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ISSN 1752-9956

T h e vo i c e o f T h e C i T y

ÂŁ4 issue 69

How high frequency trading became tHe fINaNcIal wIld weSt

The good The bad & The

algorithm


Engineered for men who don’t believe in gravity.

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This monTh’s conTribuTors

JeRemy langmead

editoR

Mark Hedley aRt diRectoR

Matthew Hasteley deputy editoR

Jon Hawkins Sub editoR

Hannah Berry SenioR deSigneR

Lucy Phillips deSigneR

Katie Peat editoRial aSSiStant

Matt Huckle inteRn

Pete Simpson contRibutoRS

Robert Bailey, Toby Bateman, Peter Cardwell, Mark Cobley, Simon Creasey, Neil Davey, Tim Drummond, Angela Knight, Jeremy Langmead, Richard Mackney, Gina Miller, Allyson Preston, Matt Roberts, Paulette Rowe, Robin Swithinbank, Saul Wordsworth pRinting

Colourfast Europe

Head oF maRketing & pR

Loren Penney maRketing & eVentS

Danielle Kent, Denica Alleyne, Natasha O’Nwere Head oF digital

Mike Gluckman commeRcial diRectoR

Lauren Neale Head oF dRinkS & VenueS

Alex Watson gRoup adVeRtiSing manageR

Michael Berrett pRint adVeRtiSing

Jack Bennett, Geraldine Gaffney, Will Preston, Sophie Spencer, Will Taylor

Y

ou have to take good news where you can find it these days. Unemployment figures are down (just), long-term investment in UK manufacturing is up (in the motors industry, at least), and I had a fantastic ham and cheese toastie for lunch today (honestly, it was textbook). In other news, the pound seems to have found its nuts again. This should help curb inflation and, more importantly, mean that a pint of Estrella at a beach bar in Ibiza won’t require you to sell a kidney this summer. If you look really hard, even the City is showing some signs of recovery. Take financial recruitment firm Robert Walters: it saw its UK business growth triple in the first three months of this year. But all of this pales into insignificance compared to what I’m about to tell you. From 9-15 July, we’re hosting the square mile Summer Festival. Now, loyal readers will already be aware of our legendary annual square mile Summer Party. This grew from a quiet, refined affair for a few hundred readers in St James’s four years ago into last year’s extravaganza where more than 4,000 guests attended. The numbers were so large that we had to open a nightclub opposite our venue in order to cater for demand. So, this year we’ve decided to do something a little different – and a lot better. We’re running a week-long square mile Summer Festival offering you drinks, food and entertainment to take your mind off work. Alongside offers from affiliated venues, we will be hosting our own special events every day. From wine tasting to art appreciation, it promises to be just as eclectic as the magazine. And don’t worry – the Summer Party is still going ahead, too: it’s Friday’s finale. See squaremile.com/festival for more information.

accountS

Jeremy Langmead joined Mr Porter as editor-in-chief in October 2010. Previously, he has worked as the editor of UK Esquire magazine, editor-in-chief of Wallpaper* and editor of The Sunday Times Style magazine, which he launched as a glossy supplement in 1996.

maRk cobley Mark Cobley is a financial journalist covering asset management and pension funds at City trade newspaper Financial News, having joined from Bloomberg. Last year he was named best trade journalist in the Investment Management Association press awards.

Simon cReaSey Simon Creasey has been a journalist for more than a decade, writing for a wide range of different titles, including the Financial Times, the Guardian and Monocle magazine. In this issue, he asks where, in these hardened times, SMEs can turn for a helping hand with a difference.

RobeRt bailey With 20 years in high-end property firmly tucked under his belt, buying agent Robert Bailey is often referred to as ‘the little black book of London property’. Traditionally a specialist in Kensington and Chelsea, Robert also searches for property in other distinguished areas in the capital.

Steve Cole, Laura Otabor, Claude Alabi editoR-in-cHieF

Martin Deeson ceo

Tim Slee cHaiRman

Tom Kelly OBE

020 7819 9999 Squareupmedia.com

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Mark Hedley, Editor

@mghedley

square mile supports the Mayor’s Fund for London. Please give generously.

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© Square Up Media Limited 2012. All rights reserved. No part of this magazine may be reproduced without the written permission of the publisher. All information contained in this magazine is, as far as we are aware, correct at the time of going to press. Square Up Media cannot accept responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant Square Up Media a licence to publish your submission in whole or in part in all editions of the magazine. All material is sent at your own risk and although every care is taken, neither Square Up Media nor its employees, agents or subcontractors shall be held liable resulting for loss or damage. Square Up Media endeavours to respect the intellectual property of the owners of copyrighted material reproduced herein. If you identify yourself as the copyright holder of material we have wrongly attributed, please contact the office.

square mile uses paper from sustainable sources

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Contents Issue Issue 0069

00 22

00 38

00 56

Cover feature 52 00

Features .

52 a fistful of dollars Cover feature Its critics say high frequency trading is one of the biggest threats to global financial stability, and regulators are struggling to get a grip. Mark Cobley says automated trading might just be the Wild West of finance.

.

56 a million little pieces Mosaics have been around for almost 5,000 years, but artists are still finding new ways to create a beautiful whole from often unremarkable parts. Like a life-size gorilla made from coat hangers or an iconic war photo recreated using 5,500 toy soldiers.

.

60 a change will do you good With traditional investments suffering in the current climate, canny investors are looking to alternative finance models for inspiration and returns. Simon Creasey tracks down the most innovative products on the market.

016

84 00

portFolio

City

property

20 . the exchange 24 . art: olivier dassault 26 . art: andy warhol 28 . the analyst: BBQ

70 hawkeye 71 my world: Breitling 72 white knight 74 scm capital 75 escape artist 76 charity 79 mayor’s fund

115 . aston chase 117 . modular offices 120 . market report 122 . luxury london living 124 . lower mill estate

assets

142 . noticeBoard 146 . mackney masterclass

exposure 35 . watches 36 . style: for him 38 . style: sunglasses 43 . style: for her 44 . health & fitness

. . . . . . .

endnotes

84 . dividends: masterpiece 89 . wine 90 . olympics 92 . reviews 94 . motors: mercedes-Benz 99 . travel 107 . golf

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171 NEW BOND STREET LONDON W1S 4RD 0207 907 8800

©2012 Harry Winston, Inc. Ocean Sport™ Mens Chronograph, harrywinston.com


Portfolio

City’s Winners & Losers Bonus Buster: McLaren andy WarhoL exhiBition the anaLyst: BarBeCue

. . . .

020 022 026 028

Colour me beautiful . 24 PhotograPh by olivier Dassault (operagallery.com)


The ciTy index

100

1 Things To do AfTer The CiTy

Words

Saul Wordsworth

#43 TickeT TouT

saulwordsworth.com

020

on squaremile.com

2 3 4 5

Earlier in the year we brought news that Lloyds Banking Group had sent ten bosses to comedy school to take them “out of their comfort zone”, but now we can report of an altogether more comfortable side to the bank’s leadership programme. A dozen Lloyds execs were sent to luxury spa Champneys to protect them against “bail out, burn out and being booted out” and to teach them to be “hunter gatherers in the corporate jungle”. If that’s such a priority, why not drop them into the rainforest with only their executive skill set for defence instead? It would certainly provide some material for comedy school. Knock, knock. Who’s there? Boo. Boo who? Don’t be such a pussy, you’re supposed to be a hunter gatherer in the corporate jungle. (Sorry...)

▲ wonga

Oh, you naughty banks! Look what you’ve done now! You’ve only gone and forced controversial online payday loan company Wonga to launch its own business loans service by failing to lend any of your own money, almost certainly foundering an entire generation of rising British businesses before they’ve even had a chance to get started! Shadow business secretary Chuka Umunna has called the service, in which Wonga will lend from £3,000-10,000 to businesses for between one and 52 weeks, “a damning indictment” of the banking system. Actually, we can think of a few members of the system who might find the service useful...

▲ t h e s i lv e r s C r e e n

Not content with being a hotshot lawyer, Olswang senior partner Mark Devereux has been busy starring in hit Brit flick Salmon Fishing in the Yemen. After Olswang advised the BFI on investing in the film, Devereux was offered the part of the Prime Minister. Sadly all we see of him in the film is a picture attached to an email. That Hamlet role may have to wait...

▲ formula one

Thanks to private equity firm CVC’s sale of 20% of Formula One to three investors for $1.6bn last month we now know the value of the world’s most glamorous sport: at least $7.5bn. We know what you’re thinking, but no: darts might be sexier, but Formula One just trumps it for glamour.

▲ Canary wharf

Come July there will be more bankers employed in Docklands than in the City, new figures say, with JP Morgan’s 8,000 staff nudging Canary Wharf ahead. Still doesn’t have a giant phallic vegetable or Abacus, though, does it?

squaremile.com

PhotograPh by associated Newspapers / rex Features; MILES by Jamel akib

The exchange

▽ The Olympics! GlasTOnbury! Topless darts from Roehampton! Where there are live events, there will be demand for tickets. And where demand lurks, so too do touts, dressed like scuzzbuckets and smelling of lies. Appearances, however, can be deceptive. Did you know that the average tout owns three homes including one in Milan? Or that most can rip off unsuspecting customers in eight different languages? Or even that 73% could have played centre-forward for Arsenal but for an unfortunate childhood? Neither did I. Where once touting was about whispering “tickets for the game?” while lurking close to a Tube station in a bomber jacket, today’s tout has moved online, created his own website (myfaketicket.com) and flogging stuff that doesn’t exist. Take the West End play Syrup For My Figs. My aunt bought eight tickets for Syrup For My Figs which came highly recommended on the website myfaketicket. com, only to turn up on the day and find it was made-up. She still had a lovely time with June and the girls, but it’s the principle. Same with cousin Tony, who paid to see Brazil vs Dunstable Town at Harpenden Public Halls. Needless to say he came away confused and disappointed. Tony has been comfort eating ever since. This, ladies and gentlemen, is the human cost of touting. I’m not suggesting we should ban touting. Good lord, what kind of monster do you take me for? No. I just want to ensure that tickets are genuine not duplicates, are not too heavily marked up and each has a pleasing aroma. So there you have it, the ticket tout: threatening, sweaty, rich and usually male. Like Canary Wharf on a warm day. ■ more career aDVIce

▲ pa m p e r e d b a n k e r s


Portfolio

▼ p o S t- g a m e S p r o S p e r i t y

Whisper it but rumour has it there’s going to be some kind of sports-based event going on in the east of London this summer where thousands of people, almost entirely lacking in excess body fat and charisma, will gather to compete to win small lumps of metal and avoid public opprobrium. And we’re going to stick our distinctly unathletic necks on the line and say we think it’s going to be pretty big; in fact, it could even be the sports-shaped match that lights the touchpaper under this plucky yet under-appreciated city and blasts it into the global big league. But apparently ratings agency Moody’s doesn’t agree, saying it doesn’t expect this summer’s Olympic Games to have a substantial impact on GDP. Over to you then, Mr Osborne...

▼ BonUSeS

If we were in any doubt that the age of the colossal City bonus was over, fresh research by the Centre for Economics & Business Research should be confirmation enough. It estimates that 2012/13 performance bonuses for London’s financial sector will be 50% down on this year’s at £2.3bn, and lagging way behind the 2007/08 peak of £11.6bn. The last time the pool was anything like this shallow was in 1998, when a total of £2.5bn was dolled-out. “City remuneration levels are coming back into the real world,” said Douglas Williams, the CEBR’s chief executive. The real world still has alcohol and iPhones in it, right?

▼ claret

After several years of insatiable public appetite for top Bordeaux wines, it seems interest is cooling. Prices for wines from the elite, first-growth chateaux fell every month in the second half of 2011, while demand for the 2011 vintage is suffering by comparison with 2009 and 2010. Looks like we’ll all have to muck in to help boost figures – bottoms-up!

▼ tony verrier

The FSA has banned the BGC Partners’ broker from working in the City again after he was found guilty of poaching staff from former employers Tullett Prebon. Verrier was nicknamed the ‘Pied Piper’ during the case, though rumours that he is also a rat- and child-luring flautist are thought to be untrue.

▼ UBS

Two more faces we’ll never see working in the City anymore: UBS rogue traders Sachin Karpe and Laila Karan, banned by the FSA and fined £1.3m for unauthorised trading. Just the PR fillip UBS needed, we imagine...

squaremile.com

1 2 3 4 5

I would be seeing if there were things we could do to help them that would be more effective than denouncing them for continuing to pay dividends and bonuses…

Contact us with your City Winners & Losers: jon@squaremile.com

SIr John GIeve former Deputy Governor of the Bank of england says Britain’s regulators should tone down their attacks on the banks

Want to nominate someone? Work with a legend? Or a turkey?

Cru nCh bunCh Words

More Money than sense?

Jon Hawkins

#33 auruMania bike, £67,000

▽ It’s rather apt that our answer to the USA’s Silicon Valley has, as its creative epicentre, a dismal roundabout in east London. The streets around the ‘Silicon Roundabout’ (or the interchange at the junction of Old Street and City Road, as you might know it) are full of people who talk in binary, have haircuts so edgy they haven’t been invented yet and are working on technology that will change the way we ridicule strangers online forever. If any of these people do a Zuckerberg, we’re willing to bet the first thing they’ll spunk their post-IPO winnings on will be a gold-plated fixie bike, and we’ve found just the thing. The Aurumania Gold Bike Crystal Edition has every visible surface plated with 24-carat gold, is studded with over 600 Swarovski crystals and costs £67,000. In the future we may come to view the Aurumania as the poster bike for the end of days; the pedal-powered prophet that told us the human race was on an irresistible collision course with Armageddon. But if you’re willing to ignore that possibility, we’re sure it’s a lovely ride. Until you leave the bike chained up outside a farmers’ market in Hackney and it’s pinched by a crack addict. ■ Get more crunch on squaremile.com

aurumania.com

021


Portfolio

R★o★g★u★e TRadeRs

The exchange

McLaren MP4-12C GT3 £310,000

Obviously a successful, good-looking, City trailblazer like you has no reason to envy Lewis Hamilton and Jenson Button. Sure, they get to drive around some of the world’s most glamorous places in the fastest racing cars on the planet and, occasionally, if their busy schedules permit, hang out with lingerie models in offshore tax havens, but other than that what’s really the big deal? Particularly when paying punters can now get a piece of the McLaren on-track action, with the MP4-12C GT3 racer on sale to customers ready for this season. Admittedly, you’ll need a pretty hefty budget to take the £310,000 GT racing for the summer, but you’ll be rewarded with a car built and designed to McLaren’s obsessively exacting

standards and tested in the same F1 simulator used to hone Lewis and Jenson’s company cars. The GT3’s steering wheel even shares its design with the one found in the MP4-24 Formula One car. Based on the preposterously good MP412C road car, the race car adds a GT3-ready aero package and an 80kg-lighter, six-speed sequential box, though the 3.8-litre V8 has been detuned to 493bhp (from 592bhp) in order to conform to race series rules. For less wealthy wannabe racers a Scalextric version is available at around 0.01% of the price. You can wave goodbye to the lingerie models though. ■ get more busters

Words

Jon Hawkins

mclarengt.com

on squaremile.com

Banking ain’t what it used to Be... Words Matt Huckle

#18 Dennis Levine

squaremile.com

Cartoon by Modern toss

▽ It’s always good to have fresh new faces joining the ranks of our rogue traders. But how do you get started? If you’re looking for inspiration for how to get involved in a gigantic insider-trading ring yourself then Dennis Levine may be the perfect role model. Levine had it all planned out early. At the age of 27 he had conceived and begun to establish a vast insider-trading network with himself sat squarely in the centre. During his career, Levine began to build up a network of people working at various Wall Street companies who began to exchange information and trade based on knowledge gained through work. Levine opened an account in the Bahamas – a country with very strict bank secrecy laws – with Bank Leu. The scheme was solid and Levine wasn’t caught through his own errors. Even when Bank Leu noticed his suspiciously consistent profits it didn’t spell the end, they simply mimicked his trades for themselves, spreading the transactions over a number of brokers to hide the trail. Unfortunately one of the brokers also copied the trades and was picked up by compliance. The following investigation led all the way back to Levine. He pleaded guilty to his crimes and had to disgorge $11.5m of his illegal profits as well as serve a two-year prison sentence and pay a $362,000 fine. Of course, he’s now seen the error of his ways and is now offering the classic ‘don’t do what I did’ style of motivational talks. He’s even released a book on the subject. All in the interest of public good, of course. ■

Photo by Yvonne hemsey/Getty Images

022

Bonus B u ster


Olivier Dassault BrOught tO yOu in assOciatiOn with

A politician, a graduate from l’École de l’Air (the French Air Force Academy), a masters degree in mathematics, a doctorate in business computer systems, a pilot (who has broken several world speed records, of course), a firm member of the Dassault Group and, er... oh yes, a photographer (a published one, nonetheless): there are few boxes that French man-of-too-manytalents Olivier Dassault has not ticked in life. And his latest photography works firmly tick a box for global art-investment specialist, the Opera Gallery. “I am particularly fond of overlaying which allows me to capture many forms or appearances and transcribe them into more contemporary interpretations”, says French renaissance man Dassault. Whatever he has for breakfast, we want some. ■ Opera Gallery, 134 New Bond Street, W1S 2TF

See more imageS on squaremile.com

operagallery.COM

024

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Portfolio

➤ Opera Gallery London ➤

Liaisons — By Olivier Dassault —

Artwork squaremile.com

025


Portfolio

Artwork

andy Warhol

Andy Warhol may have once said “everyone will be famous for 15 minutes”, but his career ended up spanning more than 40 years.

026

square mile is partnering with the Dulwich Picture Library to present Andy Warhol: The Portfolios – works from the Bank of America Merrill Lynch Collection. The bank’s collection is one of the oldest corporate art collections in the world. This exhibition of Warhol’s

Photo © Ron Feldman / the Andy Warhol Foundation for the Visual Arts / Corbis / Artists Rights Society (ARS), New York / DACS, London 2011

Superman

silk-screen printmaking will include some of his most iconic portraits, from Muhammad Ali to Marilyn Monroe, and will be the first time the exhibition has visited the UK. ■ The exhibition runs from 20 June-16 September 2012;

See more imageS on squaremile.com

dulwichpicturegallery.org.uk

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Portfolio

➤ This month ➤

The perfecT BBQ — By Nathan Myhrvold —

Grills are definitely not nonstick surfaces. The high temperatures at which charcoal grills operate would make most nonstick coatings unstable. The best way to avoid sticking is to preseason the grill with a patina of black oxide, which prevents rust from forming on the metal, and a layer of decomposed fat.

DrippinGs are the real secret to the unique flavour of grilled food. As these complex chemical solutions combust, they coat the food with a panoply of aromatic and delicious compounds.

analyst A vAriAble Air venT allows the griller to control the flow of air into the fire. starve the coals of fresh air to cool them and slow the chimney effect; open the vents to turn up the heat.

Grilling food over an open flame is a practice as old as humanity itself. Indeed, it’s likely that we are human precisely because we learned to grill our food. Perhaps it is this primeval connection that makes grilled foods such as hamburgers so mouth-watering: we’re hard-wired by evolution to find comfort in the heat

028

A lAyer of Ash should coat the coals before food goes on the grill. The ash dims the coals’ glow, moderating the heat they radiate. The ash also reduces the chimney effect by insulating the coals from the air.

of the grill, the smell of the smoke, and the taste of the food. Although grilling food is so simple that our ancestors managed to do it eons ago, mastering the heat of the grill is a culinary challenge of the highest order. Just remember, the food must be relatively thin to cook properly in the intense radiant

heat and scorching air rising from the coals. Food that is too thick will burn on the outside before heat can penetrate to its core. ■ From Modernist Cuisine: The Art and Science of Cooking by Nathan Myhrvold, Chris Young & Maxime Bilet, £395

modernistcuisine.com

squaremile.com


THE VOICE OF THE CITY on your iPad from next issue


Summer FESTIVAL


Because one pa r t y j u s t isn’t enough JOIN US: 9-15 JULY

A

fter the overwhelming demand of last year’s square mile Summer Party, we’ve decided that one evening clearly isn’t enough. Welcome to the square mile Summer Festival: a week-long programme of events taking place in the City from 9-15 July. We’re working with a hand-picked list of partners who’ll be bringing you unique offerings throughout the week. From Green’s to Cinnamon Kitchen; from Searcys at the Gherkin to Corney & Barrow bars; you’ll want to get on the guest list. Here’s just a small selection of FREE events you can get involved in to whet your appetite…

mONDaY 9 JULY Day: Golden lane Gym aquathon Night: a casino evening at Eight private members’ club in Bank tUeSDaY 10 JULY Day: Blue Cow Yoga open Day including free yoga classes Night: Drinks evening at a famous West End members’ club WeDNeSDaY 11 JULY Day: Golden lane Gym open day with free swimming Night: Whitechapel Gallery art investment evening tHUrSDaY 12 JULY Day: tranquility Pilates Night: Sin in the City night

frIDaY 13 JULY Day: leadenhall market French Food Festival Night: the working week will culminate in the square mile Summer Party, where we’ll be taking over the whole of mcQueen – the two-floor club, bar and restaurant in Shoreditch – including a chill-out zone hosted by the Small luxury Hotels of the Worldtm SatUrDaY & SUNDaY Day & Night: a combination of gastronomic delights and musical entertainment for those who have survived Friday’s party and are staying in town. Just make sure you book a day off on monday

Fo R a Fu l l l i S t o F E v En tS: S q Ua r e m I L e .cOm/feS tI va L o R E m a i l feS tI va L @ S q Ua r e m I L e .cOm

Bars


Chronograph with date display, stainless steel bracelet and case water-resistant to 30 metres. CORUM automatic movement, COSC chronometer certified. www.corum.ch

+44 (0) 1256 862 068 Harrods

Frost of London

• •

www.corum.ch Marcus

Fraser Hart


ExposurE

Watches style shoes Fitness suits

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035 036 043 044 045

PeeP Show . 36 PhotograPh by David harrison: Yves Saint Laurent ‘Y’ logo aviator sunglasses, £230, mrporter.com


ExposurE

PRIMe TIMe Permit me the irony if I say that the solitary pilot’s watch Zenith produced last year all but slipped under the radar. The Pilot Chronograph was handsome, understated and well made, but it felt a bit out of place in the collection. Turns out it was all part of a cunning plan. Twelve months on and Zenith has announced a trio of pilot’s watches that have propelled the brand into the thick of the battle for the horological skies. As well as the borderline gimmicky but brilliant 57.5mm Pilot Montre d’Aeronef Type 20 and the fiendishly overqualified Pilot Doublematic world-timer alarm watch, there’s this, the Pilot Big Date Special. It’s blessed with such nostalgic good looks and assured old-world charm, that if it wasn’t a watch it would be Biggles’s goggle marks and a cheeky wink at the barmaid during a slightly sauced rendition of It’s a Long Way to Tipperary with the chaps from the squadron. Inside is Zenith’s own El Primero chronograph movement, which you can see through a sapphire crystal-case back when you fancy a gawp into its workings. Its black dial is punctuated by numerals shaped in Superluminova that were inspired by a watch Zenith originally produced for the Italian military in the 1960s, and a large date window, designed – like all the best pilot’s watches – for legibility. It’s 42mm in diameter and comes on either a mesh bracelet or on one of the best calfskin leather straps I’ve ever seen. And, in case you were wondering why Zenith should be seriously considered as a pilot’s watch brand, two things. First, thanks to a licence it holds, Zenith is the only brand allowed to use the word ‘pilot’ on a watch dial. And second, it has pedigree in the field of aviation, having served as timekeeper for Louis Blériot when he became the first man to fly across the English Channel in 1909. Another watch to slip under the radar? Not a chance. ■ Zenith Pilot Big Date Special, £4,700; for more information go to zenith-watches.com See more watcheS on squaremile.com

Zenith Pilot

AIR FORCE

When it comes to pilot’s watches Zenith is the squadron leader, says Robin Swithinbank

squaremile.com

035


stock pick By Jeremy Langmead

aside from performing manual labour or watching live sporting events, it’s hard to think of an occasion at which it would be inappropriate to wear a navy blazer. That’s how I justify my wish to buy at least one new one every year. Boglioli is one of Italy’s leading tailors and menswear brands, known for their traditional approach and meticulous craftsmanship. This navy blazer is cut from a cotton-blend fabric and garment-dyed to give the perfect shade of washed finish. It is unstructured and partially lined in the body to give it a nonchalant, very Italian feel. Wear it with just the middle button fastened and add a pocket square for sophisticated flair. ■

1

mrporter.com

1

Style For him

Trail blazers

Don’t stick to what you know; go with what you know is better. Sharp tailoring isn’t a far cry from your existing wardrobe, it’s a mere few shades of grey (or blue) away. Just ask the team at MR PORTER.cOM

036

squaremile.com


ExposurE

3 Blue raincoat: BurBerry £995 Effective and elegant, a single-breasted mac does the job in spring that a trench coat performs in winter: keeping a man dry in the rain. This one retains all the military associations that make classic trench coats so admirably masculine.

2 Grey Suit: Paul Smith, £695 We don’t need to tell you that navy blue and charcoal grey are the default colours for business suits – that’s why you’ve already got a cupboard full of them. Less well known is the fact that pale grey is undoubtedly the most stylish colour for suits. Keep the shade grey, rather than straying into oatmeal, and the results will be businesslike as well as chic.

3

1

1 Bold Formal Shirt: turnBull & aSSer Shirt, £180 To paraphrase Jay-Z, we don’t want to look like businessmen; we want to look the business, man. And there’s no better way to achieve this than with a boldly patterned shirt that speaks of success. Greed might not be all that good, but Michael Douglas’s attire in the original Wall Street certainly was. 4 iPad caSe: comme deS GarconS £290 iPad holders are no less essential for the fact that they only came into existence this decade. This version comes in sober chocolate brown, as well as this eyecatching turquoise.

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5

6 Patterned SockS: Paul Smith £17 The easy perfection of only wearing navy blue socks holds great appeal, but it’s worth having a few pairs of patterned socks to wear on the days when you actually have enough time to consider your outfit long enough to introduce a contrasting visual element.

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5 BrieFcaSe: Swaine adeney BriGG £910 There are few easier ways to upgrade your image than by carrying a decent briefcase. A beautifully made case in a classic design won’t just look good for years, it’ll last for decades – so it may be worth checking that your son likes it too.

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Style SunglaSSeS

sunny side up In true Beatles style, we say here comes the sun and it’s all right. And here is some mighty fine eyewear to go along with it‌ Photos by DaviD Harrison

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ExposurE

EyE, EyE, Cap’n: (From left to right) Tumi Tobin sunglasses in brushed silver, £225, 020 7730 1234, harrods. com; Ray Ban for Brooks Brothers Wayfarer, £120, 020 3238 0030, brooksbrothers. com; Burberry pilot with metal frame, £169, Sunglass Hut, 0844 264 0860, sunglasshut. co.uk; persol Capri Edition with acetate frame, £199, Sunglass Hut, 0844 264 0860, sunglasshut.co.uk; Oliver peoples Braverman, £281, Optix, 020 7628 0330, ptixuk.com

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EyE, for rEal: (Top to bottom) alexander Wang tortoiseshell zip-effect squareframe acetate sunglasses, ÂŁ240, net-a-porter.com; Carven anastasie flip-up roundframe acetate sunglasses, ÂŁ235, net-a-porter.com

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EyE candy (Top to bottom) dolce & Gabbana matt silk with coloured acetate frame, £156, Sunglass Hut, 0844 264 0860, sunglasshut. co.uk; Matthew Williamson by Linda Farrow collaborations, £237, lindafarrow. co.uk; Prada d-frame acetate sunglasses, £185, net-a-porter. com; Givenchy SGV767, £159 derigo UK, 01923 249 491; Illesteva Leonard roundframe acetate sunglasses, £121, net-a-porter.com

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ExposurE

Fast rocks

Style For Her

Hot to trot

Loren Penney has found a bespoke shoe maker that’ll be right up your street – Upper Street, to be exact. Well, if the shoe fits...

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hAT dO WOMen want? Shoes! When do we want them? Now! More specifically, we want beautifully-made, perfectlyfitting and exquisitely-designed shoes. This isn’t always an easy combination to find. Or at least it wasn’t until two years ago when sisters Katy Chandler and Julia Grinham, fed up of sacrificing substance over style, or vice versa, created their own solution in the form of Upper Street. Upper Street allows customers to come to a place online where they are given the tools to create the shoe they have always wanted, but never found, in seven easy steps. From the coveted ballet flats, Saturday-

All-in-all, you can create more than four million unique designs. Oh well, there goes my lunch hour for a while squaremile.com

night stilettos and courts made for walking the Cornhill pavements, you choose the style, the colour and embellishment to create exactly what you had in mind. Swarovski crystals or sophisticated Italian satin? Rock’n’roll toecaps or heart-shaped panels? You can create more than four million unique designs. Oh well, there goes my lunch hour for a while. Also note the pret-a-porter selection (via the Shoe Gallery), ideal for the time-pressured, or the luxury of booking a VIP consultation at the Upper Steet Studio to try before you buy for those who aren’t watching the clock. You can even share your new design discovery, as Upper Street hosts shoe-design parties at either its London studio or at a predetermined venue of your choice. However, be sure to plan ahead as this is not a fast-fashion option, with shoes taking around six weeks to make. But your patience pays off when that beautifully tailor-made shoe, which will last many a square mile, arrives at your door. Apparently the best way to a woman’s heart is through her sole. ■

We all know that men have a penchant for fast cars and women are partial to a bit of sparkle. So, there’s no surprise that the partnership between Calleija and Aston Martin is a marriage made in heaven. I make no secret of my own magpie instinct and I must admit to letting out a little squeal of glee when I clapped eyes on the new collection. John Calleija, the award-winning Australian jeweller, joined forces with Aston Martin to explore their shared passion for quality and craftsmanship. Inspired by Aston Martin’s supercar, the One-77, each design is limited to only 77 pieces. The collection also features a new cut of gemstone, titled the Astar [pictured]. The cut, exclusive to Calleija, is inspired by the iconic Aston Martin grille. Ladies, this is a bargaining tool with your man if ever I’ve heard one. Visit W One, The Aston Martin lifestyle store, Park Lane W1. ■

Prices start at £195. For more information: 0845 680 9365; upperstreet.com

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HEaltH PErsonal trainEr

tri harder

Training for a triathlon? Going that extra mile and cramming in the carbs is not the way to go, says health expert Tim DrummonD

I

Had breakfast at One Lombard Street a few

weeks ago. Next to me I overheard talk of triathlon training. The conversation seemed to centre on who had the best kit and how much it cost. That didn’t bother me, but the insight I got into their training did. They were all smashing the treadmill for hours at a time, cycling to Brighton and back at the weekend and eating enough pasta to sustain an Italian village for a month. These guys were seriously competitive but they seemed to be falling for some of the myths of triathlon training, and they’ll never reach their PBs if they carry on like this. The frustrating thing is that it’s neither complicated nor costly to prepare in the right way. Here are my four top tips to training for a triathlon and avoiding the pitfalls:

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Move away from the pasta People think they need to load up on pasta the day before a race or when they’re training. But pasta is not a health food; it’s not good for you. It’s nutrition-less empty calories. Gluten, a constituent of pasta, is poor for the gut and in most of us will affect the absorption of the nutrients that are vital for good recovery. It also puts more stress on an already stressed body. Carb up at dinner the day before longer sessions, and the meal after, but get the carbs from root veg and, in particular, sweet potatoes. At other times base your diet around meat, fish, eggs, nuts, seeds and vegetables. Also bin the poor quality sports drinks. If the event is under 60 minutes, there’s no need. For anything longer, I would suggest water with dextrose and some added salt. Just as important are branch-chain amino acids. During and after training these stop muscle breakdown and boost muscle recovery. Less is more – really People do way too many miles in training. It’s about quality, not quantity. Swap some of your long slow-duration training sessions for sprints. Incorporate some sessions with 100m/200m/400m sprints interspersed with long rests. It will make you a quicker and stronger athlete and you’ll recover a lot better.

FITNESS ADVICE

What can i do to help me kick-start a healthy-eating regime? – James from JP Morgan Eat small meals at regular intervals Rather than eating three main meals try to eat five-to-seven smaller meals and snacks throughout the day. This will help you regulate your hunger and provide a steady flow of energy meaning you will not be so tempted to start snacking. Drink water or green tea Fruit juice and fizzy drinks are laden with calories which promote fat storage. While they will provide you with a short term burst of energy, in the long term they will leave you feeling tired and lethargic. Keeping hydrated by consuming enough water helps prevent hunger pangs and burns fat more efficiently while consuming green tea has an added advantage of enhancing your metabolism making you burn more fat. target the process not the result A lot of the time our clients become fixed on a number such as ‘lose one stone’ or ‘fit in to a size eight dress’. This is the type of goal that, over the long term, is unsustainable as if you do not achieve the result it can be demotivating. Take charge of your goals by focussing on processes, good habits and regular exercise. Drinking two litres of water a day, consuming five portions of fruit a day or going for a run every other day is a more realistic and motivating way of setting your goals. mattroberts.co.uk

muscle imbalances. Hunch over a bike for a few hours and you’re asking for trouble. Of course, it might not always end up in injury but it will impede your ability to push harder and go faster. Mobilising the ankles, hips and thoracic spine will make a difference when you’re pushing for that PB. Check out mobilitywad.com for guidance on the above. Until next time. Lay off the pasta, cut down the miles and pump some iron. ■ Tim Drummond Personal Training is a body

Stretch, baby, stretch Very few people stretch and mobilise enough. You’re probably someone who sits down all day so you’re already going to have some

composition and weight loss specialist with studios in Belgravia and the City; 07823 697 605;

timdrummondpt.com

sEE morE FitnEss on squaremile.com

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IllustratIon by adam larkum

Pasta is poor for the gut and in most of us will affect the absorption of nutrients that are vital for good recovery

Get strong People who do triathlons tend to get really obsessed with the core techniques; swimming, cycling and running. It’s understandable but it always comes at the expense of strength training simply because there are not enough hours in the day. From my experience, if you constructively strength train to complement these disciplines you become a much more efficient athlete. You don’t have to commit loads of time to this. For example, doing 20 minutes of squats, lunges or dead lifts will make you stronger and reduce the chance of injury. Also progress to some power exercises such as jump squats and medicine ball work.

Ask MAtt RobeRts...


ExposurE

I

should probably get the obvious bit out the way first; that’s me in the picture. Don’t worry, I’m embarrassed too, and I’ve agreed not to pose in photos ever again. But it’s not all bad, you may have noticed that the suit I’m wearing is really very nice. Being 6ft1in and on the lanky side I’ve generally found that when buying suits off the rack I have to chose between it being the right length and swamping me or fitting my body but with the arms stopping somewhere around my elbows. A tough choice for any young man indeed. There are two alternatives: eat until the baggy suits fit me better, or get something properly tailored to suit my body shape. I went for the latter and visited Norton & Townsend to see what their tailor, Graham, could do for me. Right the way through there is a great balance between him guiding you yet ultimately listening to what you want. I walked away with a gunmetal grey mohair suit with a pink paisley lining. (He suggested the mohair, I asked for the paisley.) The first time you wear

Being 6ft1in and on the lanky side, I’ve generally found that buying suits off the rack is nothing short of tricky…

PhotograPh by Daniella Cesarei

a bespoke suit is an eye-opening experience. The difference in quality is huge – and you won’t want to wear anything else in a hurry. Now, back to the photo for a second, you may be wondering what the significance of the sledge hammer is. Well, that’s where Walker Bros Fitness comes in. It specialises in nononsense personal training that’s as tailored to your body as your suit is. After all, if you’ve got a suit this stylish you’re also going to want to look good when you finally take it off. They’ll have you carrying sandbags up stairs, dragging tyres and then hitting them (the tyres, not the trainers) with sledgehammers as well as offering advice on your diet. I can tell you that after a few sessions you’ll look and feel fantastic, although maybe not fantastic enough to start a career in modelling. They’re not miracle workers, after all. ■ Anyone who buys a suit between now and the end of July will get two free personal training sessions (worth £120) with fitness gurus The Walker Brothers. 020 377 9605; nortonandtownsend.co.uk; 07525 489 799; walkerbrosfitness.com

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Style tailor

Hammer Time Fitness-thirsty Matt Huckle dons his first bespoke suit. The ladies don’t stand a chance. Can you touch this? Almost certainly not… 045


. R E W O P D N O Y E B

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ExposurE

HEALTH & FITNESS AdvENTurE

take the fall

A head for heights and no fear of taking the plunge at 85kph is what it takes in this competition. Gutsy, says Peter Cardwell

GO JUMP OFF A CLIFF The best cliff divers in the world versus gravity; twisting and flipping 27 metres through the air and hitting the water after three seconds at 85kph. Welcome to the 2012 Red Bull Cliff Diving World Series. In February, more than 4,000 spectators came to watch the qualifiers taking place on the Hawkesbury River in New South Wales, Australia. 15 athletes from nine different countries fought a tight battle over two days with only four places in the championships up for grabs. One of the four to make it included England’s former Olympian diver Blake Aldridge, who performed the highestscoring dive of the day which consisted of two-and-a-half somersaults and three twists. The big show off. The championships begin this month and are taking place across the globe between now and September. The competition makes its long-awaited UK debut in Wales at the penultimate stop of the series on 7-8 September. The competition will take place at the Blue Lagoon close to St David’s in Pembrokeshire. Water way to go... ■ redbull.com

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features

The CiTy’s wild wesT . 052 AlTernATive finAnCe . 060

Surreal piece of work . 56 Image Dali by ed Chapman (watergatestreetgallery.co.uk)


Features

The Financial Wild West HigH frequency trading now makes up more tHan 50% of turnover on tHe us stock market. Mark Cobley asks if tHis financial frontier is really tHat wild – or simply manifest destiny 052

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T

he AmericAn Wild West didn’t gradually fade away. It was officially ended by decree of the US government. When the eleventh US Census was published in 1890, the superintendent declared there was no longer a clear advancing line of settlement, and therefore no colonial frontier. In place of a real line in the ground, a historical line was drawn. The Wild West was over. It could be that something similar is happening now in the financial markets. There are parallels between the end of that frontier spirit in America, and what is happening to the unregulated, quick-on-the-draw traders’ driving flows on the world’s stock exchanges today. They like to call themselves ‘principal traders’ – but they are better known as high frequency traders, or HFTs. ➤

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Features

➤ As regulators close in and more traditionalmarket participants on the mainstream buyside increasingly turn against them, are we witnessing the end of the Financial Wild West? And, like the affluent East-Coasters who flocked to corny ‘wild west shows’ in the decades after, will we miss it if it goes?

Hand me maH sHootin’ irons The Wild West would never have been possible without technology. Without superior arms, European settlers would have struggled to wrest their new and savage territory from its previous inhabitants, the American Indians. The braves fought hard and scored a few famous victories, as General Custer would tell you. But with guns versus bows and arrows the long-term outcome was never in doubt. Other technologies – the railroad, the telegraph – consolidated the white man’s progress across America, allowed them to hold what they’d taken, and build a modern nation out of a wilderness. Superior technology has also fuelled the high frequency traders’ rise. With banks of computers ‘co-located’ in exchanges’ server centres, and sophisticated algorithms that allow them to buy and sell securities systematically in tiny fractions of a second, HFT firms like GETCO, Citadel Securities, IMC, Knight Capital Group and Spire Europe now account for a substantial chunk of daily trading in financial markets. In the US, for example, high frequency trading accounts count for up to 55% of turnover on public markets, according to analysts. And, like the settlers of the Old West, the HFTs do bring public benefits. Most analysis agrees that the operation of high frequency trading makes the business of buying and selling shares cheaper and easier for everyone else involved, including banks, mutual funds and pension funds. Remco Lenterman, chair of HFT trade body the FIA European Principal Traders’ Association, and a managing director at Dutch trading house IMC, said: “When I was at Goldman Sachs in 2000, we used to charge

Like the settlers of the Old West, the high frequency traders do bring public benefit 054

institutional investors 40 basis points on trades. Today, these institutions can trade for as low as one-to-three basis points. Vanguard, the US mutual fund manager, has calculated that the amount it has saved on trading costs in the past 15 years could add 30% to an individual’s pension. These are enormous, but poorly-understood, benefits of market automation.” And perhaps the benefits aren’t only financial. HFTs are also leaving a legacy in the form of physical infrastructure. The quest to shave milliseconds off trading times is leading to massive investment in undersea cabling. In April, two telecoms firms – US-based Perseus Telecom and the Indian conglomerate Reliance Globalcom – announced they had got tradetimes down to 65 milliseconds by overhauling one of the main Atlantic routes with the latest fibre-optic technology. And in March, New Scientist reported on plans to construct two new cables through the storied Northwest Passage in the Canadian Arctic, and another along the northern Russian coast, to link London and Tokyo. According to technology website ExtremeTech, the cost of these three new links varies between $600m and $1.5bn each, and one reason the projects are viable is because of the fees HFT firms will pay in order to slash London-Tokyo round-trip trade times. As well as making traders money, these cables will improve internet connection speeds for everyone else too – and provide web access for the scattered communities of the Arctic Circle. Felix Salmon, the influential Reuters blogger, quipped: “File it under ‘unexpected social benefits of high frequency trading’.” Liquidity, lower volatility, cheaper trading costs, and faster internet speeds for the masses – are these the social benefits we will lose if over regulation kills off the HFT firms?

WHen tHe laW man comes a-callin’ Markus Ferber, a German member of the European Parliament, may be the man who ends high frequency trading by decree – or at least severely restricts it. Ferber is the Parliament’s ‘rapporteur’, or point-man, on the second iteration of the Markets in Finanical Instruments Directive, known as Mifid II. As part of the parliament’s review of the directive, a controversial idea has been proposed that would slam the brakes on the computer traders. This is a ‘minimum resting period’ – an interval during which trades must sit unexecuted on exchanges – of 500 milliseconds. Regulators are fretful of HFT’s less beneficial impacts on the operation of financial markets. A strange incident in the US markets

on 6 May 2010 has acted as a lightning rod for their concerns. That afternoon, beginning at about 2.40pm, the Dow Jones Industrial Average plummeted by about 900 points, or 6%, in only five minutes – a fall of unusual rapidity and with no discernible cause. The prices of some individual stocks fluctuated with almost comical volatility – dropping to a single cent or exploding to $99,999.99. The episode quickly garned the nickname ‘the Flash Crash’. Investigators from the US Securities & Exchange Commission, and the Commodity Futures & Trading Commission, later figured out what had happened. It seems that a routine, automated hedging algorithm employed by a US mutual fund manager, Waddell & Reed, was the innocent cause. It was intending to hedge a $4bn position in stocks by selling index-future contracts, a large order, but not unprecedented. But when high frequency algorithms began buying the contracts and selling others to balance their positions, the market entered a ‘death spiral’. It did not last long – the Chicago Exchange’s systems imposed an automatic stop-loss which halts electronic trading for five seconds, giving human traders the opportunity to step in and press their red buttons. It worked, and by 3pm, the market had largely returned to normal. But many market participants were unnerved that it had happened, all the same. It is this kind of thinking that lies behind regulators’ efforts to get a grip on high frequency trading. When markets are in a jittery mood, anyway, thanks to ‘real economy’ problems like recession and the Eurozone crisis, the last thing we need is malfunctioning computers making things worse, they reason. But to the HFTs, 500 milliseconds is a virtual eternity, and a pause of this duration may even be

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counterproductive. The FIA EPTA’s Lenterman said: “What causes these short-term market dislocations is that people withdraw their quotes. If you have a volatile market anyway, and you have a 500ms-minimum resting period, all traders will be much more reluctant to quote in a market like this.”

Get off mah land, ya no-Good varmints The 1890 US Census might be a convenient line in the sand for historians but, of course, a census only reflects what is happening on the ground, it doesn’t create it. In the Old West, by the end of the 19th century the settlers, homesteaders and farmers were crowding out the lawless cowboys and horse-rustlers, and the Indians had lost their lands and been corralled on reservations. In other words, it was ‘the people’ that ended the Wild West – the government just put the official seal on it. ‘The people’ are represented in financial markets too. Mutual-fund and pension-fund managers are some of the largest institutional investors out there, and if HFTs turn from beneficial providers of liquidity into a flashcrash-provoking menace, then the really big money managers might decide they’re more trouble than they’re worth. Perhaps more worrying for HFTs than even the regulators, is that there are signs this is now happening too. This year, the securities-industry paper Financial News has been following the development of buyside-only trading venues that exclude HFTs. Institutional investors are concerned about the activities of the high frequency brigade, which are making it more difficult for them to conduct large block trades. As HFTs increasingly dominate the market, the average size of trades is falling. It dropped by 20% between April 2011 and January this year, according to research from Morgan Stanley, from £7,500 to £6,000. This makes the large trades conducted by institutional longonly investors more conspicuous – as soon as they try to access the market, some HFTs jump on them and try to exploit them. In response, some trading firms have founded exchange-like platforms where only big institutions are allowed. In March, CA Chevreux, the agency broker owned by Crédit Agricole, relaunched its broker-crossing network, Blink, as a multilateral trading facility aimed primarily at institutional investors. It will prohibit banks’ proprietary trading desks and HFTs. Ian Peacock, global head of execution services at CA Chevreux, said: “Our proposition is very different to those of other MTFs owing to the absence of proprietary and high frequency flows.”

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As soon as they try to access the market, some HFTs jump on them and try to exploit them Of course, the success of such new ventures depends on whether institutional investors on the buyside use them. It is early days, as yet, but fund managers are considering their options. Gary Withers, chief executive of £50bn fund manager First State Investments, said: “It is something we are reviewing. Because we have an overriding obligation to get best execution for our clients, we have to consider a wide spread of trading partners. But yes, it’s an interesting development.”

the end of the Wild West? In the Old West there was no law and order; no policemen; no peaceful communities. Gunslingers and rustlers filled the vacuum at first but, as civilisation advanced, they were on the wrong side of history. Some found a place in the new order; others died away. The comparison between the American frontier and the modern world of computer trading can only take us so far. But the choice is the same – adapt to the new reality, or fade away fast. The European Principal Traders Association has opted for the former. With the exception of the minimum resting time, it says it backs “90%” of Mifid II, and is now working with regulators to hopefully avoid future ‘flash crashes’. It has enthusiastically welcomed a new set of guidelines on automated trading from the European Securities & Markets Authority. These came into force at the start of May and are aimed at setting minimum standards for all market participants’ systems and algorithms. Lenterman called it “the best piece of regulation I have seen so far”. If the nimble trading firms can find a way to profitably coexist with the giants of the investment world, acting primarily as market makers and providers of liquidity, then their place will be assured. But, if the rest of the market comes to view them more as vigilantes and predators, and take their business increasingly off exchange to trade among themselves, then the days of the HFTs may be numbered, and financial markets might be a lot more sedate places in future. ■ What do you think about the future of high frequency trading? Email mark@squaremile.com

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Features

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of its Parts

A gorillA constructed from coAt hAngers. Jimi hendrix pAinted out in plectrums. Mark hedley on the new wAve of British mosAic mAsters mAking their mArk >>>

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Features

[ Previous Page ]

L

ike headphone wires in your pocket, or

tights in the washing, coat hangers seem to have a seemingly mystical way of tangling themselves in knots. Fortunately, this is not a problem incurred by artist David Mach. Like this life-size gorilla made from coat hangers, his sculptures have always been made from eclectic materials. One of his pieces in Barcelona was even assembled from an old truck, several cars and nearly 100 tonnes of magazines. Thankfully, no issues of square mile were hurt in the making of this sculpture.

For more info: 020 7491 2999; operagallery.com

[ oPPosite Page ]

a

Longside saLvatore caLabrese’s cocktails and the uniquely, er, welcoming croupiers, there’s now one more good reason for a trip down to Park Lane’s Playboy Club: British mosaic artist Ed Chapman has taken over the walls as part of the Art at Playboy initiative. Chapman makes creations from all manner of materials from sugar cubes or vitreous glass to recycled paper and coins. Our favourite is this unique tribute to Jimi Hendrix made from 3,000 Fender plectrums. Prices for Chapman’s work start from upwards of £2,000.

For more info: watergatestreetgallery.com

[ right ]

Y

ou maY recognise this image as an iconic

front cover from Life magazine. The haunting photo of a Chinese boy, taken by war photographer Robert Capa, was shot in 1938 during the Second Sino-Japanese War. Here, contemporary British artist Joe Black is making a very different sociopolitical critique – presumably on China’s aggressive export-driven economy. ‘Made in China’ is produced using more than 5,500 toy soldiers airbrushed by hand. All the models were manufactured – you’ve guessed it – in China. ■

For more info: operagallery.com

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Features

Crowd Suppor investors, fed up with dismal returns, are supporting a gap in the market. power to the people, says Simon CreaSey

S

wingeing job cutS, slashed bonuses and vicious opprobrium from the general public – it’s fair to say that there have been better times to work in the Square Mile. As a result of this bewildering combination of factors and the growing anti-bank lobby it’s hardly surprising that more City workers than ever are re-evaluating their choice of career and planning their exit route from the financial rat race. But what about those masochistic individuals who love the day-to-day buzz of the money markets and steadfastly refuse to turn their back on the associated riches? If the banking behemoths aren’t employing fresh blood, where else could they turn to practice their wares? The answer, increasingly, appears to be the burgeoning alternative finance market. As small investors have turned their backs on traditional banking products thanks to the perceived high risks and low returns, it’s heralded a new spirit of innovation, with business owners and dotcom-savvy

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Small bond market Dividends paid in beer and shaving products with returns of circa 6%: the attractions of small bond issues to investors and those businesses seeking investment are many fold – especially at a time when raising finance for growth or working capital from traditional lending outlets has never been harder and returns have never been lower. The first UK business to successfully get a small bond issue off the ground was King of Shaves (KoS), which launched its ‘Shaving Bond’ in 2009. The three-year nontransferable, non-convertible bond offered a return of 6% per annum in addition to free KoS products for the duration of the bond. The shaving bond sale raised more than £600,000 and KoS founder Will King says that the issue was a tremendous success thanks largely to the attractive financial package it promised investors, with the bonds offering 12 times the Bank of England base rate. “It wasn’t just a case of give us X amount of money and we’ll give you some shaving products,” explains King. “You need to offer a genuine financial payback to the people who’ve allowed you to borrow their money ➤

illustrations by tim Bradford

The King of Shaves issue was a great success as the bonds were offering 12 times the BofE base rate

entrepreneurs dreaming up financial models that promise to bring an end to the nation’s economic malaise. From interest paid in chocolate through to the combined financial wisdom of the crowd, what are the most innovative products to gain traction over the last couple of years?

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28 JUNE – 1 JULY 2012

For the latest event news follow us on Admission by advance ticket only. For tickets or hospitality please call: +44(0)1243 755055 or visit

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Features

➤ and use it to advance your business. With this bond issue we did just that.” KoS’s bond issue inspired a number of businesses to follow suit, including chocolate retailer Hotel Chocolat. Co-founder Angus Thirlwell says that the business had managed to grow its sales year-on-year without any equity dilution, but when it wanted to take the business to another level in 2010 it decided to approach the 100,000 members of its Chocolate Tasting Club for help. Members were offered a three-year bond for a gross annual return of 6.72% if they invested £2,000 or 7.29% for £4,000. The return was paid out in chocolate with investors receiving six chocolate tasting boxes worth £18.95 a year (if they invested £2,000). Hotel Chocolat raised £3.7m through the issue and Thirlwell says it was a worthwhile exercise for the business and for the brand’s devotees. “The return that we are paying out is approximately double the rate of interest you’d

This is not just about money, it also helps the economy and small businesses to progress squaremile.com

get from leaving money on deposit in a bank or building society at the moment,” claims Thirlwell. “But this is not just about the money. People want to feel that they’re getting a good deal but they also want to be reassured that their money is being used in a productive way. This is helping the economy and it’s helping a small business progress and create manufacturing jobs and grow exports. It’s the sort of thing that we should all be doing to get ourselves out of the economic malaise.” Other businesses have heeded Thirlwell’s call to arms with green energy business Ecotricity issuing two EcoBonds since 2010 raising £15m and £16.2m, with both issues oversubscribed. And controversial Scottish brewing company BrewDog closed its £2.2m Equity for Punks bond issue early last December after it was heavily oversubscribed. It’s clear from these examples that there’s investor appetite for these types of deals, and King – who thinks that more small bond issues will get off the ground in the coming months – is a firm believer that the small bond market could provide a vital funding lifeline to UK SMEs. It’s a view supported by the Confederation of British Industry (CBI) which, in a report published last year, stated that the use of bonds is far more widespread in the US and Germany, and that there was an opportunity to aid medium-sized UK businesses by opening up the bond market. However, for the time being at least, there’s probably not going to be enough deals of this

nature to justify the creation of a boutique practice specialising in small bonds, according to Chris Searle, corporate finance partner at BDO Stoy Hayward. Searle advised KoS and Hotel Chocolat on their bond issues and while he says that it was the right option for both of these businesses, it won’t work for everyone. “In the wake of the KoS and Hotel Chocolat deals I was contacted by a number of other companies looking to do a similar thing but I told all of them that unless you have a large database of existing customers and potential customers to whom you can market the issue, it’s no good,” explains Searle. “You can’t just go out and discuss it with the general public because you just wouldn’t raise the money that way. Small bonds are only right for a small minority of companies.”

Crowdfunding The crowdfunding concept has been around for a number of years with one of the most successful examples being Kickstarter, which offered musicians and artists a platform to gain funding for personal projects from their followers – to cut an album, for example. But it didn’t take long before canny tech entrepreneurs cottoned onto the fact that the concept could offer SMEs a viable alternative to venture capital and business angels. One of the first crowdfunding enterprises out of the blocks in the UK was Crowdcube, which launched in February last year. Crowdcube co-founder Luke Lang says there ➤

063


Features

➤ are two core principles behind the business: to democratise investment and empower ordinary people. Entrepreneurs with an idea place their business proposal and prospectus on the website and then members of the public can invest in that business in exchange for equity, with a minimum cash investment starting at just £10. Deals funded so far range from £12,500 to £1m – Crowdcube raised £300,000 from investors over five days late last year to fund the next stage of the site’s growth. Lang says that the company’s meteoric rise reinforces his belief that it’s only just scratched the surface of what’s possible in this market. “There are lots of other methodologies that we could introduce to what we’re doing to develop the idea further,” he explains. “People who work in the City understand that there’s a funding gap at the lower end of the market but also to a certain extent there’s an issue around raising finance through VCs and business angels because it can take too long. It’s over engineered and over complicated.” Niggling drawbacks such as those outlined by Lang also helped to shape Jason Scott’s crowdfunded business idea. The co-founder of civilisedmoney originally intended to create a financial product that helped people with mortgage arrears avoid defaulting, but his efforts were ultimately thwarted by the bank bailouts. Undeterred by the setback Scott launched civilisedmoney late last year with the aim of “giving people the opportunity to come together to create a fresh financial future. One that is fair, transparent and without the expense of branches and big bonuses or the dangers of banks gambling with your money. It is simply people connecting directly, fairly and transparently”. It does this through a range of products, including equity-based and rewards-based crowdfunding for businesses. Civilisedmoney’s next product will be a personal loans facility that taps into the rapid growth of peer-topeer (P2P) lending websites. The new facility will provide welcome competition to Zopa, the UK’s first P2P personal loan lender, which launched in 2005. Zopa co-founder Giles

The idea behind the site was to create a bondmarket version of eBay so people get better deals 064

Andrews says that the idea behind the site was to “combine the spirit of collaboration of people working with other people to get a better deal, as they do with eBay, with a superior economic model called a bond market for consumers”. The business model is breathtakingly simple. Zopa matches people with money to invest with borrowers who need a loan and because it cuts out the middleman it can offer competitive rates to both parties. It’s certainly a strategy that has paid off in spades with the business completing just under £200m of loans since its creation, with 70,000 people now lending through Zopa. Andrews says that the business’s growth accelerated with the onset of the recession in 2008. “People had lost faith and trust in bankers and we were able to tell an interesting story,” he explains. “For some people we became anti-bank – we were an alternative to a hated industry – to other people we were a pretty sensible option because we’d done a better job of lending people money than these enormous, prehistoric corporations.” Andrews says that the best endorsement of Zopa is that many City workers are clients. “Quite a lot of our lenders are City folk,” he

explains. “Even with the wage squeeze and pressure on bonuses they’re not badly paid so they tend to have money to invest. Quite a lot of our borrower applicants are also employed by the banks. They recognise that our loans are really good value and for people with lumpy cash flows who rely on bonuses they’re a pretty good product.” Andrews adds that the business has already captured 1-2% of the UK personal loans market and he thinks that the company could grow by 10-15 times its current size in the future – Zopa is already eyeing up a move into the mortgage market. Civilisedmoney’s Scott concurs with Andrews’s assessment that the potential for growth of P2P lending in the UK is enormous, with these online operators increasingly considered a viable alternative to the products offered by retail banks. “The banks are fully aware that there’s a P2P lending market out there that’s kinda doing OK,” says Scott. “But it’s our belief that at some point somebody is going to come along and take that percentage of the personal loan market from 2% to 10% or even 20%. It’s at that point that things will really begin See more FeatureS on squaremile.com to change.” ■

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Hawkeye

better the devil you know The big-bonus culture is becoming a thing of the past, and there’s no point in thinking the grass is greener; it’s not, says jon hawkins

A

colleAgue recently told me about a ground-breaking ‘frown-control’ treatment called Pro-tox, which promises to make patients look ‘calm, relaxed and in control at work’, whatever torment happens to be bubbling under the surface. It’s so named because this is Botox for professionals; designed for the recessionwithered, FTSE-whipped City worker to appear relaxed and stress free, rather than to iron-out the wrinkles of vain, age-phobic Chelsea housewives and Simon Cowell. You could, say, deliver a lengthy speech on using particle filtering to understand market microstructure variables, undressed, while being heckled by members of the Ukrainian mafia, yet betray no outward signs of discomfort. It’s hard to imagine when that wouldn’t be useful in the Square Mile, which got me thinking about the possible applications of Pro-tox. Imagine if you could answer the question “So, how big was your bonus?” with a non-revealing poker face,

55% believe they’ll get a better bonus elsewhere but, given that 69% are unhappy with theirs, this seems optimistic 070

whether you got nothing more than a pat on the back or had to buy a new mattress to store all your new cash under. Evidently the Pro-tox poker face might be coming in handy next year, because the Centre for Economics & Business Research says 2012/13 performance bonuses are set to be 50% lower than this year’s (which was, in itself, hardly a vintage crop). The thinktank predicts a total of £2.3bn will be dished out, a whole £9.3bn less than in 2007/8 and as low a pool as there has been since 1998. Considering that was the year in which Manchester United TV was launched, work started on the Millennium dome and Geri Halliwell’s Union Jack dress was sold at auction for over £41,000, these are clearly bleak times ahead. Obviously this shouldn’t come as a great surprise to anyone with even half an eye barely focused on the global financial outlook, or who happens to have noticed that the public aren’t exactly putting out the bunting at bonus time and the shareholders are revolting [insert own gag here]. Or so you’d think, but research conducted by recruitment firm Hays suggests otherwise. Of 2,400 financial professionals surveyed, 60% of those considering leaving their current employer said they would do so because their last bonus was sub-par. Revealingly, 55% believed they would get a better bonus elsewhere which, given that 69% of those surveyed were unhappy with theirs, seems a touch optimistic. Perhaps it’s the constant chirping in the media about obscene City bonuses (whatever the reality) and the freshly minted activist stance taken by shareholders in some quarters that breeds an ‘everyone’s-gettingloads-except-me’ mentality, or maybe there are still plenty of bankers out there still struggling to believe it’s no longer 2007. Bad news, people: no one uses Myspace anymore and Michael Jackson’s dead, and you’re unlikely to get a big fat wad of cash in Q1 2013 if you join the bank next door. Whoever you are, and whatever the size of your bonus, though, it won’t cause as much fuss as Stephen Hester’s has over the past months. Halfway through the year we may be, but there’s been no rest for the wicked witch of RBS, who has admitted that he almost quit over the drawn-out furore that led him to reject a share bonus of almost £1m. Though at least there are those now coming out in support of under-fire Hester’s pay packet, including Schroders’ head of UK equities Richard Buxton and Robert Talbut, chief investment officer of Royal London

Asset Management, who told a parliamentary enquiry last month that RBS’s “ability to retain a commercial management team is going to be severely inhibited if they do not believe they are going to receive a significant market rate”. Hardly revolutionary, but then what is glaringly obvious hasn’t always been particularly glaring (or obvious) for the current government in recent years. Perhaps all this will lead Hester to test whether the grass really is greener elsewhere. If not, he might be practising his bonus poker face along with the rest of the City next year, and not to disguise any signs of his delirious happiness. ■ Email Hawkeye at

jon@squaremile.com

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City

My World

Running like clockwoRk The VP of Breitling Jean-Paul Girardin

on how the company remains an independent success and lear ns to move with the times

L

éon BreitLing founded the eponymous Swiss watch brand in 1884; 125 years and many ground-breaking innovations later, Breitling launched its first movement to be designed and built in-house, heralding a new era of independence. A well-earned reputation for producing tough, reliable and functional watches means the company’s long affiliation with the aviation industry remains as strong today as it was when it supplied instruments to the RAF for its WWII fighter planes. Breitling VP Jean-Paul Girardin joined the company, which remains privately owned, in 1992. He tells square mile about the challenges of remaining independent, why he almost didn’t follow his father and grandfathers into the watch industry, and why he based Breitling’s assembly line on a blood-testing lab. on Launching its first in-house movement 2009 was a tough year for the Swiss watch industry and, by coincidence, it was the same year in which we launched our first mechanical chronograph movement developed and produced in-house. We did our homework and invested massively in production to secure Breitling’s future as one of the industry’s few remaining independent brands. We faced a big challenge in creating our own movement, simply because failure was not an option, but on the other hand we knew there was no other way to remain independent and to keep the development of the brand as it had been for more than 100 years. We were confident about the decision we made, but we knew there would be challenges ahead of us.

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on the Launch of the new BreitLing unitime worLd-timer With the Unitime World-Timer [below], we are demonstrating the capability we have to innovate and present new functionality in a strong design. And how will we use this capability? We intend to stick with our ‘Instruments for Professionals’ slogan – we don’t want to develop the most complicated watch in the world in small quantities, we want to continue to offer useful functionality that is easy to use. The Unitime is the perfect example of that, and it explains more than anything else where Breitling is today.

on the chaLLenges and advantages of Being an independent company We don’t have the power of big luxury groups, but what we try to do, even if we are thinking about the long-term, is remain flexible, alert and quick. Speed is one of the assets we have at Breitling – to make quick decisions, to follow the market and follow trends. Today’s real battlefield is the market place, and because we have only one brand we have to fight very hard to convince the retailers that it’s a good choice to stock Breitling.

on foLLowing in his ancestors’ footsteps Both my grandfathers and my father were in the watchmaking industry but for me it was too small – all those tiny pieces – so I studied mechanical engineering. I worked for five years specialising in control systems for the automotive industry, then undertook an MBA

Speed is one of the assets we have at Breitling – to make quick decisions, follow the market and trends and in 1990 I joined the Swatch group, where I was in charge of watch case manufacture. And then, after two years, I joined Breitling. I knew Teddy Schneider [Breitling’s owner] and he had heard that I was back working in the region. He was in the process of taking over the company from his father, an engineer, but he had no technical education so asked me if I wanted to help him reorganise the technical department. “Why not?”, I said, thinking that I might stay for a few years maximum. I’m still here now – 20 years later.

on the company’s key markets Globally, Breitling’s biggest market has traditionally been Europe, and the UK is one of the key markets within the continent. Our biggest, single-country market is the US. We still have work to do in China, where we have not traditionally had a presence for years – firstly because we didn’t have the capacity, and also because the large size of the chronograph is still quite new to China, but they are learning very fast. We are strong in Brazil, Russia and India, and in Asia we are strong in Japan, but China is definitely our next target.

on the somewhat unusuaL inspiration for the Brand’s assemBLy Line The logistics system at our assembly line in La Chaux-de-Fonds, which manages the carriage of the movement from one workplace to another, is effectively based on designs by a doctor in a Hamburg laboratory. He understood that the testing of blood accounts for about 2-5% of the time, while the remaining 95% is spent handling the samples and moving them back and forth so he tried to develop a carriage system, with small shuttles moving from one testing system to another as efficiently as possibly. All of our equipment has been adapted to this system. We have to take ideas from other industries and apply them to our specific requirements. We cannot stay closed, and say “we’ve always done it like that so we have to keep it”. We have to stay young and open to new ideas. ■ For more information go to breitling.com

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City

White Knight

moving swiftly on... America is looking towards its financial future and not dwelling on its past mistakes. We should do the same, says AngelA Knight

W

hat With the Jubilee and the Olympics, God Save the Queen may be getting an airing or two over the summer – well, we can all hope. But, surprisingly, it is just another example of why Wall Street is, while apparently on the same hymn sheet and speaking our language, singing a very different song to the City of London. When Samuel F Smith appropriated the tune of our good old national anthem for his great patriotic hymn to America he enshrined the differences inherent in what George Bernard Shaw pointed out were, ‘two countries separated by a common language’. Time and again he’s been more right than simply clever. I am just back from my annual trip to the United States, where we try to explain the current state of the nation to the bankers, brokers and policy wonks in Washington. While the UK is still hung up on the apologies that we gave ages ago – to a resounding lack of interest, I might add – and struggling to move on from pay and policy debates, the US is clearly getting over it. By which I mean

It’s no surprise that the US has little patience with the never-ending sovereign debt story 072

getting over the recession and certainly getting past all the banker bashing. Admittedly, the industry there is playing with a better deck. The economy has turned to the good. Growth is estimated to be heading towards two and three per cent. And what anti-bank rhetoric remains is all bound up in the sabre rattling that is going on around the Presidential election in November. And, with that, comes an enthusiasm to look again at policies playing to the populist need for Uncle Sam to stay on top in any global battle for power and influence. Turning Wall Street into Skid Row is not the way to make friends and influence people – particularly in an election year. How different things are on this side of the pond where recent elections saw bankers an easy target in a blame game for the ballot box. The US has woken up to the fact that some aspects of regulatory reform, such as the Volcker Rule, are not fit for purpose. Some of the top dogs are openly talking about ‘re-proposing’ while others are considering how to fix Dodd-Frank. The powers that be are actually thinking about the economic consequences of proposals to raise capital and boost liquidity. And they will say out loud that tighter rules won’t just squeeze the banks but constrict the flow of funds to business and the economy. I found these wide open spaces a refreshing change. But the US does have a long reach and all too often others around the world find themselves caught up in its arms. For example, right now, if there’s no change, UK banks will be subject to both the ring fence proposed here by Vickers and the picket fence limiting wholesale activity set out in the Volcker rule. To be both Vickered and Volckered makes no sense at all, thanks very much. Still, travelling in another country and listening to different views is certainly important. More than at any other time, in my experience, the focus has not so much been on US/UK relations but on what is going on in Europe. The persistent eurozone problems are viewed on a scale where suspicion that the EU constitutes the greatest risk to their economy is at one end and an absolute belief is at the other. Perhaps it’s not surprising that Americans have very little patience with the seemingly never-ending sovereign debt story. I‘d like to say they had been really interested in UK politics, or what Boris would bring to his second term, but that would be a lie. Like Washington, that’s not for me. It was the French presidential elections which had caught the public imagination. Greece – occupying Aegean Seas of print here – didn’t

even register there, although the situation in Spain is worrying many people, I suppose as a consequence of the high numbers of Hispanic Americans who see their own roots there. Self-interest, and the need to appeal to your home electorate, underlines some of the key differences in how we are currently reacting to financial services. The US is reverting to pragmatism about banks and banking and the heat has gone out of the argument. They are concentrating on economic recovery and creating jobs and money with the result that the US economy is growing. So, as I rode into the sunset, bidding farewell to the Fed, the SEC, the OCC, the CFTC, the FDIC, the CFPB, the Treasury and the Hill – the whole posse of authorities which makes our regulation look frankly easy – I left with some last home thoughts from abroad. The US has turned the economic corner. It’s no longer looking over its shoulder at past mistakes but, eyes front, is fixing things for the future. Maybe we should too. ■

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Investment

it’s time to face the music Partner of SCM Private gina miller speaks out and says the industry needs to stop making excuses and face some home truths

I

t Is Inescapable: we live in a world in

which numerous sectors, companies and individuals have to look at themselves and question whether they are still relevant to their clients. Some organisations are being more responsible, open and accountable to their stakeholders but in my view the investment and savings industry cannot afford to be any different. We need to be part of this new drive for decent and responsible capitalism. But in this new mood, transparency has become simply a buzz word – practical solutions are what are needed, not just rhetoric – and this is what we are aiming to do. It is increasingly clear to the public that the investment and savings industry has lost sight of the responsibility it owes the people whose money it manages. Our industry has become one of broken promises and we need to work together to restore its reputation. We need to remember that it is not our money. It is our investors’ money; their money, their futures. Too often we forget about the human impact of managing people’s money. We

The industry must stop using intellectuallybankrupt excuses and issuing misleading data 074

must not forget that often we are dealing with people at their maximum point of vulnerability; when they are anxious about their families and their futures, or about providing for their old age. We therefore need to act with integrity and accountability and provide clear, correct and accessible information so that clients can make informed decisions. If this industry is to have any long-term future it needs to examine exactly what it is that we do? What can we do better? Are we good at communicating that? And, most importantly, are we rigorous enough in terms of transparency? It is disingenuous to say there are not transparency issues or that transparency would put off investors. The industry must stop using intellectuallybankrupt excuses or issuing misleading data, and instead repair its reputation and tell the truth. Unless we address these issues and find a serious and sustainable solution, much of the industry may well not be here in ten years’ time. This is compounded by access to information via the internet – meaning people will simply ‘do it themselves’. The Investment Management Association (IMA) keeps publishing ‘independent’ research papers in its quest to portray their members as the fairest of all. But these reports tend to be self-serving, lacking in statistical interrogation and fail to place consumers’ best interest before their own. Their wrangling over 0.60% or 0.75% is really semantics and does not detract from four fundamental truths. Firstly, consumers have the right to know the full likely costs of investing beforehand, so they can make a fully-informed decision. The IMA defends its stance by saying there is no ‘better measurement than net performance’ i.e. we’ll tell you the cost when you sell.

Secondly, the IMA logic is that it is preferable for consumers to see just 50% of the total costs but with total accuracy than be able to see 100% of the total costs but with 95% accuracy. Thirdly, transparency does not equate to lowest cost but is likely to result in fairer, more competitive fees, which will benefit consumers. Finally, most of the IMA’s research is all based on averages – the consumer never buys the ‘average’ fund, they buy a specific fund which may have both costs and returns different to the average. They are entitled to know the full costs of their specific fund irrespective of averages. As the IMA chief executive now agrees with the True & Fair Campaign that, “Fund management has to be a transparent business. If it is not, investors will lose confidence and nobody wins”, it might consider moving from rhetoric to action by enabling a system that calculates all costs and fees including dealing costs, performance fees and initial charges in one easy-to-understand measure. Furthermore, transparency means revealing what you own in full; the IMA members normally reveal this just once a year via the post. In the US, investors get at least quarterly full disclosure of holdings online and have done since 2004. Why are UK consumers being treated like second-class investors? People are entitled to know the full cost so they can make a rational investment decision before they invest. At present the investment and savings industry is little more than buying a lottery ticket and hoping you win. It is time to restore confidence and encourage saving and investing; it is time for change. ■ Gina Miller spearheaded the True & Fair Campaign. For more info visit: trueandfaircampagin.com

squaremile.com


City

$69bn

The reported fortune of the world’s richest man (and person), Mexican telecommunications magnate Carlos Slim Helú. The son of a Lebanese immigrant and dry-goods store owner, Helú certainly inherited good business sense along the way

69

The number of protesters arrested in Montreal after students took to the streets to demonstrate against rising tuition fees

69%

The percentage of Britons who believe the country would be worse off if the monarchy were to be abolished, according to a poll conducted by ICM

$69m

The amount of funding announced by California’s stem cell agency, CIRM, to support research into the development of disease therapies

EscapE artist

City in numbers

Sophia Lourenco left the City to start her high-end adult toy website illicittouch.com. With a product list including a £9,000 gold vibrator, she’s already turning heads…

I

used to work at FC Exchange which is an

FX brokerage. My job there was to bring in new clients, keep old ones happy and generally further the business. FX is obviously very target driven and the traders are very competitive. So, most days there was some funny little joke going round the office. That always made me laugh, it’s kind of part of the competitive nature that shines through everywhere in the City. I’ve really always wanted to set up on my own company though, but leaving the City was

The products are works of art designed by real artists, they’re not just mass-produced goods a gradual thing. I’d saved up some money and I felt like I had the business knowledge as well. I also loved art which is a big thing for me and one day it just felt like the right time to go for it; the market seemed right for the business. The idea actually came from a slightly drunken conversation in the pub but we realised that there was a bit of a gap in the market; the high-end luxury adult-toy industry is quite minimal in the UK so we thought right, let’s try and implement it. The products are works of art designed by real artists; they’re not just mass-produced goods. But they’re not obvious, you can put one of them on your mantelpiece and all have a bit of a giggle knowing what it really is.

There are endless challenges when you’re creating something you’ve never done before. Things like distribution, and producing your own things; there are a lot of designers out there and so creating something unique and different is quite a challenge, really. I can’t think of anything that’s been really unexpectedly tricky, it’s more just me fumbling through and learning things as I go along. There’s much more job satisfaction where I am now because you’re a part of everything, every step of the way, and you’re creating it yourself. That’s a lot more rewarding than working for someone else and doing what they want you to. ■ For more information visit illicittouch.com

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075


City

PhilanthroPy

A good cAuse to celebrAte There is a growing number of bankers who continue to raise funds but this time we’re not talking portfolios, says matt huckle

A

lot of charity work goes on in the

City. As a reader of square mile you’re probably fully aware of this, but from the perspective of the general public nothing happens in the financial world other than Faustian pacts with the devil. And lunch. So, this new column is a response to the public image of the greedy ‘banker’. Each month we’ll be speaking to an individual working in the City who has taken it upon themselves to work towards a good cause. And we’re not talking about donating a sum of cash either, it’s the people who take the next step and who have given up their free time. I spoke to Parvoleta Shtereva, an emerging markets credit trader at Goldman Sachs, about raising money for injured Royal Marines by taking part in a four-night, three-day, High Arctic survival expedition. The expedition was a taste of the Royal Marines Mountain Leaders course, and involved travelling to the small Norwegian town of Lakselv where the average temperature sits at -20˚C. (Before you factor in the bitter Northerly winds, that is.) To give you just an idea of what those conditions are like, any bare skin will start suffering the effects of frostbite in a matter of minutes. It wasn’t just the harsh weather with which Shtereva had to contend. The days were filled with activities including cross-country skiing with military kit and equipment, ice climbing, and driving skidoos. The nights were spent in the comfort of snow holes and living off what fish they managed to catch, along with some basic military rations.

076

However, Shtereva doesn’t consider herself an athletic person and says that she became involved with the Arctic Challenge by chance. “I was reading the Telegraph and I saw something about a previous fund-raising expedition that the Royal Marines had done. I thought it was a great idea for an amazing cause but when I went on the website I saw they were far away from their fund-raising target so I decided to donate.” It was through this that Shtereva found out about The C Group, a charity that supports Royal Marines who have received longterm injuries while on operations by raising awareness within the business community. The challenge was auctioned off at The C Group’s inaugural London fund-raising dinner last year. While previous challenges had been auctioned off, this was the first to be used to increase awareness and raise additional funds. “I felt very strongly that this was the kind of experience that could actually raise awareness and raise additional funds, and so we bid for it at the auction and won it,” says Shtereva. Of the eight people taking part in the challenge, five worked for Goldman Sachs. Over the next seven months they got to know the Marines they’d be working with and began training to get ready for the expedition. “One of the reasons we trained so hard is because we wanted to do it properly and we wanted to be challenged,” Shtereva explains. “We initially thought we’d raise something like £30,000 but then we were all out for dinner

It wasn’t just about raising money, it was about spending time getting to know the guys we were helping and we were speaking to the commanding officer of the Royal Marines Reserves who told us about the people the money would be helping. I think that was the moment that for the guys it turned from a physical challenge into a fund-raising venture.” The fund-raising target then went up to £100,000 but once the team had raised £50,000 it was raised again to £150,000. The amount raised in the end was actually £250,000. “For us it wasn’t just the fact that we were raising money, it was that we spent time getting to know the guys we were helping. It was an extremely rewarding experience to take part in and investing some of your free time in something like this makes your year worth it in a completely different way.” ■ If you know of anyone who you think should feature in this column contact matthew@squaremile.com This year’s C Group fund raising dinner is due to take place on the 4 October at the Intercontinental Hotel, Park Lane. To find out more, visit thecgroup.org

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SCM Private is authorised and regulated by the Financial Services Authority. Risk and performance can change over time. The value of investments and the income from them can go down as well as up and you may not recover the amount of your original investment. Past performance is not necessarily a good indication of likely future performance.


City

✱ Why did you decide to get involved with the MAyor’s Fund For london

charity starts in the city Jon hawkins meets

Paulette Rowe, NBNK’s strategy director and chair of the Mayor’s Fund for London, to talk about youth poverty…

✱ What is the Mayor’s Fund for London?

The Mayor’s Fund for London is an independent, non-political charity with the Mayor of London Boris Johnson as its patron. Our mission is to fight child poverty in London by improving the life chances and aspirations of disadvantaged children, young people and their families. Nearly four in ten children in London live in poverty, in households that earn less than 60% of the national median income. We believe that the best way out of poverty is a decent job, and improving the employable skills of disadvantaged children and young people is the key to helping them get there. Our approach is simple and effective: we target child poverty by finding and funding the most effective projects in London and partnering with them to maximise impact. For example, setting up our Young London Working project means that some 2,000 young people from some of the most disadvantaged backgrounds will enter work over the next three years.

Mayor’s Fund for London? London has been good to me, as it has been to many of us who work in the Square Mile, and so I wanted to give something back. What better way to contribute to London’s future than to support a charity that is helping London’s children to realise their full potential? The Mayor’s Fund for London is the perfect opportunity to do that. I was born and raised in London and faced some of the same challenges as the children and young people that the Mayor’s Fund supports. I was lucky enough to do well at school and move into a banking career and now I’m in a position to help future generations. ✱ What is the Fund’s greatest achievement?

We can prove that our projects have already transformed the lives of children and many young people in London. Take the story of a youngster on our It’s Your Life programme. From being orphaned, living in cramped conditions and excluded from school, he has now been re-housed, has improved his grades and holds ambitions of being a teacher. This sort of transformation of a young person’s life is what makes me proud of the Mayor’s Fund. ✱ What are the key challenges for the Fund for

the next two-to-three years? We’re a small operation, wholly dependent on philanthropy to fund our projects so raising money is a key challenge, especially in the current climate. But if people and businesses want to make a difference, they should support an organisation like ours, which can demonstrate the success of its work. A key focus for us is child literacy, as all the evidence suggests that this is a critical milestone as an inability to read at 11 dramatically reduces the life chances of that child going forward. Our projects have proven to be effective and have had an impact, so we hope that individuals will want to contribute too and help take us a step closer to eradicating illiteracy in London’s schools permanently. ✱ Do you think people working in the City are as

From being orphaned and excluded from school, he has improved his grades and has hopes of being a teacher squaremile.com

aware of the levels of child poverty in London as they should be? London is one of the world’s great cities, yet the City of London is surrounded by some of the most socially deprived areas in the UK. The richest and the poorest live side by side, but so much child poverty is hidden behind closed doors and is not immediately obvious and many of your readers will not have recognised that there is a problem to solve. Poverty and deprivation will never be fully erased but

the Mayor’s Fund seeks to find practical, long-term solutions to the issues that blight many children’s lives. By getting involved – especially those of us who work in the City – we can show these children that they are far from forgotten. ✱ Public opinion of Britain’s financial industry

could hardly be lower than it is at the moment – is this reputation ill-deserved? I can understand why there is some ill-will directed towards the City, as the legacy of the financial crisis has been felt by everyone. Many companies in our sector are doing what they can to win back the public’s trust by becoming better corporate and social citizens. Some of our most generous donors have come from the City: Barclays and Goldman Sachs are our biggest partners, and our Board has strong links to the financial services sector. In such difficult times it is especially critical that we do what we can to support the most vulnerable in our community. Giving London’s poorest children the tools to change their lives for the better is the best way I know of ensuring that London continues to be one of the greatest cities in the world. ■ To get involved or find out more info, please visit us at

mayorsfundforlondon.org.uk, drop us an email at info@mayorsfundforlondon.org.uk or give us a call at 020 7983 4051. There are also many ways to donate to the Mayor’s Fund for London. For more details, please visit www.mayorsfundforlondon.org.

uk/get-involved/make-a-donation or simply text ‘TMFL11£10’ to 70070 to donate £10 to the cause through JustGiving.

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RANGE ROVER SPORT Representative 6.9% APR Land Rover Freedom is available on new Range Rover Sport models, registered between 1st April and 30th June 2012. Promotions are not available for used cars. Finance subject to status. Guarantees may be required. Land Rover Finance, PO BOX 4465, Slough, Berkshire, SL1 0RW. With Land Rover Freedom you have the option to return the vehicle and not pay the final payment, subject to the vehicle not having exceeded an agreed annual mileage (a charge of 12p per mile for exceeding 10,000 miles per annum in this example) and being in good condition. OFFICIAL FUEL CONSUMPTION FIGURES FOR THE 2012 RANGE ROVER SPORT RANGE IN MPG (L/100KM): URBAN 13.0 (21.8) – 28.8 (9.8) EXTRA URBAN 26.3 (10.7) – 34.9 (8.1) COMBINED 19.0 (14.9) – 32.1 (8.8) CO2 EMISSIONS: 348 – 230 G/KM.


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REPRESENTATIVE EXAMPLE NEW RANGE ROVER 4.4 TDV8 WESTMINSTER

REPRESENTATIVE EXAMPLE NEW RANGE ROVER 4.4 TDV8 WESTMINSTER On the Road Price

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Customer Deposit

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23 Monthly payments

£799

GMFV (Optional Final Payment) (Excludes £295 fee)

£34,605

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£52,982

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£69,995

Duration of Contract

24 months

Rate of interest (Fixed)

0% Representative 0% APR

Lookers Land Rover Park Royal

Lookers Land Rover Battersea

152 Dukes Road, London W3 OSL Tel: 0844 649 2112 www.lookers.parkroyal.landrover.co.uk

50 Lombard Road, Battersea, London SW11 3SU Tel: 0844 649 5028 www.lookers.battersea.landrover.co.uk

RANGE ROVER

Representative 0% APR Land Rover Freedom is available on new Range Rover models only, registered between 1st April and 30th June 2012. Promotions are not available for used cars. Finance subject to status. Guarantees may be required. Land Rover Finance, PO BOX 4465, Slough, Berkshire, SL1 0RW. With Land Rover Freedom you have the option to return the vehicle and not pay the final payment, subject to the vehicle not having exceeded an agreed annual mileage (a charge of 12p per mile for exceeding 10,000 miles per annum in this example) and being in good condition.

OFFICIAL FUEL CONSUMPTION FIGURES FOR THE 2012 RANGE ROVER RANGE IN MPG (L/100KM): URBAN 12.5 (22.6) – 24.6 (11.5) EXTRA URBAN 27.2 (10.4) – 34.5 (8.2) COMBINED 19.0 (14.9) – 30.1 (9.4) CO2 EMISSIONS: 348 – 253 G/KM.


‘Invest in an alternative bond’ Aston Martin DB6 MK II VOLANTE : 1970 Finished in Windsor Blue with Black hide, fitted with manual transmission, head rests and a cockpit tonneau cover. The example we are offering, 1 of just 38 produced, has a comprehensive history from 1982 with just 2 owners recorded from then. Just 80k miles are recorded on the speedometer, confirmed by previous MoT certificates and service invoices. The history file includes a full log of the works carried out from the early 1980’s. Maintained by Aston Martin Works service and AM Heritage specialists to a very high standard this highly cherished iconic model is in excellent condition in all respects.

Reassuringly expensive

Aston Martin DB5 : 1964 £375,000

Aston Martin DB5 : 1964 £365,000

Aston Martin V8 VANTAGE : 1991 £160,000

Superb condition DB5 finished in Silver Birch with

A beautiful ‘body off’ restored example of the

Very last of the line V8 Vantage 'X' pack. Chassis

Burgundy hide. Fitted with Air con and power

coveted DB5. Fitted with lead free 4.2 litre

No:- 12701 commisioned by an infamous and built

steering. 5 speed. A beautiful condition example,

Vantage specification engine, original 4 speed

to his personal specification with myriad

chassis, body and interior trim restored and fitted

manual gearbox and suspension upgrade.

additional features. A stunning condition, low

with rebuilt unleaded 4.2 litre engine. Restoration

Finished in its original and popular period colour

mileage and unique car with full service history.

and maintenance has been carried out by

scheme of Dubbonet Rosso and black hide, this

Known to us from new this very special car is still in

recognised marquee specialists, recorded in an

superbly finished and presented early DB5 is

it's 'as built' specification and represents a unique

extensive file.

accompanied with a highly detailed photo history

opportunity to any collector.

of the restoration and original factory build sheet. Superb in every detail. Further details on request.

www.nicholasmee.co.uk

Telephone: 0208 741 8822

Email: info@nicholasmee.co.uk


assets

Wine olympics RevieWs motoRs tRavel

. . . . .

089 090 092 094 099

Mission to vase . 84 PhotograPh ‘Jelly Sculptures in glass’ by Steffen Dam; masterpiecefair.com


DiviDenDs Masterpiece Fair

Different spokes‌

This year’s Masterpiece Fair may promise a diverse collection of art and luxury, but Mark Hedley has narrowed down the field

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Assets

Shaw Speed & CuStom Bell & Ross Nascafe RaceR

There is a world where ‘supersized’ is considered light weight; where bespoke is too common; and where arnold schwarzenegger is considered a bit of a girl: welcome to shaw speed & custom. If you’ve always fancied a HarleyDavidson but thought, ‘nah, it’s just a bit understated for my tastes’, then shaw is the company for you. The Brighton-based custom shop creates iconic one-off Harleys including this, the Bell & Ross Nascafe Racer. The number of custom details is mind-boggling, from the massive 240mm rear tyre to the machined centre console, complete with Bell & Ross BR 01 carbon. It’s certainly a whole lot of bike; the only question is, are you man enough? masterpiecefair.com

squaremile.com

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Assets

Praying Mantis Edouard MartinEt

You may well think that little good can come from the rear end of an old Peugeot 404 – but French sculpture artist Edouard Martinet would beg to differ. the life-long insectophile creates giant entomological sculptures from old car parts and other junk, which he’s picked up from flea markets and boot sales. take this 90cm-high Praying Mantis: the head is two indicators; the abdomen a bike fender and car ventilator; and the forelegs consist of garlic presses and olive pitters. Some pieces take months to create, but for one piece he had to wait 15 years before he could find the right part to finish it. Sold by Sladmore Gallery on Jermyn St, the pieces range from £5,000-£20,000. masterpiecefair.com

FAIR DUES: Masterpiece London will bring together a wide range of top exhibitors from far and wide in 2012. The fair runs from 28 June4 July at The Royal Hospital Chelsea, London SW3

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Simon Furlonger Specialist Sports Cars continually offer the finest exotic and luxury cars by the world’s most prestigious auto manufacturers such as Ferrari, Lamborgini, Porsche and many other brands etc. We offer our customers pre-owned high-end performance and luxury cars, specialist race cars and collectible investment cars and specialise in sourcing hard to find models. With showrooms in Ashford (Kent) and Colchester (Essex), we are conveniently located for London and Europe: Ashford Showroom • London in only 37 mins by rail Colchester Showroom • 40 miles from the M25 by car Our opening ours are Monday to Friday - usual business hours and on Saturday from 9am to 3.30pm

Chart Enterprise Park Dencora Way . Ashford . Kent TN23 4FL

Ashford Tel: 01233 646328 Colchester Tel: 01206 808257

Ferrari 308 GTS

£39,990

1980, 68,456 Miles

Ferrari 360 F1 Spider 1997, 14,308 Miles

£61,990

One of the184 right hand drive examples produced for the UK. Finished in Rosso Corsa with Nero trim with

Finished in Rosso Corsa with Nero electric Daytona seats with Bordeaux stitching and Bordeaux

Rosso inserts this 308 carburettor is in excellent condition and has a comprehensive service history with

carpets. Ferrari factory options include Red calipers, Scuderia shields, CD changer, rear Challenge grill,

the original service book present and many old MOT’s and invoices.

front Challenge grills and CD changer.

Chart Enterprise Park . Dencora Way . Ashford . Kent TN23 4FL

Gumpert Apollo S

599 GTB

Challenge Stradale

360 Spider

575 Maranello F1

£199,990

£109,990

£96,990

£64,990

£69,990

2007, 5,698 miles

MMM Media 25-5-12.indd 1

Tel: 01233 646328 www.simonfurlonger.co.uk

2007, 11,700 miles

2004, 14,222 miles

2005, 8,156 miles

2004, 15,978 miles

25/5/12 12:52:03


ICEBAR AND DINE MIDWEEK FROM £27.50 WEEKEND FROM £35.50

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Be one of the first 100 people to book the ICEBAR and DINE package to receive a complimentary glass of house wine, beer or a soft drink in our warm area. To make a reservation please call: 020 7478 8910 and please quote “IBDINE 8” For further information, news and updates follow us at: icebarlondon.com

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T&C’s: Price includes entry to the ICEBAR. For groups of 8 or less. Full prepayment at time of booking. Offer may be subject to change. Bookings can be made up to 28 days in advance. To book package we require 24 hours notice prior to date of visit. Please call reservations for full terms and conditions and availability.


Assets

Wine Port

diamond port of entry

THE GLUG By Wine Chap

Jancis Robinson raises a glass to those with the foresight to save a

Until now, gifting someone a wine from their birth year or anniversary required a directionless and timeconsuming trawl on the web through pages of different merchants and wine guides. But now one site – Vintage Seekers – has done the hard work for you. And as I curated it, you can be certain of the quality too. Whether it’s a 1982 Chateau Cos d’Estournel for a 30th birthday, a 2002 Dom Pérignon Rosé for a 10th wedding anniversary, or a magnum of 1991 Château Mouton Rothschild to mark a 21st, Vintage Seekers presents a concise hand-picked selection of wine, spirits and champagne to match all the significant dates of 2012. It’s like a little black book for the best wines in the business. Of course, not every vintage yields a celebration-worthy wine, so Vintage Seekers proposes a suitably show-stopping brandy, whisky, sherry or prestige multivintage champagne range, too. Finally, beyond online, Vintage Seekers’ concierge ‘Seeker Service’ is able to source clients specific vintages for no additional fee.

port which would become fit for a Queen, and was almost lost forever

O

K, £275 A bottle is no giveaway, but have

squaremile.com

To read more of Jancis Robinson OBE’s biblical collection of tasting notes, sign up to her prodigious Purple Pages at jancisrobinson.com

They were harvested when the port trade was on its knees and Britain had been ravaged by war

vintageseekers.com

you seen what other 60-year-old wines cost? And, as someone who has tasted a range of 1952s recently, I can assure you that this old wood-aged port offers far more – and more obvious pleasure – than many. This very special single-harvest port is effectively a very old tawny, from six pipes of superior wine that have been gathering metaphorical dust and sensory lustre in Graham’s lodge in Vila Nova de Gaia. They were harvested at a time when the port trade was on its knees. Times were tough in the UK, the main market for Graham’s owners, the Symington family. British cities were still ravaged by war damage. Strict food rationing was in place. It’s a wonder us babies of the early 1950s survived at all. And according to Johnny Symington, “there was such a slump that we didn’t even bother to bottle this wine at the time”. They certainly didn’t make the connection between this delicious wine and the coronation of the young Queen Elizabeth.

So who would have thought it would have come in so handy for celebrations of the Queen’s Diamond Jubilee? I wonder who had the brilliant idea of making this special release to coincide with the Jubilee, and to make a donation to the charity set up to commemorate the event, the Queen’s Diamond Jubilee Trust? But, perhaps of more interest is how does it taste? I absolutely love this style of port – a long-aged colheita (the sort of thing that houses like Niepoort have specialised in) – when it’s good. And this one is very, very good. The fumes from a wine like this perfume an entire room. Here are just some of the aromas I noted when I first tasted at chez Berry Bros, who are the exclusive retailers of it in the UK (it can also be bought in Portugal): walnuts, dried citrus peel, prunes, an edge of parmesan. With such a long time spent in cask (six different ones in all, if I understood correctly), it is of course pale tawny with pale greenish rim and is rancio-issimo, but it is incredibly heady and rich without any sort of meagre skinniness. And the great advantage it has as a celebratory bottle for a 60th anniversary is that, unlike a 1952 bordeaux or burgundy, for example, it can be enjoyed over several days. Berry Bros & Rudd is selling single bottles of Grahams 1952 in its smart box and official royal approval for £275 apiece. It is also available in a special wooden case of three bottles [pictured, top left] at £795 and, for really large parties [or just one hell of a bad day – Ed], in a 450cl jeroboam at £1,800. ■

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Olympics Art

sculpting the spirit of the games The London Olympics are provoking thought and providing inspiration all over the country, even the world. Mark hedley discovers that artist Pablo Atchugarry is carving out his own message

L

ike the OLympics themselves, Pablo Atchugarry is simultaneously very modern yet very traditional. He may sculpt using a time-honoured stone-carving technique, but the results are modern-art masterpieces. His upcoming exhibition at Mayfair’s Albemarle Gallery is entitled Espiritu Olimpico – The Spirit of the Olympics. The sculptures selected for the show depict forms that appear to stretch towards the heavens in an almost spiritual way, evoking aspiration and endeavour to reach a summit or pinnacle. Sadly, they still won’t help Andy Murray win the tennis gold medal at Wimbledon. ■

Prices range between £25,000-£250,000. The Espiritu Olimpico exhibition will run from 25 July-8 September at the Albemarle Gallery, 49 Albemarle Street, W1S 4JR; 020 7499 1616; albemarlegallery.com

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Assets

The ReTReaT Olympic hOspitality

Olympics Watch

a very timely occasion 2012 is shaping up to be a year of grand markings; the Queen’s Jubilee; Wills and Kate’s first wedding anniversary; and Omega celebrating its 25th year as Olympic timekeeper. By jon hawkins

T

he lasT Time the Olympic Games were held in London was in 1948 which, coincidentally, was the year Omega launched its iconic Seamaster. And if that weren’t enough cause for celebration, this will also be Omega’s 25th Games as timekeeper (the first was 90 years ago in Los Angeles). The rather beautiful Seamaster 1948 CoAxial ‘London 2012’ watch, then, is Omega’s way of marking the occasion. Based on the design of the very first model 60 years ago, the £3,700 Seamaster 1948 is equipped with Omega’s revolutionary Co-Axial escapement and has an 18-carat gold medallion embossed with the London 2012 logo fixed to the case back as an hommage to the Games. If there’s a more stylish way to show pride for your home city this summer, we’ve yet to see it. And, as ever, you can’t fault Omega’s impeccable timing. ■ omegawatches.com squaremile.com

if you’ve decided to brave london this summer, we’ve discovered a great venue to enjoy the Games without suffering any Olympic-scale crowds: a pop-up hospitality venture aptly named the Retreat. hidden away from the crowds, the Retreat will be held at london’s exclusive venue, the Brewery on chiswell street. in situ from 27 July to 12 august, the Retreat has been designed to provide the benefits associated with an upscale private members’ club: a place to network, entertain, celebrate and close deals with the london 2012 Olympic Games as its backdrop. consisting of six different hospitality areas, the Retreat will offer spaces for every taste and mood including a beautifully manicured outdoor park with a signature champagne bar. celebrating the Best in British, the hospitality spaces will include: the country club with a nod to outdoor pursuits; the club with a number of live acts and DJs playing into the night; a purpose built cinema screening British classics along with the Games; and the Backstage area offering members the chance to pamper and rejuvenate. Full unrestricted wireless internet gives members the chance to keep abreast of work or, more importantly, twitter. membership to the Retreat for 17 days is £2,500+Vat. membership is fully transferable, meaning a different authorised person can gain access to the club each day, making it extremely flexible and great value for organisations. ■ Membership can be purchased by calling 0845 143 1448 or online.

retreat-city.co.uk

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MenU of chaMpions ✱ staRteRs ✱ • John Ross smoked salmon with homemade Irish soda bread • Baked scallops with cauliflower purée, crisp pancetta and sage butter • West Mersea native oysters ✱ MaIns ✱ • strips of fillet steak with baby onions, smoked bacon and button mushrooms in a rich red wine sauce served with spring greens and mashed potato. • Dover sole served with new potatoes • Roast breast of guinea fowl with baby carrots, purple potatoes and mustard jus

Reviews GReen’s

Fantasy sports dinner

✱ DesseRt ✱ • sticky toffee pudding with butterscotch sauce and vanilla ice cream • apricot and almond cake with vanilla yoghurt and mint syrup • Passion fruit crème brûlée with brandy snap

Share your ultimate sporting guestlist for your chance to win dinner for ten at Green’s Restaurant in the iconic Upstairs at 14 Cornhill

I

t’s a classIc conversation starter: if you

could have dinner with any sporting legend – dead or alive – who would it be? Well, Green’s on Cornhill and square mile have teamed up to offer you and nine friends a dinner inspired by this very question.

Win a private Dinner for ten at Green’s

content/fantasy-sports-dining

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greens.org.uk

medals as a mother of two the last time the Olympic games were held in London in 1948. • Jesse Owens, who won four gold medals in the 1936 Olympics in Berlin, much to the annoyance of a certain Mr Adolf Hitler. • Florence Griffith-Joyner, considered by many as the fastest woman of all time and who still holds the world records for both the 100m and 200m for ladies, set in 1988. The team at Green’s figure that this collection of sporting icons offers everything you could want from stimulating sporting conversation and entertainment at a dinner: greatness, peerless performance, bravery, guts and determination, glamour, tragedy, controversy, rags to riches, riches to rags, and even downright scandal. Think they’ve missed out someone crucial? Join in the debate at greens.org.uk ■

squaremile.com

Photo (James hunt) by Peter Marlow / Magnum Photos

In the lead up to the Olympic Games, Green’s and square mile are offering you the chance to win your own dinner for ten people with the compliments of Green’s in the restaurant upstairs at 14 Cornhill. All you have to do to enter is decide on your ideal selection of ten dinner guests – dead or alive – from the sporting world and give us your reasons. Entry can be made online by visiting the Green’s website: greens.org.uk/

To kick off the debate, Green’s has laid down the gauntlet with its own top ten: • Sugar Ray Robinson, considered by most boxing aficionados to be the greatest poundfor-pound fighter of all time. • Ayrton Senna, in many people’s eyes the most daring and greatest motorsport driver. • James Hunt, Britain’s dashing Formula 1 world champion and legendary playboy. • George Best, arguably the best football player ever, though owing to the relatively short nature of his career, never received the full recognition his talent deserved. • Alex Higgins, in many people’s eyes another flawed genius, and the first true entertainer in the world of snooker. • Hansie Cronje, the South African cricketing superstar whose career became blighted by an infamous match-fixing scandal that ultimately destroyed his life. • Lillian Board, the poster girl of British athletics who won the silver medal in the 400m in the 1968 Olympic games, but who tragically died at the age of 22 before we possibly witnessed her true greatness. • Fanny Blankers-Koen, who won four gold


Assets

Reviews Jamie’s italian

there’s an oliver lot of charm… As the Jamie Oliver empire grows, Jon Hawkins tries out their latest plot in the City. The verdict? It’s pukka, mate

T

he ubiquiTy of Mr Oliver’s mug and his

transformation over the years from pesky, young culinary scamp to pesky, grown-up healthy-eating crusader means you’re likely to have an opinion on him one way or another. Mine, for the record, is one that I imagine I share with a fair few others. Sure, he can be a bit irritating at times, but he seems a decent enough bloke and it’s hard not to admire his activism – mostly (but not exclusively; see Jamie’s Dream School for example) centred on his relentless passion for eating well – and his considerable success. His restaurants, particularly the flourishing Jamie’s Italian chain, are very much products of their creator, with a focus on serving rustic Italian food in exactly the sort of bright and convivial atmosphere you would expect Jamie and his mates to be hanging out in. There will, obviously, be those who turn their cynical noses up and that, I can happily tell you, is their loss, particularly when it comes to the group’s Threadneedle St outpost. Based in the spacious and lofty shell of the old Bank of Scotland premises, it’s a big restaurant with vast, circular lamps hanging from lofty, intricately-decorated ceilings. Ask for a table in the smaller, upper floor overlooking the main dining room and you’ll get an aerial view of marble pillars, bustling diners and dangling hams. Speaking of which, we began our meal with a ‘meat plank’ – a wooden slab balanced on two tins of tomatoes (very Oliver) laden with slices of prosciutto, wonderfully light mortadella studded with pistachio, and fennel

squaremile.com

salami. There are pickles, too, along with little balls of creamy buffalo mozzarella and slices of pecorino drizzled with a sweet chilli jam, which, our waitress explained, was “made by Jamie’s friends”. Of course it was. It was also delicious, as was the rest of a selection that couldn’t have showcased Oliver’s focus on the quality and provenance of ingredients any better had it tried.

It’s exactly the kind of cooking and charm with which Jamie Oliver has made his name

Nor could our main courses. My partner’s Devonshire lobster ravioli, in a beautifully sweet saffron and tomato sauce, was a delight, while my halibut, wrapped in San Daniele and sprinkled with flecks of charred chilli, on a bed of lightly minted crushed peas, was a perfect union of British fish and Italian meat. It’s exactly the kind of cooking with which Jamie Oliver made his name, and it’s also what makes this City-based Jamie’s Italian work so well – in a grand old building dripping with old-world banking grandeur, it delivers good food, a lively atmosphere and plenty of Oliver charm. Prices are sensible – this is great-tasting food rather than fine dining, after all – but fundamentally the restaurant is fun, and no one can have too much of that at the moment. ■ Jamie’s Italian, 38 Threadneedle St, EC2R 8AY; 0203 005 9445; jamieoliver.com/italian

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Motors Mercedes

fantasy league

jon hawkins road tests the Mercedes-Benz C63 AMG and

soon discovers that it is everything he’s always wanted

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E

vEry sElf-rEspEcting, car-mad kid has a fantasy garage, and I’m not talking about an imaginary outbuilding filled with cars, a ramshackle collection of tools and old bits of wood. No, I mean the collection of cars that would, if all went to plan, be yours as soon as you had crossed the effortless pubescent divide between adolescence and adulthood. Composing my fantasy garage was a highly structured process. I was allowed four cars: something fast and luxurious but suitable for transporting the imaginary future family; a completely impractical sportscar with no roof; a small car for trips to the shops (these were dark, barren days before we were blessed with the coming of Ocado); and a shamelessly pointless supercar which, at the time, would mostly have seen action circuiting Bournemouth’s main strip of bars. I even had a price ceiling (of several hundred thousand pounds, if memory serves) so things kept some basis in, ahem, reality. I don’t have a fantasy garage anymore. I have a real, one-car garage that really should be taken to an actual garage to have those rattles sorted out and, funnily enough, doesn’t get used very much for cruising around Bournemouth. But if I were to sit down and re-do the exercise now it’s quite possible that I wouldn’t want four cars at all; it turns out just one Mercedes-Benz would do the job. The C63 AMG is – along with the BMW M3, Jaguar XFR and Audi RS5 – one of the ➤➤

MercedesBenz c63 AMG coupÉ EnginE

6.2ltr v8

pOWEr

487hp

tOp spEEd

175mph

0-62mph

4.4secs

pricE

£57,000

mercedes-amg.com

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Acceleration is brutal – like the car has been slapped from behind by Thor’s hammer…

➤ current breed of compact mutant execmobiles: part luxury pocket-cruiser, part supercar-baiting road weapon. While the genre’s hardly new, these cars have never offered more ferocious performance or, for that matter, more luxury and practicality – the Mercedes, for example, has one of the most sensibly arranged, usable and comfortable cockpits available in any car, while a few inches in front of it there’s a 6.2-litre, 487hp V8 capable of slinging the C63 from 0-60mph in under 4.4 seconds. To look at, the C63 doesn’t scream raw aggression or leak testosterone from its grille, and, in coupé form, it has the lean muscularity of a 400m runner instead of a pure sprinter’s bulging, fast-twitch shape. Which isn’t to say it goes unnoticed on the road – the AMG certainly wrenched enough heads as we crawled north out of London that it could have earned a place in my fantasy garage on sheer magnetism alone. Threading our way through traffic, the C63 is as pleasant a place to be as you could hope for thanks to brilliantly comfortable sports seats clearly designed by someone who recognises that you won’t be oversteering your way around the Nürburgring everyday. The infotainment system is intuitive and works well, too, though it takes a lot to prise my hands off the brilliant, nappa-trimmed AMG steering wheel for even a moment. Which is probably sensible given that my right foot’s a twitch away from calling on the services of one

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DARK MATTER Mercedes-Benz c63 AMG BlAck series

if the ‘vanilla’ c63 is a little too tame for you, the track-focused Black series may be more to your tastes. With 517hp on tap, adjustable suspension and an aerodynamics package including bonnet vents to let out the evil, the c63’s upstart brother is madder than a box of frogs. if that’s not enough, there’s a motorsportinspired ‘Track Package’, which gets you a set of super-grippy tyres developed by dunlop specifically for the car, a rear-axle transmission cooling system and a fire extinguisher in the passenger foot well. For hosing down your undies, presumably.

mercedes-amg.com

of the great modern engines. Each 6208cc V8 is built by hand according to a ‘one man, one engine’ philosophy in AMG’s specialist engine workshops, and you’ll find the signature of the engineer who built the powerplant in your C63 on a plate on the engine. In normal tune, AMG coaxes 457hp from the engine, but our car is fitted with the Performance Package Plus, which means an extra 30hp, the same forged pistons used in the SLS AMG and a series of cosmetic tweaks, for a £5,200 premium. Unsurprisingly, the results are gobsmacking when that engine is dropped under the bonnet of the diminutive C-Class coupé. Acceleration is brutal – from a standstill it’s like the car’s just been slapped from behind by Thor – seductive and unrelenting, as you bang through AMG’s seven-speed automatic Speedshift ‘box, using either the tactile, brushed-metal shifters or letting the C63 do the work for you. Four different drive modes enable you to choose your favoured degree of lairiness, or to be cosseted with a ride that – if not exactly magic carpet – will at least leave your behind in a workable condition. On the motorway it’s the consummate cruiser; quiet and stealthy until you prod the throttle and rouse the engine. Our car came with its top speed limit raised to 175mph, a speed you’ll get to pretty quickly if so inclined; the C63 is the enemy of the straight line, and even the most Roman of Roman roads is made to feel like a brief squirt between corners. And while it’s perfectly capable if you want to drive around like a pensioner en route to Sunday service, there’s the undeniable sense that the C63 would rather you didn’t, like a puppy straining on its leash, desperate for that 487hp to be exercised. This is no bad thing apart from the petrol consumption, which is, er, equally enthusiastic. A bit of a thirst is a small price to pay for a car with the C63 AMG coupé’s range of abilities, though what’s even more remarkable than how much it can do is how well it does it. From rabid muscle car to luxury tourer via city runabout, the C63 is staggeringly good, but does it spell the end of the fantasy garage? Only a trip to Bournemouth will tell – if you buy one head down there and let me know. ■

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Tradition, tailored for excess. Since 1988, Nene Overland have been crafting outstanding, powerful and stunning iconic defenders to suit every adventure, taste and lifestyle. For sheer excellence with the most precise road holding and ride without compromise, take yourself on a journey of adrenalin with our bespoke range of sport wagon and soft tops. Work with our team to create your own unique Icon loaded with style, speed and performance. From tuned TDci or TD5 to thumping 3.0 TDV6 or 3.2 TDci diesel power to 320bhp, automatic or manual shift. Go beyond with 4.2-5.0 litre V8 including tuned supercharged, 6 speed manual or sequential shift. Our range of Icons are available new or pre-loved, ready for you to stamp out your personalised Defender Icon. The Icon range of wagon, soft top or double cab with left or right hand drive complete the stunning driving experience with presence and individuality! We are the only Land Rover specialists with in-house, dedicated engineers, interior trimmers and coach builders with 120 new and used Defenders available. We deliver service and excellence worldwide.

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Travel eGYPT

Messing about on the river nile

Neil Davey surveys the lay of the temple land, by air, sea and camel and takes in all that Egypt has

to offer, which, as it goes, includes a fully-staffed, you-needn’t-lift-a-finger, luxury trip down the Nile

“ PHOTOGRAPH by Bertrand Rieger (hemis.fr)

T

ake your Time,” announces our excellent

tour guide, Mustafa Aziz, to the stragglers who’ve lingered to take a photo of The Nile. “And hurry up,” he adds, helpfully. While Mustafa’s comment is accompanied by a knowing wink, it’s a neat illustration of the contradictions and ironies that make Egypt the place it is. While many of the original statues, carvings and hieroglyphics on the hundreds of temples across the country have

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been defaced and destroyed, the “hooligans” responsible were Romans and Greeks, so even the vandalism then is of historical importance. The country itself is vast. But most of it is infertile desert, so some 95% of the population squeezes into the Nile Valley, which makes up just 4% of the land area. The political riots and protests that have overshadowed the country of late saw the educated middle classes take to the streets in genuine frustration at the ➤

Our cruise is a reminder of how pleasant life is when you’re not at the beck and call of that bastard Blackberry 099


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The dahabiyya thus serves as transport, luxury hotel and private dining room all in one

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cruise like an egyptian: (clockwise from top) a statue of ramesses ii at luxor temple, a large ancient egyptian complex located on the east bank; The Amber, a traditional dahabiyya, an elegant wooden sailing ship; the peristyle court of amenhotep iii at the luxor temple; the waterside philae temple, dedicated to the goddess isis.

PHOTOGRAPHs by Alex Gruse

➤ government: contrast that with our own chav-led petty acts of destruction last summer. In a similar vein, while we wouldn’t ordinarily cover a country that, even recently, is still seeing violent protests, clashes and, yes, deaths, it’s also a great time to visit. Let’s face it, tourists are at no more risk in Egypt than in hundreds of other places worldwide but, sadly, the crowds seem to be staying away. Or happily if, like us, you’re able to walk around temple after temple without having to battle through hordes of sweaty visitors. In yet another irony for a country so bustling with life, with the population squeezed into such a tiny band along the river, a Nile cruise is perhaps the single most relaxing thing I have ever done. The most obvious reason for this is a steadfast refusal to keep data roaming on when travelling – a mistake you only make once if you’re paying your own phone bill – and the not unexpected lack of wifi access on The Nile. Our ‘Nostalgic Nile’ cruise from Aswan to Luxor is a reminder of how infinitely more pleasant life is when you’re not at the beck and call of that bastard red light on your Blackberry. We work out that it’s the longest I’ve been offline since January 1998, although those pre-modem days are not exactly the nostalgia to which our tour operator Bales Worldwide is referring. The name of the cruise is more a reference to the mode of transport employed. While the Nile can get clogged with monstrous modern cruise liners, Bales use The Amber, a traditional dahabiyya, an elegant wooden sailing ship that harks back to simpler days, albeit with modern touches such as an engine and generators. The maximum capacity is just 12 passengers, and the dahabiyya thus serves as transport, luxury hotel and private dining room all in one. For the hours of travelling, there is nothing to do except sip a drink, read, watch Egypt float by, enjoy the breeze and feel your stress levels fall minute by minute, and metre by metre, as the expert crew keeps the ship moving – and the meals coming. While street vendors and restaurants carry their own – ahem – special risks, The Amber’s private chef means there are no such problems on board. The other staff are also excellent: ➤

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Assets

All nile long: (clockwise from top left) Sitting Ramesses ii colossus at the entrance to luxor Temple; an ancient wall inscription of an offering to isis; the dahabiyya’s small size made it possible to moor at quiet spots; the Amber’s deck at night; a balloon trip above The Valley of the Queens shows the incredible scale of the country

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location to life, so much so even now, since being back, I find it possible to tell my Karnak from my Kom Ombo – and not just because Karnak is the temple that pops up in The Spy Who Loved Me. Regardless, the sheer scale of the temples and the tombs, the quality of the stone masonry and the intricacy of the ornate carvings leaves you reeling at the hundreds of years of work that were involved. It’s very hard to pick a highlight of this all-too-brief dip into Egyptian history and stunningly relaxing break but, if I must, it’s the one that involves the inevitable irony of what would normally be a painfully early start. It’s amazing how quickly bleary eyes clear in a

balloon drifting gently above The Valley of the Queens, a trip that demonstrates the incredible scale of this country’s remarkable history and the great contrast between the greenery of the river valley and the red and golden sand of the rest of the land. (I can also confirm it’s a lot more enjoyable than riding a camel, an experience I won’t forget in a hurry and nor, I suspect, will the laughing locals taking photos on their smart phones. Or, for that matter, the camel.) The overwhelming memories though are of the country’s bustling energy and The Amber’s decadent, relaxed luxury. A contradiction? Yes. But what else could it possibly be? ■ The eight-day Nostalgic Nile itinerary with Bales Worldwide costs from £1,795. This includes scheduled flights and accommodation on The Amber. The price includes English-speaking guides on-board, a private,

In other hands, it’s easy to see how yet more hieroglyphics and tales of history could be dry

air-conditioned vehicle for transfers, and a sightseeing itinerary. Prices are per person based on two adults travelling and sharing on a mixed-board basis. Prices are based on departure date of 1 September. To book or for more information, call 0845 057 0600 or visit

balesworldwide.com

See more travel on squaremile.com

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PHOTOGRAPHs by Alex Gruse

➤ we’d swear blind that the steward was psychic, appearing Mr-Benn-shopkeeperlike at precisely the point you decided you needed a cold drink. And whoever cleaned the cabins each day was a dab hand at frequently hilarious towel origami. The dahabiyya had another advantage too, its relatively small size making it possible to moor at quiet spots and private islands along the Nile, far away from the noise of the busier ports. The pitch black of the night in such spots, coupled with the gentle breaking of waves is conducive to incredible sleep – even when interspersed with the occasional bleating of a passing goat. You can’t visit Egypt, however, without seeing its remarkable history and this is also taken care of, led by an onboard, Englishspeaking guide. In the case of Mustafa, a very entertaining, intelligent, open-minded, frank-talking and highly-educated guide. His enthusiasm makes each temple visit a joy. In other hands, it’s easy to see how yet more hieroglyphics and tales of ancient history could easily be dry and repetitive but his enthusiasm is infectious, and brings each


Etihad Airways is delighted to have been voted the World’s Leading Airline for the third year running at the World Travel Awards. Inspired by their home Abu Dhabi, the heart of modern Arabia, Etihad Airways takes the spirit of warm Arabian hospitality into the air. You can enjoy outstanding service on their new fleet of luxury aircraft. Experience more choice in Coral Economy Class or stretch out on an award-winning fully flat bed in Pearl Business Class. Recently we have spread our wings with the launch of a new service to Mahẻ in The Seychelles. Famed for serene beaches, turquoise waters and natural beauty, Seychelles lives up to its promise of paradise found. And now we fly to this sublime Indian Ocean setting six times a week from the UK.

5* Emirates Palace, Abu Dhabi

5* The Kempinski Seychelles

The word ‘palatial’ can be thrown around quite liberally in the world of hospitality, yet few hotels come so close to realising their title as the six-star Kempinski Emirates Palace in Abu Dhabi. A magnificent, sprawling resort found at the city’s apex, the Palace overlooks a turquoise gulf on one side, an exquisite marina and ultra-modern skyline the other.

The Kempinski Seychelles Resort is no ordinary five-star resort. Few hotels in the world manage to capture and envelope themselves so effortlessly with their natural surroundings. Quite a claim, when one considers the heavenly vistas of the Mahé Islands Baie Lazare district, where this hidden paradise of huts and perfect outhouses is found.

One mile of private beach and acres of landscaped gardens, mazes and fountains, all impeccably kept, are divided by stunning terracotta architecture, traditional Arabic geometry, and gold and ivory domes. Your stay is laden with luxury. Royal rooms and suites; the signature treatments of the Palace’s Anantara Spa that relax and rejuvenate within blissful surroundings; an enormous network of interconnected pools and lazy rivers; championship golf and tennis; and boutique shopping including some of the world’s rarest pearls.

Embedded into the islands’ tropical forests, characterised by rocky, palm-fringed hills, Kempinski Seychelles Resort overlooks a dazzlingly teal Indian Ocean, its bedding dotted with lush coral. White powder sands find the doorstep of your beachfront suite as you wake to the sounds of little more than lapping waves. The resort features a blissful spa, located on the base of the granitic rocks, as well as an Olympic-length pool surrounded by granitic rock formations and lush vegetation. Your experience will be nothing short of divine.

5 nts from £2469 per person Etihad Airways - Business Class | Bed & Breakfast

7 nts from £2790 per person Etihad Airways - Business Class | Free Half Board

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Assets

Travel IndIan Ocean

Planning your indian ocean escaPe Our pick of the top three jewels of the Indian Ocean from the Small Luxury Hotels of the World stable of high-class hideaways and secluded private islands. Grab your passport, pack a bag, we’re outta here...

1. The ForTress, sri Lanka The Fortress may sound like an imposing name for a luxury hotel, but step into this Sri Lankan hideaway and it will all make perfect sense. Not just because of the architecture – based on Galle’s famed Dutch fort – but because it’s designed so that the realities and stresses of life are kept well and truly at bay. Rising next to the seaside, the resort’s walls enclose verdant gardens sheltering hammocks, day beds and water features. All the bedrooms have super-king-sized beds, state-of-the-art entertainment, and butler service. And if you want to escape even further, then the inner sanctum of the spa – with its Ayurveda healing treatments – is the place for you. It may well be called The Fortress, but try keeping us out.

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slh.com/fortress

2. Pangkor LauT resorT, MaLaysia Situated on a secluded private island, off the west coast of Malaysia, Pangkor Laut Resort is bordered by wild rainforest on one side and glorious turquoise waters on the other. Choose from Sea, Beach, Spa, Hill or Garden Villas, each in their individually unique settings and many with outdoor bathtubs. There are two swimming pools to laze in or the beautiful beach of Emerald Bay. Or practise yoga on the Sri Lagenda Deck with a cooling sea breeze.

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slh.com/pangkor

3. Baros MaLdives, MaLdives A small private island in the middle of the Indian Ocean, Baros Maldives comprises of secluded villas with palm-thatched roofs, either over water or facing the beach. A Padi-diving centre, spa with a tranquil water garden, and several restaurants overlooking the sea ensure that the ‘paradise’ part of your holiday is well catered for. The villas at Baros are sheltered by large banana leaves and palms while the water villas have a private wooden deck for sunbathing and steps for dipping into the lagoon.

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slh.com/baros

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Be Special Be DeStineD for BaroS

For nearly 40 years, we have been dedicated to one single goal: making you happy! You are special to us; we know you by name, not villa number. We are delighted to have you staying with us so we can attend to your desires and make your holiday special too. Come to Baros to celebrate the best there is; discover the Essence of the Maldives, and the holiday of your dreams!

info@baros.com . www.baros.com Baros Maldives is a small exclusive coral island in the Indian Ocean ringed by a sun-kissed beach and a vibrant house-reef. The awardwinning boutique luxury resort is proud of a long and outstanding history of service excellence. Awards include the Traveller‘s Choice by TripAdvisor in 2012 and 2011 as one of the Top Ten Hotels in Asia, and in 2010 as the Best Luxury Resort in Asia.


Assets

GOLF KIT

on par for the course They may (or may not) improve your game but the latest in golfing technology will certainly make you look the part. By Pete SimPSon

O

Ut Of the way, old man! There’s a new golf buggy in town; and it’s housing a one-litre V-twin eight-valve engine. You’d be forgiven for thinking the Can-Am Commander 1000 XT was the result of a Top Gear challenge after Clarkson, May and Hamster were told to create a golf buggy that’s also capable of leaving a small family car coughing on its dust. The chunky 27-inch lightweight radial tyres mean that it’s as effective riding through the rough as it is over the smoothness of the fairway; and with a heavy-duty front bumper, no one will be able to get between you and your balls. ■

Ping nome 405 Putter We’ve all been there. Standing on the green frustrated that, despite our best efforts, we’re unable to sink that tricky putt. Ping thinks it has the solution, though. USGA approved, Ping’s new Nome 405 can be adjusted within a range of 37.5 to 46.5 inches to compensate for the changes in playing levels and optimise your performance, allowing you to feel more comfortable. Of course, the downside is you’ll no longer be able to blame the equipment for your terrible putting. From £249 per club. For info: PING.COM

For prices and information visit

CANAMOFFROAD.COM

the Belfry The opportunity to follow in the footsteps of golf’s greats by playing a round at The Belfry’s world famous courses could be a dream come true for many a golfing enthusiast. And it’s not a bad place to host a business meeting either On arrival at the four-time Ryder Cup venue, business parties have their clubs and shoes collected from their cars to be cleaned and

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delivered to the practice area or first tee. You’ll be provided with practice-range balls and a course planner. No fewer than 80 GPS-installed buggies with electronic leaderboards are on hand to complete the ideal golfing day out. After holing out on the 18th, corporate groups can dine in the 50-seat Ryder Room where the formal Ryder Cup dinner was held. Or, for other special occasions, the European and American Ryder Cup Team rooms can be reserved. For more info: 0300 500 0405; thebelfry.com

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: :

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T R AV E L

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hALF prICe oFFer

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brainer

Train with the world’s leading sports psychologist Achieve your golfing goals and get more from your game hatever your golf standard or handicap, this is your chance to train like a pro with the Square Mile Travel Club. Dave Alred MBE has been credited with turning Luke Donald into the world number one golfer. You too can now train with the right attitude and gain that extra psychological edge.

C L U B

8th september 2012

Join us on this unique day for: • Private tuition with the world’s best performance coach • 18 holes at The Grove, Hertfordshire • A full day’s catering at The Grove • A chance to network with other City professionals

hALF prICe sUmmer oFFer For a limited time only, take the chance to enjoy this fantastic golfing experience at more than half the price: £795 DOWN TO £395 per person. But be quick – it’s only the first 12 to apply who qualify for the discount.

To e x p r es s yo u r i n T er es T p l e a s e c a l l M i k e G lu c k M a n o n 0 2 0 7819 9 9 9 9 o r e M a i l g o l f @ s q ua r e m i l e .c o m

Xclusive

GOLF


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Golf traininG

swing when you’re winning… Sod taking a swing on the urban driving ranges of the City, plan a ‘meeting’ out of the office, in Hertfordshire to be precise. The Grove offers a championship course, and the coach of champions

G

The Grove The Grove hotel, spa and golf club is set in 300 acres of rolling Hertfordshire countryside, which includes one of England’s finest luxury golf courses. Kept in immaculate championship condition all year round, the 7,152-yard championship golf course was designed by the distinguished international course designer Kyle Phillips, who combines modern game strategies with the great traditions of British golf course architecture. From dedicated society or corporate golf days to corporate tuition, the Grove’s Corporate Golf Team can arrange everything you need. The mansion itself is so special even Queen Victoria used to weekend here. There are three different restaurants and a stunning Sequoia Spa to enjoy, too. ■

reat Britain has had a lot to be proud of in the last decade. When it comes to sport, we’ve certainly upped our game. From Jonny Wilkinson’s epic drop goal in the 2003 Rugby World Cup to Luke Donald’s historic double on the US and European money lists last year, sport is coming home. Both of these particular success stories – and many more like it – owe a lot to the guidance of one man in particular: Dave Alred MBE PhD [pictured, below left]. He is one of the most highly-regarded sports coaches in the country, leading the field in mental prep, skills acquisition and performance under pressure. Hailing from the world of rugby union, he was Johnny Wilkinson’s personal mind guru – and has since become prolific in the golf world too, training Britain’s Luke Donald. Alred trains his clients to achieve under pressure so that no matter what conditions hit them at that all-important point of delivery, the mind is focused on the task in front of them. Just imagine what this man could do for you and your own golfing skill. Well, that’s exactly what the square mile Travel Club has teed up for you this autumn. On 8 September, we will be hosting a oneday training programme in association with premium golf experience company Xclusive Golf. It will be an intimate affair giving a small group of readers the chance to hone their skills with Alred at The Grove. So, if you’re interested in learning from the best in the game – any game, as it goes – get in touch. ■ For more information email golf@squaremile.com

HALF PRICE OFFER

Get in touch now on Golf@squaremile.com

For a limited time only take the chance to enjoy this fantastic golfing experience at less than half the price: £395 per person (down from £795 per person). Numbers to the training day are also limited. Please email golf@squaremile.com or call Mike Gluckman on 020 7819 9999.

thegrove.co.uk

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THE YOO BUILDING HALL ROAD NW8 £3,250,000 LEASEHOLD An outstanding two bedroom loft style apartment (220sq m/2,363sq ft) situated on the first floor of this landmark building designed by Philippe Starck. The unit has been refurbished to a high standard, offering exceptionally designed living space including a spectacular reception room with double height ceilings. Further benefits include two secure allocated parking spaces and 24 hour concierge service. The Yoo Building is superbly located for all the amenities of both St John’s Wood and Little Venice, including the fashionable cafés and boutiques of Clifton Road. Maida Vale and St John’s Wood Underground Stations (Bakerloo Line and Jubilee Lines) and the picturesque Regent’s Canal are within close proximity. ACCOMMODATION AND AMENITIES Principal Bedroom with En-Suite Bathroom & Dressing Room, Bedroom 2 with En-Suite Bathroom, Reception/Dining Room Semi Open Plan with Fully Fitted Kitchen, Guest Cloakroom, Study, Secure Allocated Parking for 2 Cars, 24 Hour Porterage. SOLE AGENT


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Just 7, large two bedroom apartments remain at this stunning coastal development Each exceptionally stylish apartment offers luxury living with a sophisticated lifestyle. Complete with secure basement parking and lift to all floors. Prices from £800,000 marketing suite & show aPartment oPen friday, saturday & sunday 10am–5Pm entrance and access via Queens road

Come and take a closer look. Call us on 0845 899 0589 or visit www.bannerhomes.co.uk/vantage-point twitter.com/bannerhomesplc www.bannerhomes.co.uk


ProPerty

All Good In The Wood Mark Pollack , director of Central London estate agency Aston Chase, profiles one of the capital’s most

prestigious addresses, St John’s Wood. With an average property value of £2m, it has the price tag to match

S

t John’S Wood, NW8, was recently ranked

by Forbes as the fifth most expensive postcode in London with an average sale price of nearly £2m. It is home to some of the most exclusive properties in the world, and consequently some of the most famous names in business and entertainment. Paul McCartney, James Kaan, Mel Smith, Ewan McGregor, and until recently Kate Moss, all endorse this particular pocket of Central London, so what is it that makes it such a sought-after address? Favourably situated on the doorstep of both Regent’s Park and Primrose Hill, St John’s Wood boasts low-density villa-style housing and stylish apartment buildings. Its most desirable streets, such as Hamilton Terrace, are known for their substantial houses and unusually large gardens. The area is extremely well served by transport links, with St John’s Wood and

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Its most desirable streets are known for their substantial houses and unusually large gardens squaremile.com

Maida Vale Underground stations providing easy access to the West End, the City and Canary Wharf, and Paddington and St Pancras providing excellent international links via Heathrow and the Eurostar. Locally, the high street provides a mix of high-end independent boutiques and eateries. The eclectic shops of Marylebone High Street and the internationally-renowned retailers on Bond Street are also not far away. Parents here are blessed with an abundance of outstanding private schools and colleges, including the American School and the London Business School, the latter regarded as one of the world’s best business schools. The area is particularly well served medically by The Wellington Hospital, the largest independent hospital in the UK, the Hospital of St John & St Elizabeth which is one of the country’s leading charity hospitals, and, less than two miles away, the world-renowned medical destination of Harley Street. St John’s Wood has all the ingredients of an exclusive address, offering access to the highest-standard amenities that the world’s wealthy are accustomed to having at hand, from shopping to medical treatment. As such, it is hardly surprising that premium prices are being achieved, particularly for apartments in exclusive portered buildings that are most attractive

to international investors, with Eastern European, Indian, Middle Eastern and closer to home, the French, the most active current buyers in the area. Despite widespread concern over Greece resulting in fears for the future of the Euro, St John’s Wood continues to attract international buyers who justifiably perceive London to be a secure and tolerant city in which to invest. ■ For more info: 020 7724 4724; astonchase.com

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ProPerty

Office MOdular

think outside the office With the commuter nightmare sure to come hand-in-hand with the Olympics, it’s time to think way outside of the box, and then plonk that box in your back garden. Today you’re working from home, says Pete SiMPSOn

TETRA SHED At first glance the purpose of a sealed (and, let's face it, vaguely sinister looking) Tetra Shed may not be immediately apparent; but when the doors are opened, assisted by hydraulic arms, all is revealed. It’s like a secret lair, and therefore perfect for those wanting to mix the running of their business affairs with some Ernst Stavro Blofeld-style super villainy. (That’s one for all you old-school Bond fans out there.) But rather than carved into the side of a volcano or in an underwater hideaway, the Tetra Shed is far more convenient and accessible. Its structure is intended for home use and can be connected to up to six extra sheds to create a warren of caves in which to work, play, or relax. We’re quite taken with the thought of plotting world domination; so make sure you pick up a swivel chair and a white cat to go along with your new Tetra Shed. tetra-shed.co.uk

ARCHIPOD Walking through its gull-wing door and into the bright, sterile, spaceship-like interior, you could be walking into the office of the future. But you’re not. it’s the office of the present. and it’s in your back garden. the Pod by archipod is made to order and promises a quiet working environment, thanks to its impressive thermal and acoustic insulation, and a comfortable ergonomic interior. there is also the option (if you have any doubts about whether or not it will fit in with the design of your garden) to send a picture of the planned location to archipod and the Pod will be superimposed. archipod additionally claims that the unique shape and lighting makes the Pod appear bigger on the inside than the outside – like the tardis. though it lacks the ability to time travel, it may be what the dr would use if he had a lot of admin to get through. For more information, call 01904 608 034

archipod.com

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OFFICEPOD Unless you’re one of those lucky execs with a private corner office, you probably have to put up with co-workers continually buzzing around you and looking over your shoulder as you’re trying to work (and update your Facebook). With the OfficePOD, you can seal yourself away to maintain a quiet working environment, and its large windows let you keep an eye out for anyone approaching to disturb you. Of course, the major benefit of a home office is not having to face being packaged into a train carriage with other commuters; and with a life expectancy in excess of 20 years, and the capability of being refurbished and relocated, it means the OfficePOD brings significant carbon dioxide reductions. Though, really, we know you’re going to get one just to avoid travelling in London during the Olympics. officepod.co.uk

THE QUBE The Qube’s range includes large buildings designed to be used as hospitals, schools, or holiday accommodation; however, despite the size of some pay packets this year, you’d be hard pressed to find someone in the Square Mile who truly believes they need a hotel in their back garden. (Well, maybe not that hard pressed.) Fortunately, The Qube also provides smaller residential buildings that are bespoke in the truest sense of the word. Its simple and spacious cube design allows you to fill the area to cater to your needs. It’s ideal as a home office, and successful at providing you with your own space and separating your work and home life. But if you’re using it to get some time away from the wife and kids, it seems a shame to pretend you’re at work. May we suggest a home bar? ■ For more information, call 01604 785 786

theqube.co.uk

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Kilfamma House & Fishery Brownsbarn, Thomastown, Co. Kilkenny (FOR PRIVATE SALE)

On approximately 26 acres / 10.5 hectares A most attractive regency style house, enjoying an idyllic setting overlooking the picturesque Nore river valley with terraced lawns meeting the waters edge. Superb fishing along one of the most prolific beats of this famed fishing river is included in the sale. Delightful grounds include formal terraced lawns, riverside walks, a small wood, 3 grass paddocks, a hard tennis court and a courtyard with coach house and stabling. Inside the accommodation is bright and well proportioned and includes a reception hall, 2 reception rooms, kitchen, utility room, 5 bedrooms and 3 bathrooms. In all comprising about 315 square metres / 3395 square feet. From the public road a gradually winding gravelled avenue sweeps past attractive post and railed grazing paddocks and finally the tennis court to reach the approach front of the house, itself hidden behind mature trees disguising its elevated position with commanding views. The avenue opens onto a large forecourt providing ample parking, although there is further space in the enclosed courtyard to the side of the house. The attractive brick garden front of the house enjoys a bright Southwest aspect and has delightful and elevated views over the river valley and directly down over terraced lawns to the river itself. Gravelled paths link these formal lawns with riverbank walks below and a small wood. Whilst the house enjoys a wonderful setting with extensive views over the surrounding Nore valley what is particularly special and unique to Kilfamma is the ownership of over a mile of riverbank along the River Nore, offering single bank fishing on one of the most prolific beats on this famed fishing river. The stretch includes 10 holding pools including the famous Four Penny Rock Pool. Whilst records have not been kept on this Fishery a local fishery representative estimates that given the right conditions and management in excess of 350 salmon catches per year would be easily attainable - further information on request. Kilfamma is a remarkable property benefiting from a wonderful position with views over the River Nore and protected by mature timber.

ÂŁ1,150,000.00 Visit www.kilfammahouse.ie for further information


ProPerty

Market report knightsbridge

shire of knightsbridge As a £65m flat at One Hyde Park goes on the market, robert bailey explains how Knightsbridge has changed from old-woman to oligarch territory but has still managed to retain its beloved old-school charm

L

ike many peopLe of a certain age, my great aunt got to the point where she wanted to move to a quiet village, away from the hustle and bustle of her flat in Bloomsbury. She wanted a slower pace of life but still wanted to be close to her friends, neighbours and local shopkeepers. The village she chose? Knightsbridge. This was the 1950s and her move was not as crazy as it first appears (OK, maybe a little). Knightsbridge was a far cry from the metropolitan centre it is now. It was a sedate and distinctly suburban area that was also considered to be the more affordable option compared to Belgravia or Mayfair. Most of the people who lived there were British and, like my aunt, were mature in years. This was not a welcoming place for young families, let alone the world’s rich and famous. My aunt would scarcely recognise the place now, of course. In her day, the Cadogan Estate – which was and still is the principal landowner in the area – was run by the Seventh Earl Cadogan. While well respected, he had some rather interesting ideas. Many of the buildings and homes had fallen into disrepair during the war so the estate wanted to replace them with glass and concrete tower blocks and shopping centres. Fortunately, the plans were turned down by the planning authorities and it is only the Jumeirah Tower Hotel that stands testament to these wild ideas. By the time the eighth earl took over the estate, things began to be run on much more professional lines. The Cadogan Estate also set about making Sloane Street an international shopping destination that aimed to rival Bond Street in Mayfair. The estate worked hard to achieve an ambitious retail mix of designer brands and services and now boasts Louis Vuitton and Chanel, among others. Nightclubs, luxury hotels and some of the capital’s most fashionable restaurants began to call Knightsbridge home and foodies are spoilt for choice with One-o-One, Zuma and locals’ favourite, San Lorenzo, in the area. Slowly, the area gained parity with Belgravia and Mayfair and some might even argue that it exceeded these areas in some respects. When Bahraini-owned Crown

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Knight lights: the renowned One hyde Park development created by the Candy brothers set the bar by which all other luxury property developments are still trying to reach and surpass

Dilmun decided to create one of the world’s first developments for the super rich, it chose a former Harrod’s depository in Trevor Square and built apartments that truly set a new standard. Within a few short years, The Knightsbridge development was one of the first to introduce the services of a five-star hotel to residential apartments but it was One Hyde Park, by Candy & Candy, that really raised the bar, not just for London but for the world. With prices apparently reaching

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The neighbourhood feel is still there, even if you have to search that bit harder in order to find it

an astonishing £7,000 per square foot, this is luxury on an unrivalled scale. Which is not to say that some of the period homes are to be sniffed at. My aunt would be reassured to see Cadogan Place, Montpelier Square and Egerton Gardens still boasting grand homes while smaller streets such as Cheval Place and Trevor Square hold their own charms. The neighbourhood feel that so appealed to my aunt is still there, even if you have to search that little bit harder for it. Motcomb Street, on the KnightsbridgeBelgravia border, has a distinct café culture and Brompton Cross still has a lovely mix of restaurants and independent shops. Knightsbridge has definitely gone up in the world since my aunt lived there but its appeal has not faded. ■ Robert Bailey is an independent buying agent operating in prime central London. For more info: 020 7352 0899; robertbaileyproperty.com

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Invest in a

QUALITY

Crest Nicholson home We have a range of homes across the region, from stylish apartments, penthouses and houses that are set over a number of floors. The new homes boast an excellent specification both inside and out, as well as keeping your energy bills low with efficient appliances and insulation. Perfect for those looking for long term capital growth.

Aldermere

Clarion Gate

Kaleidoscope

Brookfield Lane West | Cheshunt | EN8 0QY

Beehive Lane | Great Baddow | Chelmsford | CM2 9RX

off Brooklands Avenue | Cambridge | CB2 8BN

2, 3 & 4 bedroom homes from £229,000

2 bedroom apartments from £190,000

Achieving yields of up to 4.6%

3 & 4 bedroom houses from £307,500

1 bedroom apartments from £240,000 2 bedroom apartments from £280,000 2 bedroom duplexes & penthouses from £525,000

Marketing Suite & Show Apartment open daily 10am to 5pm

www.crestnicholson.com/aldermere 0870 757 8192

Base

Achieving yields of up to 5.2% Marketing Suite & Show Apartment open daily 10am to 5pm

www.crestnicholson.com/clariongate 0870 757 8184

St James Road | Brentwood | CM14 4LZ

Hardy’s Gate

2 bedroom apartments from £222,000

Heath Lane | Dartford | DA1 2QB

Achieving yields of up to 5%

2 bedroom houses priced from £229,500 3 bedroom houses priced from £250,000

Marketing Suite & Show Apartment open daily 10am to 5pm

www.crestnicholson.com/base 0870 757 8384

Achieving yields of up to 5% Marketing Suite & Show Apartment open daily 10am to 5pm

www.crestnicholson.com/hardysgate 0870 757 8188

www.crestnicholson.com External image taken at Papermill Walk. Show Apartment interior at Kaleidoscope. Prices & yields are correct at time of going to print.

Achieving yields of up to 4.5% Marketing Suite & Show Apartments open daily 10am to 5pm and on Wednesday’s and Thursday’s until 7pm

www.crestnicholson.com/kaleidoscope 0870 757 8186

Papermill Walk at Ingress Park | Greenhithe | Kent | DA9 9XA

1 bedroom homes from £162,500 4 bedroom houses from £377,000

Achieving yields of up to 5.3% Marketing Suite & Show Apartment open daily 10am to 5pm

www.crestnicholson.com/ingresspark 0870 752 4370


Luxury London Living outdoor space

open SpACe: the FInAL FRontIeR Finding a decent house is one thing, but finding a garden to match is surely the holy grail of London real estate. Here are our market picks… Rutland GaRdens, KniGhtsbRidGe Rutland Gardens is one of Knightsbridge’s residential gems with its own private road and gate house, which is manned 24 hours a day. Finding a private outdoor space in London is always a challenge, however the space that has been created here provides a stunning and tranquil environment. The amazing roof terrace has been designed by the experts at

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Of course, if you do want some room to walk the labs, then Hyde Park is just a one-minute walk away 122

Bartholomew Landscaping who specialise in bespoke luxury gardens. Of course, if you do want some room to walk the labs, then Hyde Park is just a one-minute walk away. The site was once owned by Arthur Rolls of Rolls Royce fame. The gates of the property are the only legacy of his stewardship though, as he demolished a previous house on this site to allow him to drive his car from the front of his house to his garage at the rear. Behind the gates appears to lie a typical London mews, but nothing could be further from the truth. The house boasts cutting-edge design with state-of-the-art technology. Arranged over four storeys with natural light to all floors, it consists of two principal bedroom suites with en suite dressing areas and bathrooms, and two further guest bedroom suites with en suites.

There’s a swimming pool and Jacuzzi, gymnasium, steam room and shower room. There’s even a massage room and a staff room with en suite. Live-in masseuse, anyone? Rutland Gardens is on the market for £14.95m through Beauchamp Estates. For more information or to organise a viewing: 020 7499 7722; beauchamp.com

hamilton teRRace, st John’s Wood This imposing house in Hamilton Terrace has been built to the highest of specifications, and interior designed by Bill Bennette to offer a glamorous, contemporary space, ideal for entertaining and family living. The voluminous kitchen has bespoke units and exceptional dining space with doors which span the entire width of the room, leading out to the patio and landscaped garden beyond. Clean lines, minimal maintenance

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out in the open: (From left to right) the roof terrace at Rutland Gardens in Knightsbridge; the perfectlymanicured garden at hamilton terrace in St John’s Wood; the old Garden in Richmond gets its name from three-acres of mature gardens

and a large lawn are the order of the day here. Beyond a large outdoor seating area at the end of the lawn there’s also a play garden tucked behind a tree line – ideal for when you want the children to be, er, heard but not seen. The lower ground floor also incorporates an exquisite leisure complex with a gym, pool, steam room and luxurious massage/treatment room. There is also a plush cinema room with its own bar and games room. Upstairs, the entire first floor is devoted to the opulent principal suite, part of which has incredible vaulted ceilings and his and hers bathrooms and dressing areas. There are five further bedrooms, with three further bathrooms in the main house and three guest/ staff bedrooms in the attached mews house, which has its own entrance and is accessed either from the garden or Northwick Mews.

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The house boasts his and hers offices – ideal for working from home during the Olympics. Hamilton Terrace is on the market for £37.5m. For more info: 020 7724 4724; astonchase.com

The Old Garden, richmOnd There aren’t many houses that say ‘I have arrived’ in quite the manner as The Old Garden in Richmond. The property gets its name from the three-acre mature garden plot that leads down to the river, alongside amazing views across the meadows of Richmond. The gardens themselves have been landscaped by Randle Siddeley, the Lord Kenilworth and billionaires’ gardener. There’s nothing old about the house, though. In fact, it’s brand new – created by the world famous architect, Quinlan Terry, in a classical Palladian style. Inside there’s

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Randle Siddeley, the Lord Kenilworth and billionaires’ gardener, has designed the gardens a swimming pool and spa, gym, snooker room, wine cellar and an excellent arrangement of accommodation. Outside, there’s parking for up to 20 vehicles, an outdoor swimming pool, and a tennis court – providing a very special family home-come-leisure centre. ■ The Old Garden in Richmond is on the market for £50m. Contact Aylesford International for more info: 020 7351 2383; aylesford.com

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Cotswolds lower mill estate

The CoTwolds: buT noT as you know iT The Cotwolds may have its fair share of crumbling estates, old money, and Kate Moss stalkers, but Lower Mill Estate brings us clean lines, sustainability and a more verdant view of the land

T

hink of The Cotswolds and you might be forgiven for conjuring up images of overly twee chocolate-box houses, craft potteries run by bearded men and that irritating cheesemonger from Blur. But Lower Mill Estate presents a very different – and far more enticing – view of the Cotswolds. In fact, that view comprises 550 acres of scenic rivers, lakes, woodlands and meadows, to be exact. This private nature reserve is home to a community of sustainable vacation homes. When you have so much natural beauty on your doorstep it’s paramount that you don’t

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mess it all up with a bunch of architectural monstrosities. Fortunately, Lower Mill has done quite the opposite, working with 30 of the world's leading architects, including Sarah Featherstone and Richard Reid, to ensure that the buildings have been designed in a manner sensitive to their picturesque environment. From the remarkable lakeside Landmark Homes to the secure, convenient, lock-upand-go Somerford Reserve apartments, each property has been expertly designed to ensure a harmony between the homes, the ecology and the people who stay there.

The Estate has already been garlanded multiple times for its green credentials – World Business ‘Green Business Award’ and the ‘Best UK Development’ at the 2011 What House? Awards, to name but two. This is down to the hard work of the Paxton family who established the estate over 16 years ago. Their commitment to sensitive development has led to a country retreat that boasts more than 3,000 species of wildlife living in its grounds. Each house uses natural heating systems, solar lighting, rainwater recycling, renewable timber and natural materials such as hemp

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Room with a view: the Landmark houses and Somerford Reserve apartments at the Lower mill estate offer an escape from the city, breathtaking views and a far greener way of life; renewable, recyclable and natural are the keys words on this upmarket estate

and sheep’s wool for insulation. And each is installed with a ‘Planet Switch’ – this is a central switch to turn off all appliances from standby. For every house that is built, five trees are planted on the estate. There’s even a luxury spa on site, so not only can you look after the environment, you can look after yourself as well. ■ The Somerford Reserve apartments were launched this spring. Prices start from £295,000. For more information on the estate, please go to

lowermillestate.com. For holiday and rental options, go to lmeluxuryholidays.com

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THE

WELLINGTON PENTHOUSE

ST JOHN’S WOOD, NW8

An extremely rare opportunity to acquire a sensational lateral penthouse apartment (306 sq m/3,294 sq ft) featuring breathtaking views over Regent's Park and the Central London skyline beyond.

The apartment, which has been extensively remodelled and refurbished to an exceptional standard throughout by the current owners, further benefits from direct lift access, allocated off street parking for two cars and 24 hour resident porterage.


ACCOMMODATION & AMENITIES Principal Bedroom with En-Suite Bathroom and Dressing Room, 3 further Bedrooms, 2 further Bathrooms (En-Suite), Study, Fully Fitted Kitchen incorporating Breakfast Area, Reception Room incorporating Dining Area, Guest Cloakroom, Allocated Off Street Parking for 2 Cars, Large South Facing Terrace, 24 Hour Resident Porterage, Direct Lift Access

SHARE OF FREEHOLD

Stockleigh Hall is a highly regarded 1930’s ‘Art Deco’ style building, superbly located opposite the open spaces of Regent’s Park and within close proximity to all of the amenities of St John’s Wood High Street, Primrose Hill and St John’s Wood Underground Station (Jubilee Line).

JOINT SOLE AGENTS

£8,750,000


Cotswolds vacation living Escape to your own stunning lakeside retreat set in over 550 acres of idyllic Cotswold countryside – less than two hours from London but a million miles away from the stress and pressure of the working week.


EXCLUSIVE COTSWOLDS PROPERTY

Whether you want a Sun House in the heart of the community, The Hide on the edge of the estate or a lakeside apartment, Lower Mill offers luxury living for every taste. Call or visit our website to book your private tour.

Quality time

Lower Mill Estate’s award-winning spa

Explore 550 acres

Lakeside apartment

Connect with nature

The Hide

R en ta l s a n d sh ort br e a k s

Property sales

call 01285 869 489 ext 2 www.lmeluxuryholidays.com

call 01285 862 489 www.lowermillestate.com

The height of luxury in the depths of the countryside NB: Please note that the vacation homes may not be occupied in the period 6th January to 5th February each year as they are vacation homes and not principal places of residence. You must have a first home in order to buy one of our properties. Vacation homes are built in the context of neighbouring properties.


A NEW LANDMARK IN LONDON

One One Commercial Commercial Street Street is is a a symbol symbol of of the the growing growing importance importance of of the the Aldgate Aldgate area area as as an an integral part of the City of London. As the City integral part of the City of London. As the City grows, grows, its its boundaries boundaries are are expanding expanding eastwards eastwards with the 21-storey One Commercial with the 21-storey One Commercial Street Street in in a a prime prime position position within within this this new new business business and and residential residential neighbourhood. neighbourhood. The distinctive, sculpture-like tower sits between the financial Square The distinctive, sculpture-like tower sits between the financial Square Mile and the culturally diverse City Fringe. The 137 outstanding suites Mile and the culturally diverse City Fringe. The 137 outstanding suites – studio, 1, 2 and 3 bedroom luxury apartments and penthouses – – studio, 1, 2 and 3 bedroom luxury apartments and penthouses – are sited above Aldgate East Underground station and within walking are sited above Aldgate East Underground station and within walking distance of key City institutions and places of work including Lloyds, distance of key City institutions and places of work including Lloyds, the Stock Exchange, the Bank of England and St Mary Axe (‘The the Stock Exchange, the Bank of England and St Mary Axe (‘The Gherkin’). But the city fringe is about more than just business - it’s Gherkin’). But the city fringe is about more than just business - it’s also a world class shopping destination. also a world class shopping destination. One Commercial Street is within easy reach of the fashionable and One Commercial Street is within easy reach of the fashionable and artistic Brick Lane. If the Royal Exchange and One New Change – artistic Brick Lane. If the Royal Exchange and One New Change – where the most sought after names in fashion can be found – are not where the most sought after names in fashion can be found – are not

enough then historical Spitalfields is just the place for a convenient, enough then historical Spitalfields is just the place for a convenient, inspiring shopping trip. inspiring shopping trip. All aspects of the suites have been designed with chic contemporary All aspects of the suites have been designed with chic contemporary elegance throughout. Each apartment is an enviable living space elegance throughout. Each apartment is an enviable living space with its highly specified interiors including custom designed fitted with its highly specified interiors including custom designed fitted kitchens with Siemens appliances and luxurious bathrooms. kitchens with Siemens appliances and luxurious bathrooms. Prices at One Commercial Street start from £335,000 for studio Prices at One Commercial Street start from £335,000 for studio apartments, £440,000 one bedroom apartments and £740,000 for apartments, £440,000 one bedroom apartments and £740,000 for two bedroom apartments. two bedroom apartments. For more information please call 020 3441 2001. For more information please call 020 3441 2001.


CGI image of One Commercial Street is indicative only

One Commercial Street is a new landmark development in a prime location between the financial heart of London and the dynamic city fringe.

ONE STYLE O E LONDON WWW.ONECOMMERCIALSTREET.COM EMAIL: SALES@ONECOMMERCIALSTREET.COM

+44 (0)20 3441 2001

Studios, one, two and three bedroom apartments starting from £390,000* *Prices are correct at time of press


50% NOW SOLD CHAMBERLAYNE ROAD, LONDON W10 4AG

W10 City View, London W10. A fantastic new landmark development of 1, 2 and 3 bedroom apartments offering stunning views across London and boasting two communal roof gardens. Fitted kitchens are complimented with contemporary bathrooms and ensuites.

Prices from ÂŁ280,000

CALL: 0845 676 0253 VISIT: Weekends 10.00am - 5.00pm, Thursday 4.00pm - 7.00pm

Price correct at time of going to press. Specification on site may differ. Pictures for illustration purposes only.

www.bellway.co.uk


Makers of fine contemporary furniture and interior joinery

| Bedrooms | | Dressing Rooms | | Libraries | | Kitchens | | Offices | | Cinemas | | Media Rooms | | Console Tables | | Interior Doors |

tel 01743 464080 isis-furniture.co.uk


TOM MERRIFIELD

SUMMER EXHIBITION 24th June & 1st July

020 7431 0794 www.tommerrifield.co.uk


BESPOKE TAILORING YOUR BESPOKE SUIT DOES NOT EXIST YET It starts with a choice from 10,000 fabrics including exclusive cloths from Dormeuil, Holland & Sherry and Loro Piana. There are at least two fittings to guarantee the perfect fit. It is then hand cut by one master tailor and his team. In total over 65 man hours of care and dedication would be spent in its creation. A large selection of fabrics for bespoke shirts are also available. Over 3 decades of traditional tailoring at non-traditional rates just for you.

RAJ MIRPURI BESPOKE CLOTHIERS since 1976 London: 1st Floor, 110 New Bond Street W1 (Entrance on Brook St.) • T: 020 7907 9110 Geneva: 1er Etage, 12 Rue du Marche 1204 • T: 022 816 3780

www.mirpuri.com

60 - 66 Snakes Lane East Woodford Green Essex IG8 7QQ T: 020 8504 8425 F: 020 8504 9278

Unit 6 & 7, East Ham Industrial Estate 1000 Newham Way East Ham E6 5JN T: 020 7511 6210 F: 020 7473 0488


BARKER & BARKER NEW FLAGSHIP STORE NOW OPEN AT: 63 AMWELL STREET, ISLINGTON EC1R 1UR

FABRICS & INTERIORS • CURTAINS, BLINDS & UPHOLSTERY BESPOKE DESIGN SERVICE AVAILABLE FARROW & BALL PAINT & WALLPAPER TEL: 02031 767 834 • WWW.BARKERANDBARKER.CO.UK


Chris Kerr

Chris Kerr has been making bespoke suits for eleven years in his shop in Soho, London. He trained alongside his father, the legendary Eddie Kerr. Chris is a tailor in the strictest Savile Row tradition – the only things that separate him from that famous street are a relaxed attitude, a Soho address and a more forgiving price list. His clothes are the real thing – genuine bespoke suits hand cut by Chris, who creates a unique paper pattern for each client.

Chris Kerr, 31 Berwick Street, London W1F 8RJ 020 7437 3727 • chris@chriskerr.com • www.chriskerr.com

Limited edition bronze and silver sculpture Yachtmeister Building Solutions is now one of London's leading Building Company's in Bespoke Building Projects, Basement and Loft Conversions. A British Family run company with over 30 years experience with in the Building/Construction Industry. Yachtmeisters ethos is in providing traditional quality and service, ensuring project efficiency in providing a complete project management service. If you wish to discuss any of your project requirements, we would be pleased to offer a free consultation service to discuss your project requirements.

Email: hamish@hamishmackie.com Tel: 01608 737 859 Mobile: 07971 028 098

www.hamishmackie.com

Please contact us at : e: info@yachtmeister.co.uk t: 01702-410163 w: www.yachtmeister.co.uk

YachtMiester Building Solutions Limited


Store in a warm, dry place. Whatever your particular choice in exotic or classic automotive engineering, we’re sure that you would never compromise on its secure storage or shipment.

INTERNATIONAL VEHICLE MOVEMENT

• Secure location • Full valeting service • Vehicle shipment to/from UK • • Import/export documentation • SVA Registration •

WOOD POND FARM £995,000

Mutual Attraction Matchmaking Consultancy Leading a busy City life can make it a challenge to meet new and interesting people. At Mutual Attraction we personally introduce you to eligible, successful and attractive singles who, like you, are ready to meet their perfect match.

www.mutualattraction.co.uk

Five bedroom detached property set in 1.25 acres with 3000sq ft warehouse, separate office suite, self-contained annexe, extensive parking, triple garage, outbuildings. Village near Milton Keynes. London Euston 40 minutes. Easy proximity M1 / M40 Set in a secluded position and accessed via security gates and with full CCTV throughout, the property would ideally suit an entrepreneur looking for small business use at their home premises, but would equally be of interest to someone needing secure storage. The annexe could offer an attractive rental proposition. The property is in the catchment for an outstanding local grammar school and is also close to Stowe and other excellent independent schools. Full details from the vendors:

02035 896022


We are the New Official Dealers for The north-west and Midlands For the “New” Proteus C-Type-Jaguar.

The Best C-Type we think ever Built to Date (after the Original). Full Alloy Body, Fuel Injected Jaguar 4.2 Ltr Engine, Plus, Plus, Plus: NOT a kit, but a Genuine Hand Built car, with Modern Brakes, Suspension, Gear Box, Diff, with the Finest Leather trim, Built to The Highest of Standards. Please call us today or Visit Our Web-site.

47 Buxton Road, Whaley Bridge, High Peak, Derbyshire SK23 7HX Telephone 01663 733209 • Mobile 07767 617507

www.classiccarshop.co.uk

Email sales@officepod.co.uk or call us on 0845 680 9690 to find out more.

www.officepod.co.uk Changing the way people work


squaremile

ARTREPUbLiC SOHO

AnATOmiC & CO

Design, Quality and Comfort Anatomic & Co has been striving to produce the most comfortable shoes, without compromising on quality or design. The modern eye and talent of our UK-based designers combined with traditional Brazilian shoemaking skills that have been passed down for generations are the key ingredients to create our high quality footwear brand. T: 0844 2258 222 W: www.anatomicshoes.com

ELLA JAmES LiVinG Fun tea towel printed with giant reproduction £50 or £20 bank notes. Price £6.50 Available at www.ellajamesliving.co.uk Use the code: SQUAREmiLE for FREE DELiVERY on all UK orders. T: 01858 411 079 M: 0797 651 7118 E: ellajames@me.com W : www.ellajamesliving.co.uk

CATHCART ELLiOT - KiLim bAGS Unique Kilim Bags, ultimate weekend bag made from antique kilim rugs, with leather trim and shoulder strap. Large £249 now £199, small £229 now £179. Direct supplier of shoe-trees, shoe cleaning kits, cedar wood items and bags. T: 08433 309 262 E: sales@cathcartelliot.co.uk W: www.cathcartelliot.co.uk

WORLD OF WATCHES

42 New Compton Street, WC2H 8DA View hundreds of rare prints online. W: www.artrepublic.com T: 020 7240 7909

G&m DESiGn g&m design creates hand-printed personalised typographic artworks using antique letterpress type. Each piece is unique. Customers choose their own colours and about 20 words. Artworks from g&m design are a beautiful and fresh way to capture memories, and an ideal gift for anniversaries, birthdays, weddings or other special occasions. What will your 20 words be? E: gandmdesign@mac.com W: www.gandmdesign.co.nz

RAYLiGHT LiGHTinG DESiGn

POWERAiL from lighting designers RAYLiGHT is a natural brass system (in MANY FINISHES & COLOURS) and is the perfect answer to picture hanging and lighting. Classical styling with modern technology. Once installed moving or adding pictures does not affect the décor, and is excellent in heritage environments. Individual picture lights and a contemporary system also available. T: 01525 385511 E:info@raylight.co.uk W: www.raylight.co.uk

CHS LOnDOn LTD

T: 0844 770 9996 W: www.worldofwatchesbondstreet.co.uk

Your empty flat should be earning its keep! Our business is short letting under-used flats and houses mainly to North Americans coming to London on holiday. We’ve been in business since 2001 and since then have done over 3,000 lets. We have some 70 properties on our books and many happy owners. T: 020 8355 3192 W: www.chslondon.com Also in New York, Paris and Rome

COPPER ROW bARbERS

LUXURY HOLiDAY HOmE in DEVOn

We buy and sell pre-owned and new watches including well renowned brands such as Rolex, Cartier, Patek Philippe and other fine watches. Large diamonds are also available. All jewellery is heavily discounted and under half price. Part exchanges are also available. Visit one of our nationwide outlets for more information.

A stylish modern hair salon with a warm friendly atmosphere situated in Tower Bridge Piazza. A team with years of experience in traditional barbering and modern styles. A range of branded products & American Crew to suit all hair needs, with reasonable prices and opening times to accommodate the busiest of people makes Copper Row Barbers the most sought after salon in the area, no appointments necessary. T: 020 7407 4641 W : www.copperrowbarbers.co.uk

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Title: Cougar (signed limited edition print) Artist: Dave White Available at: artrepublic Soho

Featuring this stunning signed limited edition print from acclaimed artist Dave White. With high profile exhibitions from New York to Shanghai and ‘touted as the new Andy Warhol’ by The Independent, this is one artist to watch. The gallery also features rare signed works by Banksy, Damien Hirst, Sir Peter Blake, Russell Young & more.

Live the high life in this impressive coastal retreat! Enjoying an elevated & imposing location with commanding sea views of Torbay & Brixham’s picturesque harbour; this Edwardian mansion, known as Wolborough House has an indoor pool, snooker room, sauna, table tennis & much more. Sleeping 16, it’s perfect for a memorable ‘family & friend’ occasion! T: 01803 211116 E: hello@discoveryholidayhomes.com W: www.discoveryholidayhomes.com

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EssEntials

The Car Finders

How can you keep the whole family happy. the kids are getting bigger but the house isn’t. Maybe you have an aspiring drummer. a teenager who needs a ‘hangout’ room. need space to house the younger one’s endless games consoles/toys or a space for busy Mum’s and Dad’s at the end of the day to escape with a bottle of wine to relax. Well we can offer you all of that and more!

t: 07977 465 326 W: www.thecarfinders.co.uk

t: 01604 785786 E: info@theqube.co.uk W: www. theqube.co.uk

MiChael adaMs Fine Car sTorage

Pod sPaCe garden Buildings

situated within the Grounds of a private estate in north West london, we offer some of the finest standards of car storage in the UK.

Pod space design and manufacture contemporary, premium quality studios with an environmental edge. they have a range of five standard buildings, however as architecturally trained designers they specialize in creating bespoke designs based on your requirements.

With on-site detailing, transport and 24hr security you can be sure your asset remains in the best possible condition. t: 020 3174 1306 E: info@michaeladams.co W: www.michaeladams.co

gaTe-a-MaTion lTd Design & installation of automated systems with life expectancies of 15 - 20 years+ with routine servicing. Featuring swing & sliding gates, garage doors with audio video communications. •Installation • Repair • Maintenance Our staff have 448 years experience!

t: www.pod-space.co.uk t: 01484 841167 e: info@pod-space.co.uk

arChiPod garden Buildings looking for something out of the ordinary? archipod are a Yorkshire based company specialising in unusual garden buildings. We offer a bespoke personal service dedicated to realising your dream garden office, den, studio or gym.

t: 01483 747373 E: sales@gate-a-mation.com W: www.gate-a-mation.com

t: 07512 307896 E: info@archipod.co.uk W: www.archipod.com

neW Zealand in dePTh

gloBees – as FeaTured on BBC1

luxury new Zealand holiday experiences uniquely designed for you with care, expertise, and a genuine personal touch by Paul Carberry, one of the UK’s leading specialists in bespoke new Zealand travel. t: 01298 74040 E: paul@newzealand-indepth.co.uk W: newzealand-indepth.co.uk

BridgeWaTer’s idYlliC iTalY italian Property sales & rentals for over 39 years. We are your personal consultants for italy. Rather than spending hours searching the internet for an idyllic getaway or property purchase, contact Bridgewater’s idyllic italy with your requirements and let the experts do the hard work for you t: 0161 787 8587 E: italy@bridgewater-travel.co.uk W: www.bridgewatertravel.co.uk

squaremile.com

FaMilY/PlaY rooM

With a supercar background that has involved working for Pagani and Koenigsegg; selling an eclectic mix of supercars including limited edition Bugatti’s and classic Ferrari’s we can help you maintain your collection or help you begin one. We specialise in sourcing rare, bespoke and magnificent cars and removing the hassle from buying. see our website for more information.

the whole world is coming to london this summer so why not make london the whole world? this globe of the city features most of the major landmarks including the Olympic stadium and the Queen’s golden carriage, positioned along the Jubilee procession route. Complete with a fact packed booklet and fun quiz about the places depicted. a unique gift that offers a lasting memory of this magnificent year for the capital. From £14.95 at www.globee.co.uk

oFFiCial WaTChes

The New Audemars Piguet Royal Oak Offshore @ Officialwatches.com Cartier Watches, iWC, Breitling, Patek Philippe, Rolex, Hublot, Panerai and many more. Please Call for any requests. t: 0208 882 1523 W: www.officialwatches.com

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Cupids of london

Single in the City? square mile has joined teams with Cupids of London – the newest and most exciting singles network, so now you can chat and flirt with hundreds of other singles, attend free events at leading hotspots, and receive your own concierge

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with everything from exclusive tickets to VIP access at clubs and restaurants to 24-hour alcohol delivery. You also get discounts on health, beauty and fashion products to make sure you look your best. Sign up for free at:

cupidsoflondon.com

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please savour responsibly


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INNERPLACE

Last month, Innerplace members enjoyed a cocktail reception at London’s most exclusive new night lounge, Vaults – underneath Home House private members’ club. The exclusive Innerplace evenings are held on a monthly basis, and by becoming a member you can get

in on the action too. Innerplace is a club which curates London’s hottest and most exclusive entertainment offerings for its members, including new launches and restaurant openings before anyone else. Find out more info at: innerplace.co.uk

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GRANd dEsIGNs LIvE

Last month, square mile was the official media partner for Grand Designs Live. Based on the Channel 4 TV series, and presented by design guru Kevin McCloud, the event was packed to the brim with ideas, design and innovation for every room in your

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home. There were more than 500 exhibitors, across seven different sections, including interiors, gardens, renovations, technology and home improvement. ■ See more photoS oN squaremile.com

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the gherkin

exclusively yours for summer 2012 events Experience the summer games with a breakfast, lunch or evening events in the rarefied atmosphere of the Gherkin. 180m above the City with 360 degree views. Deliver your guests an event that they will never forget. 020 7071 5009 | entertaining@searcys.co.uk | www.searcys.co.uk |

@SearcysGherkin


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master class Words

Richard Mackney

how to: Be British Being British It means honesty and virtue. Tolerance and decency. Pride and compassion. A steadfast adherence to values like trust, patience and free will. A citizen of Britain never veers from these deep-seated norms unless contaminated by a substance called ‘lager’ when he is miraculously transformed into a red-faced, small-minded, sweary, racist thug.

Different types of Briton The relatively uninterrupted seclusion of an island has bred a diverse race of Britons and to truly understand how to be British means taking the time to experience all of Britain. Travel north to a place called ‘Scotland’ where men in skirts indulge their love of heroin, offal and cirrhosis. Travel west to Wales and then leave a few minutes later. Go as far east as is possible and marvel at the number of mobility scooters. And head to the far Southwest and see the famous Morons Of Devon, swamp-dwelling illegitimates who eat mud, speak in grunts and who, at weekends, occasionally play in midfield for Plymouth Argyle.

Diverse Dining In recent years Britain has developed an international reputation for gastronomy to suit all tastes and palates. But make the effort to experiment and eat as the British do. 3am is the time to experience one of Britain’s famous kebab outlets where a specialised restaurateur will guide you through the various strains of listeria and salmonella on offer. Play ‘match the food to the photograph’ with one of the famous laminated menus and celebrate as you raise your ‘Britishness’ quota by six points while simultaneously reducing your life expectancy by up to 14 years.

semi-rural gatherings All around London you have the chance to see how countryside melds with metropolis

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••

Conversation about the weather is British code for ‘I’d like to talk to you – will you talk with me?’ and how the Briton rejuvenates at the many stretches of semi-rural heathland such as Clapham Common and Hampstead Heath. Travel there at dusk and you might be lucky enough to catch glimpses of cropped-haired young men in leather shorts beckoning you into the undergrowth. A little adventure and you could find yourself face-to-face with senior Liberal Democrats or face-toarse with the lead singer of Wham playing traditional male-on-male folk games such as ‘Feel The Monkey’, ‘Touch Yer Toes’ and ‘Intruder In The Basement’.

apologising It’s a British cliché but essential if you are to fit in with local society. The average Briton apologises 56 times an hour and not just to people but objects too, including chairs and ironing boards. In 2011 alone, 642 people died from starvation after finding themselves trapped in an eternal apology loop. Unable to move on – and unsure who was actually in the wrong – they ended up apologising each other to death.

puBs With around 50,000 pubs across the UK you will soon realise that they are the centre of the British universe and an important social facilitator. They are as much a meeting place

as they are a forum so make the effort to play much-loved traditional pub games such as Darts, Did You Spill My Pint?, and What Are You Looking At?

talking aBout the weather A conversation about the weather is the ultimate sign of being ‘one of them’. ‘Ooh isn’t it cold?’ and ‘nice day, isn’t it?’ are all forms of British code for ‘I’d like to talk to you – will you talk with me?’. Under long-established shared rules, the correct response to any weather remark is ‘Mmm yes, isn’t it?’ As a foreign visitor this will seem inane and dull, even bizarre. But stick with your weather conversation, however boring or strange it may seem, as 72% of conversations about the weather culminate in full sexual intercourse.

your private space Being British means an unspoken willingness to accept your compatriot’s private space, tacit boundaries of intrusion and entitlement to freedom of movement and freedom of thought, as Britons weave between each other regardless of speed or direction. All this changes the instant you lock yourself inside a small car. Now everyone is your enemy and you can do whatever you want. The normal you unzips and your inner Hitler screams detestable abuse at pregnant women and pensioners and you wave disgusting hand gestures as you exit slowly out of the Waitrose car park.

law Breakers British society metes out harsh penalties for the wanton law-breaker. Whether it is daubing a wall in graffiti, vandalising a car or stabbing a stranger to death – all breaches will be met by the twin sanctions of nervous tutting and the exaggerated shuffling of a broadsheet newspaper.

empire mentality This is a nation of queuing, sunburn and underdogs that has been made great by cultural landmarks such as Nectar points, Bill Nighy, and chasing bits of cheese down steep hills. So remember that, however repressed, pale and creepy this country may appear, every day the British Empire stands firm as Britons all across the world win silent territorial disputes by putting their towels on sun loungers in see more mackney on squaremile.com foreign hotels. ■

squaremile.com


72ft Sunseeker Predator Available for private charter

› By day, week or longer › Located in the South of France › Fully qualified Captain & Stewardess

01943 850 111

www.sunseekerprivatecharter.com info@sunseekerprivatecharter.com



Square Mile - 69 - 'The Good The Bad And The Algorithm'