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LIVERPOOL CITY REGION CHESHIRE MANCHESTER
FEBRUARY - MARCH 2015
FREE
MOVE COMMERCIAL The north-west’s guide to property and business
Issue 43
Powering On The Northern Powerhouse gathers pace Liverpool office take-up rises in 2014
Office plans submitted for Manchester Airport City
Rethinking Retail
muse developments’ phil mayall on the importance of new bailey
The changing face of the high street
Technically Speaking Is the construction industry embracing social media?
www.movecommercial.com
EXCHANGE FLAGS EMBARKS ON NEW CHAPTER
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NEW YEAR – NEW OFFICE? If you’re looking to move, we’re ready with an office to suit your needs. From small to extra large: For just a few months or a longer term. /OFFICES
or call us on 0151 707 2666
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Issue forty three Move Commercial Contents
Northern Powerhouse needs to be more than a catchphrase When chancellor George Osborne announced plans to create a Northern Powerhouse, an economic hub of cities including Manchester, Liverpool and Leeds that could rival London, he said there were four issues that would need to be addressed to make the vision a reality. The first was greater transport. The second was the need for greater focus on science and engineering, the third a boost in the region’s cultural and creative offering and finally, the fourth, devolution of power to give local authorities more of a say. Since Osborne’s announcement there has been plenty of activity to suggest the plans were more than just rhetoric. As our feature on page 26 shows, some businesses are already making plans to set up offices in the Northern Powerhouse cities and investment is forthcoming. However there is a big difference between an economic boost for
northern cities and a truly cohesive hub. There’s a fifth ingredient needed in order to create the country’s second biggest economic powerhouse and that is a shift in attitude and perception. In order for the Northern Powerhouse to work there needs to be a more collective approach. We need to start thinking of ourselves as one. The Northern Powerhouse can’t just be about Manchester or Liverpool. It can’t benefit some areas and not others. It must be all for one and one for all. Yes, by grouping the cities in the Northern region together we will have the scale to rival London, but it’s not until we change our attitudes and mentality that we will have a real shot at doing so. Christine Toner, editor christine@movepublishing.co.uk
12 LIVERPOOL CITY REGION CHESHIRE MANCHESTER
FEBRUARY - MARCH 2015
FREE
MOVE COMMERCIAL The north-west’s guide to property and business
Issue 43
Powering On The Northern Powerhouse gathers pace Liverpool office take-up rises in 2014
Office plans submitted for Manchester Airport City
Rethinking Retail
muse developments’ phil mayall on the importance of new bailey
The changing face of the high street
Technically Speaking Is the construction industry embracing social media?
www.movecommercial.com
EXCHANGE FLAGS EMBARKS ON NEW CHAPTER
News
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move publishing ltd Advertising Director Fiona Barnet. Tel: 0151 709 3871 Advertising Manager Catherine McCarthy. Tel: 0151 709 3871 Editor Christine Toner. Tel: 0151 709 3871 Editorial Team Natasha Young, Stephen Hurrell and Amelia Heathman. Tel: 0151 709 3871 post@movepublishing.co.uk Design Mark Iddon. Email: mark@movepublishing.co.uk
Published by Move Publishing Ltd Directors David O’Brien, Kim O’Brien, Fiona Barnet. Printed by Precision Colour Printers Ltd Distribution Liaison Manager Barbara Troughton. Tel: 0151 733 5492 Mobile: 077148 14662 Credits: Liam Deveney – Mover & Shaker, Entrepreneur, Glendale Liverpool event, Steel River Consultants event, Your Move Property Awards launch. Peter Kelly - Apprentice Ship Cup launch. Jim Donnelly – Your Move Property Awards launch. Alex Morgan – Cover.
Copyright Move Publishing Limited. All rights reserved. No part of this publication may be reproduced copied or transmitted in any form or by any means or stored in any information storage or retrieval system without the publishers written permission. Although every effort is made to ensure the accuracy and reliability of material published, Move Publishing can accept no responsibility for the veracity of the claims made by advertisers.
06 Law firm moves into Liverpool’s Cotton Yard 07 New figures show 2014 rise in Liverpool office take-up 08 Downing achieves milestone Flexi-Office letting 09 Manchester’s Trident office building sold 10 Plans submitted for Airport City development 11 ‘Huge demand’ for city’s Bold Street units
Features 12 MIPIM 2015 A look at the Manchester and Liverpool delegations 16 Bitesize Thinking Food for thought 18 Appointments The latest industry moves 21 My Month David Laws, partner at Matthews & Goodman, reflects on a busy few weeks 22 Mover & Shaker Phil Mayall, North West development director at Muse Developments on Salford’s New Bailey and Chester’s City Place 26 Powering Forward How North West companies are planning for a new economic powerhouse 30 Entrepreneur The Leather Satchel Company’s Keith Hanshaw on taking the family business global 34 Business Clinic Advice from commercial experts 37 Event Glendale Liverpool celebrates staff success 38 Rethinking Retail Is the threat facing the high street changing? 40 Event Steel River Consultants launches North West office following merger 44 Event Special The launch of Your Move Property Awards 2015 46 Technically Speaking Is the construction industry lagging behind when it comes to technology? 52 Event Apprentice Ship Cup 2015 launch event 53 Event Planner A round-up of the biggest events coming up 55 Ask the Panel Will the increasing use of growth funding amongst small businesses prompt more action from the banks to lend?
News Latest
Law firm moves into Liverpool’s Cotton Yard Alison Lobb, managing partner at Morecrofts, with Colin Sinclair, director of property marketing at Bruntwood
New categories announced for 2015 Your Move Property Awards Preparations are already well underway for the 2015 Your Move Property Awards, and this year Merseyside’s property industry will have more cause for celebration than ever. As well as the return of all 11 existing categories, which recognise aspects of the commercial and residential property sectors including the best law firm and regeneration scheme to successful show homes and agents, a host of new accolades are being introduced. Entrants from across the region will now also go head to head in categories including Best Commercial Retail Let, Best Commercial Office Let, Best Student Home and Landlord Service, Outstanding Contribution to Property and Construction Apprentice of the Year, and winners will be announced when the prestigious event returns on 15 October. Taking place once again at Lutyens Crypt within Liverpool Metropolitan Cathedral, the 12th annual glittering ceremony will follow a glamorous ‘Strictly’ theme. All 16 categories are now open, and the deadline for entries is 1 June. For more information about the 2015 Your Move Property Awards and how to enter, log on to www.yourmovepropertyawards.co.uk
Private and commercial law firm, Morecrofts has now taken up residence in its new headquarters at Liverpool’s recently refurbished Cotton Yard. Morecrofts has moved its entire city centre team into the Grade II-listed commercial district space as part of the beginning of a new era for the firm. Cotton Yard, part of the Bruntwoodowned Cotton Quarter, has undergone a major refurbishment to transform the centre of the city’s once booming cotton industry into a state of the art office space. Alison Lobb, managing partner for Morecrofts, says: “We have been looking forward to this moment for some time, so to finally get our feet under our respective desks is a great feeling for everyone at the firm. This is
an iconic Liverpool address with such incredible history and we are excited to breathe new life into this beautiful building. “These new premises give us a strategic platform to develop every area of our business and capitalise on the huge future opportunities that come from being one of the region’s most established law firms.” Colin Sinclair, director of property marketing at Bruntwood, adds: “It’s extremely satisfying to see this part of the Cotton Quarter begin a new chapter in its history with such an established pillar of Merseyside’s professional community. “Morecrofts has significant plans for future growth and we look forward to giving Alison and the team every support in achieving those ambitions.”
Last year’s Your Move Property Awards
Businesses to benefit from Growth Deal expansion The government will invest a further £56.6m in Greater Manchester and £31.6m in Liverpool Local Enterprise Partnerships (LEPs) to encourage business growth and create jobs. Both LEPs have agreed an expansion of Local Growth Deals first signed in 2014 and will use the money to encourage growth in the region. Greater Manchester, which secured £476.6m in 2014, will spend the additional money on the city’s transport network, a skills growth programme and a business growth hub. Lord Peter Smith, chair of the Greater Manchester Combined Authority, says: “This is another welcome deal. The plan aims to make the region a net
contributor to the national economy by 2020, wiping out the gap between tax generated in the area and public spending by boosting growth and reforming public services.” Meanwhile Liverpool, which was allocated £232m in 2014, will spend £15.6m on expanding its Business Growth Grant programme and £15.6m on a Capital Investment Fund that will support strategic projects in the area. Cheshire and Warrington LEP has also secured an additional £15.1m on its Growth Deal in addition to the £142.7m funding the government pledged in 2014. It says the fund could create up to 12,000 jobs in the region.
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Latest News
Liverpool office take-up rises in 2014 Office take-up in Liverpool city centre rose by 21% in 2014 compared to 2013, as confidence made a continuing return to the market. A total of 383,341 sq ft of office space was leased in the Central Business District (CBD) in 2014; 66,696 sq ft more than in 2013 and over 120,000 sq ft more than in 2012. The new figures, released in the Liverpool Commercial Office Market Review 2014, are based on data collated by the Property Group of Professional Liverpool. The city centre market was propped up by the 85,000 sq ft letting of the Cunard Building by Liverpool City Council, which was the biggest deal of the year. However, the number of deals rose from
108 in 2013 to 121 in 2014, with 50% of all deals coming in the sub-1,000 sq ft category. The figures also show overall take-up in the city centre, city fringe and out of town region including St Helens, Knowsley, North and South Liverpool, Wavertree and Bootle/Waterloo was higher than in 2013, rising from 534,100 sq ft to 563,034 sq ft. Meanwhile, available office space in the CBD fell from 2.2m sq ft to just 2m sq ft as the number of deals increased but few new build offices came on to the market. The full Liverpool Commercial Office Market Review 2014 will be published in the April issue of Move Commercial.
Warrington industrial estate sold for £23.9m Real estate investment manager LaSalle Investment Management has bought Winwick Quay business park near Warrington for £23.9m. The deal for the 400,000 sq ft industrial and leisure estate represents a net initial yield of 7.58% for LaSalle Investment Management, which acquired the site from a private investor. The 25-acre site, one of the largest multi-let industrial estates in the North West, is spread across three courts and tenants include Pure Gym, LA Bowl, Safestore, Klenzan, Autoglass and Kwik Fit. Jonathan Hawkes of LaSalle Investment Management, says: “Improving occupier sentiment, particularly in strategic locations such as Warrington, combined with the strong fundamentals of the estate means that this purchase is well aligned with our investment strategy.” Colliers International represented LaSalle Investment Management and Manchester-based chartered surveyors Riddell TPS advised the seller in the deal. Jonathan Mills, director, national investment at the North West office of Colliers International in Manchester, adds: “Winwick Quay is widely considered to be Warrington’s most prominent and recognised multi-let estate. It fits in well with our client’s investment strategy of purchasing value add opportunities in core locations.”
Winwick Quay
Cunard Building
Liverpool law firm expands into city centre Paul Crowley & Co Solicitors has announced the opening of a new Liverpool commercial district office on Old Hall Street. With established branches in Anfield and West Derby, this will be the first time the firm has operated in the city centre. In reflection of its location, the new central office will house PCS:Law, the firm’s commercial department, and will focus on commercial, corporate and employment law as well as commercial property and debt litigation. On 12 February, Paul Crowley & Co will host a launch event at the landmark location, in celebration of the city centre move and to introduce their new commercial department. In addition to this expansion, Paul Crowley & Co Solicitors has also welcomed a new head of private client, Jennifer McMahon. Following her appointment, McMahon says: “It’s so exciting to join Paul Crowley & Co at such an important time in the firm’s development. I am really looking forward to starting my new role as head of private client.’ Senior partner, Paul Crowley is also excited about the future of the firm, adding: “It’s such a pleasure to see the expansion of Paul Crowley & Co Solicitors. The opening of the new city centre office along with the launch of the commercial department and the appointment of excellent team members will make for an exciting year ahead.” Jennifer McMahon
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News Sales & Lettings
Downing signs deal on 100th Flexi-Office letting
Robin Ellis and Debra Costello at Graeme House
Downing has reached its milestone 100th Flexi-Office letting in Liverpool, after securing a deal with a healthcare recruitment agency. Servoca Nursing & Care Ltd is relocating from Downing’s Victoria House building to two FlexiOffices at its Graeme House site in the city centre following a period of sustained growth. The move brings the total space of Downing’s Flexi-Office lettings to in excess of 50,000 sq ft across its Liverpool city buildings. Robin Ellis, senior agency surveyor at Downing, says: “Since Downing launched the Flexi-Office concept on the market in 2012, the market response has been excellent. We’ve seen a real appetite for this offering from businesses of all types, ranging from
one man start-ups that want to be in well-located, prestigious buildings, to larger more established businesses that need an inclusive deal ASAP on straightforward flexible terms. “Servoca’s growth follows a trend we’ve seen with a lot of our Flexi-Office tenants, who start off in smaller starter suites and move up to bigger offices as they expand.” Debra Costello, from Servoca Nursing and Care Ltd, adds: “We’re delighted to be moving into our new offices at Graeme House. “This is an exciting chapter for the business and we’re very pleased to be continuing our relationship with Downing. We’re looking forward to continuing to grow and develop the business from our new base.”
Peel’s Princes Dock development almost fully let Liverpool Waters’ No. 8 Princes Dock development is now 97% let following its latest deal. Peel, which owns the waterfront development, has let one of its remaining river-facing offices at the site to digital marketing and technology company, Vast Visibility. The Southport-based company has taken on a five-year lease at the 3,100 sq ft office, and will join the other occupiers at the development, including KPMG and Coutts Bank. Liza Marco, asset manager at Peel, says: “Princes Dock has established itself as an integral part of the office market on Liverpool’s waterfront. Over the last few years we have seen a number of existing tenants expand within Princes Dock and have also been able to attract many new tenants. “We attribute the current high occupancy rate to the excellent quality of the environment and buildings, the range of on-site amenities and the ability to offer business rates relief via its Enterprise Zone status”. Geoffrey Bibby, managing director at Vast Visibility, says: “Everyone at Vast Visibility is really excited to move into Liverpool and into the space at Princes Dock. “As a growing and cutting edge business, it’s vital that our workplace matches our company and its ambitions. We think we’ve got that at No. 8 Princes Dock.”
Commercial opportunities to go under the hammer
The Grange Road lot in Birkenhead
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MOVE COMMERCIAL
A number of mixed use properties in Merseyside are expected to attract interest from commercial bidders when Sutton Kersh’s first 2015 auction takes place. The 12 February event, at the Marriott Hotel in Liverpool city centre, will feature a vacant threestorey building on Grange Road in Birkenhead amongst the 85 varied lots going on sale. The property includes a ground floor retail unit along with office accommodation to the basement, first and second floors, and has a guide price of £100,000 plus.
Meanwhile another vacant site on Liverpool’s Aigburth Road also comes with a £100,000 plus guide, and a ground floor retail unit accompanied by a five to six-bedroom flat with potential for student investment purposes following refurbishment. Elsewhere, a Wallasey hot food takeaway with three-bedroom maisonette is for sale with a guide price of £85,000 to £90,000, and the property currently generates an income of £13,000 per annum. For further details visit www.suttonkersh.co.uk/auctions-property
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Sales & Lettings News
AXA completes 82 King Street move
First tenant secured as Trident sold for £5.25m
Trident
Property Alliance Group has acquired Manchester’s Grade A Trident building from Kennedy Wilson for £5.25m, and says it has already secured a tenant for nearly half of the property. The 86,084 sq ft office scheme near Manchester Airport is undergoing refurbishment and Property Alliance Group says an unnamed occupier will take 38,000 sq ft of office space in building 3 of the complex. A total of 48,000 sq ft space will be available in buildings 1 and 2 at the site. Alex Russell, director at Property Alliance Group, says: “We have noticed a significant increase in occupational demand for South Manchester office space and in particular for Manchester Airport due
to its excellent connectivity, and as a result we were keen to acquire an asset in the area. “We are delighted to have secured our first occupier at this early stage. There has been further significant interest in the scheme and we expect to announce additional tenant arrivals shortly.” Russells Construction is completing refurbishment work on Trident including a new glass entrance, reception, coffee lounge and the option of smaller suites from 400 sq ft in building 1. CBRE, Colliers and Williams Commercial have been appointed letting agents on the scheme and CBRE represented Kennedy Wilson in the sale of Trident.
Insurance company AXA has opened a new branch at 82 King Street as part of £500,000 investment in its regional branch network. The company has leased 6,000 sq ft at the Grade I-listed building so that is can be closer to the city’s financial district and moved 64 staff to the new office on 2 February. Anne Harrison, Manchester branch manager, says: “We are really excited to be making this move. It’s a huge investment but one that I have no doubt will have a direct, positive impact upon our business here in Manchester. “We are now in the centre of Manchester’s vibrant financial district which gives us the ideal base from which to trade with our brokers across the region and the state-of-the-art facilities to conduct business when brokers want to visit us.” Harrison says the move will also help the staff become more entrepreneurial in line with the brokers AXA deals with. The 14-storey office building at 82 King Street was once home to a branch of the Bank of England and currently boasts a number of financial institutions including local broker Caunce O’Hara. Located in the heart of the city’s financial district, the 14 floors of Grade A office space have been built behind the Grade 1-listed Bank Hall building.
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News Development
Office plans submitted for Manchester Airport City An application for the first office building in the £800m Manchester Airport City development has been submitted to Manchester City Council. The application by Manchester Airports Group outlines a 65,000 sq ft of office space split into four floors of approximately 15,000 sq ft. The five-storey building is designed by Bennetts Architects and will offer 5,300 sq ft of ground floor retail use, car parking, access and landscaping works and new public space. The speculative office building, known only as H3 in the application, will be one of six eventual buildings built on the site of a former staff car park
near to the main entrance of the airport. Manchester Airports Group is also seeking planning permission for a second block, which will be used for 7,000 sq ft of offices or a 9,000 sq ft hotel, with retail space on the ground floor of both options. Together with a previous application for a 350bedroom, eight-storey Hilton Hotel, the two proposed buildings will be the first in a new Central Business District in the northern half of Airport City. The southern part of the scheme will be a World Logistics Hub comprising logistics office and warehouse facilities.
Prospect GB finalises design for Edward House refurbishment Prospect GB is a step closer to achieving the speculative refurbishment of its Edward House building at Chester Business Park, having finalised the design and specification for the scheme. Work on the scheme, which will configure 11,500 sq ft of contemporary office space into four suites, is due to commence in March and a contractor is set to be appointed soon, according to the Liverpool-based developer. With the work set to follow the style of Prospect GB’s previous Montell House refurbishment Chris Walker, head of Prospect GB’s commercial division, says: “Our decision to design and commence a full refurbishment prior to lettings discussions reflects a widespread increase in market confidence and the appeal of one of the North West’s prestigious business parks – an address which has attracted blue chip names such as Bank of America, the Funding Corporation and Bristol Myers Squibb. “Edward House will provide business space to an extremely high standard with air conditioning, raised floors and high-speed broadband. The offices will benefit from 24-hour business park security and a barrier-controlled car park with a generous allocation of space.” Once the refurbishment is complete, the spaces will be available to let individually or together as one headquarters. The two-storey offices, situated within the Kingsfield Court complex, will be ready for occupation by the third quarter of 2015 and are already said to have attracted a high number of preliminary enquiries since the plans for the building were announced at the end of 2014. Prospect GB has appointed agents Legat Owen for the scheme.
Montell House 10 MOVE COMMERCIAL
The proposed office development
Exhibition Centre site to open for exclusive tours
The site of ISG’s £66m Exhibition Centre Liverpool and Pullman Liverpool Hotel development will open its doors in March to give an exclusive tour to young people. The international construction company will welcome those who are interested in construction careers, as part of the national Open Doors Weekend 2015 initiative. The event takes place on 6 and 7 March, and is an industry campaign by the UK Construction Group (UKCG), CITB-Construction Skills, the Considerate Contractors Scheme (CCS) and the Chartered Institute of Building (CIOB), to highlight the industry’s importance in society and the diverse career opportunities it has to offer. The Exhibition Centre Liverpool, which is one of the North West’s most high profile construction projects, is one of 75 sites across the UK taking part in the even. Set to open in September, Exhibition Centre Liverpool has been designed
Denton Corker Marshall and when finished, it will link to the ACC Liverpool, the existing arena and convention centre, making the building the only purposebuilt area, convention and exhibition centre in Europe. The Pullman Liverpool Hotel Development will be an integrated 216room four star upscale hotel, and will feature a double height atrium at its lower levels. Danny Murray, ISG’s northern regional managing director, says: “The UK possesses a world-class construction industry and Open Doors enables us to showcase the real excellence and innovation of this essential sector. “This rare opportunity to go behind the site hoardings of one of Liverpool’s largest projects is not to be missed and provides those lucky few visitors with a unique perspective on how modern construction schemes are delivered.” For further details about the Open Doors initiative visit www.opendoorsweekend.co.uk.
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Retail News
Resurgence brings ‘huge demand’ for Liverpool’s Bold Street
Bold Street
Liverpool agent Tano Properties says a new letting on the city’s Bold Street has prompted “huge demand” from other retailers, restaurants and entrepreneurs to be based in the area. The independent property consultants recently completed a deal with the city’s renowned Carribean cafe Raggas to open up a 3,180 sq ft eatery on the popular Ropewalks street. Suggesting the 53 Bold Street deal has quickly acted as a “catalyst further local regeneration” of vacant properties, Tano Properties director Andreas Anastasiou says: “We are seeing a huge demand for
units in Bold Street with the office being inundated with enquiries from retailers, restaurateurs and entrepreneurs choosing Bold Street for its vibrant character and buildings with a lot of history and original features. “It is clear there is a Ropewalks resurgence taking place and I am delighted it is attracting predominantly independent retailers to Bold Street and the wider Ropewalks community.” Anastasiou says it is now currently making “swift progress on a new project” at 84 Bold Street to overhaul 1,200 sq ft of retail space for a new tenant.
Agents appointed to market Wirral shopping centre Hitchcock Wright & Partners has been appointed as a joint letting agent to market Tranmere Court Shopping Centre. Alongside Cottrell Commercial, it will market the site’s two remaining units which total 1,500 sq ft. The retail scheme is anchored by a 4,000 sq ft Co-operative Food store and other retailers include Swettenham Chemists, Hurst’s bakery and Barnardos. The units benefit from a designated service area to the rear and secure staff parking. The scheme is located on Church Road, Tranmere, which is a busy link road between various suburbs of Wirral and Birkenhead’s amenities. Matt Kerrigan, partner at Hitchcock Wright & Partners, says: “Tranmere Court Shopping Centre benefits from a
great location with easy access to Birkenhead town centre and the Birkenhead tunnel. “The two remaining units are completed to shell specification with incentives being available to prospective tenants to assist with their shop fitting. “Tranmere has seen substantial investment in recent years, with St Catherine’s Health Centre, which stands opposite the scheme, having undergone major refurbishment and redevelopment. As such, we are hopeful that we can bring a range of complementary traders to this location to enhance the current line-up, which already includes Co-op, Barnardo’s, Hurst’s Bakery, Ladbrokes, Swettenham Chemist and Hungry’s Traditional Fish & Chips.”
Tesco announces closures of seven stores in the North West Supermarket giant Tesco has announced the closure of seven North West stores as it continues to make changes to its business. Tesco Express stores in Liverpool Kensington and Heaton Chapel; Tesco Metro stores in Bootle, Ormskirk, Runcorn and Morecambe; and a Tesco Homeplus store in Chester are among 43 ‘unprofitable’ branches across the country to be shutting down, with the Tesco Express and Homeplus stores closing on 15 March, and Metro stores closing on 4 April. The decision comes after a difficult year for the retailer with falling sales and profits and an accounting scandal, which saw Tesco overstate its profits by £236m. Dave Lewis, chief executive of Tesco, described the closures as “exceptionally difficult”, with 2,000 staff expected to be affected by the closures nationwide. Lewis has pledged to offer staff alternative roles within Tesco, wherever possible. The move also follows the multinational company’s recent announcement that it will no longer go ahead with the proposed £200m redevelopment of Kirkby town centre, after drastically scaling down the plans last October. Tesco owns the land in Knowsley that was to be turned into a retail park with a range of shops and a superstore. Plans for the scheme were approved in March 2011, and it was expected to create an estimated 800 jobs in the area. Preparatory works, including the demolition of 72 homes to make way for the development, were at an advanced stage when Tesco announced it was abandoning the scheme.
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Liverpool heads to Cannes Businesses in Liverpool will once again join together to showcase the best the city has to offer in front of an international audience at this year’s MIPIM. This year sees the strongest delegation support to date with double the number of private sector sponsors compared to the previous year and aims to deliver firsts for both Liverpool and MIPIM. Team Liverpool is led and project managed by Marketing Liverpool, part of Liverpool Vision, and is supported by a private sector steering group. This includes Ian Pollitt, development investment surveyor at Peel Land and Property; Colin Sinclair, director of property marketing at Bruntwood; Jeff Gillbanks, regional head of real estate at Brabners; Sean Beech, Liverpool office senior partner at Deloitte and chair of MIPIM steering group and Chris Brown, director of Marketing Liverpool. Liverpool at MIPIM will be taking the same exhibition hall position as it did in 2014 - stand R7.G 2. Brown says: “The stand will provide an opportunity for partners and sponsors to showcase their activities and will be orientated around creating conversations between developing opportunities, investors and the city.”
LIVERPOOL’S DELEGATION To date, 27 businesses have signed up for sponsorship of Liverpool’s presence at the international event between March 10 and 13. New sponsors this year include Arup, Active Profile, Chrysalis Fund, City Residential, Colliers International, Curtins Consulting, Falconer Chester Hall, Glenbrook Property, GVA, Innov8 Safety Solutions, ISG, KPMG, Liverpool Chamber, Liverpool John Moores University, Pochin Construction, Redrow, Morgan Sindall and the University of Liverpool. They join existing MIPIM Cannes sponsors Brabners, Bruntwood, Countryside Properties, Deloitte, Downing, Grosvenor, Liverpool John Lennon Airport, Liverpool BID and Peel.
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Liverpool is “open for business” Mayor Joe Anderson says: “The Liverpool presence at MIPIM has the clear backing of the vibrant private sector and we will do everything we can to help facilitate this. The next couple of years are very important for Liverpool, as we continue to face robustly the economic challenges and there is much to give us confidence in the future. In 2014 the world came to Liverpool for the International Festival for Business, which returns in 2016 and in 2015 the £40m Exhibition Centre will open on the waterfront as part of around £2bn worth of regeneration taking place in Liverpool now. “I believe the city is now more than ever advancing its credentials as a top class business city. MIPIM is the perfect opportunity to tell the world about our story with the underlying message to investors that the city is open for business and we’ll do business.” Max Steinberg, chief executive of Liverpool Vision, says: “Private sector businesses will only put their
money behind things which they see a real value in, so I think their eagerness to be involved with the city’s presence at MIPIM speaks volumes and we are delighted with their drive and support. A look through the list of sponsors reveals the variety and strength of Liverpool’s offer, and why attending MIPIM is a must for a city of this size and ambition.”
“ “
The city is now more than ever advancing its credentials as a top class business city.
Launching Liverpool at MIPIM (left to right): Ian Pollitt, development investment surveyor at Peel Land and Property, Max Steinberg, chief executive of Liverpool Vision, Mayor of Liverpool Joe Anderson, Colin Sinclair, director of property marketing at Bruntwood, Sean Beech, chair of MIPIM steering group and Chris Brown, director of Marketing Liverpool.
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Guide to MIPIM
Manchester at MIPIM Manchester will be represented by 70 organisations in March when the city’s annual MIPIM partnership descends on Cannes, France, ready for business at the world’s largest property market event.
This year’s Manchester at MIPIM partnership is the largest to date as the city returns for its sixteenth outing at the property fair. The event will be used as a platform to showcase some of Manchester’s newest and upcoming initiatives including Factory Manchester and The Sir Henry Royce Institute for Materials Research and Innovation. 24 organisations are new to Manchester at MIPIM this year including Russells Construction, Civic Engineers, Capita, Renaker Build and JLL. Returning partners for 2015 include Deloitte, Himor Group, NOMA and Airport City.
The Northern Powerhouse The city is also once again leading on the coordination of the European Cities event. Taking place at the Palais des Festivals at 2pm on Tuesday, 10 March, the panel discussion has been refocused as the MIPIM City Investment Forum. It will centre this year upon the leading powerhouses of the future, incorporating high profile representatives from Amsterdam, Barcelona, Hamburg, Manchester and Stockholm. Sir Howard Bernstein, chief executive of Manchester City Council, says: “Manchester’s growth and transformation over recent decades has been achieved through strong private-public partnerships, world class academic institutions and the conscious support of key growth industries underpinned by the city region’s property market. “Our activity at MIPIM is vital to the city’s development and with the sheer number of partners on board this year, we have a solid expression of the
growing confidence and ambitions for Manchester. With such a variety of private sector support, this is a perfect opportunity to celebrate our achievements and also prepare for the infrastructure opportunities and challenges that will determine the city’s future.” Andrew Stokes, chief executive of Marketing Manchester, the agency responsible for coordinating the city’s presence at MIPIM, says: “I’m delighted to welcome the large contingent of property experts and organisations that make the Manchester at MIPIM partnership this year. Not only does the city have support from a wide number of highly valued, returning businesses; it has also attracted 24 new organisations to the partnership, which can only strengthen its position at this major destination showcase. This is testament to Manchester’s successful partnership approach and will no doubt add further impact to the appeal of the city from an international perspective.”
MANCHESTER’S DELEGATION Along with supporting partner Manchester City Council the full list of sponsors includes Addleshaw Goddard, Airport City Manchester, English Cities Fund - New Bailey, MediaCo, NOMA and PWC while Argent, Arup, BDP, Bruntwood, Capita, Deloitte LLP, Plan-IT, Simpson/Haugh and Partners, Laing O'Rourke and MIDAS make up the partners list. They are joined by a host of associates including 5plus Architects Limited, Buro Happold, ISG, Sheppard Robson and Willmott Dixon.
Manchester’s stand
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Bitesize thinking
Neil Kelly property partner, MSB Solicitors
In my crystal ball... The development of student accommodation looks set to continue at pace, as Liverpool has secured a position as one of the UK’s leading university cities. It’s possible in light of rapid development that there may become an issue with supply, as more and more developers are looking to pull away from the suburbs and are seeking accessible city centre locations, which tend to be more attractive to students and offer landlords a higher yield. There’s still a great deal of empty commercial space in Liverpool, but we’re seeing investors and developers take a more creative approach to their transformation. Co-working spaces with flexible leases are becoming an attractive option and there seems to be no slowing down of new hotels. The Chancellor’s stamp duty reforms will inevitably help in some measure to continuing to boost the property market generally.
If only I’d known… At the beginning of 2014, there was a growing concern that the property market was slowing down. By the end of the year, though, it became obvious that it simply wasn’t the case. Liverpool’s property landscape has become increasingly buoyant and we’re doing well in comparison with some of the other northern cities. In recent months we’ve taken enquiries and instructions from overseas investors and agents are increasingly successful in attracting interest from places like Singapore and Hong Kong. The growing appetite has meant that we have quickly bolstered our commercial property team and are continuing with a series of appointments expected over coming months.
My favourite building with... John Tatham fund manager, Chrysalis Fund
Toffee Factory, Newcastle Opened in December 2011, the Toffee Factory in Newcastle is the refurbished and extended disused Victorian factory building, formerly Maynard’s Toffees, now providing workspace for businesses in the creative industries sector. The design exploits the qualities of the existing brick structure while sensitively extending it to provide 2,600 sq m of office space. An external courtyard has been created between the two wings of the existing building whilst at its centre the Victorian brick factory chimney, a landmark in the area, is refurbished and illuminated at night. The scheme has a biomass boiler and has naturally lit and ventilated office space. The building has been widely acknowledged as a huge success and has triggered further development in the lower Ouseburn Valley, including The Malings eco-housing scheme on the opposite bank of the Ouseburn. Its greatest success though is its full occupancy with waiting list, testament to the quality of the design as genuine placemaking. 16 MOVE COMMERCIAL
“The design exploits the qualities of the existing brick structure while sensitively extending it to provide 2,600 sq m of office space.”
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MOVE COMMERCIAL
Bitesize thinking
UNDER CONSTRUCTION
Kenneth Arthur Bundy creative director, Claremont Group Interiors
Curriculum VITAE Main duties: I work with Claremont’s interior design teams in Warrington and Bristol, encouraging them to work through the brief and develop ideas that respond and challenge it. It involves development of high-level concepts and working with internal and external clients, pitching designs, and understanding client needs. Education: I attended the High School of Stirling in Scotland, then Napier University in Edinburgh and have studied for the Fellowship of the Chartered Society of Designers too. First job: Leniez Kitchens as a surveyor in Paisley, Glasgow. Shortest job: I was a part-time butchers’ assistant while I was a student. After being put on sausagemaking duty I knew it wasn’t for me - I lasted one day and left that night. What’s the secret to your success? Passion, self-belief and a sense of humour. Plus I’m a firm believer in never making assumptions about people or projects and treating them with the respect you’d expect in return. What’s the best piece of business advice you’ve ever received? When I was a student my final year lecturer
suggested that when designing I should pretend I’m wearing a blindfold. What he really meant was that good design will appear in your imagination.. What advice would you give to somebody starting out in the industry? Absorb everything and be as enthusiastic as possible. It pays to listen, never hold back and ask questions; even the one you might think is stupid. Finally, keep the faith and believe in what you’re doing. What makes Claremont Group Interiors different? The breadth of opportunity – both in terms of projects, career progression and the ability to work with people who do great work. We’re given room to grow and be the best. Tell us about Claremont Group Interior’s plans for the next 12 months: During 2014 the business grew to a turnover of £34m through a combination of the market improving, bringing in new talent, investing in skills, securing our ISO accreditations and focusing more on going after the right business. 2015 is more of the same with a push on training and recruitment, plus we’re now an accredited CITB (Construction Industry Training Board) training centre.
Tweet all about it The 5 best commercial tweets
1 2 3 4 5
@LiverpoolVision Liverpool City Region investment has exceeded expectations for international MIPIM event in March @mcrMIPIM A warm welcome to @SheppardRobson, joining the #mcrmipim partnership for #MIPIM2015
Anfield regeneration The £75m expansion of Liverpool Football Club’s Anfield stadium to increase capacity to 58,800 will coincide with a £260m regeneration of the wider area, which will see homes, offices, a hotel and retail space developed between now and 2018.
2013
FEB
A month-long consultation into the proposed £260m regeneration of the Anfield area is launched. It includes a stadium expansion, new home developments, offices and a training hotel.
APR
A formal contract is entered into by the football club, Liverpool City Council and Your Housing Group for regeneration of the wider area. Housing work has already begun in Anfield. In the same month, plans are announced for expansion of stadium’s Main Stand. Phase one will extend capacity to 54,000. Phase two’s Anfield Road expansion will increase capacity to 58,800. Meanwhile, the regeneration masterplan for the wider area is approved and includes several separate planning applications.
JUN
Homes behind the Main Stand are demolished to make way for development.
JUL
Carillion appointed as preferred bidder for the £75m stadium expansion. Work is expected to take 20 months.
SEP
Approval is granted for the stadium’s first phase expansion, including nearby public realm works.
DEC
Work begins on the new Main Stand.
2014
2014
2014
2014
2014
@David_Cameron Visiting @thehutgroup in Warrington, who have just announced £100m investment to create 2000 jobs in the local area.
2014
@MCRGrow In 2012 we had over 10,000 new business start-ups in Greater Manchester & expect this to grow by 20% a year until 2020. #GrowingOurCity
SUMMER
@bisnorthwest: Further #GrowthDeal funding announced for the #NorthWest today - great news for local projects.
Liverpool FC announces expansion plans for current Anfield stadium. Liverpool City Council reveals plans for a wider Anfield regeneration to coincide with the stadium project.
2016
2018
Main Stand completion is due in time for the 2016/17 football season.
Area regeneration, including potential offices with Your Housing as anchor tenant, training hotel and stadium quarter, is due for completion.
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Appointments
Two in at Kingsley Associates Recruitment company, Kingsley Associates has appointed two new staff as the business expands with a new
New heads of auctions at Sutton Kersh
Manchester office. Tristan Folkard will run marketing and business development for the firm, having left a role in the marketing department of EAD Solicitors. Meanwhile, Charlene Howie has joined the business support team after working with Search Recruitment, Manpower and Reed Recruitment. The appointments come as Kingsley Associates launches a Manchester office, its third in the UK alongside Liverpool and London locations. Director Andrew Kingsley says: "We are delighted that Charlene and Tristan have joined as we continue to expand our business into the new year. Charlene provides a wealth of experience to the team and Tristan brings a new dimension and expertise to our company structure.”
Sutton Kersh has appointed Tony Webber and Cathy Holt as its new joint heads of Cathy Holt & auctions. Tony Webber Holt has 25 years of auction industry experience and has been promoted from her role as auction manageress after seven years with Sutton Kersh. She is joined in the role by Webber, who leaves Eddisons after 20 years to take up the new position. James Kersh, managing director of Sutton Kersh, says: “Tony is one of the most respected auctioneer’s in the country, bringing with him an unprecedented level of expertise. “His appointment is certainly a major coup for the business. In partnership with Cathy, whose promotion is testament to her ongoing performance, they will form a formidable team, further enhancing our customer proposition.”
CBRE expands Manchester team
Reshuffle at Capital Centric
Tristan Folkard & Charlene Howie
Luke Wilson has joined CBRE’s capital markets team on the company’s graduate scheme, after he Luke Wilson obtained MRICS status in November 2014. Wilson was previously studying commercial property and town planning at the University of Sheffield. He says: “I am excited about the new opportunity and look forward to working with the capital markets team on a host of high profile instructions throughout the North West.” The team advised on over £500m of investment transactions in 2014 including the £132m sale of City Tower for Bruntwood Estates. Colin Thomasson, senior director of capital markets at CBRE Manchester, says: “We are preparing for a similarly strong 2015 as investment activity within the North West continues to pick up pace. Luke already understands the CBRE business and will be a valuable addition to our busy team.” 18 MOVE COMMERCIAL
Emma Jarrett, Max Bentham & Michelle Rothwell
Max Bentham has joined Capital Centric as development surveyor, and he will be working on the company’s £175m mixed-use Aytoun Street project in Manchester. Max previously worked as a development surveyor at Urban Splash for five years and as a development consultant for four years. His appointment is part of a reshuffle in the company that saw Louise Pearson promoted to development director and Emma Jarrett and Michelle Rothwell joining as asset manager and development surveyor respectively. Adam Higgins, director at Capital & Centric, says: “We currently have three live projects on site. With the additional projects commencing this year there will be five live construction sites spending over £1m a week and Max, Emma and Michelle will help us deliver these sites in addition to acquiring new projects.”
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To advertise your job vacancies please call Tom on 0151 709 3871
Recruitment
Are you a Property Lawyer looking for career progression? We are here to help make it happen Examples of opportunities we are currently working on:
Property Litigation Solicitor
Commercial Property Solicitor
up to £45,000 basic (dependant on experience) + competitive bonus
up to £50,000 basic (dependant on experience)
Our Client is a successful North West based law firm who are currently looking to source a Property Litigation Solicitor to join their expanding team. The ideal candidate will have a minimum of one year post qualification experience and a strong academic profile. They will currently be practising in a recognised property disputes team or in a litigation team that deals with a significant amount of property litigation.
We are assisting in sourcing an experienced Commercial Property Solicitor to fill a pivotal position within a highly regarded North West based law firm. Our client is a successful and highly regarded firm, specialising in delivering a range of legal services to both private and commercial clients. You will be managing a varied caseload of commercial property transactions, acting for their clients in developing and managing commercial property.
If you are an ambitious Solicitor looking to develop your career with a highly regarded firm, please do not delay in contacting us on (0151) 515 3055 or e-mail info@elitelegalrecruitment.co.uk
Contact Cobalt Recruitment for roles in the North West MRICS Building Surveyor Liverpool £30,000 - £40,000 plus benefits
Senior Acquisitions Manager UK Wide with North West base £50,000 - £70,000 plus package
Following a strong pipeline of commercial instructions across the North West, an established and reputable national practice is looking to recruit a proven Building Surveyor to the team. The appointed individual will be MRICS qualified with an appreciation for most asset classes. You must be able to handle a variety of professional duties including the execution of refurbishments projects, office and retail fit-outs, contract management, dilapidations, building surveys and advise on party wall matters. A team player, you will be a proactive individual with proven communication skills and an ability to work with minimum supervision. Ref: MMi288971
One of the UK’s fastest growing retailers seeks a proven Acquisition Manager to join its successful team, to ensure that the current expansion plan of growth continues year on year. With cradle to grave responsibility for new acquisitions, you will be purchasing a range of assets from the high street through to out of town units with typical sizes of between 5,000 - 30,000 sq.ft. This is a great opportunity for someone who thrives on negotiating with the UK’s largest landlords, based locally or who is prepared to relocate/spend 3 days per week in the North West with a national remit. Ref: MMc254441
Offices globally www.cobaltrecruitment.com Please apply in confidence by emailing apply@cobaltrecruitment.com or call 0161 457 0105 quoting the relevant reference number. All direct and third party applications will be forwarded to Cobalt Recruitment.
The power of people
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INDUSTRIAL UNIT - TO LET
OFFICE INVESTMENT - FOR SALE
BARLAYCASTLE TRADING ESTATE - WARRINGTON
PADGATE BUSINESS PARK - WARRINGTON
Within 1 mile of the M6 Motorway
Close to Junction 21 M6
• • • •
• • • •
Refurbished Industrial Unit with Yard Warehouse & Offices - 2,763 m² (29,734 ft²) Rent - £129,000 p.a. The unit is offered on a new FRI Lease
Office Investment Current income of £121,350 pa Multi tenanted attractive former school building 1,226 m² (13,192 ft²) of offices part vacant
CENTRAL HOUSE, CENTRAL WAY, WINWICK STREET, WARRINGTON, WA2 7TT
01925 414909 enquiries@morganwilliams.com
FINAL UNITS now available in this popular retail centre
CH42 5AB - UNIT 5 / 1000 sq.ft. | UNIT 8 / 500 sq.ft. • • • • •
Modern powder coated shop front with security shuttering Electricity, gas, water, drainage & telecoms Dedicated service yard and rear access Secure staff car parking Next to Co-Op, Ladbrokes, Swettenhams, Hursts Bakery, Mr Hungry’s & Barnardo’s
The development is prominently located on Church Road in the Higher Tranmere area of the Wirral and approximately 1 mile south of Birkenhead centre.
www.hitchcockwright.co.uk
Cottrell Commercial Edward Cottrell - 01928 733 333 eddy@cottrellcommercial.co.uk
Hitchcock Wright & Partners Matt Kerrigan - 0151 227 3400 mattkerrigan@hwandp.co.uk
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David Laws, partner, Matthews & Goodman My Month The past month has seen a milestone year get underway for property advisors Matthews & Goodman as the national firm celebrates its 150th anniversary in 2015. Right here in the North West, it’s also been a particularly busy time for partner David Laws. He takes time out to tell Move Commercial about regional projects that have been gathering pace as well as some of the tasks that lie ahead.
My goal at the start of the month was... To prepare for and target opportunities that will bolster our current instructions and replenish diminishing levels of stock. In addition, this month is always a busy one in terms of applying pressure to lettings and acquisition deals that didn’t quite complete prior to the end of December.
January also saw the start of an important year for Matthews & Goodman, as we are celebrating our 150th anniversary. As a member of the firm’s marketing committee, I was tasked with contributing to the marketing strategy for the year ahead and how we will be promoting our heritage nationally.
My biggest achievement was...
My biggest challenge was...
Successfully identifying a property in the North West for a client with a very bespoke criteria list, to accommodate their unique business operations. The client will be establishing an Upright MRI Centre, following the successful launch of a similar centre in London. The scanner itself requires a significant power input, massive floor loading capacity and is very heat generative. A substantial floor to ceiling height is also required, so it was crucial
Also my biggest achievement – see previous! I also advised an occupational client on a tricky regear of an office lease containing a mutual break. Despite a rising market, increasing rents and a fully let building, I negotiated an outcome whereby the client was able to stay in the premises on favourable terms. In the current volatile climate, certainty of costs and tenure is a prime requirement for businesses. On a personal level, my biggest challenge was convincing myself to register for three triathlons this year following the ‘enjoyment’ of my first triathlon last year at the JLL Property Triathlon London!
that the property could accommodate these elements. The search for the London premises took over 18 months, however we have found a suitable property in just two weeks.
THE NEWS STORY THAT CAUGHT MY EYE... There were two that stood out. The first was news that the initial meeting of Transport for the North had taken place, which means we are seeing progress towards improving our rail and road links and maximising growth potential in the region. The second was news of office take-up in Manchester reaching the highest levels for a decade. This is fantastic news for the city and our market. I was also pleasantly surprised by the number of deals completed in such a short space of time by Allied London at the former ITV Studios site (Hello Hub), and how successful they have been in creating a new business destination within such a short period of time.
The key meeting I had... Came about after meeting the chairman of a manufacturing company at a drinks reception in Manchester. The business has significant land and property interests in the North West and a follow-up meeting was subsequently arranged, during which we were asked to undertake a strategic review of their land and property. Although the project is still in its infancy, it has massive opportunity and is therefore very exciting.
My plan for next month... Is to maintain momentum in terms of securing premises for various clients and repeat the successes we have seen this month. I am also keen to make contact with occupiers in and around Manchester to discuss how I can help them with their future property strategy. Finally, given my ambitious triathlon plans, I should probably make a start on my training! MOVE COMMERCIAL 21
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Phil Mayall, de
Natasha Young natasha@movepublishing.co.uk
Since Phil Mayall joined Muse Developments almost nine years ago, it’s been a changing time. As well as a different name for the company, Mayall’s role within it has gradually evolved and the market as a whole has been experiencing a period of transition. One thing that has remained consistent though, is Muse’s importance in helping the North West to develop.
Making room to grow Situated in the heart of Salford, the base of nationally operating firm Muse Developments has been perfectly placed to view the cycle of the property market in recent years as well as the ever transforming landscape of its urban surroundings. “On one side of our office is the Anchorage Quay, on another you can see MediaCityUK and on the other side of the office you can see the Manchester and Salford skyline,” explains Phil Mayall. “So when I first joined there were tower cranes as far as the eye could see; Beetham Tower was being built, as were a lot of what have become Manchester landmarks, like Spinningfields. “There was no MediaCityUK when I first joined, and then it was built and we had a period of about four or five years when you couldn’t see a tower crane. As we all know, more recently over the past 18 months they’re back.” Muse has played an integral role in helping such activity return to Salford over the last two years, as it has been progressing its major 50acre Salford Central regeneration project to construction stages. Bringing previous industry experience to Muse, which was then known as Amec Developments, Mayall joined the company as a development surveyor before working his way to a senior surveyor and then taking up his current role of 22 MOVE COMMERCIAL
development director for the North West, and Salford Central has been a prominent project for him throughout. He picked up the scheme, which he considers to be a stand-out development in his career so far “by a mile”, around eight years ago and it has taken a long period of planning and preliminary work to finally bring it to the actual physical development stages it has now reached. The residential-led Vimto Gardens development and the predominantly commercial New Bailey area are at the forefront of the Salford Central plan. “From April 2013 onwards we ended up with four schemes on site with a total value of £100m, so it’s quite a big project and one that will keep us busy,” says Mayall. Although the entire regeneration is expected to bring at least another 10 years of work for Muse Developments, the last year has seen New Bailey really take shape with the completion of a 615-space multistorey car park and a 143-bed Premier Inn hotel, and construction progress on a 125,000 sq ft office development known as One New Bailey which is due for completion in May 2016. Being one of the few much-needed Grade A developments to be on site in the Manchester area at the moment, One New Bailey is an
important development to be bringing to the region. For Muse Developments though, it is just one of several current schemes across the North West providing a vital boost to quality office stock. Elsewhere in the region, Mayall is also leading Chester’s City Place, which is set to create a commercial district for the city near to its train station. With construction currently underway on a 70,000 sq ft Grade A development there called One City Place, Mayall believes the whole project is one that will stand Muse Developments “in good stead”. “I’m proud of what we’re doing at Chester, which isn’t of the same scale [as Salford] but in relevance to the city centre it’s up there as a stand-out project,” he says. Creating a product that isn’t already present in the city in a bid to boost its business sector is something that Mayall has already helped to achieve in Liverpool too through the previous development of St Paul’s Square, and although the site is up and running he still remains dedicated to ensuring its success. As with Salford Central, St Paul’s Square came about through the government’s English Cities Fund (ECF) investment initiative, of which Muse Developments is a partner alongside Legal & General and the
public sector Homes & Communities Agency. “For Liverpool’s sake [ECF] invested in absolute brand new Grade A offices which were needed by the professional sector and people tend to forget that there are no public sector occupiers there, it’s purely professional," says Mayall. "Some might suggest that sector would have been in Liverpool anyway, it just would have looked at different offices. But actually, as we are seeing in Manchester at the moment, the trend has been that if the product isn’t there, companies will move away from that centre. “So it invested in Liverpool and those offices and then you saw as a result of that, the development at Mann Island and the likes. At the time it established the product that wasn’t there before.” Looking ahead to the rest of 2015, Mayall anticipates an “interesting” year with a focus on making sure all three of those prominent North West commercial projects achieve their goals. “For me it’s about getting the next phases of Salford Central and New Bailey on site, capturing the lettings that we need to finish for St Paul’s in Liverpool, and proving in Chester that it will be a success. “It’s going to be a big year I think, for Salford in particular at New Bailey and for City Place.”
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all, development director, North West, Muse Developments Mover & Shaker
“
I’m proud of what we’re doing at Chester, which isn’t of the same scale [as Salford] but in relevance to the city centre it’s up there as a stand-out project
“
p19-36_Move Commercial 02/02/2015 11:28 Page 24
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p19-36_Move Commercial 02/02/2015 11:28 Page 25
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Stephen Hurrell stephen@movepublishing.co.uk
The Northern Powerhouse is a series of investments proposed by Chancellor George Osborne in the Autumn Statement into infrastructure, science and technology, education and culture across the North West. Despite uncertainty caused by upcoming elections many North West companies are planning for a new economic powerhouse in the North of England.
Powering forward
“
The private sector is already manoeuvring to take advantage of the benefits that will spill out across the region as a result of the planned investment.
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26 MOVE COMMERCIAL
When George Osborne announced plans to invest over £7bn in creating a Northern Powerhouse to create a joined-up economic region stretching from Liverpool through Manchester and on to Hull and Newcastle in the North East, much of the focus was on the Greater Manchester region. Among the proposals were a £6bn investment in road infrastructure, £1bn in rail infrastructure through HS2 and HS3 and investment in science, culture and super fast broadband for the region. The proposals also include devolution plans with a new Manchester Metro Mayor being given more powers over spending. Manchester is central to the Northern Powerhouse plan as the main economic powerhouse in the region. Not only will HS2 and other key transport infrastructure be developed, the city will expand its science and technology offering with the new
£235m Sir Henry Royce Institute for advanced materials research and innovation, while cultural investment includes a new £78m theatre, named The Factory. But while government policy focuses on the thriving Manchester area as the hub of its plans, the private sector is already manoeuvring to take advantage of the benefits that will spill out across the region as a result of the planned investment. When Colliers International announced it was taking a small space at the recently refurbished India Buildings in Liverpool’s business district, the company was quick to cite the Northern Powerhouse as a key factor in its move. According to Andrew McFarlane, Colliers’ director and head of North West, Liverpool and Manchester City Regions, the firm told Liverpool Mayor Joe Anderson it was positioning itself based on the
Northern Powerhouse philosophy with offices in Manchester, Leeds and now Liverpool to cover the crescent of Northern cities. “The core element of the Northern Powerhouse is definitely Liverpool, Manchester, Leeds and possibly Sheffield,” he says. “We’ve got an office in Manchester and have been here for 45 years, we have an office in Leeds and we feel to add weight to what we are doing we needed to open an office in Liverpool.” The modest 390 sq ft of office space may seem insignificant in a market where city centre take-up is 1,000 times that figure each year but the multinational company moving to the city is amongthe first to cite the Northern Powerhouse as a driver in its decision. While Colliers has interests in Liverpool, including the £170m Cains Brewery redevelopment, it wants to expand that as the city’s
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Northern Powerhouse Special Report
Learning from London Improved roads, new rail franchises and HS2 will join up key projects in the North West. The City Growth Commission suggests this will create a mass that can compete with London. “If our closely geographically located cities can have the best transport between them, allowing their current, and potential future consumers and producers to feel… part of one urban mass, then the benefits that typically accrue to London could be repeated elsewhere,” it says. The government will deliver, through new rail franchises and £1bn of infrastructure projects already underway; new trains, faster journeys, 20% increase in capacity and more services. The new franchises will deliver at least a 20% increase in capacity to reduce overcrowding; include new Rolling Stock fit for the 21st Century; encourage bidders to replace the outdated pacer trains with modern, better quality trains; bring all the trains that remain up to modern standards; provide additional services across the network; provide faster services on some of the busiest routes; and deliver substantial upgrades of station facilities across the network. •
£300m will be invested in improving road links to Liverpool Port and to Ellesmere Port.
•
£170m for improvements in trans-Pennine roads
•
Tender for Northern and TransPennine Express rail franchises
•
Government and Transport for the North will produce a comprehensive transport strategy for the north including options, costs and a delivery timetable for a HS3 east west rail connection, with an interim report in March 2015.
•
Possibility of accelerating construction of the HS2 Phase 2 route from north of Birmingham to Crewe. This will be subject to decisions on Phase 2 in 2015.
London skyline
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We might be five or 10 years away from the man on the street seeing a development that is a consequence of the Northern Powerhouse.
” offering grows. “Is our intention to lead the way?” says McFarlane. “No. We are simply seeing the landscape change from the point of view of our business, our clients’ business and how we think we need to position ourselves to ensure we can meet the needs of our clients in years to come. We might be at the forefront of that move but we’re not leading the charge. We’re just responding to the circumstances in the market.” He says the firm’s involvement with the £800m NOMA project in Manchester across 2.5m sq ft of space was the benchmark for its projects and he expects similar size developments to come to Liverpool. “It wouldn’t surprise me if you didn’t see us involved in that scale of project in Liverpool in years to come,” he adds. However, developments as a direct result of the Northern Powerhouse
announcement could be several years away, says McFarlane. “We might be five or 10 years away from the man on the street seeing a development that is a consequence of the Northern Powerhouse. But what I can tell you is that in the major cities where we’re active, like Liverpool Manchester and Leeds, people are already starting to manoeuvre behind the scenes to buy assets as a consequence of how they see these things playing out. “That might mean developers developing one or two assets in areas that they see as key in the future to get a seat at the table for discussions. It might be big funds or institutions considering buying assets in those cities that they may not have given thought to in the past.” Colliers may be the first but it is not the only company investing in satellite offices in Liverpool. MOVE COMMERCIAL 27
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Stephen Hurrell stephen@movepublishing.co.uk
Chancellor George Osborne
Wates Construction has also taken an office for 10 staff on Henry Street in the Ropewalks area, where it is currently completing a 20,000 sq ft purpose-built headquarters for shipping company, Atlantic Container Line (ACL). For developer Turley, the Northern Powerhouse has led to a new way of thinking in the North West with a more pan-regional focus. “In order to succeed the Northern Powerhouse cannot be just about Manchester,” says Bob May, director, Turley. “Some parts of the North are already taking on the role of drivers of growth. What is new is that the momentum is gathering, the level of recognition is growing and the spread of investment is widening. “At Turley we are already starting to look at the concept of clustering housing and associated development around HS2. With further investment, for instance in HS3 and better eastwest road links that scope for
“
clustering is widened significantly.” The first shoots of the Northern Powerhouse are emerging. Boosted by investment in the Liverpool 2 port by Peel, Airport City in Manchester and Warrington’s industrial Omega site, which announced The Hut’s 800,000 sq ft development in January, the region is preparing for a future generation of development that could see it become an economy to rival London. And if it succeeds, it could lead to copycat projects across the UK. “It’s a trend that I think is going to play out across regional property markets for a generation,” says Colliers’ McFarlane. “It may result in there being a number of powerhouses. The first is the Northern Powerhouse and it’s in everybody’s interest to get it going and to show that it really works. It wouldn’t surprise me once that’s been done that another powerhouse will appear between Glasgow and Edinburgh, with Aberdeen linked in.”
In order to succeed the Northern Powerhouse cannot be just about Manchester. Some parts of the North are already taking on the role of drivers of growth.
”
28 MOVE COMMERCIAL
Autumn Statement – the key points •
£235m in a new Sir Henry Royce Institute for advanced materials research and innovation, which will be based in Manchester and have satellites in cities including Leeds, Liverpool and Sheffield
•
A new £113m Cognitive Computing Research Centre in Daresbury, Warrington
•
£750,000 development funding, matched by industry and education providers, for the new National College for Onshore Oil and Gas in Blackpool
•
£31m into Energy Security and Innovation Observing System, consisting of two sub-surface test centres, one of which will be at the former Shell site in Thornton, North West
•
£28m for a new high value manufacturing catapult centre in Sedgefield
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A new long-term investment fund established from tax revenues from shale gas extraction in the north
•
Creating a Great Exhibition in the north, which will celebrate the great art, culture and design of the region
•
Providing £78m towards Manchester City Council’s proposal for a new theatre and exhibition space for the community, called The Factory Manchester
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Providing £3m towards arts projects, focused on northern cities including Manchester, Liverpool, Leeds, Sheffield and Newcastle, to commemorate the centenary of the First World War
•
The government commits up to £40m nationwide to extend the SME super fast broadband voucher scheme to March 2016, and will look to double the number of northern cities in the scheme
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Northern Powerhouse Special Report
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It’s in everybody’s interest to get [the Northern Powerhouse] going and to show that it really works. it wouldn’t surprise me once that’s been done that another powerhouse will appear between Glasgow and Edinburgh, with Aberdeen linked in.
Powerhouse Potential The Northern Powerhouse is home to 9.2m people, with an economy over three times the size of Manchester or nine times the size of Leeds. Average productivity is estimated at £50,000 per full-time job, which generates around £170bn in GDP, or about half the contribution of London. If productivity were improved, through greater investment in business, training and infrastructure, to levels similar to London, then contribution to GDP in 2013 would have topped £240bn or about 80% of the size of the London economy, according to Deloitte Manchester’s growing city centre
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Christine Toner christine@movepublishing.co.uk
When Keith Hanshaw joined his uncles in the family business back in 1986 he had no idea how successful the firm would become. Now, nearly 50 years after its inception The Leather Satchel Company is distributing across the globe and planning to open its flagship store later this year.
We may only be a couple of months into the year but Keith Hanshaw, managing director and master craftsman at The Leather Satchel Company already has his eyes firmly on 2016. Next year will see the 50th anniversary of the family business that Hanshaw joined at just 14 years old and plans are already in place to mark the occasion with something special. “We’ve been discussing new lines coming out and some exciting collaborations for 2016,” he says. “This year we are expanding the range so we are bringing in some new colours, we have lots of new designs to broaden the original satchel design and give it mass appeal.” The Leather Satchel Company may be the oldest firm of its kind in the UK (and for a while in the 1990s the only leather satchelmaking company) but it’s clear that Hanshaw and his team have lost none of the passion and excitement for the products they produce, a passion first realised by Hanshaw’s uncle Steven Hanshaw who set up the company back in 1966. “In the early 1960’s, my uncle 30 MOVE COMMERCIAL
was making handmade leather goods out of my nan’s shed which he had converted into a leather workshop,” explains Hanshaw. “He left school early and decided that he wanted to become a craftsman. He used to travel all over the country in a converted old van selling these leather goods. “He was at the Wembley 1966 World Cup and a school headmaster saw a satchel on his stand on the side of the road and asked him if he could make 200 for his school. After getting a letter of intent from the headmaster – and approaching a number of other schools - he was able to get a mortgage on his first property which was then turned into a workshop and showroom on Smithdown Road in Liverpool.” In order to meet the demand from customers Steven Hanshaw brought his friend Kevin McGuinness and brother Barry into the business. Further recruitment meant that by the late 1970’s the company had eight employees. It would remain this size until 2006. After joining his uncles in the family business at the age of 14 as a
Saturday boy Hanshaw has gone on to become managing director and the driving force at the company. “I love making things, I always have,” he says. “I left school at 16 and came to work here full time. My mum wasn’t too happy about it, she wanted me to go to college and university.” At the time it was a bold move. The company, whilst “doing ok”, was by no means the success story it is today and Hanshaw admits there were periods in the 1980s when he would go unpaid. “It was tough but we are a family business, and what makes us us is what kept us alive,” he says. “Most businesses would have gone under, whereas we managed to struggle on. You can count on your hand how many workshops there are here in the UK that work like we do with this style of leather.” In order to survive, The Leather Satchel Company set up a second company called Leather Graft. “We have always produced all kinds of leather work from hats to clogs and belts all with heavy bridle leather, saddle leather,” explains Hanshaw. “In the 1980’s we set up
Leather Graft to produce all of these products out of our style of leathers. Without that we wouldn’t have survived.” The 1980s brought with it a fresh challenge for the The Leather Satchel Company to overcome as large fashion brands discovered the benefits of going overseas for manufacturing. “A lot of the big brands started going to China because they fancied the cheap labour,” explains Hanshaw. “Whereas previously brands like Fred Perry, Nike and Adidas were making leather bags or tennis bags and they would be around £300, once they started to go to China the price dropped to around £40. People had never had access to those brands before, being able to buy an Adidas bag where previously they had been buying leather satchels. The whole market died as soon as those big brands moved over to China. Nobody wanted a leather satchel anymore.” The turning point, says Hanshaw, came as a result of the economic crash in 2008. While many other businesses suffered as a result of the downturn, the family
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Keith Hanshaw, The Leather Satchel Company Entrepreneur
Keith Hanshaw
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After the market crashed and money became understandably tight for many people, vintage began making a come back. Retro style came back and our bags kind of fitted in with that
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run company which had had its fair share of austere times, was presented with an opportunity. “After the market crashed and money became understandably tight for many people, vintage began making a come back,” he says. “People had the option to still look stylish but go to a vintage clothes shop and spend 50p on a jacket. Retro style came back and our bags kind of fitted in with that.” At this point the company had never had a direct to consumer offering. However, as popularity of the quintessentially British satchels grew Hanshaw saw the opportunity that was presented. With the support of his uncles he set up a website through which consumers could buy the products direct. “We’ve had the website since 2010 and since its launch we’ve seen massive growth in the business,” he says. “We didn’t realise how in demand our product was until we went direct to buyers. It was crazy.” The export market now forms a big part of the business. The Leather Satchel Company ships to 60 different countries every month
with Asia Pacific the biggest buyer. The team now consists of 30 people, 10 of which are administrative staff. As the company expanded it moved to Knowsley Industrial Estate and began to gain prominence within the borough – so much so in fact that the firm received the Judges Choice Award in recognition of its outstanding contribution to the borough at last year’s Knowsley Business and Regeneration Awards. “When we were announced as the winners we couldn’t believe it,” says Hanshaw. “We’ve been told that normally only very large companies win so for a small company like us to win an award as prestigious as that, it’s huge. It was the first time ever a company with under 250 employees has ever won it and we are just a family business.” Next up for the company is the opening of a factory outlet in Liverpool before the launch of a flagship store in London before the end of the year. “We’re possibly going to start with a pop-up to make sure we get the right location,” says Hanshaw.
“The reason for opening in London is mainly because most of our product goes abroad. A lot of overseas buyers come here on buying trips looking for designer brands, realising they can get their brands for a 1/3 of the price in the UK, that is why London is very key to us, it is for that market place. “However, we know a lot of people in the North West who own clothing manufacturers who wouldn’t dream of setting up their own shop so we may end up collaborating and opening a British made lifestyle shop with some of them. That is just an idea at the minute.” And while the company he founded after that chance meeting outside Wembley all those years ago goes from strength to strength, it seems Uncle Steven is still indulging his passion for craftsmanship. “He is semi-retired now,” says Hanshaw. “He is living in Scotland in a house by Loch Ness, and tourists come to watch him make leather goods. He gets big coaches of people making stop offs to see his little workshop!” MOVE COMMERCIAL 31
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p19-36_Move Commercial 02/02/2015 17:07 Page 34
Business Clinic
THIS MONTH’S PANEL
Adhering to workplace health & safety regulations for expanding SME
Paul Jasper regional director, Steel River Consultants www.srconsultants.co.uk
Tony Cahill executive director, Vivark www.vivark.co.uk
Stephen Berry managing partner, Berry & Cooper www.berrycooper.com
??? WE NEED YOUR QUESTIONS Do you have a problem that our experts could help solve? Need advice on a business dilemma? Email your questions to: post@movepublishing.co.uk
34 MOVE COMMERCIAL
“I have been running an SME from a single office space and, due to its success, I am now ready to grow the business in terms of workforce and premises. What health and safety implications will I face as a result of the scale of my company increasing, and what steps will I need to take to adhere to regulations?”
All employers must appoint someone competent to assist and help you meet your health and safety duties. A competent person is someone with the necessary skills, knowledge and experience. If you run a low-risk office based business, health and safety is something you may be able to manage without needing a consultant or outside help. If you employ five or more people the first task is to describe how you manage health and safety (H&S) in your business through formulation of an H&S policy. It states who, how, when and what your company commitment is to H&S and as such needs regular review and communication to your staff. Consult with your employees. Ask them if they have concerns or issues and allow them to have an influence on decisions involving health and safety. Control of risk is essential to good H&S. You need to think about what may cause harm and how to
© iStock/mediaphotos
Qst.
prevent that harm through practical measures and steps, this process is a risk assessment. You need to record significant findings and put measures in place to protect your workforce. All your employees need to know how to work safely whilst carrying out their day to day work. Therefore you must give them instructions, information and training to carry out this work safely. You must also have arrangements for first aid and, as a minimum, a suitably kept first aid box alongside a person capable of administering first aid. If a certain type of accident occurs you are required to report this to the HSE but all accidents of any size should be logged. Display of the H&S law poster is a mandatory requirement as it informs workers of important details regarding H&S in your company. Ensure you insure your company through adequate employers’ liability insurance as if the worst comes to the worst you are covered. If you put these requirements in place you should have a happy and healthy workplace and workers.
Ans. | Paul Jasper
p19-36_Move Commercial 02/02/2015 17:07 Page 35
Business Clinic Each issue our panel of industry experts answers your business questions and solves your commercial dilemmas.
Handling refurb of period building Qst. “I’ve acquired a small office development at auction and would like to refurbish and update it to create flexible office space. However, the building has a number of period features and is listed. What are the pitfalls I should expect when modernising the building?”
© iStock/Thinglass
There is no typical renovation when it comes to listed buildings, and advice and consent from planning officers should always be sought before beginning any work in such a space. However, there are a number of challenges which many older buildings often present. One common challenge is quirky room shapes and period or architectural features. Rather than making large scale alterations, it may in fact be simpler to adapt a space around these features. This has been done to great effect at Liverpool’s Albert Dock, which uses exposed brick work as a great statement. Meanwhile, Salford’s Islington Mill uses the iron columns from its former industrial use as a stylish way to break up areas with open plan settings. Awkwardly shaped rooms don’t always allow for
the use of long rows of large banks of work stations, a layout commonly found in offices. Use smaller desks as an alternative. Also, if a building’s users are likely to work from iPads or have informal meetings and catch-ups, could creating a breakout area in the problem area of a room be a viable solution and of benefit to the workforce? Creating informal meeting spaces in addition to a boardroom makes scheduling confidential or important meetings simpler. Older buildings rarely make IT technology installation easy. Solid walls and hard floors often don’t allow for the feeding of cables into a main
server. Consider introducing multiple Wi-Fi points, thus creating a simpler way to link various pieces of IT; in other words use a wireless network or WLAN. Not only does this make the future adaptation of a space simpler, it entirely removes any cabling problems. My best advice is to think about the existing and future needs of the building’s users before making any changes. This will make any subsequent adjustments easier to implement and reduces the need for future investment.
Tackling cashflow problems before it’s too late
with the aim of returning them to profit. By seeking expert help your business immediately gives itself a better chance of riding the storm, as the advisory team will meet with you and any other directors to understand the broader position you find yourselves in. There will be no judgment or criticism and you certainly shouldn’t feel embarrassed to admit you are experiencing problems. Instead, this assessment will help to identify the options available to you and make the right decisions for the future of the business. The law provides for a number of mechanisms to allow businesses, no matter what industry they are in, to restructure and reorganise themselves, which can in turn have an immediate effect on cashflow and their bottom line. The sooner cashflow issues are identified by a company’s owners or directors, the more options they are likely to have under the law. Ironically, leaving it later to flag up issues and consult an insolvency practitioner actually increases the chances that formal insolvency procedures, such as liquidation, will be required.
Cashflow issues have a burdensome effect on thousands of businesses across the UK on a weekly basis and they can prove terminal to a company’s chances of long-term survival if they are not acted upon effectively. As a business owner, as soon as you begin to recognise a cashflow problem is emerging, your number one priority should be to seek independent professional advice right away, preferably from a qualified insolvency practitioner. There is a common misconception "My business is having severe cashflow problems that insolvency practitioners are and I'm unsure what to do next. Are there any steps useful only when a business needs we can take now to stop us sliding into insolvency to be closed, however the reality is in the near future?" that 95% of our work is in corporate recovery - restructuring businesses
Qst.
Ans. | Tony Cahill
Ans. | Stephen Berry MOVE COMMERCIAL 35
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Glendale Liverpool Recognition Awards Key event
Rewarding success Employees from Liverpool City Council’s green service provider were joined by esteemed guests as the fourth annual Glendale Liverpool Recognition Awards took place. The glittering event, held at Liverpool Town Hall, saw new recruits and apprentices to team leaders being recognised for their achievements over the past 12 months. Guests included Councillor Steve Munby, city council cabinet member for neighbourhoods, who opened the ceremony and Olympic bronze medalist turned motivational speaker Steve Smith, who addressed the employees with an inspiring presentation. Peter Cosgrove, manager of Glendale Liverpool, says: "I am so proud of each and every member of my team here tonight. They amaze me every day and I'm proud to call them Glendale employees." 1
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1. Glendale Liverpool guests filled the room 2. Andy Corcoran, managing director (Glendale) 3. A standing ovation for Peter Cosgrove 4. Liverpool Town Hall looked the part 5. Dougherty & Allen served delicious canapés 6. Olympic bronze medallist (high jumper) Steve Smith gave a motivational talk 7. The Pre-Apprenticeship Programme winners with Councillor Nick Small 8. Peter Cosgrove received a surprise award from his staff 9. Team Development Programme winners with Councillor Wendy Simon (far right) 10. Peter Cosgrove 11. Tommy McAndrew, winner of the Glendale Chairman’s Employee of the Year award with Andy Corcoran 12. Tables were decorated with a green theme
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Amelia Heathman amelia@movepublishing.co.uk
They have long been lambasted for destroying UK high streets by luring shoppers away but things haven't been easy for out of town retail parks of late. Recent reports show such parks have seen the fastest rate of decline compared to other retail areas. Meanwhile shopping centres, again considered a huge threat to the high streets of many small towns, have the highest proportion of empty shops. Is the high street starting to reclaim the title of number one shopping destination? Or are shoppers flocking to virtual retail outlets instead?
Rethinking Retail It’s news to no one that the traditional high street has struggled in recent years. The advent of smart and convenient retail parks and allunder-one-roof shopping centres brought stiff competition to the high street’s offering – long before the threat of online shopping had reared its head. These alternative shopping destinations have also been first in line for financial support. In a survey conducted by the Association of Convenience Stores (ACS) it was revealed that three-quarters of new retail investment takes place out of town. Here in the North West, the Croft Retail Park in Bromborough is currently benefiting from £7m redevelopment, including new restaurants, a clear indication of the potential investors are seeing in these areas. By comparison nearby town centre Birkenhead attracted just £1m in investment to finance a ‘facelift’ in 2013. “Out of town parks don’t just offer ‘bulky goods’ anymore, fashion retailers have moved in which affects in-town shopping,” says John Barker, partner at commercial 38 MOVE COMMERCIAL
agent Hitchcock Wright & Partners. “In Southport, some fashion retailers have moved out of the high street into the edge of town scheme which has pulled people away and affected the town centre.” Free parking is also cited as a reason why shoppers choose out-oftown retailers over town centres, and contributes to investment going out of town. People don’t want to pay expensive parking charges in town centres so they won’t see the high street as their top priority shopping destination for this reason. But it’s not all rosy for retail parks and large shopping centres. According to recent figures they are actually being hit harder than high streets. The research, from the Local Data Company, revealed shopping centres have the highest proportion of empty shops, while out-of-town retail parks are declining the fastest. This can of course be largely attributed to the economic crash. The global recession in 2008 only amplified any existing problems with empty units now a common sight.
The North West is the worst hit area in the country, with an average vacancy rate of 16.9% across high streets, retail parks and shopping centres, compared to the country’s overall average at 13.3%, according to the Local Data Company. So is the biggest threat facing our shopping destinations a virtual one? It wouldn’t be surprising. Online shopping has changed the way the UK public shops. “The online presence is becoming more important and retailers are savvier about new investment,” says Andrew Sloman, manager of Southport’s Business Improvement District (BID). “Shopping centres, like Southport, which aren’t quite as large and don’t have big demographics are losing the big brands.” It’s hard to compete with online shopping but there are ways to embrace it. For example, ‘Click & Collect’ allows this: customers order a product online and pick it up in store, normally for free and without the chance of missing the parcel’s delivery. This approach to shopping is
having a positive impact upon retailers. John Lewis said 56% of online shoppers used the service over Christmas 2014. In addition, research by eBay and retail analysts Conlumino showed the average Click & Collect high street visit leads to £27 in spontaneous spending at other stores. It has also been cited as a way to boost slumping retail parks as the ease of picking up items is combined with free parking. As well as embracing the digital age one suggestion put forward in various government-commissioned reports is the idea of mixing shopping with leisure opportunities and restaurants to increase footfall. “The huge increase in demand from the restaurant sector has had a major effect in bringing shoppers back to towns, cities and shopping centres,” says David Fox, head of retail agency north at retail estate advisors Colliers International. “Now most retail and shopping parks are also increasing the provision of casual dining and introducing other leisure attractions.”
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High streets Focus
A long-term solution
© iStock/AlbertPego
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“It is all part of the experience that shoppers now expect, and will thereby improve footfall and dwell times,” he adds. It’s a strategy that Barker, says could be applied to any area. “Suburban centres can follow the example in city centres like Liverpool through offering the ‘better shopping experience,” says Barker. “If towns reduce their overall shopping offer and improve the offer they do have, it makes centres more easily accessible. By including leisure, such as restaurants and not just coffee shops, it offers more uses of the high street and makes it more attractive. “There are parts of Liverpool suburbs that still trade well. For instance, Allerton Road and Formby seem to work well, but Bootle, Southport and Ormskirk are struggling. However the business rates payable in those locations are still very high. It is an imbalance which needs rectifying.” Indeed, expensive business rates are one reason behind the retail decline; high rates can push
retailers out of business and prevent new ones from starting out. “We have shops to let where the rates payable may be £60,000 a year but owners struggle to achieve a rent of £20,000 or £30,000 a year,” says Barker. “The rates are high because they’re based on the boom years, but there is a big disparity between what was happening then and what is happening today.” Rochdale Borough Council is tackling this by cutting rates for businesses who move into empty shops by 80% in the first year, and 50% in the second year. The initiative was agreed in December 2014, when the vacancy rates in Rochdale town centre at the time stood at 22.7%. “There are still towns that have been particularly blighted such as Blackpool and Rochdale, but the situation is not irrevocable,” says Colliers’ Fox. “Initiatives such as Rochdale’s business rates holidays and phasing will help start-up businesses establish themselves and reinvigorate town centres.”
In many towns, local businesses have come together in the form of BIDs (business improvement districts) to identify key projects or services that will add value to the town and generate an income to achieve this. Southport recently set up its BID in late 2014 and the BID Company aims to generate £490,000 a year in order to fund projects which will encourage visitors and consumers to visit Southport and increase footfall. “Southport’s retail offer isn’t significant for a town of its size, we have to accept that retail itself has changed”, says Southport BID manager Andrew Sloman. “The historic retail offer of Lord Street will change to meet the need and also reach out to the tourist economy that comes into Southport. There are plans for development of mixing good brand retail with unique boutiques and also the more tourist led gift shop and food offer.” The BID Company has recognised that the high street needs to change, and has installed an events programme to encourage visitors to Lord Street. “In 2014 the Christmas Lights switch on was held on a Saturday for the first time, when shops were open to encourage visitors, and footfall went through the roof to 12,000 people. The events programme is there to engage with a wide number of businesses, draw people to come to the town and help them to discover the offer of Southport,” says Sloman. Sloman maintains that the BID is a long-term solution, not a short-term fix but this shows the right steps to ensuring sound investment is going into the high street, by those it affects most.
MOVE COMMERCIAL 39
Key event Steel River Consultants launch Steel River Consultants launches North West office Following the merger of Liverpool-based Coresafe Consulting and Teesside health and safety firm Steel River Consultants (SRC), the company welcomed VIP guests from across the industry to celebrate the launch of Steel River Consultants’ North West office. In December the No. 12 Princes Parade office of Coresafe Consulting, which was previously established by Paul Jasper, became a satellite office for the North East firm as it expanded into the region. Attendees enjoyed drinks and food from Bean Coffee during the lunchtime event at the waterfront base. During the launch Paul Jasper, now the North West’s regional director of Steel River Consultants, also gave an up to date presentation on how the new Construction (Design and Management) regulations may affect businesses when they come into force in April this year. 1
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1. Tim Bingham (Curtins), Graham Tyerman and Paul Jasper (both SRC) and David Sayer (GVA) 2. Graham Tyerman (SRC) 3. The event was held at 12 Princes Parade 4. Nick Serridge (NS Architects) and Niki McQuaid (Whitfield and Brown) 5. David Lidford and Chris Dixon (both SRC) with Jonathan Cockram (AEW Architects) 6. Brian
McAnoy (Poval Worthington), Nick Serridge (NS Architects) and Chris Lawson (SRC) 7. Ray Smeathers (SRC), Peter Kinsella and Nick Gardner (both SHGL) 8. John White (Bean Coffee), David Thompson (Torch Safety Services) and David Sayer (GVA) 9. Catherine McCarthy (Move Commercial) and Jason Maher (CLA) 10. Paul Jasper (SRC)
11. Abi Allick and Rob Dotchin (both SRC) help themselves to food 12. Terry Nolan (Davies Partnership) and Andy Smith (studio: Plan A)
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p37-56_Move Commercial 02/02/2015 14:24 Page 44
Event Special Your Move Property Awards
Your Move Property Awards 2015 to celebrate more commercial success Preparations are underway for this year’s Your Move Property Awards, which is set to recognise more of the commercial property sector’s brightest stars and biggest projects than ever. Having long been a highlight of the property industry’s calendar, the event will return on 15 October with a spectacular ‘Strictly’ theme.Taking place once again within Lutyen’s Crypt at Liverpool’s Metropolitan Cathedral of Christ the King, the awards will see the return of all familiar categories, along with brand new accolades for Best Commercial Retail Let, Best Commercial Office Let, Outstanding Contribution to Property and Construction Apprentice of the Year. So as we look ahead to this year’s celebrations, what better time to find out how 2014’s winners have been making the best of their success. Best Commercial Agent
Best Commercial Scheme
Hitchcock Wright & Partners has certainly been making the most of being singled out for its performance. “We fully intend to build on the success of the past 12 months to continue to provide advice to clients across the retail and commercial sectors,” says Matt Kerrigan, partner, Hitchcock Wright & Partners. “We are currently involved with a number of key projects in the city and hope to see our hard work coming to fruition in 2015. “We are delighted to have received industry recognition at the Your Move Property Awards. We hope to be recognised again in 2015.”
Winning the Best Commercial Scheme prize for the Cotton Quarter has helped Bruntwood to shine the spotlight on its commercial district development. "Since winning the award people are recognising the Cotton Quarter as a creative destination within Liverpool city centre,” says the firm’s head of property, Colin Forshaw. “New and existing customers have embraced the concept of the development, which is moving along at a tremendous pace.”
Regeneration Award
Property Apprentice of the Year
Harcourt Developments’ transformation of Liverpool’s Stanley Dock is still ongoing however the completed first phase, which has brought the Titanic Hotel and its Rum Warehouse event space to the city, has been achieving much success. After receiving the Regeneration Award at last year’s Your Move Property Awards, Harcourt Developments director, Pat Power says the accolade has raised the “awareness of the project in the city”. Adding that the Stanley Dock regeneration has benefitted from the exposure as a result, future awards entries may be on the horizon as he says: “We look forward to continuing our association with the awards.”
Redrow apprentice Liam Sargeant’s accolade has already “opened up lots of different career building and fun opportunities”. “Winning the award has sunk in now and it’s starting to have a positive influence on my career,” says Sargeant. “Not only has it helped me to have a more professional approach towards construction, it’s also led to me being offered a trainee assistant site manager position with Redrow.” His victory has also encouraged him to enter further competitions, and he adds: “This year I’ll be joining the Brathay Apprentice Challenge which sees teams of apprentices take part in a number of awareness raising activities and community projects.”
Entries for the Your Move Property Awards 2015 are now open. For further information and details of how to enter before the 1 June deadline, visit www.yourmovepropertyawards.co.uk 44 MOVE COMMERCIAL
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BEST COMMERCIAL AGENCY BEST COMMERCIAL SCHEME BEST COMMERCIAL RETAIL LET BEST COMMERCIAL OFFICE LET REGENERATION AWARD
BEST STUDENT HOME AND LANDLORD SERVICE PROPERTY APPRENTICE OF THE YEAR CONSTRUCTION APPRENTICE OF THE YEAR OUTSTANDING CONTRIBUTION TO PROPERTY
THURSDAY 15th OCTOBER 2015 LUYTENS CRYPT, LIVERPOOL METROPOLITAN CATHEDRAL @YMPA2014 YMPROPERTYAWARDS
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FOR SPONSORSHIP OPPORTUNITIES OR TO BOOK A TABLE PLEASE CALL CATHERINE ON 0151 709 3871 WWW.YOURMOVEPROPERTYAWARDS.CO.UK
p37-56_Move Commercial 02/02/2015 17:13 Page 46
Amelia Heathman amelia@movepublishing.co.uk
Social media and new technology are constantly evolving and changing the way the world of work functions. They are cited as new and exciting ways for businesses to share information, post job opportunities and to show how a company stands out against its competitors. However, the construction industry has been slow to respond to the ways of social media, compared to other industries. What are the benefits to the construction industry embracing social media, and what has been holding companies back?
Technically speaking It’s difficult to sum up the meteoric rise seen by social media over the last few years. From a tool for connecting with friends, largely used by the younger generation, online networking sites have fast become vital business tools for many firms and it’s not hard to see why. “Having some experienced users and some accumulated 'social capital' can help businesses deal with criticism; many organisations now routinely use social media as part of their customer service processes,” says Paul Wilkinson, director of pwcom.co.uk and construction PR consultant. Indeed, customer service is one of the key reasons firms embrace social media. Multinational company Balfour Beatty has been congratulated because it responds to customers on Twitter, even if it’s a complaint. Of course, in the internet era, it’s also important to stay visible, as Debbie Hubbard, corporate services manager at Rochdale-based construction company Casey has found. “I think it is an essential part of a digital media marketing strategy,” says Hubbard. “It is an integral part of search algorithms, and if you want people to find you, you need to be there.” Social media can also be beneficial when it comes to recruitment. In a survey by All Twitter, 92% of companies said they used social media for recruitment. It’s no secret that there is a shortage of new skills in the construction industry, and one way to counteract this is 46 MOVE COMMERCIAL
through using non-traditional channels. For example, international construction company Carillion recently opened a ‘job shop’ at the Royal Liverpool University Hospital project site. The scheme is to last until 2017 and the company has said that 60% of the 750 jobs created by the project will be for local people. For SMEs that can’t devote resources to a designated job shop, Twitter and LinkedIn are all free and easy ways to recruit local staff for projects. This ‘collaboration’ with the local community is key for the construction industry, as the Eric Wright Group (EWG) maintains. “We saw social media as an opportunity to promote the good work we do, both project wise but also within the local communities in which we work,” says Suzanne Taylor, marketing and proposals manager at EWG. Though the construction company is based in Preston, it works on projects all over the country, and EWG uses its Twitter account to advertise local vacancies, such as electricians to work on projects in Scotland. EWG also uses social media to showcase the company’s corporate social responsibility, for example present employees have donated for ‘Mission Christmas’ - a toy appeal by charity Cash for Kids, to provide Christmas presents for local children in poverty. Apps are another area of ‘new’ technology for the construction industry to explore. Apps like
PlanGrid, which is an interactive blueprint app, lets project teams share, annotate and Old view, Hall Street sync blueprints on iPads and in the cloud. This can make communications easier between onsite and off-site teams in construction. “There is a place for apps in the industry, on site especially,” says Louise Clarke, chair of the Construction Industry Council 2050 Group (CIC2050 Group), a group of young professionals in construction that focuses on different issues the industry faces. There are new apps being developed all the time, and it’s definitely an area in the future that will grow, and maybe has more potential for the industry than social media will.” So, if social media and apps have so many benefits, why haven’t all companies responded to the new technology available? Social media is typically ‘business-toconsumer’ – building a brand’s image and interacting with customers first hand, whereas construction is typically business-to-business and deals with clients, leading to those in the industry believing social media isn’t beneficial to them. “For people that have been in the industry longer and haven’t had to use it in their careers, they often won’t see why it is important or how it can help their business,” says Clarke. However, social media offers different opportunities for companies to get their message across to different audiences. Social
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Social media in construction Focus
“
It isn’t really an industry that publicises itself to the outside world, whereas social media is often about raising profile. Construction hasn’t needed social media before but because everyone is using it, now it does.
“
media is often visual, so sites offer construction firms opportunities to regularly post updates of building work in albums and posts on Facebook and Instagram for example. International contractors ISG, the company currently working on Liverpool’s new exhibition centre and Warrington’s Business Incubator, has a ‘Pin of the Day’ board on Pinterest and it is regularly updated with images of ISG’s completed projects, showing the varied work ISG does in the industry. In addition, Carillion has teamed up with Liverpool-based professional aerial photography studio IronBird to create a time lapse of the Royal Liverpool Hospital project. This is a way of combining new technology with the industry, as it shows the building of the new hospital from the ground up. By broadcasting interesting projects using social media and new technology, the CIC2050 Group believes this can improve the image of the industry and attract people into construction. “There is no straight career path into the industry and it’s not seen as an aspirational career such as becoming a teacher or a doctor,” says Clarke. “We feel the image has to be changed and social media can help that.” Nevertheless, when it comes down to social media, one barrier for any company is often a lack of knowledge of how to use it in a professional capacity. The CIC2050 Group
survey, which discussed social media and how it can be used in the industry, saw respondents considering social media’s unregulated nature to be ‘ripe for misuse and abuse’. “This is an issue from a company perspective – people are wary of it and often those who use it post their own opinion and ideas that will not be that of the company, and the worry is that it could be abused,” says Clarke. Education and training are important in this regard; Wilkinson suggests businesses can seek advice and help their staff learn how to set up and use their chosen tools for work purposes. In addition, installing a designated social media policy, as Casey has done to clarify users’ online responsibilities, and creating social media guidelines puts in place the protocol in order to act quickly if something does go wrong. To non-users, social media and new technology in the construction industry may seem like a waste of time but it is a crucial part of any business now.
“It isn’t really an industry that publicises itself to the outside world, whereas social media is often about raising profile,” says Clarke. “Construction hasn’t needed social media before but because everyone is using it, now it does”. Wilkinson advises firms to start small and build their way up. “Many companies will already have experienced users among their employees – these 'early adopters' can be used to help colleagues learn how to engage with customer contacts through, say, LinkedIn or Twitter,” says Wilkinson. “As businesses become more confident with social media, they should also be considering how it fits with the rest of their communications. They may be able to differentiate themselves from competitors by their willingness to engage online, by showcasing their knowledge and expertise, by sharing ideas with potential collaborators, and by being more responsive.” MOVE COMMERCIAL 47
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A TRULY UNIQUE HOTEL WITH HISTORY AND CHARACTER
Almost 500 apartments, bars and shops planned in the Tobacco Warehouse
Coming Soon Preliminary work has commenced on the Tobacco Warehouse. The Unesco World Heritage site of Stanley Dock has seen a major transformation over the last number of years. The Dock originally comprised of three historic industrial buildings situated to the north and south of the open dock itself. The buildings were constructed to service the tobacco import trade, and in fact the original dock comprised merely of the two smaller buildings, the North and South Warehouses, with a larger expanse of dock between them. Following a sensitive restoration project over a two year period the North Warehouse has now been transformed into one of Liverpool’s top hotels trading as the Titanic Hotel and Rum Warehouse. The next phases of the this exciting development will see the transformation of the Tobacco Warehouse once holding the title of the largest brick building in the world into almost 500 luxury apartments.
All enquiries please contact: declanbaxter@harcourthouse.com or patpower@harcourthouse.com
The Titanic Hotel is part of the redevelopment of the historic Stanley Dock complex. The 153 rooms at Titanic Hotel are all about the space. Our furnishings are rich and earthy. Our bed linen, is nothing short of wondrous. Each bedroom has the original windows of this incredible building giving vast views over the historic Port of Liverpool.
To book call 0151 559 1444 or visit www.titanichotelliverpool.com The Rum Warehouse is our conference, exhibition and banqueting centre which boasts 1400sqm of exhibition space, seating 1560 delegates over two levels and with capacity for up to 1000 in one space. Floor to ceiling glazing cannot but inspire all who gather here. The technology installed as standard will wow and excite you, including 100mb broadband throughout. In addition a range of boardrooms and breakout spaces are incorporated as are catering facilities and spacious accommodations to match.
Stanley Dock, Regent Road, Liverpool info@titanichotelliverpool.com
0151 559 1444
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Key event Apprentice Ship Cup launch
The Apprentice Ship 2015 launch Following the success of last year’s event, The Apprentice Ship Cup is returning this summer. Jim Graves, chair of organisers MAST (Merseyside Adventure Sailing Trust), recently launched the 2015 challenge, which will see apprentices from across the North West compete in a tall ship regatta to stretch and develop their skills. The launch took place in the business lounge at Liverpool’s Titanic Hotel, and Graves gave a presentation to businesses about the opportunities The Apprentice Ship Cup has to offer and the benefits of involving their apprentices. The presentation was followed by a tour of the Titanic Hotel, which will also play host to the awards dinner once the challenge has been completed in June. 1
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1. Kevin Short (Regenda) with Caroline Lodge (Liverpool City Council) 2. Jim O’Neill (MAST) with Michael Byrne (Sail Training Ireland) 3. Jim Graves (MAST) gives a presentation 4. Peter Cosgrove, Laura Horne and Dave Charnock (all Glendale Liverpool) 5. Jim O’Neill (MAST), Jessica Zhang (China-Britain Business Council) and Brian
Rodgers (Knowsley Youth Mutual) 6. Danny Hart (Cammell Laird) with Dave Gillam (SeaKing Electrical) 7. Tom Price (Peel Ports) with Laura Berry (The BIG Partnership) 8. Kerry Smith (The Titanic Hotel) with Councillor Nick Small (Liverpool City Council) 9. Stuart Innes (First Ark) and Michael Byrne (Sail Training Ireland) 10. Vin Finn and
Jim Graves (both MAST) with Dave McEwan (Peel Ports)
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Move Commercial Events Dec-Jan
EVENT PLANNER
Our pick of the best local events
11 FEB
26 FEB
Warrington Business Breakfast How to position your business Warrington Golf Club to reach more customers The Business Breakfast Group & be more competitive hosts this morning event, featuring Preston Grasshoppers RFC, open networking followed by a Lightfoot Green, Preston round table opportunity to 8.30-10.30am
generate new business over Boost Business Lancashire breakfast. welcomes guest speaker Rob Day, To book a place email businessbreakfastgroup@gmail.com a business coach/mentor, to this free interactive seminar. Followed by a 10-minute Q&A, the seminar will help businesses to craft their unique selling position. www.boostbusinesslancashire.co.uk
25 FEB
27 FEB
ECITB North West Regional Forum The Wrightington Hotel, Wigan 10am
e-Exporting: Lets Go Global Stockport Sports Village, Woodley, Stockport 9am-2pm
Clients of the ECITB (Engineering Construction Industry Training Board), the sector’s statutory organisation and national training provider, gather for the first of three forums taking place throughout the year. Email stephanieriley@ecitb.org.uk to confirm attendance.
UK Trade & Investment North West will advise businesses of all sizes looking to increase their exports through online channels during this free event. A programme of expert speakers is scheduled to offer help to those in the consumer goods sector. Places are limited. To register, email events@uktinorthwest.co.uk
PICK OF THE MONTH
12 FEB
CMD 2015: Practical Application for Architects Grant Thornton, Royal Liver Building, Liverpool 10am-12.30pm RIBA hosts a seminar to shed light on how the new CMD 2015 regulations will affect the role of a designer, and the statutory duties of the new principal designer role.Tickets available for RIBA members and non-members. www.architecture.com
Second Regen conference to host leading industry speakers
St George’s Hall
A schedule of high profile speakers is being lined up for 2015’s Regen exhibition and conference, as it takes place in Liverpool for the second year running. The 24-25 March event will put the UK regeneration industry under the spotlight when it is held at the city’s iconic St George’s Hall. During the two days, representatives from organisations including Liverpool Vision, Atlantic Gateway, Centre for Cities, Institute of Economic Development, The Land Trust and The Prince’s Regeneration Trust will be among a host of 24 speakers scheduled
to cover subject areas including growth, sustainability, town and city centres, housing and place making. Meanwhile media partner Move Commercial will be exhibiting alongside major product and service suppliers throughout Regen 2015, which will also provide a networking opportunity for delegates. Ahead of Regen 2015, event director Andrew Clark says: “We are absolutely thrilled that so many of the leading names in urban regeneration from around the country are joining us at what promises to be one of the most comprehensive regeneration events ever held in this country. “We would like to sincerely thank everyone who has confirmed to be involved in this event; the exhibitors, sponsors, conference delegates, exhibition visitors, media partners, affiliates and all 24 speakers, without whose presence the event would not be possible” For further details and to book a free place, visit www.regen-2015.com
6 MAR
18 MAR
The Great Manchester Business Conference The Point, Lancashire County Cricket Club, Old Trafford 8am-3pm
Knowledge Day, North West Park Royal – Warrington 9am-4pm
Greater Manchester Chamber of Commerce and pro-manchester host this conference for its fifth year, featuring high profile speakers and panelists. Following the format of a news-analysis TV show, the event will focus on topics including retail and property. www.greatmanchesterbusiness conference.co.uk
The annual Knowledge Day returns with a full CPD programme for building surveyors, quantity surveyors and construction professionals. Put together by RICS and SIKA, the programme will focus on areas including construction law, resolving disputes, construction methods and CMD regulations. Tickets, £50, are available at www.rics.org.uk
6 MAR
20 MAR
CIOB Liverpool Annual Black Tie Dinner Dance Atlantic Thistle Tower Hotel, Liverpool 7-10pm
Property & Construction Networking Lunch Venue TBC, Manchester city centre
The Chartered Institute of Building hosts its annual evening of food, networking and entertainment for members, guests and local businesses. For more information email kpercival@ciob.org.uk
Companies across the property and construction sectors will come together for lunch and an opportunity to network, as well as listen to a guest speaker at this Greater Manchester Chamber of Commerce event. www.gmchamber.co.uk
Cannes Do returns for 10th annual event More than 500 professionals from across the commercial property sector will gather at Liverpool’s Rum Warehouse on 20 March, as the 10th Cannes Do takes place. A popular fixture on the Merseyside industry’s calendar, the afternoon event organised by Professional Liverpool will provide an informal networking opportunity within the surroundings of the city’s iconic Stanley Dock. Harcourt Developments, which is currently carrying out a major regeneration of the dockland site, is the main sponsor of this year’s Cannes Do, which will once again be compered by radio presenter Willie Miller along with entertainment from comedian John Martin. Move Commercial is also among the sponsors of this year’s event, along with regular supporters including Curtins, WYG, Handelsbanken, Dentons, Innov8 and Grantley Lowe. Cannes Do sponsors will also enjoy a champagne reception prior to the event, and drinks afterwards provided by Liverpool Gin. Professional Liverpool board member, Stuart Keppie says 2015 will be the first year the Cannes Do hasn’t taken place within one of the city’s available office spaces, although it may return to such a venue in forthcoming years. He adds that the choice of venue “ties in with the Titanic Hotel having only been open since last June and falls in line with what’s going to happen around that part of the city”.
Tell Move Commercial about your commercial property and business events. Email post@movepublishing.co.uk MOVE COMMERCIAL 53
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Expert views Ask the panel
Will the increasing use of growth funding amongst small businesses prompt more action from the banks to lend? Small businesses are increasingly gaining access to funding through alternative routes in order to achieve success. With this in mind, we ask four financial experts from across the North West whether this apparent shift will have an impact on the more traditional bank lending. In my opinion, no. The heady days of five bank managers fighting over a piece of business are well and truly over. Our banking networks are being forced to do what they do best; provide relatively risk free, typically secured funding at reasonable rates. There is no
SMEs form almost 90% of the UK economy and small businesses are more than 90% of these, so the prospects for a sustained UK recovery will be jeopardised if this major part of the economy cannot gain access to finance. Banks may be more willing to lend if they are able to share risk with other lenders. A company that has already received finance from an alternative source and is seeking further funding will likely be viewed more favourably by the banks and deemed of lower risk to a similar company seeking first round finance. At the moment the message from the banks is that they are open for business. SMEs are perhaps more likely than they think to obtain bank finance. Banks are not yet competing with alternative sources of finance but do work with them on joint deals to spread and manage their risk. Cliff Maylor CEO of North West Business Finance Ltd, which manages The North West Fund
reason for them to get back into the realms of ‘Dutch auctions’ for relatively minor levels of income. The good news for our local business owners and entrepreneurs is that there are more routes to finance than ever before. To name just one area, take a look at the explosion of crowd funding and the ease at which businesses can access such capital via online portals. For owners seeking new funding to aid the growth of their businesses one of the biggest issues facing them is not ‘can they get the funding they need’, but more around ‘what is the most appropriate option for my company at this given time’. The key is to take good advice and to act positively in response to it. Philip Hargreaves access to finance manager, Business Growth Hub
It’s certainly true that there are a lot more options out there for start-up and small businesses, which is an entirely positive thing. Banks have always had a problem with start-ups unless there is a well-established track record of success and assets to pledge, and I can’t really see this changing. Alternatives such as crowd funding, peer to peer and angel networks are now often more suitable especially when tax breaks such as those offered by the Seed Enterprise Investment Scheme can be bolted on. I think that the current drops in bank net lending (despite the various schemes that the banks can tap into) are caused not just by bank reticence to lend but also by businesses rebuilding their own balance sheets. Having said that, amongst our clients, where there is a sound business plan,
and established relationships, the banks are lending! Julia Casimo partner, John Kerr Chartered Accountants
In today’s world of low interest rates and a flat yield curve a bank has typically less than a 3% net interest margin on loans to small businesses. The best possible outcome on a loan is to get paid back all its principal and make a small spread on the interest. Get paid back 95% of every loan and it goes broke. The much maligned banks have reason for caution. New regulations have made operating a bank more cumbersome and expensive; heavy fines are still hanging over the banks, creative ideas to litigate against banks are endless, credit processes are more stringent, and the amount of capital banks are required to hold has increased dramatically. In theory, maybe these appear to be salutary medicine to help preclude the types of excesses experienced in the cataclysm of 2008, but for loans to small businesses, the list of liabilities a bank opens itself up to is vast in relation to returns. Steve Barber managing director, Bridging Finance Solutions
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