. Firms of Accountants as well as local business owners are feeling more confident to hire key positions as their confidence in the UK economy has increased. Businesses now really need to work in partnership with their chosen recruiters. The recruiters hold the golden key to providing the best candidates to their client base. Partners and Business Owners, more than ever need a relationship with their recruitment agency to ensure their firm is best placed

to be offered the best selection of applicants the same day the recruiter meets them. Brutal as it seems, firms will be seeing a reduced talent pool in the local area. Business owners need, not only, to proactively retain good staff however they also need to work hard and "in partnership" with their recruiter in order to recruit the best candidate for their current needs. Take the time out with your recruiter: • To review salary and benefits packages of current staff. • Meet with your recruiter when instructing them with a new vacancy – do not rely on a brief telephone call.

Spend the time to ensure the recruitment consultant is really committed to representing your business in the local market place. • Make sure you communicate with your recruiter every step of the way; after the first and second interview stage AND pre / post offer - remember “counter offers” are a real threat in this market. • Stay local with your recruiter; choose a recruiter whose offices are based close to your own - they are much more likely to be in a position to offer you local applicants. • Finally, respect your recruiter - a lot of work goes on behind the scenes to source quality candidates.

Lisa Wintrip Fletcher George Financial Recruitment

Telephone: 01372 364 160

www.fletchergeorge.co.uk

“Businesses now really need to work in partnership with their chosen recruiters. The recruiters hold the golden key to providing the best candidates to their client base.”

... works with finance and accounting professionals resident locally in the Surrey area recruiting for both Public Practice and also for commercial businesses in the local area. If you would like to have a confidential chat please contact Lisa Wintrip on 01372 364 160

www.fletchergeorge.co.uk

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Members News

Local firm’s donation benefits children’s PE lessons Midgley Snelling LLP is pleased to announce that in Summer 2015 it donated a cheque to Woking High School and the money has made a significant difference to the schoolchildren. The Midsnell Activity Fund, from the Weybridge based chartered accountancy firm, is designed to provide funding to organisations such as clubs, groups, associations and schools seeking financial assistance for their projects. The first recipient of the fund was the Specialist Centre for Students with Visual Impairment at Woking High School. It received £700 towards the cost of specialist sports equipment to increase participation for students who are blind or visually impaired. Alice Stonehill, the school’s Head of Specialist Centre for Students with Visual Impairment, said: “The Midsnell Activity Fund has allowed us to purchase specialist equipment such as Kurling sets, Boccia sets and audible balls to use in tennis. This has allowed students to have equipment that is specifically suited to their needs as they are visually impaired and some students have additional physical disabilities, too. The equipment is used within PE lessons and part of the funding will be used to provide staffing for an after school club in the spring and summer terms. “Accessing mainstream PE can be very challenging for students who have a visual impairment, but this funding allows them to continue to make progress and develop physical skills alongside their peers.” Tracey Wickens, partner at Midgley Snelling LLP added: “As a firm, we have always placed a great deal of importance on engaging with our local community and that’s how the Midsnell Activity Fund was born. It allows us to give something back to these communities and see the benefits that our funding can bring to different groups of people. “I’m delighted to see that the money is benefitting the children of Woking High School that ordinarily would not be able to participate in PE. They can now be included and that is exactly what we hoped the fund would do; benefit the community.” If you know of a project that could benefit from up to £1,000, visit: www.midsnell.co.uk/aboutus/midsnell-activity-fund/ and complete an application form. To find out more about Midgley Snelling LLP visit: www.midsnell.co.uk.

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Charles Russell Speechlys continues growth with 15 new appointments Leading South East law firm, Charles Russell Speechlys has appointed 15 new Associates and Paralegal team members across a range of specialisms, extending its headcount in the Guildford-based office to 137, including 90 lawyers.

The new joiners have been recruited to bolster the teams in corporate law; real estate; private property, charities, corporate recovery and insolvency; construction, engineering and projects; and contentious trusts and estates. They are: Laura Marchant, Construction, engineering and projects, Rebecca Burford in corporate and commercial, Kate Parkinson in charities, Charlotte Boyd, Richard Long and Samuel Jenkins in real estate, Richard Hosmer in property litigation, Katie Bewick in commercial dispute resolution, Mark Johnson and James Roberts in Corporate recovery and insolvency, Thomas Britten in

contentious trusts and estates, and Rachel Bardell in private property. They join newly promoted lawyers Simon McIlroy and Richard Honey, plus paralegal Aiden Wiffen into our property and private client teams. According to Duncan Elson, partner and head of the Guildford office, “We have had a very successful year since merging and moving to One London Square in Guildford and are seeing increasing demand across all areas - from private wealth through to corporate law. I am delighted that we continue to build our team with high calibre lawyers, ensuring that we have the breadth and depth of skills required to look after the county’s wealth generators,

both in their personal and business affairs. The exciting growth is planned to continue.” Charles Russell Speechlys is a law firm headquartered in London with large regional offices in Guildford and Cheltenham, as well as offices in Europe and the Middle East. Our Guildford office provides a full range of services to businesses and private clients in the region, backed by the resources of an international law firm with offices in some of the key centres for Private Wealth in Europe and the Middle East. Charles Russell Speechlys is recognised as a ‘Regional Heavyweight’ in the South and South East of England by the Legal 500 directory.

For more information, please visit www.charlesrussellspeechlys.com

Members News

Introducing the Looking Staff-Management past the Solution of the Future headlines Local agency does away with administrative worries for small business.

PayrollsDirect is a management bureau dedicated to giving clients peace of mind in the midst of ever-changing regulations and mountains of paperwork, all with an added personal touch. Bringing HR and payroll departments wholly into the modern online age, cloudbased services eliminate inefficient administration. This development entails a significant gain for any small business to have in time and cost efficiency. No paper is wasted, nor time or resources. Leaving clients to focus more on the growth of their venture, the care for their residents, catering to their guests, etc. PayrollsDirect’s service can also help with the recent autoenrolment/workplace pensions measures being put into place. It checks the latest developments in legislation and regulation and advices

accordingly. This way, businesses can ensure that they comply at all times. Payroll calculations are conducted via an acclaimed international specialist firm at an accuracy rate of 99.6%. Information is easily accessed online, in the cloud and entered by employers and employees (wages, sick days, holidays, expenses, etc.). Edward Shin, the regional manager at the payroll bureau, brings with him over 15 years of experience in treasury and cash management, having worked with several high-profile banks and blue chips. He understands personally the importance of maximising efficiency both operationally and financially. Furthering the individual commitment, each client is assigned a personal payroll expert. A free helpdesk is also available to help with any queries the client might have.

Well it’s been a dramatic start to the year. From winter floods at home to geo-political fears from the Middle East, and then to top it off with an arrogant little dictator setting off his own hydrogen bomb, it reads more like a soap opera than the global geo-political news. Sadly though such things are enough to impact on the key word that effects all our economies confidence. The financial news in January is often blurred by a plethora of retail figures telling us what everyone else spent at Christmas, and “outlook” papers from investment houses casting their runes as to what they think is going to happen. Add to that the geo-political fears and you have a perfect recipe for a case of economic nerves. However what we all should do, but few actually will, is look at the greater picture of the global economy, and not just the fearful populist headlines designed to unnerve us but just make for good copy. The reality is that the global economy is still growing at just over 3% per annum, which in fact is the long term growth rate for the world. If we take the trends that we saw at the end of last year, then we are likely to see continued growth, but quite likely slower and lower.

However slower and lower is definitely not falling back or reducing. Already this year I have heard some commentators talking about shrinkage and even recession in certain areas of the globe, and that is certainly not the case at the moment. However if you allow the “nay-sayers” to have their way, then miserable talk can easily become a self-fulfilling prophecy. So even as the New Year celebrations fade into blurred memories, now is not the time to be frightened by journalist rhetoric. We have big issues to address in the UK not least of which is our future with the EU, but in the meantime we have a successful economy which has been bolstered to a great extent by our own business acumen and innovation. So now is not the time to be dissuaded by a desperate media in search of a fearful headline. Happy New Year Justin

Call 020 7760 8777 or Email: information@7im.co.uk

www.7im.co.uk

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Member News

Buying off plan Business confidence for the South East’s By David Lewis, partner at Grillo LLP

As Battersea Power Station advertises flats which will only be ready for occupation next autumn, is buying off plan a good idea? Purchasers should be aware of the many dangers that buying off plan can present. Usually, the developer is unlikely to produce a detailed specification, yet this is vital for a buyer. Glossy sales brochures showing similar schemes completed by the developer may not accurately reflect the property that you are buying. Detailed plans and a full specification are essential, listing precisely what is being built and the quality and extent of fixtures and finishes included in the price. Paying a deposit and agreeing a price up front can result in savings when house prices are rising as some developers will consider reductions on the full sale price to reflect they have a sale before the property is built. However, where prices are falling, the buyer could be locked in to a contract that requires them to pay more for the property than it may be worth when completed. Agreeing a price in advance of the development being completed can result in purchasers accepting to pay more than the property is sensibly worth in the open market, simply for the prestige of being one of the first owners. If other buyers cannot be found at those levels, subsequent prices for other properties in the development may expose those earliest sales as excessive when the remainder of the scheme comes to be sold. Then there is the added risk of the developer running out of funds before the scheme is complete. A buyer can then be faced with a lengthy and expensive legal battle to see the development finished or to recover their deposit, which in some circumstances may simply not be worth the effort. This is a costly error to be avoided. Grillo LLP are at www.grillollp.com

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professional practices reaches all-time high

Confidence in business outlook reached its highest point in the 21-year history of the professional practices survey, conducted by Smith & Williamson, the accountancy, investment management and tax group. 99% of respondent firms cited a positive outlook for the year ahead, up from 96% in 2014 and exceeding the previous high point of 98% in 2006. Claire Perrett, professional practices tax partner at the Guildford office of Smith & Williamson, said: “The survey shows that professional service firms in the South East are enjoying an unprecedented level of confidence. This is a genuine

signal that activity is now exceeding the levels seen before the financial crisis. Political certainty, economic resurgence and corporate actions are driving optimism.” This optimism is also demonstrated by the 86% of respondents from the region who believe the outlook for their business has strengthened since the May general election. Additionally, the survey revealed that 60% of respondent firms from the South East (excluding London) feel competitive pressures have increased in the last year. According to Smith & Williamson, this reflects widespread changes in the professional services market, driven largely by new

entrants to the sector and new ways of working are making life very competitive. Claire remarked: “Professional firms are being squeezed on all sides by the arrival of new business models and new entrants to the market. In particular, all firms face a massive threat from new uses of technology to gain and interact with clients.” She continued: “Firms need to develop a ‘clear differentiator’ to stand out from the crowd, thereby demonstrating the value they deliver and to help them resist downward pressure from clients on fees.” www.smith.williamson.co.uk

Pennyhill Park welcomes MasterChef: The Professionals winner Steven Edwards as Guest Chef at The Latymer Pennyhill Park, an Exclusive Hotel & Spa in Bagshot, Surrey, has announced Steven Edwards, winner of BBC MasterChef: The Professionals 2013, will be a guest chef at its Michelin-starred restaurant, The Latymer. Steven makes a guest appearance at the awardwinning restaurant with his business partner, Josh Stanzl, who together own and run creative restaurant experience etch, an innovative and relaxed fine-dining concept designed to deliver lasting memories for its guests. Offered as a series of exclusive dates throughout February, Steven and Josh will be bringing their love of local seasonal ingredients to The Latymer, having developed simple yet elegant 6course tasting menus specifically for the award-winning Surrey restaurant. Dishes include celeriac cured and flamed line caught mackerel, roast celeriac, pickled celery; coffee glazed duck breast, pressed leg, artichoke puree, roasting juices; fillet and belly of Petworth pork, slow cooked celeriac, mustard and Twineham

grange doughnut, crispy kale, broccoli puree, gherkin. In addition, dishes on the menu during Valentine’s week include sea trout carpaccio, tartare, oyster beignet, oyster mayo; roast fillet and tail of Sussex beef, leek & potato puree, charred spring onion, and mango pannacotta, passionfruit sorbet, fennel. British chef Steven is a familiar face at Exclusive Hotels and Venues having worked as Head Chef at The Camellia restaurant within South Lodge, an Exclusive Hotel near Horsham, West Sussex, before launching etch in 2014. Steven is passionate about using locally sourced, quality produce to create elegant, awardwinning food that celebrates the freshness and simplicity of each

unique ingredient and transforms them into spectacular dishes. Julian Tomlin, General Manager at Pennyhill Park commented, “We are delighted to welcome Steven Edwards to our kitchens at The Latymer. We are immensely proud of The Latymer’s reputation and popularity among local residents and guests here at the hotel; Steven’s unrelenting passion, unique talent for marrying wonderful flavours and his creative artistry in the kitchen will complement the restaurant offering perfectly.” Steven added, “I am honoured to have been asked to be a guest chef at Pennyhill Park and am really looking forward to bringing my food to diners at The Latymer.”

Steven Edwards will guest chef at The Latymer, Pennyhill Park on 5th, 6th, 11th, 12th, 13th, 14th, 18th, 19th and 20th February 2016, offering 6-course tasting menus from £65 per person. For more information or to make a booking www.pennyhillpark.co.uk

24 Hours with

24 Hours with Nigel Blake of Perfect Pitch A truly global working day emails, ahead of our European team arriving for the day’s calling. It’s always great to hear our callers chatting in Arabic / French / German / Italian / Russian / Spanish, although it’s a shameful reminder of my inability to master a second language!