Issue 39: October 2022
What’s the real state of Real Estate in South East London Jason Morris JT Clarke London
• Legal Is my financial agreement binding? Page 5
• Skills When should entrepreneurs trust their gut instinct? Page 22
• Remembering when... The Energy Crisis in the 1970’s caused a three-day working week. Page 28
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Welcome to Southwark BUSINESS TODAY
The Southwark Chamber of Commerce magazine for all businesses in Southwark.
wo weeks ago, it was my absolute pleasure to be part of the team hosting the Southwark Business Awards. The event celebrated some of the best of our business community and provided us with an amazing opportunity to network, share ideas and enjoy some entertainment in the fantastic Ministry of Sound. It was an evening of positivity, energy, and joy. A feeling that we were back on track, a new, fabulous normal was finally here again.
Now, as I write, I feel we are, yet again, in turbulent times. The new Chancellor has just reversed many of the budgeted tax cuts announced only ten days ago, inflation is now rampant, interest rates are on the rise, and there is a significantly negative reaction from the financial markets. In addition, as we approach winter, the energy crisis is about to bite us hard. Yet again our business community of Southwark is facing significant challenges, it seems as if we lurch from one crisis to the next. However, we know that as the community of Southwark, we can override these challenges, but we must dig deep, pull together, and support each other. Shopping and trading with our local partners, within our neighbourhood, is an excellent first step and our businesses are being super creative to encourage you to do this, making shopping locally a pleasurable experience rather than just the weekly chore. In addition, there is lots of support out there to help you, not just to survive this period of economic instability but to thrive. Southwark Council have teamed up with the London Business Hub to support small businesses by providing them with the tools to thrive and recover offering free expert business advisers through the London Business Hub Wayfinder’s scheme.
Furthermore, I am proud that London South Bank University Business School are supporting Business recovery through their Help to Grow Scheme, a 12-week programme that offers Business education, peer support, one to one mentoring and business plan development to boost your business and grow your potential (www.lsbuhtg.co.uk). This is an incredibly popular programme, for which we have had excellent feedback and we are now delivering to our eighth full cohort in as many months, why don’t you have a look at the programme and see if it is for you! We would love to have you on board! So, despite these uncertain times there is a lot that we can do to support each other and there is a lot of we can do to help ourselves. We will get through this, as a community, and we will come out at the other end better and stronger than ever before. Yours,
Disclaimer Southwark Business Today is mailed without charge to all Chamber members and distributed to businesses in the Borough. All correspondence should be addressed to the Editor at Southwark
Chamber of Commerce. Views expressed in publication are not necessarily those of Southwark Chamber of Commerce. Reprinting in whole or part is forbidden except by permission of the Editor. © 2022. Whilst every effort is made to ensure the accuracy and reliability of material
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Enquiries Southwark Chamber of Commerce 169 Walworth Road, London SE17 1RW Email: email@example.com Web: www.SouthwarkCommerce.com
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Southwark BUSINESS TODAY 3
f r o oor of s nnsor o ppons S ss yy Spo r e aar e KKey S YYears 1 e 221 Ye K r ffoor 21 r o f
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Is my financial agreement binding? An informal agreement reached between you and your ex-spouse or civil partner will not be legally binding. By Victoria Brown Senior Associate Solicitor
You will need to ensure that your agreement is incorporated into a Consent Order, which will reflect the agreement that you have reached regarding what will happen to your finances. A court order is the only way to make your agreement legally binding and to achieve a clean break. If you don’t have one, you may find your ex-spouse or civil partner is able to make a financial claim against you in the future. What does a Consent Order contain? A Consent Order will reflect all the terms of your agreement, which might include what happens to property, savings, pensions, liabilities and belongings. A Consent Order will be drafted carefully to ensure that it covers all relevant matters and anticipates, as far as possible, any issues that might arise in respect of implementing the terms of the Order. In addition, except as provided for in the order, a Consent Order will dismiss all of your claims against each other so that neither of you can make any further claims arising from your marriage in the future. This is known as a ‘clean break’.
How do I know my agreement is fair? It is preferable to have exchanged full details of your respective financial circumstances, with supporting documents, so that you have a complete understanding of the overall financial picture.
This, coupled with advice on the terms of the agreement, will ensure that you are both aware of the legal consequences of what you are agreeing to and whether it constitutes a fair settlement. What is fair in one case will not necessarily be in another. Fairness is based on a consideration of all the circumstances of your case, the first consideration always being any child of the family.
Will I need to attend court? You will not be required to attend court unless the court has concerns about the Consent Order. This is rare and, where both parties have received independent legal advice, a judge will be reluctant to interfere with an agreement. A judge will only do so if they have real concerns about the fairness of the agreement. At Anthony Gold we will ensure that our advice is as cost-effective as possible and work with you to find a negotiated settlement wherever possible, avoiding the stress and expense of having to go to court.
email: email@example.com Phone: 020 7940 3952
“What is fair in one case will not necessarily be in another. Fairness is based on a consideration of all the circumstances of your case, the first consideration always being any child of the family.”
Southwark BUSINESS TODAY 5
Up Front Up Front
Southwark councillor presses new PM on free school meals In early September, Cllr Jasmine Ali, Southwark Council’s Deputy Leader and Cabinet Member for Children, Young People and Education spoke at a National Education Union (NEU) event in the House of Commons on Free School Meals.
Counting sheep over London Bridge Transporting sheep across London Bridge might seem a thing of the dim and distant past – but far from it.
long-held annual tradition sees Freemen of the City bring sheep to market, toll free, over the Thames.
This year’s charitable Sheep Drive and Livery Fair once again honoured tradition and celebrated the longestablished right afforded to Freemen. Led by the Rt Hon Lord Mayor, Vincent Keaveny, and the Worshipful Company of Woolmen, the sheep were taken to the square near Monument on the north side of the river to the Livery Fair – which offered visitors the opportunity to learn all about the Sheep Drive and the worthy causes it supports. The Sheep Drive and Livery Fair showcases the important enduring contribution of London’s livery companies, from the formation of the City of London in years gone by, through to modern times – both in terms of the creation of new, sustainable trades and the important charities supported.
he event was chaired by Kim Johnson MP and Cllr Ali was joined on the panel by speakers from End Child Poverty, Z2K and the Child Poverty Action Group. As part of the NEU’s No Child Left Behind campaign, they are asking the new Prime Minister Liz Truss to provide Free School Meals for every primary school child.
Cllr Ali spoke about the benefits of a nutritious lunchtime meal for children, both for their health and their ability to concentrate on their learning. She noted that means testing free school meals often ‘singles out the most disadvantaged children’ and that ‘when prices are rising, means testing is like trying to hit a moving target. Families that were coping yesterday cannot cope today.’
Cllr Ali rounded off her speech by pledging her support for the NEU’s campaign and an amendment that Kim Johnson MP is looking to table to the Schools’ Bill on extending Free School Meals, highlighting that both Scotland and Wales have committed to extending Free School Meals to every child in primary education.
Football fans come together to aid cancer charity South London football fans came together on Sunday 25th September as Prostate Cancer UK’s 2022 Football March concluded in the capital.
he men’s health charity visited football grounds and iconic venues across the nation and welcomed fans on the 26.2-mile walk across London. Walkers had kicked off the event in Greater Manchester on
Thursday, and moved to the South Coast a day later, and the West Midlands on Saturday. Supporters marched from AFC Wimbledon’s Cherry Red Records Stadium to The Den, home of Millwall FC – a long-time charity partner and the first club to
wear the Prostate Cancer UK logo on their shirts, in 2013/14. The marchers also stopped off at Premier League duo Brentford and Fulham, as well as another of the charity’s partner clubs, Queens Park Rangers, enroute.
£250k raised for King’s College Hospital brain tumour research King’s College Hospital, in Denmark Hill, has reached a donation milestone in efforts to support vital research into brain tumours in children and young adults.
total of £250,000 has now been raised by the family of a young patient who sadly lost her battle against an aggressive brain tumour. Charlotte Eades was 16 when she was diagnosed with a glioblastoma multiforme, a fast-growing and rare form of brain cancer.
6 Southwark BUSINESS TODAY
During her illness, Charlotte fought to raise awareness of cancer in young people and kept a video blog to document her life with the condition. The charity, Charlotte’s BAG, raises money for research into the condition to help other children, teenagers and young adults with the condition.
Charlotte was just 19 when she died in 2016, but fundraising continued and the amount the charity has donated has increased over time and been used to develop a laboratory dedicated to the study of genome sequencing of children with brain tumours.
New affordable homes set to boost local economy
New affordable homes at Zone L
Doorstep green spaces at Zone L
New council homes at Plot K1, due to be completed next year
As the scorching summer of 2022 closes, plans for hundreds of new homes in Canada Water to meet local housing need are starting to take shape. This in turn provides a range of benefits for existing businesses, who reap the rewards from a new diverse community on the doorstep.
new homes, of which 60% will be social rent, 25% market rent, and a further 15% intermediate tenure. Both will feature plenty of public space for people to enjoy, such as roof terraces, open courtyards, new tree planting and a variety of play areas.
A recent study from the research and policy institute Centre for Cities* highlighted how important diverse communities are for creating the conditions for local economies to thrive. The report demonstrates the link between housing supply keeping up with local demand and neighbourhoods retaining their appeal as somewhere people want to live, work and spend time and money in. This is a key consideration in Canada Water, so that the development comes forward in a way that meets local demand in Rotherhithe and Surrey Docks, supporting the local neighbourhood to thrive and grow with the development.
Over at what is known as Plot K1, on Roberts Close and close to Russia Dock Woodland, the construction of 79 new homes is advancing well, with the building expected to be finished next year. The development will be taken on by Southwark Council, providing 60 new council homes and plenty of homes with two or more bedrooms, making them suitable for families.
The Canada Water development is redeveloping Surrey Quays Shopping Centre, Surrey Quays Leisure Park and the Printworks to provide a new town centre for the borough. It is being brought forward by British Land in partnership with Southwark Council, as a 50/50 joint venture with pension fund AustralianSuper.
Community at its core
New affordable homes In July, Southwark Council approved plans for further new homes within the Canada Water development. This is an exciting milestone, as it opens the door for British Land to continue to help meeting the pressing need for new homes in the area. Zone F, located across a portion of Surrey Quays Leisure Park, will provide around 400 new homes along with workspace, shops and restaurants. Zone L, which will be located near to the Printworks site, will deliver a further 237 * https://www.centreforcities.org/wp-content/uploads/2019/09/Whats-in-store.pdf
This is just the tip of the iceberg. Of the approximate 3,000 new net zero homes delivered across the whole development, at least 25% will be social rent and the rest intermediate. Building a place that is at the heart of its community and connects local people to the opportunities it will deliver is at the core of what the Canada Water development means. So including local people and businesses is key. With British Land’s commitment to deliver quality career progression and support businesses with access to opportunities for growth, such as Thrive, a low-cost workspace programme and support hub, the whole community can help shape and share in the development’s success. As London’s first new town centre in 50 years, the Canada Water development aims to support local people and businesses to grow so that they are best placed to benefit from the opportunities that the development will bring. With new affordable housing that meets the needs of the community, plus more jobs and facilities with sustainability at their heart, British Land is committed to a development that works with and for the community.
How the Employee Ownership Trust Offers the Ideal Exit Strategy at ZERO Tax David Craddock is a recognised authority in the UK and worldwide on employee share schemes and the author of Tolley’s Guide to Employee Share Schemes. In this article, David identifies the role that the Employee Ownership Trust (EOT) can fulfil in facilitating the ideal tax-efficient and cost-effective exit strategy as an alternative to a trade sale or an initial public offering. The Latest Triumph for Employee Ownership The initiative to introduce the EOT through Schedule 37 of Finance Act 2014 emerged from the Coalition Government as the single most significant triumph in the development of employee ownership since Enterprise Management Incentives (EMI) and the Share Incentive Plan (SIP) were introduced by New Labour in 2000. Unlike EMI and the SIP, which deliver direct employee share ownership to individual employees, the EOT offers indirect employee share ownership. The unique feature of the EOT is that the sponsoring company’s shares are held in a discretionary trust as a collective arrangement for the long-term benefit of the company’s total workforce in stabilising the company’s ownership structure and securing its independence. Although different in kind from EMI and the SIP, either of these two scheme arrangements can, if the company so chooses, operate alongside the EOT and offer direct employee share ownership to complement the collective ownership by the EOT. Notably, the grant of EMI options to senior employees, properly implemented and communicated, can act as a motivational empowerment for executives, thereby ensuring that the shareholder succession is matched by a management succession that is so essential for a successful exit. Nevertheless, the EOT can operate without any accompanying tax-advantaged (tax-approved) employee share schemes, and still offer, courtesy of its own 2014 legislation, if the company so decrees, tax-free bonuses to its employees.
8 Southwark BUSINESS TODAY
The Headline Capital Gains Tax Exemption: ZERO Tax Charge for the Selling Shareholders Under Section 236M, TCGA 1992, the Controlling Interest Requirement secures a complete exemption from capital gains tax for the seller of the shares for the sale of the 51% (or more, up to 100%) controlling share interest to the EOT in a defined single tax year. This exemption is available for persons who are not companies. Provided the statutory requirements are met, notably that the shares are in a trading company or the parent company of a trading group, then the capital gains tax exemption is available to an unlimited extent. The fact that the exemption is unlimited is a particularly attractive feature, even if the seller has access to Business Asset Disposal Relief, for the simple reason that the sale of shares to the EOT attracts zero capital gains tax on an unlimited amount of value.
The Income Tax Exemption for Qualifying Bonus Payments to Employees Chapter 10A within Part 4 of ITEPA 2003, introduced as a new EOT insertion, is devoted to the rules for the tax-free status which accord to qualifying bonus payments to employees. The tax-free status is given as an exemption from income tax for up to £3,600 for each employee in any given tax year, operated for all employees on a same-terms basis. Although it is the establishment of the EOT that provides the opportunity for the company to introduce qualifying bonus payments, it is the company that pays the qualifying bonus payments to the employees and not the EOT trustees.
The Deferred Consideration The Sale and Purchase Agreement for the sale of the shares is between the existing shareholders and the EOT trustees acting on behalf of the EOT. Although the company is not a party to this agreement, it is the company that funds the EOT through an arrangement that must be non-binding in order to ensure that monies received by the EOT from the company are not subject to income tax. The whole of the sale proceeds, linked to the whole company value, will be paid to the existing shareholders immediately following the sale if the EOT has the available funds, albeit supplied by the company. Alternatively, though, the sale proceeds may be paid as a series of deferred consideration payments over whatever time-period is manageable for the company to fund the EOT. Given that the deferred consideration does not have to appear on the balance sheet, the creditworthy status of the company is protected in the eyes of the business community. This piecemeal payment profile is an appealing feature for a company that, at the actual date of the sale transaction, does not have the full amount of the available cash to fund the EOT.
The Growing Popularity Since 2014, some 550 companies have taken the EOT route to a company sale. The ownership by the EOT of the shares of the company in perpetuity stabilizes the independence of the company and reinforces the employees’ confidence of continuing employment. In a consultation on exit, as well as discussing the advantages of the EOT, discussion should also be given to the Employee Share Trust (“EST”) which allows a more gradual sale approach over several years. The capital gains tax rate for the sale of shares to the EST (as distinct from the EOT) is the Business Asset Disposal Relief rate of 10%.
David Craddock has been advising on employee share
schemes and employee share trust arrangements for over 35 years. As well as Founder and CEO of David Craddock Consultancy Services, David is a member of the Steering Committee of The ESOP Centre, the Educational Director of The ESOP Institute and the Technical Secretary of the small group of practitioners that meets quarterly with HMRC to discuss the interaction between employee share schemes and share valuation.
David Craddock welcomes an opportunity to discuss with you your interest in the Employee Ownership Trust idea and initiative Please feel free to contact David at: T: 01782 519925 • M: 07831 572615 E-mail: D.Craddock@dcconsultancyservices.com • Visit: www.davidcraddock.com
DAVID CRADDOCK CONSULTANCY SERVICES
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Specialist in Employee Share Ownership and Reward Management, Share Valuation, Management Buyouts, Employee Ownership Trusts (EOTs) and Investment Education
Southwark BUSINESS TODAY 9
Arts & Culture
ach building is a key part of Rye Lane’s conservation area. They include:
• three 19th century former public houses • four 19th century terrace houses • two cottages from the early 1800s Materials were used to restore the buildings that would have been used at the time they were built. This has set a standard for Peckham town centre for others to follow.
New lease of life for Peckham’s most historic buildings Peckham town centre has rolled back the years following the repair of nine historic buildings as part
For years, Peckham Vision and the Peckham Society worked hard to promote the town centre’s rich heritage with support from the council. The Peckham Townscape Heritage Initiative (THI) was born out of this work. It is steered by the Peckham Heritage Regeneration Partnership (PHRP). This group is made up of the council, businesses and local residents. In 2014, the Peckham THI was awarded £1.675million by The National Lottery Heritage Fund, thanks to National Lottery players. Southwark Council added funds to this grant, bringing the total to £2.3m. In the Rye Lane Conservation Area, 44 buildings were eligible for funding. Owners and retailers also had to put money towards the building works to receive a grant. Cllr James McAsh, Cabinet Member for Climate Emergency and Sustainable Development, said: “It is easy to see why so many people, like us, are passionate about Peckham. Every building has a unique story to tell. One that is closely linked to Peckham as a thriving place to meet, shop and live for centuries. “The methods and materials we used to preserve the buildings has set the bar for future projects. Huge thanks to the local groups who have been pivotal to the project’s success, along with owners and retailers. Everyone placed their trust in the shared vision we had for the buildings. Now Peckham’s heritage can be enjoyed for generations to come.” Claire Hegarty, Chair of Peckham Heritage Regeneration Partnership, said: “This project has been brought to life by local enthusiasm,
of a joint project between Southwark Council and the local community. 10 Southwark BUSINESS TODAY
knowledge and interest. We’re very grateful also to the building owners and businesses who made this happen. It’s been such a great idea to combine the careful repair and conservation of buildings in Peckham town centre with community projects to explore personal stories, local history, and the different sorts of heritage that weave together to make Peckham special. “In some ways, the buildings that have been repaired are ordinary and every day, but when you look again and find out more, you realise that there’s beauty, craft and skill on display here - these buildings are everyday treasures! When this fantastic THI project ends, the PHRP will evolve into a new local community group. We want to continue to protect, enhance and revitalise Peckham town centre.” Stuart McLeod, Director England - London & South at The National Lottery Heritage Fund, said: “Investing in heritage means investing in the community it belongs to, which is why we are proud to support Peckham THI with their regeneration project. Thanks to National Lottery players, this project will not only preserve this important heritage to be enjoyed by locals and visitors from further afield, but will also play a significant role in boosting the local economy and aiding the wider regeneration of Peckham.” Repair of the buildings went hand in hand with local events for people of all ages and walks of life to learn about Peckham’s history. The Peckham THI funded: • Charity Our Hut working with local schools to teach children about the area’s architecture • Local History Library’s photos about local buildings and people’s lives in Peckham through the ages • South London Gallery’s project called Grow Our Histories • Many local walks and talks, including a heritage trail map. You can access these at www.peckhamheritage.org.uk.
If you want to get involved in Peckham town centre’s heritage, visit peckhamheritage.org.uk/contact-us/
“Everyone placed their trust in the shared vision we had for the buildings. Now Peckham’s heritage can be enjoyed for generations to come.”
The Blue Bermondsey
To celebrate the recent completion of the GLA funded ‘Made in Bermondsey’ regeneration project, Mayor of London Sadiq Khan visited the Blue Market to meet the locals and see the result of his investment A New Chapter
Mayor Sadiq Khan Said:
With the Mayor’s funding, the historic market has new fixed bespoke stalls, a new ‘village green’ public space for community events as well as a new public walkway into the market place, community murals, shopfront improvements and better signage and connections to the area.
“I am thrilled to support the regeneration of the Blue Market, all made possible by local people and organisations working together.”
The clock tower is the centrepiece of Market Place, echoing the memories of the clock tower that dominated the local skyline as part of the former Peek Frean biscuit factory. The new version has been covered with 3,000 tin discs, in a nod to the world’s first tin can factory which was situated locally in bygone days.
“The Blue Market has a long, rich history in the heart of Bermondsey and has brought Londoners and traders together for centuries. It’s gained a new lease of life after £2m of investment from my Good Growth Fund and it’s once again a hub for people from all backgrounds to trade and socialise.” “I met with local market traders and young people who have played an important role in the regeneration of the market. It’s fantastic to see this vibrant market, that has had a place in the hearts of Bermondsey residents for generations, revitalised for a new era.”
12 Southwark BUSINESS TODAY
The Blue now has a modern, functional and captivating central public space that feels inviting and good to be in. The transformation of the Blue Market has restored the heart of Bermondsey, providing a space that the local community can feel proud of and one that will put the Blue on the map as a new destination for Londoners to visit.
Discover it yourself There is so much else we could say about The Blue, but we prefer to let you discover it in your own way. The Blue is just 10 minutes’ walk from Bermondsey tube, or you can get a bus: 1,381 and P12 all linking to Canada Water tube. Nearby overground at South Bermondsey is well served by trains coming from London Bridge or you can get on your trusty old bike.
The Blue is in South Bermondsey and has been its central area of commerce for over a century. The High St features a wide variety of small independent shops, with a new Arts & Cultural centre opening in 2023 courtesy of the Really Local Group. The hub of the area is the Blue Market but take a stroll around the surrounding streets and alleys and you will find hundreds of businesses located in railway arches, industrial estates and the Workspace owned Biscuit Factory complex on the formers Peek Freans site. Alongside the antiquated warehouse buildings, a new housing development is set to spring up with 1500 new homes and flexible business spaces. You can discover the Low Line, a new walking route which is being created along the historic railway viaduct from Bankside to South Bermondsey. You will discover a new generation of artisan food producers in the arches, including the many independent craft breweries that have spawned the celebrated Bermondsey ‘beer mile’. Blue Bermondsey BID has been the driving force behind a multitude of local initiatives working closely with the local community and partner organisations. Together they are driving positive change and bringing about the transformation of the Blue and surrounding area, committed to the long term vision and ambition for a modern, diverse, multicultural, community with a thriving local business economy at its core.
‘Local business and community working together can achieve so much and drive positive change.’
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Evolution London GOES BIG on the Big Apple for Xmas Christmas last year allowed people at least to let their hair down a little as lockdown restrictions were eased. It also meant event management and catering company Smart Group was back in business. EVOLUTION LONDON XMAS PARTIES are one of Smart Groups major events. Marketing Director Abby Squire reveals what treats are in store for attendees this year and how the company has dealt with pandemic and post-pandemic challenges.
e Last year’s theme for Xmas parties
at Evolution London was Apres Ski – what is the theme for this year?
“The theme this year is New York, New York! We will be transporting guests stateside for a taste of the Big Apple. The venue will be decked out with a brand-new set which perfectly encapsulates 1930’s New York. “We build the set in November and run it throughout December for our Christmas parties until the 14th January, as we end with Hospitality Rocks which is a Christmas party specifically for the hospitality industry”.
e How do you come up with ideas and would you repeat a theme if it was successful – or is the emphasis on new ideas every time?
“We do try and have a brand-new theme each year which starts at Evolution London and then rotates around our other sites in the following years. Unfortunately, this year having just come out the other side of the pandemic, we have updated and enriched one of our most popular themes New York, New York!”
e Do you gauge what clients might want in a Xmas party and do you see what other event providers are offering around the world?
“After each party we send out a client survey so we can learn from customer experience, asking them what worked, what didn’t work and what they would like to see next year. This becomes an invaluable piece of research as it helps us plan for the year ahead, we always
have our customers at the forefront of our decision making”.
e Given that last year was the first post-Covid – how did it go?
“We were so excited to get back to doing what we love last year. Although it was a little different with slightly reduced capacities and having to follow government guidelines on testing, we are back to full capacity this year. “There was an element of uncertainty in the market last year, but guests were so keen to get back to doing what they loved so we had an amazing turn out at all of our shared parties”.
e How, if at all, has event management changed due to the pandemic?
“We have seen more hybrid events since the pandemic, combining live and streamed elements. We have invested heavily in our production and tech capabilities to be able to accommodate all types of events”.
e How crucial is the size of Evolution London in terms of what you can visually and physically create?
“The recently extended 8-metre ceiling height allows our clients to benefit from an unrivalled level of production. The venue is over 5,500sqm and the footprint has a massive impact on what we can do. “The size of the venue also enables us to provide incredible entertainment, from aerial artists to West-End style production.
e What are the main challenges
in staging a large-scale event – budgeting/publicity/pricing and value for money/location?
“We are lucky that Evolution London is located in the heart of London with plenty of transport links in such close proximity. We also have a great relationship with local businesses and the council who make it possible to put on such large events, including our next-door neighbours Battersea Zoo. “Evolution London is fairly priced, but obviously goes up in price per head for the lower numbers which is why larger numbers really benefit from the pricing structure.”
e With talk of recession and rising bills
– how might that affect business this Xmas and beyond?
“Quality is at the heart of what we do as a business, so that’s one thing that won’t be affected. The cost of labour, food, energy and staffing has gone up significantly, so realistically our prices will have to reflect this. “Hopefully with pricing caps being introduced, we won’t have to raise our prices too much, but this is a call we will have to make next year. We are obviously conscious that events are a luxury, so we are aware no one is recession proof, but hopefully with our retention being at approx 80% we will see our loyal clients come back during these hard times.”
Southwark BUSINESS TODAY 17
What’s the real state of Real Estate in South East London By Jason Morris Director/Broker JT Clarke London Well, it’s been 35 years of being a resident of Peckham and almost 20 years of operation, within the property market working within the boroughs of Southwark, Lewisham and Greenwich and the changes and regeneration witnessed throughout these regions has been both significant and simply put, nothing short of amazing!
riginally living next to Peckham Rye common and then moving in the early eighties to the North Peckham Estate, I remember those years when places like Peckham struck fear in the hearts of many people, family, and school friends, with even visitors to neighbouring suburbs often choosing to go around rather than go through the area. Such was the stigma the area held for drama, crime and poverty. Much like Brixton at that time, it was a place to avoid!
between £850,000 - £1.1 million and as much as £4100 per calendar month when letting! Such has been the influx of buyers and renters from other places and boroughs of London, especially north and west London where many first-time buyers and families have migrated south of the river being able to secure so much more for their money! This naturally has influenced some change in demographics and contributed to the staggering regeneration experienced, with an almost ripple effect for surrounding areas as London remains a leading area in the UK for house purchases.
As recent as 2012, when we opened our first office on Queens Road, Peckham specialising in residential sales, lettings, and management - the stigma still surrounded the area with very little happening on the North side of Peckham, around the Queens Road at the time. Three-bedroom terraced houses sold for on average of £350,000 with the same properties commanding a maximum rental income of £2250 per calendar month.
Walk through the streets of Peckham now and at times it’s hard to believe it’s the same place, with its array of swanky bars, quirky spots and delicious restaurants it evolved into a place with a real cosmopolitan vibe! In fact, in 2017, both the evening standard and timeout reported Peckham as the most prestigious and best places to live in London. With the insider running an article in 2019 naming Peckham as one of the coolest neighbourhoods to live in in the WORLD! What a change and how it continues to evolve.
Fast forward to 2022-, and three-bedroom period terraced homes have more than doubled in price with most falling into a price range of
But Peckham is not the only place to have changed. Our world has changed. We now live in a post pandemic era, with gales of concern
currently being felt in a climate of economic uncertainty, a cost-of-living crisis, and ridiculous hike with energy price rises. It’s easy to see and understand why someone could through fear lose faith in the property market. For much of us and more so, our millennial and gen Z generations making up a large percentage of the current first-time buyer population, they have never seen anything like these current affairs, and quite frankly it’s a lot! But if one thing has been proven over the decades, (and at times like this, it’s worth reminding ourselves,) that despite boom and bust cycles, with the right strategy and approach, you can still safely navigate your way through and weather a storm! The property market is crucial to the economy and as such a sector that will always survive and perform, with a unique knack of bouncing back bigger and stronger! Continuing to make the London property market still one of the most sought-after places in the world to buy property and real estate. So don’t underestimate the robustness of the London property market and keep a close eye out for emerging areas once despised. Change is happening. Change is coming. Change is a constant and often, change leads to better.
https://www.standard.co.uk/news/london/peckham-tops-prestigious-list-of-best-places-to-live-in-london-2017-a3493501.html https://www.timeout.com/london/blog/peckham-has-been-named-the-best-place-to-live-in-london-032017 https://www.insider.com/peckham-london-coolest-neighborhood-photos-what-its-really-like-2019-9
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We are proud to announce that this year marked the 10th year anniversary celebration’s of JT Clarke London, a premier independent estate agency based in Southwark, located on the Queens Road of Peckham. When the office opened back in 2012, Queens Road really didn’t have too much going on in terms of commercial trade. However, with the improvements made to this prominent line coupled with the Agencies vision for improvement to the strip where they are now based, brought much needed improvements to Peckham. “J T Clarke London provide comprehensive services for both the residential sales, lettings and commercial markets, we began to bring other reputable traders into the empty shops that lined its streets” says Jason Morris, the company’s Managing Director. “We secured commercial leases for a variety of new eateries, bars and even another estate agency! People thought I was crazy for bringing the competition so close to our own doors but I was fed up of seeing empty derelict shops, and earnestly wanted to see change for the better in the area, so I kept my eye on the bigger picture! “ With 20 years experience in the industry, these transactions coupled with the warm reception we received to the area allowed us to get off the mark quickly selling and letting homes in the local area. There is no doubt, that we began to see a demographical change in the area with Peckham becoming a named ‘Hotspot’ and sought after area for homeowners and first time buyers. Serving our area and community for over 10 years now has been a real privilege, with our agency competing amongst the best of the bigger brands. We have established ourselves as an agent of choice which I’m pleased to report has allowed us to expand operations yet further with the opening of our Brixton office in March this year! The culture and mantra of our company remains this he says, PEOPLE. PROPERTY. PASSION. PERFORMANCE. People we serve come first as do their objectives. Property is the product we handle with an expertise and knowledge by those we serve. Passion - we love what we do and do it refreshingly with an energy, enthusiasm and warmth that gets our customers telling their friends and family about us and PERFORMANCE, well he says we simply get it done for our clients and customers!
T: 0206699 7277 6699 T: 020 7277 E: firstname.lastname@example.org E: email@example.com www.jtclarkelondon.com www.jtclarkelondon.com
Southwark BUSINESS TODAY 19
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Can Interpreting Apps Really Work? It would however occasionally stop speaking mid-sentence but then if you tapped the microphone icon, it would obligingly repeat it, this time with the full sentence.
Susan Isaacs Language Teacher and Interpreter Investigates “I think it’s absolutely terrifying,” said my husband, when he tested out the app, and as a linguist, and as a normal human being, I’m inclined to agree. As lawyers, there must often be situations where such an app would be useful, or even indispensable. The question everyone is asking is when will such machines replace us as human beings altogether. I have known of the existence of an interpreting app for some years, but somehow, I never got round to trying it out until, one idle Sunday, while watching the cheesy and highly enjoyable Netflix series Emily in Paris, I saw it in use. The eponymous heroine arrives in Paris speaking not a word of the language, clutches a phone in her hand and presses a button to interpret for her. A mechanised voice accurately repeats her statements in flawless French, but she then proceeds to abandon the device for the rest of the series. I however was determined to try it out for myself. So, one Sunday morning, enlisting the help of my husband, I sat down to try it out. There are several similar apps, but I am going to talk about the one called Translate Voice and Text. I would welcome any comments on other similar apps you have used. A blue screen appears saying Translate Voice and Text, and the phrase Good Day flashes up in a variety of languages. I was slightly dubious at the quality of translating that might appear, given that “good day” sounds rather stilted in English, but I must concede that the quality of interpretation that followed was infinitely superior. The screen then says, ‘tap the microphone to speak.’
Underneath are icons with a keyboard, a microphone, and below that language options which you can select, e.g., English and then an arrow towards German “Hello,” I said, selecting my translation language as French and speaking into the microphone. “My name is Susan, and I am here to test out this language app and see if it works.” There were a few seconds delay and the text appeared on the screen, and an expressionless female voice in French spoke back almost instantly in perfect French, which appeared on the screen in text in both French and English. I tried a longer sentence. It did the same thing, but this time I had to tap the microphone several times for it to repeat the full two sentences back, but the quality of the translation was excellent. I tried it in all the languages I teach - Italian, then German, then Spanish, and then Portuguese and in each case the quality of the translation was excellent although ads came flashing up irritatingly swiftly, often blocking using it satisfactorily. I explored a bit further what it could do. You could get it to interpret a phrase into French, and then chose a different language, and it would interpret the same phrase into that other language. This could invaluable if you were in a room with several nationalities, as long as the advertising did not spoil things.
I explored a bit further what it could do and was delighted to find that if you tapped an icon looking a little like a pointed bracket, it could send the text to a variety of destinations of your choice, email, Whatts app, Facebook etc. There was also the option of scanning it, which I would imagine would be useful if you wanted to use it on a video conferencing call. What I was particularly struck by was the quality of the voice recognition. I spoke slowly and clearly into the mic, and it recorded it completely accurately. Then, trying a different voice, I handed it to my husband, and it had no difficulty in interpreting his voice. We then both tried it mumbling a little and speaking away from the microphone, and it still worked. Interestingly the interpreting voice in different languages was sometimes male and sometimes female, but there seemed to be no logic to it. My first at attempt voice recognition had been many years ago with Dragon Dictate, a voice recognition software that was supposed to improve as it learned how you spoke. I became so frustrated with the inaccuracies in the dictation, and it never seemed to improve, that I abandoned it. My recent experiences have been far more creepily accurate. I discover that I am not intending to dictate something, but words appear on the screen unintentionally, including all the umms and oohs. At this stage you might be interested in how translation apps work. Why is that, while computers have been able to do more complicated calculations than a normal human being for decades, they have only recently been able to compete with the accuracy of a human interpreter. Google Translate and similar statistical translation programs work partly by detecting patterns in hundreds of millions of documents
that have previously been translated by humans and making intelligent guesses based on the findings. Generally, the more humantranslated documents available in each language, the more likely it is that the translation will be of good quality. But there often situations where a machine cannot work out the accurate translation purely based on the given information Claude Piron, a long-time translator for the United Nations and the World Health Organization, wrote that machine translation, at its best, automates the easier part of a translator’s job; the harder and more time-consuming part usually involves doing extensive research to resolve ambiguities in the source text. Why does a translator need a whole workday to translate five pages, and not an hour or two? “..... About 90% of an average text corresponds to these simple conditions. But unfortunately, there is the other 10%. It is that part that requires six [more] hours of work. An example of an epidemic which was declared during World War II in a “Japanese prisoners of war camp”. Was he talking about an American camp with Japanese prisoners or a Japanese camp with American prisoners? The English has two senses. It is necessary therefore to do research, maybe to the extent of a phone call to Australia.” Subtle mistakes cause diplomatic instances, and for you lawyers, lawsuits. Confusion arose over the French word ‘demander’, which means ‘to ask’, much gentler than the English cognate to demand. A mistranslation inflamed talks between Paris and Washington in 1830. After a secretary translated a message sent to the White House that began “le gouvernement français demande” as “the French government demands”, the US President took issue with what he perceived as a set of demands. So, what of the future. Perhaps one day as artificial intelligence becomes ever more accurate human beings will be written out of the picture altogether.
Susan Isaacs Director Languages Beyond 2000 has students from many leading Southwark firms including Norton Rose Fulbright, PWC, EY, and the GLC, and art galleries including the White Cube and the Tate Modern. She teaches classes in French, Spanish, Italian, German and Portuguese, all easily accessible on zoom. Places are still available for the new series which started at the end of September. Contact her on firstname.lastname@example.org and see her website www.languages2000.co.uk. Join her for more articles on Linked In under Susan Isaacs Languages Beyond 2000
Southwark BUSINESS TODAY 21
When should entrepreneurs trust their gut instinct? When is it safe for entrepreneurs to trust their hunches? We’re used to business experts talking about their ‘gut feel’ for a new venture, but is this better than cold headed analysis?
sn’t intuition a little unscientific and risky for the entrepreneurial world where the stakes are high?
reactions. We tried to recreate the speed at which these events operate, and the swift reactions required to seize opportunities.
We wanted to know more. What is the relationship between intuition and rational analysis when entrepreneurs must make snap judgements about new ventures? And can the two sit comfortably together?
What we found was revealing. When it comes to thinking up ideas for new ventures, intuition serves entrepreneurs well.
Intuition, as psychologists understand it, is rapid, almost instantaneous; it’s emotionally charged – it’s about how we feel about a situation or person; and it occurs at a non-conscious level – it’s automatic, we don’t decide to have a hunch, we just have it. High profile entrepreneurs are often heard to boast about their gut instincts – but we still don’t know enough about what causes them. This makes intuition a tricky quality to investigate. Previously researchers have relied upon individuals declaring themselves to be intuitive or analytical thinkers.
How well does ‘gut instinct’ serve entrepreneurs? Instead, our research led us to track tech entrepreneurs as they toured a hypothetical technology fair. We asked 74 business owners recruited in Malta to think aloud as they assessed the opportunities that arose, and generated ideas for new ventures. This helped get around their own beliefs of whether they were rational or intuitive business people - we simply analysed their
They’re operating amid uncertainty and a wealth of disparate information, so mechanisms that can help make sense at speed are vital. But for best results, intuition works best alongside analysis. And the most innovative ideas came from a particular group experienced entrepreneurs who were able to combine intuition and analysis. These entrepreneurs were able to make a rapid analytical assessment of a highly innovative ideas for new ventures. There is debate about where intuition comes from, and what helps develop it. We focused on intuition that arises from experience. Even if an individual can’t explain why they feel something, it’s a result of patterns in their area of expertise that they’ve learned over time. Knowledge of these contribute to the immediate gut feel that is intuition. We found the most experienced entrepreneurs in terms of new start-ups came up with more innovative new ideas and that this can be attributed to their use of intuition. We are among the first to shed light on the link between experience and entrepreneur’s
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use of intuition; but it’s not just any kind of experience, it’s domain specific experience. In our case, intuition is enabled by experience of creating new ventures in the same industry rather than for example, years of entrepreneurial experience.
How to train your intuition What does this mean in practice? What we’ve discovered will help entrepreneurs develop their sixth sense or gut feel and have confidence to trust it and follow up with analysis to generate truly innovative ideas. It’s also possible to train your intuition. By grabbing opportunities to get involved in as many new start-ups as possible within a certain sector, entrepreneurs can accumulate this vital domainspecific experience. Traditional thinking has it that an individual must be immersed in a field for more than ten years in order to become an expert. But as our research shows, time alone is not enough – the number of new ventures matters too. Experienced entrepreneurs must resist the temptation to sink into their comfort zone and instead continue to generate new projects. And it’s also important that entrepreneurs see their ideas through the cycle of ideation through to realisation – it’s not enough simply to have the idea. But what does this mean for those just starting out? How can they compensate for lack of experience?
Newcomers should aim to build the breadth and depth of their experience in a particular niche or area, by taking advantage of any courses, incubator and accelerator programmes. New entrepreneurs would also do well to team up with more experienced colleagues who can share their insights and intuitions. We must add a health warning here that these findings resulted from a hypothetical exercise and we can’t be sure that our entrepreneurs would behave in exactly the same way in real life. But we made every effort to ensure the setting and the exercises were as realistic as possible, and controlled for variables such as a natural, dispositional preference for intuition and analysis. Our research also begs further questions, such as how intuition and analysis are linked – does one trigger the other? We’d like to look too at whether intuition actually plays a part in the start-up world beyond helping an entrepreneur come up with ideas. Intuition is often dismissed as whimsical and insignificant, and we hope we’re resetting the balance. We’ve also revealed that whether entrepreneurs consider themselves intuitive or not doesn’t relate to how they operate. What matters is the ability to switch rapidly between intuition and analysis – and this combination is the best of both worlds.
This article was written by Deniz Ucbasaran and originally appeared on the Warwick Business School (WBS) website. For more information about WBS at The Shard, please visit wbs.ac.uk/go/london.
Skils Skills Skills
INVEST IN YOURSELF with in-demand skills Every business is only as good as its employees. Since the impact of the COVID-19 pandemic on the job market, many employers have reassessed the skills and expertise they seek in their staff. As business goals evolve to ensure both short- and long-term success, so does the staff skillset needed to align with the new organisational vision. This has driven many people to upskill, retrain, or fast-track their learning to keep up with an ever-changing environment.
ondon South Bank University (LSBU) are proud to offer accelerated degree programmes at their new Croydon campus, shaped by leading academics to meet employer demands, and enable professionals to earn a degree in just two years, pay lower fees and launch their career sooner. Now more than ever, is the time for professionals to invest in themselves with the expertise that will make them stand out in the job market.
So what expertise do employers value today? We will explore the emerging in-demand skills and evaluate LSBU’s commitment to developing high-calibre graduates who are ready to meet the changing needs of the business world.
Businesses have seen unprecedented change and have come to realise the importance of getting to grips with their data, in order to have a better view of their organisation and make informed decisions. This has led to analytical skills becoming a sought-after attribute in new employees. Whether businesses need to identify risks or investigate a problem, professionals who can interpret data, identify trends and integrate new information are increasingly valuable. LSBU supports students in meeting this employer demand, particularly with modules which cover the use for data in decisionmaking, such as Data for Decision Making or Professional and Digital Skills. The teaching explores the range of ways of handling, analysing and presenting data. The goal is to enable storytelling, drawing key insights from data and using this to drive informed business decisions.
Soft skill success
Whilst proficiency in the technical side of finance or business management remains vital to organisations, there is also a rising need for professionals who possess soft skills, such as persuading and influencing stakeholders and colleagues. Finance professionals especially are moving away from simply reporting, and are now shifting focus to providing advice to facilitate growth. LSBU ensures their students are equipped with a toolkit of soft and hard skills to succeed in their careers. Both the finance and business accelerated degrees are shaped to include management modules, which explore the complexities of organisations and key management, organisational behaviour and people management strategies.
Aptitude for technology
Today’s fast-moving world requires businesses to effectively utilise technology, and the right kind of technology, in order to keep up with change. The pandemic has fast-tracked digital transformation in many organisations and it’s an asset to have the skills to use the latest digital trends and apply the most relevant to their business goals. Exploiting these technologies helps organisations remain agile and resilient to future environmental changes. The rich learning content in LSBU’s accelerated degrees explores digital skills, finance in a digital world and digital transformation in organisations. That ensures graduates enter the job market ready to apply the theory, concepts and practices to support business change.
Another skill that is essential to businesses is critical thinking. Since the start of the pandemic, effective critical thinking is more important than ever in making business decisions due to the vast quantity of
information circulating in the world, especially as much of it changes on a daily basis. This makes business planning difficult so the ability to think ahead and evaluate the most reliable information, for the long-term, is vital. The learning environment and programme structure at LSBU nurtures critical thinking, innovation, creativity and enterprise. The application of theory to practice, in order to develop and implement appropriate business strategies, consolidates the use of these skills in a real business environment.
An increasingly common hiring trend by HR managers is skills-based hiring, of which the ability to work independently is highly sought after. As remote working practices thrive, employers seek employees who can work proactively and autonomously to ensure their role is a success, irrespective of working location. LSBU aims to enhance the skills needed for independent learning, in order to ensure that students are prepared to take responsibility for their own personal development during the course of their degree programme and in their future careers. Self-managed study supplements and complements classroombased learning, building up knowledge with a mix of learning activities that are supported by the virtual learning environment. London South Bank University’s strong links to professional bodies, industry specialists and former students, keep it at the forefront of a changing business world. This market intelligence feeds into maintaining first class business courses for its students, especially those studying the Accounting and Finance or Business Management accelerated degree programmes who want to retrain sooner and enter the workforce with highly competitive skills.
Find out more To learn more about how you can fast-track your career with LSBU’s accelerated degrees, visit www.lsbu.ac.uk/croydon
Southwark Southwark BUSINESS BUSINESS TODAY TODAY 23 23
Arts & Culture
o H o ‘Yo HBottle a d n a ’ ! m u of R Treasure Island at the GREENWICH THEATRE by Susan Elizabeth Isaacs Arts and Theatre Correspondent
reenwich, with its wonderful riverfront and majestic ships, formed the perfect backdrop to this jolly romp of a production of Treasure Island.
It was aimed at young children and adults alike, and from the minute the four strong cast actors took to the stage, portraying more than thirty characters in full panto spirit, we were entranced. The cast of two women, and two men swapped genders to produce, amongst others, a female Long John Silver, a female Captain Billy Bones, a male aunt, and a very camp male mermaid.
The artistic director James Haddrell and set and costume designer Lauren Connolly, deserve special praise for their imaginative vision. Foam captain hats, jewelled eye patches, inflatable plastic fish, and acrobatic mermaids enlivened the production, along with some wonderful long swashbuckling pirate coats, and a magnificent French sailor’s outfit, complete with striped top, and bobble hat. Orphaned cabin boy Jim Hawkins (played by David Haller), looks a tad tall for a fourteen-year-old, but his talents as a musician add another dimension to this character. The setting is the Admiral Benbow Inn, and a mysterious character Captain Billy Bones, arrives and terrorises Jim and his aunt, drinking them
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out of house and home. When he dies from a stroke, he leaves behind a chest containing a map with directions to hidden treasure on a distant island. Jim manages to survive the careless care of his Aunt Betsy and the machinations of sinister characters such as the hooded Blind Pew. He embarks on a voyage to discover the treasure with the seemingly cordial Long John Silver (Lauren Drennan) accompanied by the parrot Alexia on his shoulder. The staging was understated, but there was a wonderful barrel for Jim to hide in, while overhearing the wicked mutinous plotting of Long John Silver the crew. They aimed to steal the treasure for themselves and murder anyone in their way. The actors vigorously engaged with the young audience, so there was plenty of participation in songs like ‘Total Eclipse of the Heart.’ The kids competed excitedly to shout to the actors ’There’s a Man Hiding Behind the Piano.’ The acting was exuberant and engaging from a very likable cast, but the outstanding performance, I felt, came from Elliott Bornemann both as an extremely camp mermaid, and as the wildly eccentric and demented castaway, Benn Gunn, who nonetheless rescues Jim Hawkins from a terrible fate and saves the treasure against all the odds. All Hands-on Deck and Hoist the Mizzen. This performance will make Old Salts out of you Landlubbers.
Arts & Culture
New art trail uses shared histories to bring about racial justice Southwark welcomes four globes marking a sculpture trail to transform our understanding of the transatlantic slave trade and how we can take action to make racial justice a reality, together.
his is part of a national art education project called The World Reimagined. 103 uniquely designed globes mark out trails tracking across seven UK cities. They explore the history, legacy and future of the transatlantic trade in enslaved Africans, through the work of outstanding artists. The globes will bring people, families and communities together to talk about how we understand our history, how our past shapes our future and how we can act for social change. Southwark’s free art trail started in Peckham and runs until 31 October. Visitors can collect a physical map from Peckham Library and follow 10 globes along a path of learning and discovery that will take them to Brixton. Artist Birungi Kawooya produced the first globe on Southwark’s art trail, now located on Peckham Square. Birungi was inspired through community workshops with members from Elim House and Peckham Platform. Birungi said: “The globe was inspired by the participants tireless work, love and care that they pour in the community, so I decided to create a site of rest and restoration for them with a globe featuring tropical plant life that is reminiscent of their countries of origin. One of the participants brought a baby banana tree and I love banana trees, it was a match made in Peckham!”
Cllr Alice Macdonald, Cabinet Member for Equalities, Neighbourhoods and Leisure, said: “We are delighted to be a part of this national project, as part of our broader work tackling injustice and inequality, here in Southwark. “We understand the importance of coming together, sharing experiences and reinterpreting our history. As we work toward the social change that is needed to create a more equitable and fairer future for everyone. “I’d like to thank artists Jasmine, Susan, Alison and Birungi, for their work bringing Southwark’s globes to life with meaning and beauty. “I’d also like to thank community members who took part in the workshops with Birungi and all the children who contributed to the five smaller globes. I would encourage everyone to take the World Reimagined trail and see them all.” The World Reimagined looks at Africa before the slave trade. Then the slave trade. It moves on to abolition, agency and emancipation. It touches on the Windrush Generation and how slavery still lives with us now. It also celebrates the many great Black leaders in fields from business to activism, and sport to the arts. The other globes respond to each of the nine themes of the project’s Journey of Discovery.
“We understand the importance of coming together, sharing experiences and reinterpreting our history. As we work toward the social change that is needed to create a more equitable and fairer future for everyone.”
Southwark BUSINESS TODAY 25
Voice from Westminster
VOICE from WESTMINSTER NEIL COYLE MP
Building on Queen Elizabeth II’s legacy for a positive future
ver the last 70 years Southwark has gone through major transformations. Not just cosmetically – but industry, jobs, and commerce in our community would now be unrecognisable to someone from 1952. The tough, physical trade in the riverside warehouses and wharves has morphed into global financial trade in the information economy. Southwark remains “London’s larder” through Borough Market and Bermondsey Street but huge factories like Peek Freans and Hartley’s are long gone, with much of the old industry replaced with apartments and even Tate Modern’s world famous gallery in the former riverside power station. Amazingly, the guaranteed constant throughout this epic period of change was our head of state, the late Queen Elizabeth II. Her Majesty visited Southwark in 1953 as part of her coronation tour, when the docklands were starting to recover following the horrors of World War II.
But the obliteration begun by the Luftwaffe was then completed by global trade moving from hand-loading to shipping containers. By the time the Queen returned to Rotherhithe for her Silver Jubilee Pageant over 83,000 jobs had been lost in east London docks. This didn’t stop our community from putting on a fantastic celebration of course – and amazing footage can be viewed on London’s Screen Archive YouTube channel https://tinyurl.com/QE2SWK. I am certain Elizabeth II’s legacy will endure in Southwark. The Jubilee Line serves as a constant reminder of her long reign. She managed change across our community and country with grace, overseeing the work of fifteen Prime Ministers. Her latest (Truss) was appointed by the Queen just days before she passed, with Her Majesty showing her strong sense of duty right until her final days. We now enter another period of great uncertainty with both a new Prime Minister and a new monarch. The timing of the death of the Queen meant Truss had not even appointed all her Ministers and meant that
details of the Government’s announcement on energy bills is still not yet available in full. Ministers did not provide details on the costings or how it will be paid for, but I fear hundreds of billions in public borrowing will go straight into the already bulging pockets of energy companies who have made record profits whilst families and companies struggle with bills. Labour would not lay debt onto consumers and would levy a windfall tax to help mitigate this crisis. I know businesses across Southwark are anxious about soaring costs and apparent Government indifference. Research carried out by Labour shows that, nationally, over 20,000 businesses have folded this year – the largest loss in such a short length of time since records began. This should be a cause for national alarm and especially for our capital city. The headline inflation figure is very worrying, but recent data from the Office of National Statistics shows that inflation is disproportionately higher in London, creating even more concern. If Ministers do not present a workable, long-term proposal then all the hard progress our community has made over the last seventy years could be lost.
We now enter another period of great uncertainty with both a new Prime Minister and a new monarch. The timing of the death of the Queen meant Truss had not even appointed all her Ministers and meant that details of the Government’s announcement on energy bills is still not yet available in full.
Southwark BUSINESS TODAY 27
Remembering when... The Energy Crisis in the 1970’s caused a three-day working week in Great Britain By Ken Hayes Past Chair and Life Member
ue to increased demand oil production had increased in the 1960’s. This caused prices to rise in Western economies. Britain and Ireland decimalised their currencies on 15th February 1971, changing from the old £1 which was dived in to 240 old pennies, to a new £1 divided into 100 new pennies. A new penny was worth 2.4 old pennies. This led to a rise in inflation, due to price increase on day-to-day goods and services.
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The National Union of Mine workers called a Strike in January 1972 after pay talks with the Government broke down over their demand for a 43% pay raise for mine workers. A month later a National State of Emergency was declared as Electricity supply shortages meant that power cuts had to be made. This led to severe industrial disruptions and thousands of workers. we’re being laid off. By the end of February an agreement had been made with the NUM.
In 1973 the Yom Kippur War between Israel and Egypt led to the oil producing Arab countries to cut off supplies to countries that supported Israel, thus deepening the problems with energy supply. The Government introduced a threeday working week on consecutive days. Essential services like hospitals and supermarkets were exempt but Television Broadcasters had to shut down their services at 10.30pm. Some people worked by candle or torch light.
“The world’s major industrial countries had to contend with high inflation due to the shortage of petroleum supplies and reduced economic growth, apart from the oil rich countries.”
People wrapped themselves in blankets or duvets to keep warm. Small businesses were badly affected, and many went out of business. Jobs were lost and wages were unable to be paid.
The world’s major industrial countries had to contend with high inflation due to the shortage of petroleum supplies and reduced economic growth, apart from the oil rich countries.
Further strikes and pay disputes added to the situation and the Government decided the solution was to hold a General Election. This failed to give them a majority of MP’s and the smaller parties refused to form a coalition government and a minority labour government took office led by Prime Minister Harold Wilson.
Winter of Discontent 1978 A strike by workers at Ford Motor factory in the Autumn of 1978 was settled by a pay rise of 17%, at a time of the government’s 5% limit on pay rises for public employees. This led to more strikes by public workers, such as hospital workers and refuse collectors.
Severe Winter weather and rising unemployment caused more problems for the economy. The Prime Minister, James Callaghan denied there was a crisis. The Conservative leader, Margaret Thatcher aired the severity of the situation in a party-political broadcast. that led to a vote of no confidence in the government and a win by the Conservatives in the general election that followed in 1979. The Conservatives remained in power until the 1997 general election won by the labour party with Tony Blair as Prime Minister.
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Health and Wellbeing
Wellbeing, the engine of performance? Wellbeing is trending these days: every workplace offers its staff all sorts of perks and activities, from massages to mindfulness sessions, to enhance their wellbeing. This is all well and nice but, beyond the fad, what can wellbeing really do for the bottom-line returns? When Google investigated what made highly performing teams, they found out that it was essentially dependent on one thing: norms – the unwritten rules which dictate how people behave towards each other. Chief among them was psychological safety, the belief that you “will not be punished or humiliated for speaking up” .1 Understanding that psychological safety – this absence of “threat to wellbeing” 2 – was the main driver for teams’ performance, the German software company SAP embraced wellbeing as a core business strategy and saw its profits soar. They correlated each 1% increase in their Business Health Culture Index – a metric compounding factors such as employee satisfaction, work-life
balance or health – to an additional $90-$100 million increase to their operating profits .3 Perhaps not surprisingly, SAP had adopted Search Inside Yourself as its main wellbeing offering, the neuroscience-based leadership, emotional intelligence and mindfulness programme born at Google. Empowered with the mindset and skillset to better navigate the challenges of work and life, SAP’s workforce not only saw their wellbeing increase, but also their collaboration, creativity and ultimately their performance.
Jean-Christophe Trentinella UK Most Trusted Workplace Wellbeing Consultant (UK Enterprise Awards 2022) www.mindfulonwards.com email@example.com
Professor Amy Edmonson from Harvard Business School University of Queensland, Australia 3 Case Study: SAP shows how employee wellbeing boots the bottom line, Jim Purcell, Forbes. 1
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Health and Wellbeing
is a win-win
The menopause affects all women at some point in their lives. According to NHS figures, women in the UK typically reach the menopause, at around 51 years of age. The severity of symptoms and the length of time they last can vary from person to person. Healthcare group, Bupa points out that 3.5 million of the UK’s female workforce are aged 50 or over.
enopausal women are also the fastest growing demographic in the workplace. If companies have for too long failed to listen or support these employees, they can no longer do so.
Common symptoms of the menopause include loss of confidence, poor memory, difficulty sleeping and fatigue. All these factors can negatively affect work performance. The menopause is not in itself classed as a disability and there are currently no direct menopause discrimination laws protecting workers in the UK. Although it’s not directly a disability, the Employment Tribunal has acknowledged that symptoms of the menopause can amount to a disability, and a claim for discrimination may succeed on a case-by-case basis. The perceived lack of clarity here has inevitably come in for criticism. There have been calls from many quarters for clearer definition regarding menopause in the workplace and employers’ responsibilities. The Women and Equalities committee set up an inquiry into menopause in the workplace and the extent to which women with menopausal symptoms suffer discrimination at work. The committee’s report was published at the end of July 2022 and the Government’s
response is expected soon. This could potentially lead to changes to the Equality Act 2010.
The implication here is that women are
Even if there are no specific legislation changes related to menopause in the workplace, employers should make sure they have steps, procedures and support in place to help staff affected.
leaving businesses at the peak of their experience which will inevitably impact
Women in this age group are likely to be eligible for senior management roles, and so their exit can lessen diversity at executive levels. It can also contribute to the gender
pay-gap and feed into a disparity in
Having regular conversations with staff and listening to their concerns might help resolve issues early on. This could mean an employee avoiding long, unwanted absences, not feeling isolated and encouraged by a support network in place. A proactive approach could also prevent any potential legal action, demonstrating that the employer has not been negligent in any way. Rather than seeing support as an unwelcome obligation, employers are being encouraged to identify the tangible benefits provided to both employer and employee. Notably, retaining high quality staff central to the success of the operation. A 2019 survey conducted by the Chartered Institute for Personnel and Development (CIPD) found that three in five menopausal women- usually aged between 45 and 55- were negatively affected at work and that almost 900,000 women in the U.K. left their jobs over an undefined period of time because of menopausal symptoms.
pensions. There is clearly good reason for companies to act positively.
“Although it’s not directly a disability, the Employment Tribunal has acknowledged that symptoms of the menopause can amount to a disability, and a claim for discrimination may succeed on a case-by-case basis. The perceived lack of clarity here has inevitably come in for criticism.”
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Reasons to Join Us
GROW YOUR BUSINESS THROUGH QUALITY NETWORKING OPPORTUNITIES Our broad range of members share advice, experience and peer support for business owners who want to take their business to the next level. Whether you are a sole trader, micro-business, a mid-sized firm or part of a global organisation, our members reflect the diverse business
demographic of Southwark. We help our members build strong commercial connections within London. We support them in being part of the Capital’s community and economy. Membership is great for networking and building your business.
1 Networking events
4 Southwark Business Today
Develop new business relationships
Find trusted suppliers and meet new customers
Free bi-monthly copy of Southwark Business Today
Regular mailings on news & up-coming events in the Borough Social events
Discounts for advertising in Southwark Business Today
Members can submit articles about their business sector
2 Advice and Support •
Seminars on new developments, local policy, and key business issues
Access to peer-to-peer advice
Engagement with Local councillors
3 Affiliate benefits from
London Chamber of Commerce and Industry (LCCI)
Access to selected LCCI events as advertised by SCC
Southwark Chamber of Commerce
welcomes its latest member companies 32 Southwark BUSINESS TODAY
5 Discounts & Promotions •
Discounts at local establishments
Member to member discounts
Email : firstname.lastname@example.org
34 Lyndhurst Grove London SE15 5AL email@example.com www.peaceballers.com
The Last Word
The Last Word Joanna Flint Marketing Director Green Commute Initiative
Designed to help your business grow Networking We’ve designed our events to help you broaden your network, learn something new or get involved with key topical issues for businesses in Southwark. Our networking events are great for regular members to make and maintain useful contacts, and we always welcome first-timer.
Business events Our events cover a variety of topics, often hosted by key speakers. Examples include: 4
Meet your councillors - Council initiatives for business
Discussions on Business Rates
Marketing and social media presentations
Apprenticeship and meet the buyer sessions
Non Members are welcome to attend two Free networking events before joining.
Social events Joining the Chamber is a great way of growing your network. Examples of some of our social events: 4
The Annual River Cruise
Lunch in the Houses of Parliament
Southwark Business Excellence Awards
Private tours of Southwark’s most iconic buildings
Christmas drinks at Southwark Cathedral
For further details on all forthcoming events Email: firstname.lastname@example.org www.southwarkcommerce.com
I have more than twenty years’ experience as a marketing professional and I am currently leading the communications effort for pioneering Cycle to Work Scheme provider; Green Commute Initiative. In my previous work for a luxury goods company, I had become jaded by the profit-driven focus of the business. Now, I work for a not-for-profit social enterprise and feel like I am making a real difference to people’s lives. I work part-time to enable a happy work/life balance.
What was your first job and what was the pay packet?
Whilst I was still at school, I had a weekend job in Woolworths. It was quite some time ago, but I think earned around £2 per hour.
If you were prime minister, what would be your first decision?
I would make significant multi-billion-pound investment in segregated cycling infrastructure across the UK. If people do not feel safe, they will not cycle, and we need more people to cycle. It is time to stop building new roads and expanding current roads and redirect those funds to safer cycling routes.
What is the biggest challenge in your business?
If the Government withdraws the tax break on the Cycle to Work Scheme, our business would be badly affected. However, we have our Green Bike Pool Initiative which supplies electric bike pools to organisations for their employees to use for travelling to off-site meetings.
If you could do another job what would it be?
I recently discovered that there are professional snaggers who go around new buildings and renovations to identify areas that fall below the expected level. I have a critical eye and think I would excel at this job!
What is your favourite London building?
St Pancreas station – its majestic, elegant and an excellent example of Gothic architecture.
Southwark BUSINESS TODAY 33
Join Us The Chamber is made up of active and successful business people from a wide range of sectors, who are based in Southwark, believe in Southwark and wish Southwark to prosper.
Successfully helping Southwark Businesses for 97 Years
Our Committee Chair Sarah Moore-Williams (Dean, London South Bank University Business School)
President Neil Coyle MP (MP for Bermondsey and Old Southwark)
Vice President Lord Roy Kennedy (House of Lords)
Vice President Rt Hon Harriet Harman QC MP (MP for Camberwell and Peckham)
Patron The Worshipful Mayor of Southwark Patron Sir Simon Hughes (Former MP)
Executive Members Vice Chair/Legal Advisor Peter Mantell Notary Public and Solicitor Vice Chair/Equalities/ Diversity and Inclusion Procurement
Membership Secretary Honorary Treasurer Council Representative
Lyn Hamblin Agata Wiak Councillor Martin Seaton Employment William Harwood Publicity Susan Isaacs Small Business Parminder Kanda Welfare Cait Wilkinson Social Enterprise Support Jacy Stewart Administrator TBA Marketing Julie Leggatt Social Media Maia Hazell Ex Officio Sonia Sutton Executive Member Ken Hayes Executive Member Cedric Whilby Executive Member Roderick Lynch Executive Member Amadin Ryan Executive Member Mark Purboo Executive Member Teekall Mair-Macfarlane
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Making the most of your SCC membership Once you’ve joined us you have access to the opportunities we provide to help support you and your business. Whether you simply want to attend our networking events, run a seminar or sponsor or run an event, we’d love you to get involved. We like our members to make the most of their membership and get as involved as much as they can.
Membership Application • • • • •
Sole trader £100 per annum Small/Medium sized companies 2 to 50 employees £150 per annum Large companies - 51 employees plus £300 per annum Corporate/PLC’s by agreement. All new members pay a one off administration fee of £25 Company: Address:
Post Code: Telephone: Email: Number of Employees: Full Name: Position: Payment Details: BANK DETAILS: Handelsbanken SORT CODE: 40-51-62 ACCOUNT NO: 76489843 To join, please send your details to:
Southwark Chamber of Commerce 169 Walworth Road, London SE17 1RW Email : email@example.com www.SouthwarkCommerce.com Twitter: @southwarkcomm Facebook: southwarkcommerce LinkedIn: www.linkedin.com/company/southwark-chamber-of-commerce/
Warwick Business School offers a range of postgraduate and executive level courses suited to London professionals
Warwick Business School at The Shard For the Change Makers
■ Executive MBA daytime and evening format available ■ Distance Learning MBA ■ Executive Diplomas
Helping People Thrive in the Helping People Thrive in the Helping People Thrive in the Workplace and Beyond. Workplace and Beyond. Workplace and Beyond.
Jean-Christophe Trentinella Jean-Christophe Trentinella Jean-Christophe Trentinella firstname.lastname@example.org email@example.com 073-0812-2560 firstname.lastname@example.org 073-0812-2560 www.mindfulonwards.com 073-0812-2560 www.mindfulonwards.com